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
- Receivables within one year +€58,217
up €58,217 (+14,804%), from €393 to €58,610
of which Trade receivables: +€48,217
- Cash -€29,705
down €29,705 (-49.3%), from €60,312 to €30,606
mainly Receivables within one year (-€58,217) and Debts after one year (-€4,772)
- Tangible fixed assets -€5,961
down €5,961 (-28.3%), from €21,086 to €15,125
of which Furniture and vehicles: -€5,829
- Deferred charges and accrued income -€1,967
down €1,967 (-45.1%), from €4,364 to €2,398
- Reserves +€31,720
up €31,720 (+61.8%), from €51,309 to €83,029
- Debts after one year -€4,772
down €4,772 (-15.6%), from €30,664 to €25,892
- Other debts -€4,527
down €4,527 (-36.6%), from €12,379 to €7,852
- Trade debts -€1,460
down €1,460 (-41.3%), from €3,537 to €2,077
- Gross operating margin +€9,083
up €9,083 (+22.5%), from €40,296 to €49,379
- Financial income +€6,958
new in 2025: €6,958
- Taxes +€3,731
up €3,731 (+45.9%), from €8,133 to €11,864
- Financial charges +€633
up €633 (+12.8%), from €4,955 to €5,587
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 | €123,332 | €143,916 | +€20,584 | +16.7% |
| Fixed assets | 21/28 | €58,262 | €52,302 | -€5,961 | -10.2% |
| Tangible fixed assets | 22/27 | €21,086 | €15,125 | -€5,961 | -28.3% |
| Plant, machinery and equipment | 23 | €444 | €312 | -€132 | -29.7% |
| Furniture and vehicles | 24 | €20,642 | €14,813 | -€5,829 | -28.2% |
| Financial fixed assets | 28 | €37,177 | €37,177 | = | 0.0% |
| Current assets | 29/58 | €65,069 | €91,614 | +€26,545 | +40.8% |
| Amounts receivable within one year | 40/41 | €393 | €58,610 | +€58,217 | +14,804% |
| Trade receivables | 40 | €393 | €48,610 | +€48,217 | +12,261% |
| Other amounts receivable | 41 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €60,312 | €30,606 | -€29,705 | -49.3% |
| Deferred charges and accrued income | 490/1 | €4,364 | €2,398 | -€1,967 | -45.1% |
| Total equity and liabilities | 10/49 | €123,332 | €143,916 | +€20,584 | +16.7% |
| Equity | 10/15 | €56,309 | €88,029 | +€31,720 | +56.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €51,309 | €83,029 | +€31,720 | +61.8% |
| Distributable reserves | 133 | €51,309 | €83,029 | +€31,720 | +61.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,022 | €55,887 | -€11,136 | -16.6% |
| Amounts payable after more than one year | 17 | €30,664 | €25,892 | -€4,772 | -15.6% |
| Financial debts | 170/4 | €30,664 | €25,892 | -€4,772 | -15.6% |
| Amounts payable within one year | 42/48 | €36,072 | €29,679 | -€6,393 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €4,588 | €4,772 | +€183 | +4.0% |
| Trade debts | 44 | €3,537 | €2,077 | -€1,460 | -41.3% |
| Suppliers | 440/4 | €3,537 | €2,077 | -€1,460 | -41.3% |
| Taxes, remuneration and social security | 45 | €15,567 | €14,978 | -€589 | -3.8% |
| Taxes | 450/3 | €15,567 | €12,621 | -€2,947 | -18.9% |
| Remuneration and social security | 454/9 | - | €2,358 | +€2,358 | |
| Other amounts payable | 47/48 | €12,379 | €7,852 | -€4,527 | -36.6% |
| Accrued charges and deferred income | 492/3 | €286 | €315 | +€29 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,824 | €5,961 | +€137 | +2.4% |
| Other operating charges | 640/8 | €1,255 | €1,205 | -€50 | -4.0% |
| Gross operating margin | 9900 | €40,296 | €49,379 | +€9,083 | +22.5% |
| Operating profit (loss) | 9901 | €33,217 | €42,213 | +€8,996 | +27.1% |
| Financial income | 75/76B | - | €6,958 | +€6,958 | |
| Recurring financial income | 75 | - | €6,958 | +€6,958 | |
| Financial charges | 65/66B | €4,955 | €5,587 | +€633 | +12.8% |
| Recurring financial charges | 65 | €4,955 | €5,587 | +€633 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €28,262 | €43,583 | +€15,321 | +54.2% |
| Income taxes | 67/77 | €8,133 | €11,864 | +€3,731 | +45.9% |
| Profit (loss) for the period | 9904 | €20,129 | €31,720 | +€11,590 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,129 | €31,720 | +€11,590 | +57.6% |
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 27 October 2026 via checked.be.