Arteral: 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.
Arteral
Largest movements
- Stocks and contracts +€179,667
up €179,667 (+49.9%), from €360,000 to €539,667
of which Stocks: +€157,667
- Cash -€56,142
down €56,142 (-49.8%), from €112,716 to €56,574
mainly Stocks and contracts (-€179,667) and Debts after one year (-€34,981)
- Other debts +€179,018
up €179,018 (+22,271%), from €804 to €179,821
- Debts after one year -€34,981
down €34,981 (-7.8%), from €446,729 to €411,749
- Trade debts -€24,246
down €24,246 (-90.8%), from €26,713 to €2,467
- Reserves +€11,316
up €11,316 (+10.8%), from €104,711 to €116,027
- Tax, wage and social debts -€10,918
down €10,918 (-53.2%), from €20,539 to €9,621
of which Taxes: -€8,889
- Gross operating margin -€61,628
down €61,628 (-22.7%), from €271,900 to €210,272
- Other operating charges -€54,445
down €54,445 (-74.7%), from €72,932 to €18,487
- Staff costs -€27,518
down €27,518 (-18.9%), from €145,379 to €117,861
- Taxes +€7,300
up €7,300 (+101%), from €7,201 to €14,501
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 | €630,161 | €750,643 | +€120,482 | +19.1% |
| Fixed assets | 21/28 | €6,811 | €4,243 | -€2,567 | -37.7% |
| Tangible fixed assets | 22/27 | €6,561 | €4,243 | -€2,317 | -35.3% |
| Plant, machinery and equipment | 23 | €2,846 | €1,685 | -€1,161 | -40.8% |
| Furniture and vehicles | 24 | €3,715 | €2,559 | -€1,156 | -31.1% |
| Financial fixed assets | 28 | €250 | - | -€250 | |
| Current assets | 29/58 | €623,351 | €746,400 | +€123,049 | +19.7% |
| Stocks and contracts in progress | 3 | €360,000 | €539,667 | +€179,667 | +49.9% |
| Stocks | 30/36 | €360,000 | €517,667 | +€157,667 | +43.8% |
| Contracts in progress | 37 | - | €22,000 | +€22,000 | |
| Amounts receivable within one year | 40/41 | €150,635 | €149,584 | -€1,050 | -0.7% |
| Trade receivables | 40 | €140,906 | €137,349 | -€3,557 | -2.5% |
| Other amounts receivable | 41 | €9,728 | €12,235 | +€2,507 | +25.8% |
| Cash at bank and in hand | 54/58 | €112,716 | €56,574 | -€56,142 | -49.8% |
| Deferred charges and accrued income | 490/1 | - | €574 | +€574 | |
| Total equity and liabilities | 10/49 | €630,161 | €750,643 | +€120,482 | +19.1% |
| Equity | 10/15 | €126,475 | €137,791 | +€11,316 | +8.9% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €104,711 | €116,027 | +€11,316 | +10.8% |
| Distributable reserves | 133 | €104,711 | €116,027 | +€11,316 | +10.8% |
| Profit (loss) carried forward | 14 | €13,764 | €13,764 | = | 0.0% |
| Amounts payable | 17/49 | €503,687 | €612,853 | +€109,166 | +21.7% |
| Amounts payable after more than one year | 17 | €446,729 | €411,749 | -€34,981 | -7.8% |
| Financial debts | 170/4 | €446,729 | €411,749 | -€34,981 | -7.8% |
| Amounts payable within one year | 42/48 | €56,957 | €201,104 | +€144,147 | +253% |
| Current portion of amounts payable after more than one year | 42 | €4,657 | €4,981 | +€324 | +7.0% |
| Financial debts | 43 | €4,245 | €4,214 | -€30 | -0.7% |
| Credit institutions | 430/8 | €4,245 | €4,214 | -€30 | -0.7% |
| Trade debts | 44 | €26,713 | €2,467 | -€24,246 | -90.8% |
| Suppliers | 440/4 | €26,713 | €2,467 | -€24,246 | -90.8% |
| Taxes, remuneration and social security | 45 | €20,539 | €9,621 | -€10,918 | -53.2% |
| Taxes | 450/3 | €14,576 | €5,688 | -€8,889 | -61.0% |
| Remuneration and social security | 454/9 | €5,963 | €3,933 | -€2,029 | -34.0% |
| Other amounts payable | 47/48 | €804 | €179,821 | +€179,018 | +22,271% |
| Remuneration, social security and pensions | 62 | €145,379 | €117,861 | -€27,518 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,472 | €3,473 | -€999 | -22.3% |
| Other operating charges | 640/8 | €72,932 | €18,487 | -€54,445 | -74.7% |
| Gross operating margin | 9900 | €271,900 | €210,272 | -€61,628 | -22.7% |
| Operating profit (loss) | 9901 | €49,116 | €70,451 | +€21,335 | +43.4% |
| Financial income | 75/76B | €45 | €510 | +€465 | +1,029% |
| Recurring financial income | 75 | €45 | €510 | +€465 | +1,029% |
| Financial charges | 65/66B | €26,557 | €28,302 | +€1,744 | +6.6% |
| Recurring financial charges | 65 | €26,557 | €26,365 | -€192 | -0.7% |
| Non-recurring financial charges | 66B | - | €1,937 | +€1,937 | |
| Profit (loss) for the period before taxes | 9903 | €22,604 | €42,659 | +€20,055 | +88.7% |
| Income taxes | 67/77 | €7,201 | €14,501 | +€7,300 | +101% |
| Profit (loss) for the period | 9904 | €15,403 | €28,158 | +€12,755 | +82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,403 | €28,158 | +€12,755 | +82.8% |
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.