NICOLAS 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.
NICOLAS ARNOULD
Largest movements
- Tangible fixed assets +€63,832
up €63,832 (+540%), from €11,816 to €75,648
of which Furniture and vehicles: +€67,902
- Receivables within one year -€13,145
down €13,145 (-35.5%), from €37,066 to €23,921
of which Other amounts receivable: -€8,673
- Cash +€10,020
up €10,020 (+3.3%), from €302,564 to €312,585
mainly Other debts (+€264,394) and Net result for the year (+€91,791)
- Other debts +€264,394
up €264,394 (+196%), from €134,713 to €399,108
- Profit (loss) carried forward -€208,209
down €208,209 (-99.6%), from €208,945 to €735
- Tax, wage and social debts +€4,698
up €4,698 (+150%), from €3,129 to €7,827
- Gross operating margin +€57,516
up €57,516 (+68.2%), from €84,390 to €141,905
- Depreciation -€29,355
down €29,355 (-79.9%), from €36,741 to €7,385
- Taxes +€18,737
up €18,737 (+196%), from €9,546 to €28,283
- Financial charges +€4,706
up €4,706 (+44.8%), from €10,495 to €15,201
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 | €352,309 | €415,313 | +€63,004 | +17.9% |
| Fixed assets | 21/28 | €11,816 | €75,648 | +€63,832 | +540% |
| Tangible fixed assets | 22/27 | €11,816 | €75,648 | +€63,832 | +540% |
| Plant, machinery and equipment | 23 | €11,816 | €7,746 | -€4,070 | -34.4% |
| Furniture and vehicles | 24 | - | €67,902 | +€67,902 | |
| Current assets | 29/58 | €340,493 | €339,665 | -€828 | -0.2% |
| Stocks and contracts in progress | 3 | - | €3,120 | +€3,120 | |
| Stocks | 30/36 | - | €3,120 | +€3,120 | |
| Amounts receivable within one year | 40/41 | €37,066 | €23,921 | -€13,145 | -35.5% |
| Trade receivables | 40 | €8,873 | €4,400 | -€4,473 | -50.4% |
| Other amounts receivable | 41 | €28,193 | €19,521 | -€8,673 | -30.8% |
| Cash at bank and in hand | 54/58 | €302,564 | €312,585 | +€10,020 | +3.3% |
| Deferred charges and accrued income | 490/1 | €862 | €39 | -€823 | -95.5% |
| Total equity and liabilities | 10/49 | €352,309 | €415,313 | +€63,004 | +17.9% |
| Equity | 10/15 | €213,945 | €5,735 | -€208,209 | -97.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208,945 | €735 | -€208,209 | -99.6% |
| Amounts payable | 17/49 | €138,364 | €409,578 | +€271,214 | +196% |
| Amounts payable within one year | 42/48 | €138,277 | €409,578 | +€271,300 | +196% |
| Trade debts | 44 | €435 | €2,643 | +€2,208 | +508% |
| Suppliers | 440/4 | €435 | €2,643 | +€2,208 | +508% |
| Taxes, remuneration and social security | 45 | €3,129 | €7,827 | +€4,698 | +150% |
| Taxes | 450/3 | €3,129 | €7,827 | +€4,698 | +150% |
| Other amounts payable | 47/48 | €134,713 | €399,108 | +€264,394 | +196% |
| Accrued charges and deferred income | 492/3 | €87 | - | -€87 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,741 | €7,385 | -€29,355 | -79.9% |
| Other operating charges | 640/8 | €464 | €275 | -€189 | -40.7% |
| Gross operating margin | 9900 | €84,390 | €141,905 | +€57,516 | +68.2% |
| Operating profit (loss) | 9901 | €47,186 | €134,245 | +€87,059 | +185% |
| Financial income | 75/76B | €1,495 | €1,030 | -€465 | -31.1% |
| Recurring financial income | 75 | €1,495 | €1,030 | -€465 | -31.1% |
| Financial charges | 65/66B | €10,495 | €15,201 | +€4,706 | +44.8% |
| Recurring financial charges | 65 | €10,495 | €15,201 | +€4,706 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €38,186 | €120,074 | +€81,888 | +214% |
| Income taxes | 67/77 | €9,546 | €28,283 | +€18,737 | +196% |
| Profit (loss) for the period | 9904 | €28,639 | €91,791 | +€63,151 | +221% |
| Profit (loss) for the period to be appropriated | 9905 | €28,639 | €91,791 | +€63,151 | +221% |
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.