JEAN-LUC ARNDT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
JEAN-LUC ARNDT
Largest movements
- Cash -€47,062
down €47,062 (-20.4%), from €231,050 to €183,988
mainly Net result for the year (-€47,051) and Tax, wage and social debts (-€23,661)
- Tangible fixed assets -€17,670
no longer reported in 2025 (was €17,670)
of which Leasing and similar rights: -€14,137
- Reserves -€49,000
down €49,000 (-18.4%), from €266,360 to €217,360
of which Distributable reserves: -€49,000
- Tax, wage and social debts -€23,661
down €23,661 (-98.8%), from €23,956 to €295
- Trade debts +€20,407
up €20,407 (+435%), from €4,693 to €25,100
- Current portion of long-term debt -€19,841
no longer reported in 2025 (was €19,841)
- Profit (loss) carried forward +€8,096
up €8,096 (+33.6%), from -€24,099 to -€16,003
- Gross operating margin -€26,085
down €26,085 (-446%), from -€5,854 to -€31,939
- Depreciation -€12,591
no longer reported in 2025 (was €12,591)
- Other operating charges +€7,637
up €7,637 (+278%), from €2,750 to €10,387
- Financial charges -€2,548
down €2,548 (-86.9%), from €2,933 to €384
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €314,055 | €245,389 | -€68,666 | -21.9% |
| Fixed assets | 21/28 | €17,670 | - | -€17,670 | |
| Tangible fixed assets | 22/27 | €17,670 | - | -€17,670 | |
| Furniture and vehicles | 24 | €3,533 | - | -€3,533 | |
| Leasing and similar rights | 25 | €14,137 | - | -€14,137 | |
| Current assets | 29/58 | €296,384 | €245,389 | -€50,996 | -17.2% |
| Amounts receivable within one year | 40/41 | €64,038 | €61,400 | -€2,638 | -4.1% |
| Trade receivables | 40 | €33,288 | €30,045 | -€3,243 | -9.7% |
| Other amounts receivable | 41 | €30,750 | €31,355 | +€605 | +2.0% |
| Cash at bank and in hand | 54/58 | €231,050 | €183,988 | -€47,062 | -20.4% |
| Deferred charges and accrued income | 490/1 | €1,296 | - | -€1,296 | |
| Total equity and liabilities | 10/49 | €314,055 | €245,389 | -€68,666 | -21.9% |
| Equity | 10/15 | €260,861 | €219,957 | -€40,904 | -15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €266,360 | €217,360 | -€49,000 | -18.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €264,500 | €215,500 | -€49,000 | -18.5% |
| Profit (loss) carried forward | 14 | -€24,099 | -€16,003 | +€8,096 | +33.6% |
| Amounts payable | 17/49 | €53,194 | €25,432 | -€27,762 | -52.2% |
| Amounts payable after more than one year | 17 | €4,703 | - | -€4,703 | |
| Financial debts | 170/4 | €4,703 | - | -€4,703 | |
| Amounts payable within one year | 42/48 | €48,491 | €25,395 | -€23,095 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | €19,841 | - | -€19,841 | |
| Trade debts | 44 | €4,693 | €25,100 | +€20,407 | +435% |
| Suppliers | 440/4 | €4,693 | €25,100 | +€20,407 | +435% |
| Taxes, remuneration and social security | 45 | €23,956 | €295 | -€23,661 | -98.8% |
| Taxes | 450/3 | €23,956 | €295 | -€23,661 | -98.8% |
| Accrued charges and deferred income | 492/3 | - | €37 | +€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,591 | - | -€12,591 | |
| Other operating charges | 640/8 | €2,750 | €10,387 | +€7,637 | +278% |
| Non-recurring operating charges | 66A | - | €4,126 | +€4,126 | |
| Gross operating margin | 9900 | -€5,854 | -€31,939 | -€26,085 | -446% |
| Operating profit (loss) | 9901 | -€21,195 | -€46,452 | -€25,257 | -119% |
| Financial income | 75/76B | - | €24 | +€24 | |
| Recurring financial income | 75 | - | €24 | +€24 | |
| Financial charges | 65/66B | €2,933 | €384 | -€2,548 | -86.9% |
| Recurring financial charges | 65 | €2,933 | €384 | -€2,548 | -86.9% |
| Profit (loss) for the period before taxes | 9903 | -€24,128 | -€46,812 | -€22,684 | -94.0% |
| Income taxes | 67/77 | €310 | €238 | -€72 | -23.2% |
| Profit (loss) for the period | 9904 | -€24,438 | -€47,051 | -€22,612 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,438 | -€47,051 | -€22,612 | -92.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.