ARCTURO: 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.
ARCTURO
Largest movements
- Receivables within one year +€93,461
up €93,461 (+29.5%), from €316,536 to €409,997
of which Trade receivables: +€69,021
- Cash -€61,923
down €61,923 (-52.7%), from €117,510 to €55,586
mainly Debts after one year (-€318,102) and Investment in fixed assets (net) (-€264,065)
- Debts after one year -€318,102
down €318,102 (-24.4%), from €1.3m to €983,897
- Trade debts +€225,447
up €225,447 (+110.4%), from €204,174 to €429,620
- Reserves +€92,274
up €92,274 (+7.4%), from €1.2m to €1.3m
of which Distributable reserves: +€92,274
- Gross operating margin +€73,116
up €73,116 (+13.9%), from €524,925 to €598,041
- Staff costs -€36,018
down €36,018 (-18.3%), from €197,265 to €161,247
- Taxes +€10,030
new in 2026: €10,030
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,131,245 | €3,139,554 | +€8,309 | +0.3% |
| Fixed assets | 21/28 | €2,346,541 | €2,327,037 | -€19,504 | -0.8% |
| Tangible fixed assets | 22/27 | €2,335,131 | €2,315,627 | -€19,504 | -0.8% |
| Land and buildings | 22 | €1,625,458 | €1,820,756 | +€195,297 | +12.0% |
| Plant, machinery and equipment | 23 | €6,941 | €5,322 | -€1,619 | -23.3% |
| Furniture and vehicles | 24 | €73,391 | €27,708 | -€45,683 | -62.2% |
| Leasing and similar rights | 25 | €629,340 | €461,841 | -€167,499 | -26.6% |
| Financial fixed assets | 28 | €11,410 | €11,410 | = | 0.0% |
| Current assets | 29/58 | €784,705 | €812,518 | +€27,813 | +3.5% |
| Amounts receivable after more than one year | 29 | €308,048 | €306,160 | -€1,888 | -0.6% |
| Other amounts receivable | 291 | €308,048 | €306,160 | -€1,888 | -0.6% |
| Amounts receivable within one year | 40/41 | €316,536 | €409,997 | +€93,461 | +29.5% |
| Trade receivables | 40 | €314,428 | €383,449 | +€69,021 | +22.0% |
| Other amounts receivable | 41 | €2,108 | €26,548 | +€24,440 | +1159.5% |
| Cash at bank and in hand | 54/58 | €117,510 | €55,586 | -€61,923 | -52.7% |
| Deferred charges and accrued income | 490/1 | €42,611 | €40,774 | -€1,837 | -4.3% |
| Total equity and liabilities | 10/49 | €3,131,245 | €3,139,554 | +€8,309 | +0.3% |
| Equity | 10/15 | €1,259,573 | €1,351,847 | +€92,274 | +7.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,239,573 | €1,331,847 | +€92,274 | +7.4% |
| Tax-exempt reserves | 132 | €834,980 | €834,980 | = | 0.0% |
| Distributable reserves | 133 | €404,593 | €496,867 | +€92,274 | +22.8% |
| Amounts payable | 17/49 | €1,871,672 | €1,787,707 | -€83,965 | -4.5% |
| Amounts payable after more than one year | 17 | €1,301,999 | €983,897 | -€318,102 | -24.4% |
| Financial debts | 170/4 | €1,301,999 | €983,897 | -€318,102 | -24.4% |
| Amounts payable within one year | 42/48 | €561,080 | €800,730 | +€239,650 | +42.7% |
| Current portion of amounts payable after more than one year | 42 | €340,267 | €334,805 | -€5,462 | -1.6% |
| Trade debts | 44 | €204,174 | €429,620 | +€225,447 | +110.4% |
| Suppliers | 440/4 | €204,174 | €429,620 | +€225,447 | +110.4% |
| Taxes, remuneration and social security | 45 | €16,639 | €36,304 | +€19,665 | +118.2% |
| Taxes | 450/3 | €6,989 | €28,238 | +€21,249 | +304.0% |
| Remuneration and social security | 454/9 | €9,650 | €8,067 | -€1,584 | -16.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €8,593 | €3,081 | -€5,512 | -64.1% |
| Non-recurring operating income | 76A | €15,566 | €0 | -€15,566 | -100.0% |
| Remuneration, social security and pensions | 62 | €197,265 | €161,247 | -€36,018 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,980 | €283,569 | -€411 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €478 | -€1,006 | -€1,483 | |
| Other operating charges | 640/8 | €18,605 | €20,438 | +€1,833 | +9.8% |
| Gross operating margin | 9900 | €524,925 | €598,041 | +€73,116 | +13.9% |
| Operating profit (loss) | 9901 | €24,597 | €133,793 | +€109,196 | +443.9% |
| Financial income | 75/76B | €2,127 | €635 | -€1,493 | -70.2% |
| Recurring financial income | 75 | €2,127 | €635 | -€1,493 | -70.2% |
| Financial charges | 65/66B | €37,986 | €32,124 | -€5,863 | -15.4% |
| Recurring financial charges | 65 | €37,986 | €32,124 | -€5,863 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | -€11,262 | €102,304 | +€113,566 | |
| Income taxes | 67/77 | - | €10,030 | +€10,030 | |
| Profit (loss) for the period | 9904 | -€11,262 | €92,274 | +€103,536 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,262 | €92,274 | +€103,536 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.