L'ARBRE D'OR: 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.
L'ARBRE D'OR
Largest movements
- Receivables within one year +€11,918
up €11,918 (+117%), from €10,201 to €22,119
of which Trade receivables: +€9,823
- Tangible fixed assets -€3,363
no longer reported in 2025 (was €3,363)
- Cash -€917
down €917 (-69.2%), from €1,325 to €408
mainly Receivables within one year (-€11,918) and Other debts (-€3,116)
- Trade debts +€8,777
up €8,777 (+179%), from €4,915 to €13,692
- Other debts -€3,116
down €3,116 (-11.1%), from €28,026 to €24,911
- Profit (loss) carried forward +€2,926
up €2,926 (+2.4%), from -€119,500 to -€116,574
- Current portion of long-term debt -€2,372
no longer reported in 2025 (was €2,372)
- Accrued charges and deferred income +€894
up €894 (+405%), from €221 to €1,115
- Gross operating margin +€23,173
up €23,173, from -€15,857 to €7,316
- Depreciation -€2,279
down €2,279 (-40.4%), from €5,643 to €3,363
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 | €17,386 | €25,014 | +€7,628 | +43.9% |
| Fixed assets | 21/28 | €4,139 | €776 | -€3,363 | -81.3% |
| Tangible fixed assets | 22/27 | €3,363 | - | -€3,363 | |
| Furniture and vehicles | 24 | €3,363 | - | -€3,363 | |
| Financial fixed assets | 28 | €776 | €776 | = | 0.0% |
| Current assets | 29/58 | €13,247 | €24,238 | +€10,992 | +83.0% |
| Amounts receivable within one year | 40/41 | €10,201 | €22,119 | +€11,918 | +117% |
| Trade receivables | 40 | €10,201 | €20,025 | +€9,823 | +96.3% |
| Other amounts receivable | 41 | - | €2,094 | +€2,094 | |
| Cash at bank and in hand | 54/58 | €1,325 | €408 | -€917 | -69.2% |
| Deferred charges and accrued income | 490/1 | €1,721 | €1,711 | -€9 | -0.5% |
| Total equity and liabilities | 10/49 | €17,386 | €25,014 | +€7,628 | +43.9% |
| Equity | 10/15 | -€22,039 | -€19,113 | +€2,926 | +13.3% |
| Contributions | 10/11 | €95,500 | €95,500 | = | 0.0% |
| Reserves | 13 | €1,961 | €1,961 | = | 0.0% |
| Distributable reserves | 133 | €1,961 | €1,961 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119,500 | -€116,574 | +€2,926 | +2.4% |
| Amounts payable | 17/49 | €39,425 | €44,127 | +€4,702 | +11.9% |
| Amounts payable within one year | 42/48 | €39,204 | €43,012 | +€3,808 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €2,372 | - | -€2,372 | |
| Trade debts | 44 | €4,915 | €13,692 | +€8,777 | +179% |
| Suppliers | 440/4 | €4,915 | €13,692 | +€8,777 | +179% |
| Taxes, remuneration and social security | 45 | €3,890 | €4,409 | +€519 | +13.3% |
| Taxes | 450/3 | €3,890 | €2,606 | -€1,284 | -33.0% |
| Remuneration and social security | 454/9 | - | €1,803 | +€1,803 | |
| Other amounts payable | 47/48 | €28,026 | €24,911 | -€3,116 | -11.1% |
| Accrued charges and deferred income | 492/3 | €221 | €1,115 | +€894 | +405% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,643 | €3,363 | -€2,279 | -40.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€15,857 | €7,316 | +€23,173 | |
| Operating profit (loss) | 9901 | -€21,887 | €3,553 | +€25,440 | |
| Financial income | 75/76B | €4 | €2 | -€2 | -53.1% |
| Recurring financial income | 75 | €4 | €2 | -€2 | -53.1% |
| Financial charges | 65/66B | €397 | €422 | +€25 | +6.4% |
| Recurring financial charges | 65 | €397 | €422 | +€25 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | -€22,280 | €3,133 | +€25,413 | |
| Income taxes | 67/77 | €214 | €206 | -€8 | -3.6% |
| Profit (loss) for the period | 9904 | -€22,494 | €2,926 | +€25,420 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,494 | €2,926 | +€25,420 |
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 25 October 2026 via checked.be.