AR-THUUR: 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.
AR-THUUR
Largest movements
- Receivables within one year -€37,601
down €37,601 (-47.8%), from €78,728 to €41,128
of which Trade receivables: -€41,901
- Cash +€11,030
up €11,030 (+187%), from €5,883 to €16,913
mainly Other debts (+€112,833) and Depreciation (+€56,381)
- Tangible fixed assets -€6,384
down €6,384 (-1.4%), from €452,346 to €445,961
of which Land and buildings: -€17,743
- Debts after one year -€167,330
down €167,330 (-48.0%), from €348,631 to €181,301
- Other debts +€112,833
up €112,833 (+229%), from €49,327 to €162,160
- Reserves +€22,611
up €22,611 (+27.2%), from €83,075 to €105,685
of which Distributable reserves: +€22,925
- Gross operating margin -€6,041
down €6,041 (-6.0%), from €100,565 to €94,524
- Financial charges -€4,153
down €4,153 (-59.5%), from €6,979 to €2,826
- Depreciation -€2,970
down €2,970 (-5.0%), from €59,352 to €56,381
- Other operating charges -€1,228
down €1,228 (-23.2%), from €5,285 to €4,057
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 | €542,041 | €508,466 | -€33,575 | -6.2% |
| Fixed assets | 21/28 | €452,346 | €445,961 | -€6,384 | -1.4% |
| Tangible fixed assets | 22/27 | €452,346 | €445,961 | -€6,384 | -1.4% |
| Land and buildings | 22 | €260,596 | €242,854 | -€17,743 | -6.8% |
| Plant, machinery and equipment | 23 | €33,078 | €24,440 | -€8,638 | -26.1% |
| Furniture and vehicles | 24 | €51,254 | €38,593 | -€12,661 | -24.7% |
| Other tangible fixed assets | 26 | €107,417 | €140,075 | +€32,657 | +30.4% |
| Current assets | 29/58 | €89,695 | €62,504 | -€27,191 | -30.3% |
| Amounts receivable within one year | 40/41 | €78,728 | €41,128 | -€37,601 | -47.8% |
| Trade receivables | 40 | €50,455 | €8,554 | -€41,901 | -83.0% |
| Other amounts receivable | 41 | €28,273 | €32,574 | +€4,301 | +15.2% |
| Cash at bank and in hand | 54/58 | €5,883 | €16,913 | +€11,030 | +187% |
| Deferred charges and accrued income | 490/1 | €5,084 | €4,463 | -€620 | -12.2% |
| Total equity and liabilities | 10/49 | €542,041 | €508,466 | -€33,575 | -6.2% |
| Equity | 10/15 | €101,675 | €124,285 | +€22,611 | +22.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,075 | €105,685 | +€22,611 | +27.2% |
| Tax-exempt reserves | 132 | €5,908 | €5,594 | -€314 | -5.3% |
| Distributable reserves | 133 | €77,166 | €100,091 | +€22,925 | +29.7% |
| Provisions and deferred taxes | 16 | €1,477 | €1,399 | -€79 | -5.3% |
| Deferred taxes | 168 | €1,477 | €1,399 | -€79 | -5.3% |
| Amounts payable | 17/49 | €438,889 | €382,782 | -€56,107 | -12.8% |
| Amounts payable after more than one year | 17 | €348,631 | €181,301 | -€167,330 | -48.0% |
| Financial debts | 170/4 | €348,631 | €181,301 | -€167,330 | -48.0% |
| Amounts payable within one year | 42/48 | €88,633 | €197,027 | +€108,394 | +122% |
| Current portion of amounts payable after more than one year | 42 | €27,540 | €26,841 | -€699 | -2.5% |
| Trade debts | 44 | €7,824 | €4,513 | -€3,312 | -42.3% |
| Suppliers | 440/4 | €7,824 | €4,513 | -€3,312 | -42.3% |
| Advances received on contracts in progress | 46 | €1,730 | - | -€1,730 | |
| Taxes, remuneration and social security | 45 | €2,212 | €3,513 | +€1,301 | +58.8% |
| Taxes | 450/3 | €2,212 | €3,513 | +€1,301 | +58.8% |
| Other amounts payable | 47/48 | €49,327 | €162,160 | +€112,833 | +229% |
| Accrued charges and deferred income | 492/3 | €1,625 | €4,454 | +€2,829 | +174% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,352 | €56,381 | -€2,970 | -5.0% |
| Other operating charges | 640/8 | €5,285 | €4,057 | -€1,228 | -23.2% |
| Gross operating margin | 9900 | €100,565 | €94,524 | -€6,041 | -6.0% |
| Operating profit (loss) | 9901 | €35,928 | €34,086 | -€1,842 | -5.1% |
| Financial income | 75/76B | €1,182 | €777 | -€405 | -34.3% |
| Recurring financial income | 75 | €956 | €777 | -€179 | -18.7% |
| Non-recurring financial income | 76B | €226 | - | -€226 | |
| Financial charges | 65/66B | €6,979 | €2,826 | -€4,153 | -59.5% |
| Recurring financial charges | 65 | €6,979 | €2,826 | -€4,153 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €30,131 | €32,037 | +€1,906 | +6.3% |
| Transfer from deferred taxes | 780 | €79 | €79 | = | 0.0% |
| Income taxes | 67/77 | €5,731 | €5,689 | -€42 | -0.7% |
| Profit (loss) for the period | 9904 | €24,479 | €26,427 | +€1,948 | +8.0% |
| Transfer from tax-exempt reserves | 789 | €314 | €314 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,793 | €26,741 | +€1,948 | +7.9% |
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 16 October 2026 via checked.be.