N. ARNOULD: 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.
N. ARNOULD
Largest movements
- Tangible fixed assets +€22,888
up €22,888 (+34.1%), from €67,136 to €90,024
of which Other tangible fixed assets: +€20,368
- Receivables after one year +€12,877
up €12,877 (+54.3%), from €23,728 to €36,605
- Cash -€5,228
down €5,228 (-22.2%), from €23,602 to €18,374
mainly Investment in fixed assets (net) (-€31,618) and Trade debts (-€17,116)
- Profit (loss) carried forward +€40,856
up €40,856 (+417.0%), from €9,797 to €50,653
- Trade debts -€17,116
down €17,116 (-93.4%), from €18,317 to €1,201
- Short-term financial debts +€6,693
new in 2025: €6,693
- Other debts +€3,801
up €3,801 (+9.0%), from €42,228 to €46,029
- Tax, wage and social debts -€3,554
down €3,554 (-41.3%), from €8,604 to €5,050
of which Taxes: -€7,307
- Gross operating margin +€14,276
up €14,276 (+16.4%), from €86,874 to €101,150
- Staff costs -€5,419
down €5,419 (-13.1%), from €41,320 to €35,901
- Taxes +€3,865
up €3,865 (+47.9%), from €8,072 to €11,937
- Financial charges +€1,539
up €1,539 (+111.6%), from €1,380 to €2,919
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.
Cash bridge derived
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 | €123,991 | €155,362 | +€31,370 | +25.3% |
| Fixed assets | 21/28 | €67,136 | €90,024 | +€22,888 | +34.1% |
| Tangible fixed assets | 22/27 | €67,136 | €90,024 | +€22,888 | +34.1% |
| Plant, machinery and equipment | 23 | €4,174 | €416 | -€3,759 | -90.0% |
| Furniture and vehicles | 24 | €3,006 | €9,285 | +€6,279 | +208.9% |
| Other tangible fixed assets | 26 | €59,955 | €80,324 | +€20,368 | +34.0% |
| Current assets | 29/58 | €56,856 | €65,337 | +€8,482 | +14.9% |
| Amounts receivable after more than one year | 29 | €23,728 | €36,605 | +€12,877 | +54.3% |
| Other amounts receivable | 291 | €23,728 | €36,605 | +€12,877 | +54.3% |
| Amounts receivable within one year | 40/41 | €4,566 | €5,873 | +€1,307 | +28.6% |
| Trade receivables | 40 | €3,923 | €5,873 | +€1,950 | +49.7% |
| Other amounts receivable | 41 | €643 | - | -€643 | |
| Cash at bank and in hand | 54/58 | €23,602 | €18,374 | -€5,228 | -22.2% |
| Deferred charges and accrued income | 490/1 | €4,960 | €4,486 | -€474 | -9.6% |
| Total equity and liabilities | 10/49 | €123,991 | €155,362 | +€31,370 | +25.3% |
| Equity | 10/15 | €14,797 | €55,653 | +€40,856 | +276.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,797 | €50,653 | +€40,856 | +417.0% |
| Amounts payable | 17/49 | €109,194 | €99,709 | -€9,486 | -8.7% |
| Amounts payable after more than one year | 17 | €28,626 | €26,261 | -€2,365 | -8.3% |
| Financial debts | 170/4 | €28,626 | €26,261 | -€2,365 | -8.3% |
| Amounts payable within one year | 42/48 | €80,569 | €72,104 | -€8,465 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €11,420 | €11,631 | +€210 | +1.8% |
| Financial debts | 43 | - | €6,693 | +€6,693 | |
| Credit institutions | 430/8 | - | €6,693 | +€6,693 | |
| Trade debts | 44 | €18,317 | €1,201 | -€17,116 | -93.4% |
| Suppliers | 440/4 | €18,317 | €1,201 | -€17,116 | -93.4% |
| Advances received on contracts in progress | 46 | - | €1,500 | +€1,500 | |
| Taxes, remuneration and social security | 45 | €8,604 | €5,050 | -€3,554 | -41.3% |
| Taxes | 450/3 | €8,604 | €1,297 | -€7,307 | -84.9% |
| Remuneration and social security | 454/9 | - | €3,753 | +€3,753 | |
| Other amounts payable | 47/48 | €42,228 | €46,029 | +€3,801 | +9.0% |
| Accrued charges and deferred income | 492/3 | - | €1,344 | +€1,344 | |
| Remuneration, social security and pensions | 62 | €41,320 | €35,901 | -€5,419 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,012 | €8,729 | -€283 | -3.1% |
| Other operating charges | 640/8 | €1,667 | €1,745 | +€78 | +4.7% |
| Gross operating margin | 9900 | €86,874 | €101,150 | +€14,276 | +16.4% |
| Operating profit (loss) | 9901 | €34,875 | €54,774 | +€19,899 | +57.1% |
| Financial income | 75/76B | €491 | €938 | +€447 | +90.9% |
| Recurring financial income | 75 | €491 | €880 | +€389 | +79.2% |
| Non-recurring financial income | 76B | - | €58 | +€58 | |
| Financial charges | 65/66B | €1,380 | €2,919 | +€1,539 | +111.6% |
| Recurring financial charges | 65 | €1,380 | €2,919 | +€1,539 | +111.6% |
| Profit (loss) for the period before taxes | 9903 | €33,987 | €52,793 | +€18,806 | +55.3% |
| Income taxes | 67/77 | €8,072 | €11,937 | +€3,865 | +47.9% |
| Profit (loss) for the period | 9904 | €25,915 | €40,856 | +€14,941 | +57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,915 | €40,856 | +€14,941 | +57.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.