ARTA Management: 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.
ARTA Management
Largest movements
- Receivables within one year -€86,214
down €86,214 (-62.5%), from €137,969 to €51,754
of which Trade receivables: -€100,269
- Cash -€69,856
down €69,856 (-67.1%), from €104,121 to €34,265
mainly Contributions, distributions and other (-€212,108) and Other debts (-€58,739)
- Deferred charges and accrued income +€30,598
new in 2025: €30,598
- Current investments +€19,902
new in 2025: €19,902
- Tangible fixed assets -€4,373
down €4,373 (-24.8%), from €17,639 to €13,265
of which Other tangible fixed assets: -€2,188
- Reserves -€60,656
down €60,656 (-56.6%), from €107,108 to €46,452
- Other debts -€58,739
down €58,739 (-38.2%), from €153,868 to €95,129
- Short-term financial debts +€8,425
new in 2025: €8,425
- Gross operating margin -€177,172
down €177,172 (-52.3%), from €339,046 to €161,875
- Taxes -€41,417
down €41,417 (-53.3%), from €77,675 to €36,258
- Financial income +€34,308
up €34,308 (+2,194%), from €1,563 to €35,872
- Financial charges -€9,638
down €9,638 (-64.4%), from €14,965 to €5,327
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.
Derived cash bridge
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 | €265,928 | €154,484 | -€111,444 | -41.9% |
| Fixed assets | 21/28 | €23,839 | €17,965 | -€5,873 | -24.6% |
| Tangible fixed assets | 22/27 | €17,639 | €13,265 | -€4,373 | -24.8% |
| Plant, machinery and equipment | 23 | €1,214 | €1,004 | -€210 | -17.3% |
| Furniture and vehicles | 24 | €2,651 | €675 | -€1,976 | -74.5% |
| Other tangible fixed assets | 26 | €13,774 | €11,586 | -€2,188 | -15.9% |
| Financial fixed assets | 28 | €6,200 | €4,700 | -€1,500 | -24.2% |
| Current assets | 29/58 | €242,089 | €136,519 | -€105,570 | -43.6% |
| Amounts receivable within one year | 40/41 | €137,969 | €51,754 | -€86,214 | -62.5% |
| Trade receivables | 40 | €125,175 | €24,906 | -€100,269 | -80.1% |
| Other amounts receivable | 41 | €12,794 | €26,848 | +€14,054 | +110% |
| Current investments | 50/53 | - | €19,902 | +€19,902 | |
| Cash at bank and in hand | 54/58 | €104,121 | €34,265 | -€69,856 | -67.1% |
| Deferred charges and accrued income | 490/1 | - | €30,598 | +€30,598 | |
| Total equity and liabilities | 10/49 | €265,928 | €154,484 | -€111,444 | -41.9% |
| Equity | 10/15 | €110,108 | €49,452 | -€60,656 | -55.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €107,108 | €46,452 | -€60,656 | -56.6% |
| Distributable reserves | 133 | €107,108 | €46,452 | -€60,656 | -56.6% |
| Amounts payable | 17/49 | €155,820 | €105,032 | -€50,788 | -32.6% |
| Amounts payable within one year | 42/48 | €155,820 | €105,032 | -€50,788 | -32.6% |
| Financial debts | 43 | - | €8,425 | +€8,425 | |
| Credit institutions | 430/8 | - | €8,425 | +€8,425 | |
| Trade debts | 44 | €1,952 | €1,479 | -€473 | -24.2% |
| Suppliers | 440/4 | €1,952 | €1,479 | -€473 | -24.2% |
| Other amounts payable | 47/48 | €153,868 | €95,129 | -€58,739 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,284 | €4,373 | +€89 | +2.1% |
| Other operating charges | 640/8 | €118 | €336 | +€218 | +185% |
| Gross operating margin | 9900 | €339,046 | €161,875 | -€177,172 | -52.3% |
| Operating profit (loss) | 9901 | €334,644 | €157,166 | -€177,479 | -53.0% |
| Financial income | 75/76B | €1,563 | €35,872 | +€34,308 | +2,194% |
| Recurring financial income | 75 | €1,563 | €35,872 | +€34,308 | +2,194% |
| Financial charges | 65/66B | €14,965 | €5,327 | -€9,638 | -64.4% |
| Recurring financial charges | 65 | €14,965 | €5,327 | -€9,638 | -64.4% |
| Profit (loss) for the period before taxes | 9903 | €321,243 | €187,711 | -€133,532 | -41.6% |
| Income taxes | 67/77 | €77,675 | €36,258 | -€41,417 | -53.3% |
| Profit (loss) for the period | 9904 | €243,568 | €151,452 | -€92,116 | -37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €243,568 | €151,452 | -€92,116 | -37.8% |
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 14 October 2026 via checked.be.