ARETHUSA: 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.
ARETHUSA
Largest movements
- Cash -€71,857
down €71,857 (-51.8%), from €138,635 to €66,778
mainly Contributions, distributions and other (-€143,339) and Other debts (-€69,225)
- Receivables within one year -€17,630
down €17,630 (-90.0%), from €19,597 to €1,967
of which Other amounts receivable: -€17,630
- Other debts -€69,225
down €69,225 (-68.5%), from €101,022 to €31,797
- Profit (loss) carried forward -€10,000
down €10,000 (-100.0%), from €10,000 to €0
- Tax, wage and social debts -€7,835
down €7,835 (-29.8%), from €26,279 to €18,444
of which Remuneration and social security: -€7,856
- Trade debts -€2,992
down €2,992 (-37.7%), from €7,932 to €4,940
- Gross operating margin +€37,708
up €37,708 (+18.9%), from €199,955 to €237,662
- Taxes +€10,739
up €10,739 (+38.6%), from €27,822 to €38,561
- Staff costs -€7,842
down €7,842 (-11.5%), from €68,112 to €60,270
- Financial charges +€3,077
up €3,077 (+919.3%), from €335 to €3,412
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 | €163,784 | €73,732 | -€90,052 | -55.0% |
| Fixed assets | 21/28 | €5,204 | €4,155 | -€1,048 | -20.1% |
| Tangible fixed assets | 22/27 | €5,204 | €4,155 | -€1,048 | -20.1% |
| Plant, machinery and equipment | 23 | €4,713 | €4,155 | -€557 | -11.8% |
| Furniture and vehicles | 24 | €491 | €0 | -€491 | -100.0% |
| Current assets | 29/58 | €158,580 | €69,576 | -€89,004 | -56.1% |
| Amounts receivable within one year | 40/41 | €19,597 | €1,967 | -€17,630 | -90.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €19,597 | €1,967 | -€17,630 | -90.0% |
| Cash at bank and in hand | 54/58 | €138,635 | €66,778 | -€71,857 | -51.8% |
| Deferred charges and accrued income | 490/1 | €348 | €831 | +€483 | +138.8% |
| Total equity and liabilities | 10/49 | €163,784 | €73,732 | -€90,052 | -55.0% |
| Equity | 10/15 | €28,550 | €18,550 | -€10,000 | -35.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,000 | €0 | -€10,000 | -100.0% |
| Amounts payable | 17/49 | €135,234 | €55,182 | -€80,052 | -59.2% |
| Amounts payable within one year | 42/48 | €135,234 | €55,182 | -€80,052 | -59.2% |
| Trade debts | 44 | €7,932 | €4,940 | -€2,992 | -37.7% |
| Suppliers | 440/4 | €7,932 | €4,940 | -€2,992 | -37.7% |
| Taxes, remuneration and social security | 45 | €26,279 | €18,444 | -€7,835 | -29.8% |
| Taxes | 450/3 | €13,161 | €13,182 | +€21 | +0.2% |
| Remuneration and social security | 454/9 | €13,118 | €5,263 | -€7,856 | -59.9% |
| Other amounts payable | 47/48 | €101,022 | €31,797 | -€69,225 | -68.5% |
| Remuneration, social security and pensions | 62 | €68,112 | €60,270 | -€7,842 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,382 | €1,048 | -€1,334 | -56.0% |
| Other operating charges | 640/8 | €929 | €1,258 | +€329 | +35.4% |
| Gross operating margin | 9900 | €199,955 | €237,662 | +€37,708 | +18.9% |
| Operating profit (loss) | 9901 | €128,531 | €175,086 | +€46,554 | +36.2% |
| Financial income | 75/76B | €647 | €226 | -€422 | -65.2% |
| Recurring financial income | 75 | €647 | €226 | -€422 | -65.2% |
| Financial charges | 65/66B | €335 | €3,412 | +€3,077 | +919.3% |
| Recurring financial charges | 65 | €335 | €3,412 | +€3,077 | +919.3% |
| Profit (loss) for the period before taxes | 9903 | €128,844 | €171,900 | +€43,056 | +33.4% |
| Income taxes | 67/77 | €27,822 | €38,561 | +€10,739 | +38.6% |
| Profit (loss) for the period | 9904 | €101,022 | €133,339 | +€32,317 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,022 | €133,339 | +€32,317 | +32.0% |
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 2 October 2026 via checked.be.