ARTH: 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.
ARTH
Largest movements
- Cash -€325,078
down €325,078 (-77.3%), from €420,492 to €95,413
mainly Contributions, distributions and other (-€1.3m) and Current portion of long-term debt (-€369,586)
- Tangible fixed assets +€243,964
up €243,964 (+7.9%), from €3.1m to €3.3m
of which Land and buildings: +€164,095
- Current investments +€110,845
up €110,845 (+19.1%), from €579,793 to €690,638
- Financial fixed assets -€96,139
down €96,139 (-11.2%), from €861,247 to €765,108
- Other debts +€708,342
up €708,342 (+3,819%), from €18,547 to €726,889
- Reserves -€422,935
down €422,935 (-14.9%), from €2.8m to €2.4m
of which Distributable reserves: -€668,366
- Current portion of long-term debt -€369,586
down €369,586 (-79.0%), from €468,080 to €98,494
- Trade debts -€61,307
down €61,307 (-72.6%), from €84,420 to €23,114
- Provisions +€60,979
up €60,979 (+124%), from €49,305 to €110,284
- Gross operating margin +€453,139
up €453,139 (+181%), from €250,184 to €703,323
- Financial income -€368,307
down €368,307 (-37.8%), from €973,198 to €604,891
- Depreciation +€63,862
up €63,862 (+61.3%), from €104,135 to €167,998
- Financial charges +€27,557
up €27,557 (+41.4%), from €66,547 to €94,104
of which Financial charges: +€48,157
- Taxes -€21,202
down €21,202 (-18.3%), from €115,569 to €94,367
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 | €5,514,050 | €5,474,582 | -€39,468 | -0.7% |
| Fixed assets | 21/28 | €3,959,279 | €4,107,104 | +€147,826 | +3.7% |
| Tangible fixed assets | 22/27 | €3,098,032 | €3,341,996 | +€243,964 | +7.9% |
| Land and buildings | 22 | €3,049,786 | €3,213,881 | +€164,095 | +5.4% |
| Furniture and vehicles | 24 | €48,246 | €128,115 | +€79,869 | +166% |
| Financial fixed assets | 28 | €861,247 | €765,108 | -€96,139 | -11.2% |
| Current assets | 29/58 | €1,554,771 | €1,367,478 | -€187,293 | -12.0% |
| Amounts receivable within one year | 40/41 | €552,210 | €573,583 | +€21,373 | +3.9% |
| Trade receivables | 40 | €45,000 | €39,680 | -€5,320 | -11.8% |
| Other amounts receivable | 41 | €507,210 | €533,903 | +€26,693 | +5.3% |
| Current investments | 50/53 | €579,793 | €690,638 | +€110,845 | +19.1% |
| Cash at bank and in hand | 54/58 | €420,492 | €95,413 | -€325,078 | -77.3% |
| Deferred charges and accrued income | 490/1 | €2,276 | €7,844 | +€5,567 | +245% |
| Total equity and liabilities | 10/49 | €5,514,050 | €5,474,582 | -€39,468 | -0.7% |
| Equity | 10/15 | €3,060,674 | €2,637,739 | -€422,935 | -13.8% |
| Contributions | 10/11 | €74,834 | €74,834 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Contributions outside capital | 11 | €4,834 | €4,834 | = | 0.0% |
| Share premium | 1100/10 | €4,834 | €4,834 | = | 0.0% |
| Reserves | 13 | €2,840,769 | €2,417,834 | -€422,935 | -14.9% |
| Non-distributable reserves | 130/1 | €283,056 | €283,056 | = | 0.0% |
| Legal reserve | 130 | €8,813 | €8,813 | = | 0.0% |
| Own shares acquired | 1312 | €274,244 | €274,244 | = | 0.0% |
| Tax-exempt reserves | 132 | €154,563 | €399,993 | +€245,431 | +159% |
| Distributable reserves | 133 | €2,403,150 | €1,734,784 | -€668,366 | -27.8% |
| Profit (loss) carried forward | 14 | €145,071 | €145,071 | = | 0.0% |
| Provisions and deferred taxes | 16 | €49,305 | €110,284 | +€60,979 | +124% |
| Deferred taxes | 168 | €49,305 | €110,284 | +€60,979 | +124% |
| Amounts payable | 17/49 | €2,404,071 | €2,726,559 | +€322,488 | +13.4% |
| Amounts payable after more than one year | 17 | €1,711,492 | €1,697,056 | -€14,436 | -0.8% |
| Financial debts | 170/4 | €1,711,492 | €1,697,056 | -€14,436 | -0.8% |
| Amounts payable within one year | 42/48 | €692,549 | €1,029,503 | +€336,954 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €468,080 | €98,494 | -€369,586 | -79.0% |
| Financial debts | 43 | - | €4,840 | +€4,840 | |
| Credit institutions | 430/8 | - | €4,840 | +€4,840 | |
| Trade debts | 44 | €84,420 | €23,114 | -€61,307 | -72.6% |
| Suppliers | 440/4 | €84,420 | €23,114 | -€61,307 | -72.6% |
| Taxes, remuneration and social security | 45 | €121,502 | €176,166 | +€54,665 | +45.0% |
| Taxes | 450/3 | €119,099 | €173,749 | +€54,650 | +45.9% |
| Remuneration and social security | 454/9 | €2,403 | €2,417 | +€14 | +0.6% |
| Other amounts payable | 47/48 | €18,547 | €726,889 | +€708,342 | +3,819% |
| Accrued charges and deferred income | 492/3 | €29 | €0 | -€29 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,135 | €167,998 | +€63,862 | +61.3% |
| Other operating charges | 640/8 | €9,824 | €27,092 | +€17,268 | +176% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €250,184 | €703,323 | +€453,139 | +181% |
| Operating profit (loss) | 9901 | €136,225 | €508,234 | +€372,010 | +273% |
| Financial income | 75/76B | €973,198 | €604,891 | -€368,307 | -37.8% |
| Recurring financial income | 75 | €973,198 | €604,891 | -€368,307 | -37.8% |
| Financial charges | 65/66B | €66,547 | €94,104 | +€27,557 | +41.4% |
| Recurring financial charges | 65 | €45,947 | €94,104 | +€48,157 | +105% |
| Non-recurring financial charges | 66B | €20,600 | €0 | -€20,600 | -100% |
| Profit (loss) for the period before taxes | 9903 | €1,042,876 | €1,019,021 | -€23,854 | -2.3% |
| Transfer from deferred taxes | 780 | €1,700 | €4,311 | +€2,611 | +154% |
| Transfer to deferred taxes | 680 | - | €65,290 | +€65,290 | |
| Income taxes | 67/77 | €115,569 | €94,367 | -€21,202 | -18.3% |
| Profit (loss) for the period | 9904 | €929,007 | €863,675 | -€65,331 | -7.0% |
| Transfer from tax-exempt reserves | 789 | €5,286 | €15,729 | +€10,443 | +198% |
| Transfer to tax-exempt reserves | 689 | - | €261,160 | +€261,160 | |
| Profit (loss) for the period to be appropriated | 9905 | €934,292 | €618,245 | -€316,048 | -33.8% |
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.