RONY 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.
RONY ARNOULD
Largest movements
- Tangible fixed assets +€86,322
up €86,322 (+571%), from €15,115 to €101,437
of which Leasing and similar rights: +€87,215
- Receivables within one year +€21,462
up €21,462 (+75.0%), from €28,623 to €50,085
of which Trade receivables: +€17,159
- Cash -€13,234
down €13,234 (-65.2%), from €20,299 to €7,064
mainly Investment in fixed assets (net) (-€99,872) and Receivables within one year (-€21,462)
- Debts after one year +€68,261
up €68,261 (+460%), from €14,848 to €83,109
- Profit (loss) carried forward +€17,769
up €17,769 (+46.1%), from -€38,580 to -€20,811
- Other debts -€17,295
down €17,295 (-32.1%), from €53,817 to €36,522
- Trade debts +€13,535
up €13,535 (+1,394%), from €971 to €14,506
- Current portion of long-term debt +€11,978
up €11,978 (+83.5%), from €14,339 to €26,317
- Gross operating margin -€8,876
down €8,876 (-17.3%), from €51,191 to €42,315
- Depreciation +€4,451
up €4,451 (+48.9%), from €9,099 to €13,550
- Other operating charges +€3,990
up €3,990 (+414%), from €964 to €4,954
- Financial charges +€3,435
up €3,435 (+132%), from €2,607 to €6,041
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 | €64,661 | €159,082 | +€94,421 | +146% |
| Fixed assets | 21/28 | €15,250 | €101,572 | +€86,322 | +566% |
| Tangible fixed assets | 22/27 | €15,115 | €101,437 | +€86,322 | +571% |
| Plant, machinery and equipment | 23 | €974 | €226 | -€747 | -76.8% |
| Furniture and vehicles | 24 | €363 | €217 | -€146 | -40.2% |
| Leasing and similar rights | 25 | €13,779 | €100,993 | +€87,215 | +633% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €49,411 | €57,510 | +€8,100 | +16.4% |
| Amounts receivable within one year | 40/41 | €28,623 | €50,085 | +€21,462 | +75.0% |
| Trade receivables | 40 | €28,623 | €45,782 | +€17,159 | +59.9% |
| Other amounts receivable | 41 | €0 | €4,303 | +€4,303 | |
| Cash at bank and in hand | 54/58 | €20,299 | €7,064 | -€13,234 | -65.2% |
| Deferred charges and accrued income | 490/1 | €489 | €361 | -€128 | -26.2% |
| Total equity and liabilities | 10/49 | €64,661 | €159,082 | +€94,421 | +146% |
| Equity | 10/15 | -€19,908 | -€2,139 | +€17,769 | +89.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €72 | €72 | = | 0.0% |
| Non-distributable reserves | 130/1 | €72 | €72 | = | 0.0% |
| Reserves not available under the articles | 1311 | €72 | €72 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,580 | -€20,811 | +€17,769 | +46.1% |
| Amounts payable | 17/49 | €84,569 | €161,221 | +€76,652 | +90.6% |
| Amounts payable after more than one year | 17 | €14,848 | €83,109 | +€68,261 | +460% |
| Financial debts | 170/4 | €14,848 | €83,109 | +€68,261 | +460% |
| Amounts payable within one year | 42/48 | €69,721 | €77,645 | +€7,925 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €14,339 | €26,317 | +€11,978 | +83.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €971 | €14,506 | +€13,535 | +1,394% |
| Suppliers | 440/4 | €971 | €14,506 | +€13,535 | +1,394% |
| Taxes, remuneration and social security | 45 | €594 | €300 | -€294 | -49.5% |
| Taxes | 450/3 | €594 | €300 | -€294 | -49.5% |
| Other amounts payable | 47/48 | €53,817 | €36,522 | -€17,295 | -32.1% |
| Accrued charges and deferred income | 492/3 | - | €467 | +€467 | |
| Non-recurring operating income | 76A | - | €12,668 | +€12,668 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,099 | €13,550 | +€4,451 | +48.9% |
| Other operating charges | 640/8 | €964 | €4,954 | +€3,990 | +414% |
| Gross operating margin | 9900 | €51,191 | €42,315 | -€8,876 | -17.3% |
| Operating profit (loss) | 9901 | €41,127 | €23,811 | -€17,316 | -42.1% |
| Financial charges | 65/66B | €2,607 | €6,041 | +€3,435 | +132% |
| Recurring financial charges | 65 | €2,607 | €6,041 | +€3,435 | +132% |
| Profit (loss) for the period before taxes | 9903 | €38,520 | €17,769 | -€20,751 | -53.9% |
| Profit (loss) for the period | 9904 | €38,520 | €17,769 | -€20,751 | -53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,520 | €17,769 | -€20,751 | -53.9% |
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 27 October 2026 via checked.be.