ARTHE: 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.
ARTHE
Largest movements
- Tangible fixed assets -€35,676
down €35,676 (-12.1%), from €294,820 to €259,143
of which Land and buildings: -€18,063
- Cash -€4,035
down €4,035 (-42.2%), from €9,553 to €5,518
mainly Other debts (-€48,000) and Debts after one year (-€41,108)
- Profit (loss) carried forward +€50,200
up €50,200 (+15.2%), from -€329,525 to -€279,325
- Other debts -€48,000
down €48,000 (-13.2%), from €365,000 to €317,000
- Debts after one year -€41,108
down €41,108 (-66.4%), from €61,948 to €20,840
- Trade debts -€3,905
down €3,905 (-90.7%), from €4,305 to €400
- Gross operating margin +€6,027
up €6,027 (+6.9%), from €87,742 to €93,769
- Depreciation -€4,950
down €4,950 (-12.2%), from €40,626 to €35,676
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 | €306,649 | €266,941 | -€39,708 | -12.9% |
| Fixed assets | 21/28 | €294,820 | €259,143 | -€35,676 | -12.1% |
| Tangible fixed assets | 22/27 | €294,820 | €259,143 | -€35,676 | -12.1% |
| Land and buildings | 22 | €257,922 | €239,859 | -€18,063 | -7.0% |
| Plant, machinery and equipment | 23 | €36,898 | €19,284 | -€17,614 | -47.7% |
| Current assets | 29/58 | €11,830 | €7,798 | -€4,032 | -34.1% |
| Amounts receivable within one year | 40/41 | €1,780 | €1,780 | = | 0.0% |
| Other amounts receivable | 41 | €1,780 | €1,780 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,553 | €5,518 | -€4,035 | -42.2% |
| Deferred charges and accrued income | 490/1 | €497 | €500 | +€3 | +0.7% |
| Total equity and liabilities | 10/49 | €306,649 | €266,941 | -€39,708 | -12.9% |
| Equity | 10/15 | -€169,525 | -€119,325 | +€50,200 | +29.6% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€329,525 | -€279,325 | +€50,200 | +15.2% |
| Amounts payable | 17/49 | €476,174 | €386,266 | -€89,908 | -18.9% |
| Amounts payable after more than one year | 17 | €61,948 | €20,840 | -€41,108 | -66.4% |
| Financial debts | 170/4 | €61,948 | €20,840 | -€41,108 | -66.4% |
| Amounts payable within one year | 42/48 | €409,662 | €358,508 | -€51,154 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €40,357 | €41,108 | +€751 | +1.9% |
| Trade debts | 44 | €4,305 | €400 | -€3,905 | -90.7% |
| Suppliers | 440/4 | €4,305 | €400 | -€3,905 | -90.7% |
| Other amounts payable | 47/48 | €365,000 | €317,000 | -€48,000 | -13.2% |
| Accrued charges and deferred income | 492/3 | €4,564 | €6,918 | +€2,354 | +51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,626 | €35,676 | -€4,950 | -12.2% |
| Other operating charges | 640/8 | €5,818 | €5,996 | +€178 | +3.1% |
| Gross operating margin | 9900 | €87,742 | €93,769 | +€6,027 | +6.9% |
| Operating profit (loss) | 9901 | €41,298 | €52,097 | +€10,799 | +26.1% |
| Financial charges | 65/66B | €2,420 | €1,897 | -€523 | -21.6% |
| Recurring financial charges | 65 | €2,420 | €1,897 | -€523 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €38,879 | €50,200 | +€11,321 | +29.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €38,879 | €50,200 | +€11,321 | +29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,879 | €50,200 | +€11,321 | +29.1% |
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.