ARH: 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.
ARH
Largest movements
- Receivables within one year +€95,250
up €95,250 (+280.4%), from €33,965 to €129,215
of which Trade receivables: +€96,115
- Tangible fixed assets -€64,774
down €64,774 (-5.1%), from €1.3m to €1.2m
- Profit (loss) carried forward +€146,050
up €146,050 (+68.1%), from €214,594 to €360,645
- Debts after one year -€107,142
down €107,142 (-8.7%), from €1.2m to €1.1m
of which Financial debts: -€81,617
- Tax, wage and social debts +€51,662
up €51,662 (+114.4%), from €45,160 to €96,822
- Short-term financial debts -€36,709
down €36,709 (-7.5%), from €491,328 to €454,619
- Current portion of long-term debt -€35,824
down €35,824 (-31.2%), from €114,992 to €79,169
- Gross operating margin +€66,866
up €66,866 (+25.7%), from €259,854 to €326,720
- Taxes +€19,788
up €19,788 (+67.9%), from €29,127 to €48,915
- Financial charges -€19,597
down €19,597 (-24.0%), from €81,667 to €62,071
- Depreciation -€4,346
down €4,346 (-6.3%), from €69,119 to €64,774
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 | €2,170,753 | €2,190,920 | +€20,167 | +0.9% |
| Fixed assets | 21/28 | €2,122,577 | €2,057,803 | -€64,774 | -3.1% |
| Tangible fixed assets | 22/27 | €1,272,577 | €1,207,803 | -€64,774 | -5.1% |
| Land and buildings | 22 | €1,272,577 | €1,207,803 | -€64,774 | -5.1% |
| Financial fixed assets | 28 | €850,000 | €850,000 | = | 0.0% |
| Current assets | 29/58 | €48,176 | €133,117 | +€84,941 | +176.3% |
| Amounts receivable within one year | 40/41 | €33,965 | €129,215 | +€95,250 | +280.4% |
| Trade receivables | 40 | €33,100 | €129,215 | +€96,115 | +290.4% |
| Other amounts receivable | 41 | €865 | - | -€865 | |
| Cash at bank and in hand | 54/58 | €8,488 | - | -€8,488 | |
| Deferred charges and accrued income | 490/1 | €5,723 | €3,902 | -€1,821 | -31.8% |
| Total equity and liabilities | 10/49 | €2,170,753 | €2,190,920 | +€20,167 | +0.9% |
| Equity | 10/15 | €240,595 | €386,646 | +€146,050 | +60.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,001 | €1,001 | = | 0.0% |
| Distributable reserves | 133 | €1,001 | €1,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | €214,594 | €360,645 | +€146,050 | +68.1% |
| Amounts payable | 17/49 | €1,930,157 | €1,804,274 | -€125,884 | -6.5% |
| Amounts payable after more than one year | 17 | €1,226,524 | €1,119,382 | -€107,142 | -8.7% |
| Financial debts | 170/4 | €429,552 | €347,935 | -€81,617 | -19.0% |
| Other amounts payable | 178/9 | €796,972 | €771,447 | -€25,525 | -3.2% |
| Amounts payable within one year | 42/48 | €659,116 | €637,333 | -€21,783 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €114,992 | €79,169 | -€35,824 | -31.2% |
| Financial debts | 43 | €491,328 | €454,619 | -€36,709 | -7.5% |
| Credit institutions | 430/8 | €491,328 | €454,619 | -€36,709 | -7.5% |
| Trade debts | 44 | €6,905 | €6,493 | -€412 | -6.0% |
| Suppliers | 440/4 | €6,905 | €6,493 | -€412 | -6.0% |
| Taxes, remuneration and social security | 45 | €45,160 | €96,822 | +€51,662 | +114.4% |
| Taxes | 450/3 | €45,160 | €96,822 | +€51,662 | +114.4% |
| Other amounts payable | 47/48 | €730 | €230 | -€500 | -68.5% |
| Accrued charges and deferred income | 492/3 | €44,518 | €47,559 | +€3,041 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,119 | €64,774 | -€4,346 | -6.3% |
| Other operating charges | 640/8 | €4,932 | €4,910 | -€23 | -0.5% |
| Gross operating margin | 9900 | €259,854 | €326,720 | +€66,866 | +25.7% |
| Operating profit (loss) | 9901 | €185,802 | €257,036 | +€71,234 | +38.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €81,667 | €62,071 | -€19,597 | -24.0% |
| Recurring financial charges | 65 | €81,667 | €62,071 | -€19,597 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €104,134 | €194,965 | +€90,831 | +87.2% |
| Income taxes | 67/77 | €29,127 | €48,915 | +€19,788 | +67.9% |
| Profit (loss) for the period | 9904 | €75,007 | €146,050 | +€71,043 | +94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €75,007 | €146,050 | +€71,043 | +94.7% |
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 29 September 2026 via checked.be.