Artheles: 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.
Artheles
Largest movements
- Receivables within one year -€90,245
down €90,245 (-72.1%), from €125,211 to €34,966
of which Other amounts receivable: -€87,849
- Cash +€39,680
up €39,680 (+202.5%), from €19,592 to €59,272
mainly Net result for the year (+€110,782) and Receivables within one year (+€90,245)
- Tangible fixed assets -€3,015
down €3,015 (-23.0%), from €13,095 to €10,079
of which Furniture and vehicles: -€1,662
- Reserves -€83,542
down €83,542 (-76.4%), from €109,324 to €25,782
- Other debts +€12,516
new in 2025: €12,516
- Tax, wage and social debts +€10,458
up €10,458 (+25.2%), from €41,429 to €51,886
- Trade debts +€7,486
up €7,486 (+77.5%), from €9,665 to €17,151
- Depreciation -€5,739
down €5,739 (-65.6%), from €8,754 to €3,015
- Gross operating margin -€2,439
down €2,439 (-1.7%), from €147,560 to €145,122
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 | €162,863 | €109,336 | -€53,527 | -32.9% |
| Fixed assets | 21/28 | €13,095 | €10,079 | -€3,015 | -23.0% |
| Tangible fixed assets | 22/27 | €13,095 | €10,079 | -€3,015 | -23.0% |
| Furniture and vehicles | 24 | €3,334 | €1,672 | -€1,662 | -49.9% |
| Other tangible fixed assets | 26 | €9,761 | €8,408 | -€1,353 | -13.9% |
| Current assets | 29/58 | €149,768 | €99,256 | -€50,511 | -33.7% |
| Amounts receivable within one year | 40/41 | €125,211 | €34,966 | -€90,245 | -72.1% |
| Trade receivables | 40 | €30,933 | €28,537 | -€2,396 | -7.7% |
| Other amounts receivable | 41 | €94,278 | €6,429 | -€87,849 | -93.2% |
| Cash at bank and in hand | 54/58 | €19,592 | €59,272 | +€39,680 | +202.5% |
| Deferred charges and accrued income | 490/1 | €4,965 | €5,018 | +€53 | +1.1% |
| Total equity and liabilities | 10/49 | €162,863 | €109,336 | -€53,527 | -32.9% |
| Equity | 10/15 | €111,324 | €27,782 | -€83,542 | -75.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €109,324 | €25,782 | -€83,542 | -76.4% |
| Distributable reserves | 133 | €109,324 | €25,782 | -€83,542 | -76.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,539 | €81,554 | +€30,015 | +58.2% |
| Amounts payable within one year | 42/48 | €51,094 | €81,554 | +€30,460 | +59.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €9,665 | €17,151 | +€7,486 | +77.5% |
| Suppliers | 440/4 | €9,665 | €17,151 | +€7,486 | +77.5% |
| Taxes, remuneration and social security | 45 | €41,429 | €51,886 | +€10,458 | +25.2% |
| Taxes | 450/3 | €41,429 | €51,886 | +€10,458 | +25.2% |
| Other amounts payable | 47/48 | - | €12,516 | +€12,516 | |
| Accrued charges and deferred income | 492/3 | €445 | €0 | -€445 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,754 | €3,015 | -€5,739 | -65.6% |
| Other operating charges | 640/8 | €1,231 | €1,479 | +€249 | +20.2% |
| Gross operating margin | 9900 | €147,560 | €145,122 | -€2,439 | -1.7% |
| Operating profit (loss) | 9901 | €137,576 | €140,627 | +€3,051 | +2.2% |
| Financial income | 75/76B | €7,097 | €6,558 | -€540 | -7.6% |
| Recurring financial income | 75 | €7,097 | €6,558 | -€540 | -7.6% |
| Financial charges | 65/66B | €2,112 | €2,122 | +€10 | +0.5% |
| Recurring financial charges | 65 | €2,112 | €2,122 | +€10 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €142,561 | €145,063 | +€2,502 | +1.8% |
| Income taxes | 67/77 | €33,237 | €34,281 | +€1,044 | +3.1% |
| Profit (loss) for the period | 9904 | €109,324 | €110,782 | +€1,458 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €109,324 | €110,782 | +€1,458 | +1.3% |
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.