W. ARNOUTS: what changed
Two fiscal 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.
W. ARNOUTS
Largest movements
- Receivables after one year -€297,476
no longer reported in 2025 (was €297,476)
- Cash +€259,947
up €259,947 (+148.0%), from €175,607 to €435,554
mainly Receivables after one year (+€297,476) and Net result for the year (+€252,966)
- Financial fixed assets -€249,846
no longer reported in 2025 (was €249,846)
- Tangible fixed assets +€183,859
up €183,859 (+15.8%), from €1.2m to €1.3m
of which Land and buildings: +€160,146
- Reserves -€235,000
down €235,000 (-25.8%), from €911,860 to €676,860
- Trade debts +€108,799
up €108,799 (+1283.4%), from €8,478 to €117,277
- Debts after one year -€73,061
down €73,061 (-10.9%), from €672,103 to €599,041
- Current portion of long-term debt +€45,023
up €45,023 (+95.6%), from €47,116 to €92,139
- Other debts +€38,000
up €38,000 (+49.4%), from €77,000 to €115,000
- Financial income +€110,546
up €110,546 (+347.1%), from €31,852 to €142,397
- Gross operating margin +€33,660
up €33,660 (+12.7%), from €264,383 to €298,043
- Depreciation +€22,061
up €22,061 (+34.2%), from €64,497 to €86,558
- Taxes +€12,168
up €12,168 (+19.8%), from €61,558 to €73,726
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 | €1,915,480 | €1,813,846 | -€101,634 | -5.3% |
| Fixed assets | 21/28 | €1,413,479 | €1,347,492 | -€65,988 | -4.7% |
| Tangible fixed assets | 22/27 | €1,163,633 | €1,347,492 | +€183,859 | +15.8% |
| Land and buildings | 22 | €1,138,496 | €1,298,642 | +€160,146 | +14.1% |
| Plant, machinery and equipment | 23 | €11,697 | €10,083 | -€1,614 | -13.8% |
| Furniture and vehicles | 24 | €13,440 | €38,767 | +€25,327 | +188.4% |
| Financial fixed assets | 28 | €249,846 | - | -€249,846 | |
| Current assets | 29/58 | €502,001 | €466,355 | -€35,646 | -7.1% |
| Amounts receivable after more than one year | 29 | €297,476 | - | -€297,476 | |
| Other amounts receivable | 291 | €297,476 | - | -€297,476 | |
| Amounts receivable within one year | 40/41 | €15,418 | €11,008 | -€4,410 | -28.6% |
| Trade receivables | 40 | €5,261 | €3,006 | -€2,255 | -42.9% |
| Other amounts receivable | 41 | €10,158 | €8,002 | -€2,155 | -21.2% |
| Current investments | 50/53 | €5,926 | €10,926 | +€5,000 | +84.4% |
| Cash at bank and in hand | 54/58 | €175,607 | €435,554 | +€259,947 | +148.0% |
| Deferred charges and accrued income | 490/1 | €7,573 | €8,867 | +€1,293 | +17.1% |
| Total equity and liabilities | 10/49 | €1,915,480 | €1,813,846 | -€101,634 | -5.3% |
| Equity | 10/15 | €1,040,873 | €808,840 | -€232,034 | -22.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €911,860 | €676,860 | -€235,000 | -25.8% |
| Distributable reserves | 133 | €911,860 | €676,860 | -€235,000 | -25.8% |
| Profit (loss) carried forward | 14 | €110,413 | €113,380 | +€2,966 | +2.7% |
| Amounts payable | 17/49 | €874,606 | €1,005,006 | +€130,400 | +14.9% |
| Amounts payable after more than one year | 17 | €672,103 | €599,041 | -€73,061 | -10.9% |
| Financial debts | 170/4 | €672,103 | €599,041 | -€73,061 | -10.9% |
| Amounts payable within one year | 42/48 | €201,654 | €405,840 | +€204,186 | +101.3% |
| Current portion of amounts payable after more than one year | 42 | €47,116 | €92,139 | +€45,023 | +95.6% |
| Financial debts | 43 | €13,525 | €16,821 | +€3,296 | +24.4% |
| Credit institutions | 430/8 | €13,525 | €16,821 | +€3,296 | +24.4% |
| Trade debts | 44 | €8,478 | €117,277 | +€108,799 | +1283.4% |
| Suppliers | 440/4 | €8,478 | €117,277 | +€108,799 | +1283.4% |
| Taxes, remuneration and social security | 45 | €55,535 | €64,603 | +€9,068 | +16.3% |
| Taxes | 450/3 | €55,535 | €64,603 | +€9,068 | +16.3% |
| Other amounts payable | 47/48 | €77,000 | €115,000 | +€38,000 | +49.4% |
| Accrued charges and deferred income | 492/3 | €850 | €125 | -€725 | -85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,497 | €86,558 | +€22,061 | +34.2% |
| Other operating charges | 640/8 | €5,652 | €5,400 | -€252 | -4.5% |
| Gross operating margin | 9900 | €264,383 | €298,043 | +€33,660 | +12.7% |
| Operating profit (loss) | 9901 | €194,234 | €206,085 | +€11,852 | +6.1% |
| Financial income | 75/76B | €31,852 | €142,397 | +€110,546 | +347.1% |
| Recurring financial income | 75 | €31,852 | €142,397 | +€110,546 | +347.1% |
| Financial charges | 65/66B | €24,313 | €21,791 | -€2,522 | -10.4% |
| Recurring financial charges | 65 | €24,313 | €21,791 | -€2,522 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €201,773 | €326,692 | +€124,919 | +61.9% |
| Income taxes | 67/77 | €61,558 | €73,726 | +€12,168 | +19.8% |
| Profit (loss) for the period | 9904 | €140,215 | €252,966 | +€112,752 | +80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €140,215 | €252,966 | +€112,752 | +80.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.