ARHOL: 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.
ARHOL
Largest movements
- Financial fixed assets +€1.8m
up €1.8m (+30.8%), from €5.7m to €7.5m
of which Affiliated companies: +€1.9m
- Tangible fixed assets +€296,751
up €296,751 (+39.1%), from €758,928 to €1.1m
of which Land and buildings: +€298,442
- Receivables within one year +€103,514
up €103,514 (+66.8%), from €155,041 to €258,555
- Reserves +€2.0m
up €2.0m (+6169.8%), from €32,505 to €2.0m
of which Distributable reserves: +€2.0m
- Revaluation surpluses +€1.4m
up €1.4m (+27.4%), from €4.9m to €6.3m
- Profit (loss) carried forward -€1.1m
down €1.1m (-100.0%), from €1.1m to €0
- Other debts -€124,735
down €124,735 (-22.2%), from €562,712 to €437,977
- Financial income -€316,418
down €316,418 (-50.9%), from €621,219 to €304,801
of which Financial income: -€319,491
- Turnover +€149,619
up €149,619 (+179.4%), from €83,398 to €233,017
- Services and other goods +€55,048
up €55,048 (+265.2%), from €20,754 to €75,802
- Taxes +€25,111
up €25,111 (+440.5%), from €5,700 to €30,811
of which Taxes: +€25,130
- Other operating charges +€11,327
up €11,327 (+115.7%), from €9,794 to €21,121
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 | €6,657,225 | €8,837,682 | +€2.2m | +32.8% |
| Fixed assets | 21/28 | €6,456,251 | €8,509,102 | +€2.1m | +31.8% |
| Tangible fixed assets | 22/27 | €758,928 | €1,055,679 | +€296,751 | +39.1% |
| Land and buildings | 22 | €653,238 | €951,680 | +€298,442 | +45.7% |
| Furniture and vehicles | 24 | €2,151 | €460 | -€1,691 | -78.6% |
| Other tangible fixed assets | 26 | €103,539 | €103,539 | -€0 | 0.0% |
| Financial fixed assets | 28 | €5,697,323 | €7,453,424 | +€1.8m | +30.8% |
| Affiliated companies | 280/1 | €5,582,323 | €7,451,937 | +€1.9m | +33.5% |
| Participating interests | 280 | €5,582,323 | €7,451,937 | +€1.9m | +33.5% |
| Companies linked by participating interests | 282/3 | €115,000 | €0 | -€115,000 | -100.0% |
| Participating interests | 282 | €115,000 | €0 | -€115,000 | -100.0% |
| Other financial fixed assets | 284/8 | - | €1,487 | +€1,487 | |
| Shares | 284 | - | €1,487 | +€1,487 | |
| Current assets | 29/58 | €200,975 | €328,579 | +€127,604 | +63.5% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €155,041 | €258,555 | +€103,514 | +66.8% |
| Other amounts receivable | 41 | €155,041 | €258,555 | +€103,514 | +66.8% |
| Cash at bank and in hand | 54/58 | €43,648 | €69,982 | +€26,334 | +60.3% |
| Deferred charges and accrued income | 490/1 | €2,285 | €43 | -€2,242 | -98.1% |
| Total equity and liabilities | 10/49 | €6,657,225 | €8,837,682 | +€2.2m | +32.8% |
| Equity | 10/15 | €6,091,511 | €8,395,281 | +€2.3m | +37.8% |
| Contributions | 10/11 | €62,000 | €75,648 | +€13,648 | +22.0% |
| Capital | 10 | €62,000 | €75,648 | +€13,648 | +22.0% |
| Issued capital | 100 | €62,000 | €75,648 | +€13,648 | +22.0% |
| Revaluation surpluses | 12 | €4,929,892 | €6,281,433 | +€1.4m | +27.4% |
| Reserves | 13 | €32,505 | €2,037,968 | +€2.0m | +6169.8% |
| Non-distributable reserves | 130/1 | €6,200 | €7,565 | +€1,365 | +22.0% |
| Legal reserve | 130 | €6,200 | €7,565 | +€1,365 | +22.0% |
| Tax-exempt reserves | 132 | €3,805 | €3,805 | +€0 | 0.0% |
| Distributable reserves | 133 | €22,500 | €2,026,599 | +€2.0m | +8907.1% |
| Profit (loss) carried forward | 14 | €1,067,114 | €0 | -€1.1m | -100.0% |
| Investment grants | 15 | - | €232 | +€232 | |
| Provisions and deferred taxes | 16 | - | €842 | +€842 | |
| Deferred taxes | 168 | - | €842 | +€842 | |
| Amounts payable | 17/49 | €565,714 | €441,559 | -€124,155 | -21.9% |
| Amounts payable within one year | 42/48 | €565,714 | €441,559 | -€124,155 | -21.9% |
| Trade debts | 44 | €1,803 | €3,583 | +€1,780 | +98.8% |
| Suppliers | 440/4 | €1,803 | €3,583 | +€1,780 | +98.8% |
| Taxes, remuneration and social security | 45 | €1,200 | €0 | -€1,200 | -100.0% |
| Taxes | 450/3 | €1,200 | €0 | -€1,200 | -100.0% |
| Other amounts payable | 47/48 | €562,712 | €437,977 | -€124,735 | -22.2% |
| Operating income | 70/76A | €99,372 | €233,353 | +€133,981 | +134.8% |
| Turnover | 70 | €83,398 | €233,017 | +€149,619 | +179.4% |
| Other operating income | 74 | €0 | €337 | +€337 | |
| Non-recurring operating income | 76A | €15,973 | €0 | -€15,973 | -100.0% |
| Operating charges | 60/66A | €44,700 | €111,075 | +€66,375 | +148.5% |
| Services and other goods | 61 | €20,754 | €75,802 | +€55,048 | +265.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,152 | €14,152 | -€0 | 0.0% |
| Other operating charges | 640/8 | €9,794 | €21,121 | +€11,327 | +115.7% |
| Operating profit (loss) | 9901 | €54,672 | €122,279 | +€67,607 | +123.7% |
| Financial income | 75/76B | €621,219 | €304,801 | -€316,418 | -50.9% |
| Recurring financial income | 75 | €621,219 | €301,728 | -€319,491 | -51.4% |
| Income from financial fixed assets | 750 | €613,725 | €295,000 | -€318,725 | -51.9% |
| Income from current assets | 751 | €7,494 | €6,728 | -€766 | -10.2% |
| Non-recurring financial income | 76B | - | €3,073 | +€3,073 | |
| Financial charges | 65/66B | €9,016 | €5,588 | -€3,428 | -38.0% |
| Recurring financial charges | 65 | €9,016 | €5,588 | -€3,428 | -38.0% |
| Debt charges | 650 | €8,252 | €4,765 | -€3,487 | -42.3% |
| Other financial charges | 652/9 | €764 | €823 | +€59 | +7.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €666,874 | €421,492 | -€245,382 | -36.8% |
| Income taxes | 67/77 | €5,700 | €30,811 | +€25,111 | +440.5% |
| Taxes | 670/3 | €5,700 | €30,830 | +€25,130 | +440.9% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €19 | +€19 | |
| Profit (loss) for the period | 9904 | €661,174 | €390,680 | -€270,494 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €661,174 | €390,680 | -€270,494 | -40.9% |
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 10 October 2026 via checked.be.