ARHEA: 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.
ARHEA
Largest movements
- Receivables within one year +€71,337
up €71,337 (+327.7%), from €21,772 to €93,109
of which Other amounts receivable: +€71,171
- Stocks and contracts +€57,445
new in 2025: €57,445
- Cash -€42,822
down €42,822 (-98.3%), from €43,555 to €733
mainly Receivables within one year (-€71,337) and Stocks and contracts (-€57,445)
- Tangible fixed assets +€16,698
up €16,698 (+943.9%), from €1,769 to €18,467
- Deferred charges and accrued income +€1,767
up €1,767 (+904.5%), from €195 to €1,962
- Debts after one year +€85,142
new in 2025: €85,142
- Reserves +€10,549
up €10,549 (+20.8%), from €50,760 to €61,308
- Current portion of long-term debt +€9,295
new in 2025: €9,295
- Short-term financial debts -€2,500
down €2,500 (-100.0%), from €2,500 to €0
- Gross operating margin -€48,859
down €48,859 (-70.1%), from €69,694 to €20,834
- Financial charges -€13,203
down €13,203 (-93.3%), from €14,151 to €947
- Taxes -€7,041
down €7,041 (-64.4%), from €10,939 to €3,898
- Depreciation +€4,950
up €4,950 (+1094.3%), from €452 to €5,402
- Other operating charges +€883
up €883 (+146.5%), from €603 to €1,485
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 | €67,291 | €171,716 | +€104,425 | +155.2% |
| Fixed assets | 21/28 | €1,769 | €18,467 | +€16,698 | +943.9% |
| Tangible fixed assets | 22/27 | €1,769 | €18,467 | +€16,698 | +943.9% |
| Furniture and vehicles | 24 | €1,769 | €18,467 | +€16,698 | +943.9% |
| Current assets | 29/58 | €65,522 | €153,249 | +€87,727 | +133.9% |
| Stocks and contracts in progress | 3 | - | €57,445 | +€57,445 | |
| Stocks | 30/36 | - | €57,445 | +€57,445 | |
| Amounts receivable within one year | 40/41 | €21,772 | €93,109 | +€71,337 | +327.7% |
| Trade receivables | 40 | €690 | €856 | +€166 | +24.1% |
| Other amounts receivable | 41 | €21,081 | €92,253 | +€71,171 | +337.6% |
| Cash at bank and in hand | 54/58 | €43,555 | €733 | -€42,822 | -98.3% |
| Deferred charges and accrued income | 490/1 | €195 | €1,962 | +€1,767 | +904.5% |
| Total equity and liabilities | 10/49 | €67,291 | €171,716 | +€104,425 | +155.2% |
| Equity | 10/15 | €54,760 | €65,308 | +€10,549 | +19.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €50,760 | €61,308 | +€10,549 | +20.8% |
| Distributable reserves | 133 | €50,760 | €61,308 | +€10,549 | +20.8% |
| Amounts payable | 17/49 | €12,531 | €106,408 | +€93,876 | +749.1% |
| Amounts payable after more than one year | 17 | - | €85,142 | +€85,142 | |
| Financial debts | 170/4 | - | €85,142 | +€85,142 | |
| Amounts payable within one year | 42/48 | €12,531 | €21,266 | +€8,734 | +69.7% |
| Current portion of amounts payable after more than one year | 42 | - | €9,295 | +€9,295 | |
| Financial debts | 43 | €2,500 | €0 | -€2,500 | -100.0% |
| Credit institutions | 430/8 | €2,500 | €0 | -€2,500 | -100.0% |
| Trade debts | 44 | - | €595 | +€595 | |
| Suppliers | 440/4 | - | €595 | +€595 | |
| Taxes, remuneration and social security | 45 | €10,031 | €11,377 | +€1,345 | +13.4% |
| Taxes | 450/3 | €10,031 | €11,377 | +€1,345 | +13.4% |
| Non-recurring operating income | 76A | €77,597 | €12,820 | -€64,777 | -83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €452 | €5,402 | +€4,950 | +1094.3% |
| Other operating charges | 640/8 | €603 | €1,485 | +€883 | +146.5% |
| Gross operating margin | 9900 | €69,694 | €20,834 | -€48,859 | -70.1% |
| Operating profit (loss) | 9901 | €68,639 | €13,947 | -€54,692 | -79.7% |
| Financial income | 75/76B | €981 | €1,447 | +€466 | +47.5% |
| Recurring financial income | 75 | €981 | €1,447 | +€466 | +47.5% |
| Financial charges | 65/66B | €14,151 | €947 | -€13,203 | -93.3% |
| Recurring financial charges | 65 | €14,151 | €947 | -€13,203 | -93.3% |
| Profit (loss) for the period before taxes | 9903 | €55,469 | €14,446 | -€41,023 | -74.0% |
| Income taxes | 67/77 | €10,939 | €3,898 | -€7,041 | -64.4% |
| Profit (loss) for the period | 9904 | €44,530 | €10,549 | -€33,982 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,530 | €10,549 | -€33,982 | -76.3% |
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 30 September 2026 via checked.be.