ARTHEPA: 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.
ARTHEPA
Largest movements
- Cash -€110,251
down €110,251 (-58.1%), from €189,764 to €79,513
mainly Other debts (-€178,852) and Current investments (-€41,829)
- Current investments +€41,829
up €41,829 (+4.0%), from €1.0m to €1.1m
- Deferred charges and accrued income -€24,962
down €24,962 (-80.7%), from €30,941 to €5,978
- Other debts -€178,852
no longer reported in 2025 (was €178,852)
- Reserves +€103,246
up €103,246 (+9.6%), from €1.1m to €1.2m
of which Distributable reserves: +€117,706
- Tax, wage and social debts -€34,921
down €34,921 (-39.3%), from €88,770 to €53,849
- Gross operating margin +€26,711
up €26,711 (+27.4%), from €97,526 to €124,237
- Financial income +€22,307
up €22,307 (+91.9%), from €24,274 to €46,581
- Taxes +€9,331
up €9,331 (+21.1%), from €44,221 to €53,551
- Other operating charges +€8,446
up €8,446 (+586%), from €1,441 to €9,887
- Depreciation -€1,855
down €1,855 (-42.6%), from €4,354 to €2,499
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 | €1,495,788 | €1,381,397 | -€114,391 | -7.6% |
| Fixed assets | 21/28 | €14,151 | €3,451 | -€10,700 | -75.6% |
| Tangible fixed assets | 22/27 | €9,781 | €3,451 | -€6,329 | -64.7% |
| Furniture and vehicles | 24 | €1,191 | €749 | -€442 | -37.1% |
| Other tangible fixed assets | 26 | €8,590 | €2,702 | -€5,888 | -68.5% |
| Financial fixed assets | 28 | €4,370 | - | -€4,370 | |
| Current assets | 29/58 | €1,481,637 | €1,377,945 | -€103,691 | -7.0% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,951 | €10,644 | -€10,307 | -49.2% |
| Trade receivables | 40 | €672 | - | -€672 | |
| Other amounts receivable | 41 | €20,279 | €10,644 | -€9,635 | -47.5% |
| Current investments | 50/53 | €1,049,981 | €1,091,810 | +€41,829 | +4.0% |
| Cash at bank and in hand | 54/58 | €189,764 | €79,513 | -€110,251 | -58.1% |
| Deferred charges and accrued income | 490/1 | €30,941 | €5,978 | -€24,962 | -80.7% |
| Total equity and liabilities | 10/49 | €1,495,788 | €1,381,397 | -€114,391 | -7.6% |
| Equity | 10/15 | €1,217,592 | €1,320,838 | +€103,246 | +8.5% |
| Contributions | 10/11 | €144,600 | €144,600 | = | 0.0% |
| Reserves | 13 | €1,070,216 | €1,173,462 | +€103,246 | +9.6% |
| Non-distributable reserves | 130/1 | €14,460 | - | -€14,460 | |
| Reserves not available under the articles | 1311 | €14,460 | - | -€14,460 | |
| Distributable reserves | 133 | €1,055,756 | €1,173,462 | +€117,706 | +11.1% |
| Profit (loss) carried forward | 14 | €2,776 | €2,776 | = | 0.0% |
| Amounts payable | 17/49 | €278,195 | €60,559 | -€217,637 | -78.2% |
| Amounts payable within one year | 42/48 | €278,195 | €60,468 | -€217,728 | -78.3% |
| Trade debts | 44 | €10,574 | €6,619 | -€3,954 | -37.4% |
| Suppliers | 440/4 | €10,574 | €6,619 | -€3,954 | -37.4% |
| Taxes, remuneration and social security | 45 | €88,770 | €53,849 | -€34,921 | -39.3% |
| Taxes | 450/3 | €88,770 | €53,849 | -€34,921 | -39.3% |
| Other amounts payable | 47/48 | €178,852 | - | -€178,852 | |
| Accrued charges and deferred income | 492/3 | - | €91 | +€91 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,354 | €2,499 | -€1,855 | -42.6% |
| Other operating charges | 640/8 | €1,441 | €9,887 | +€8,446 | +586% |
| Gross operating margin | 9900 | €97,526 | €124,237 | +€26,711 | +27.4% |
| Operating profit (loss) | 9901 | €91,732 | €111,851 | +€20,119 | +21.9% |
| Financial income | 75/76B | €24,274 | €46,581 | +€22,307 | +91.9% |
| Recurring financial income | 75 | €24,274 | €46,581 | +€22,307 | +91.9% |
| Financial charges | 65/66B | €974 | €1,634 | +€660 | +67.8% |
| Recurring financial charges | 65 | €974 | €1,634 | +€660 | +67.8% |
| Profit (loss) for the period before taxes | 9903 | €115,031 | €156,797 | +€41,766 | +36.3% |
| Income taxes | 67/77 | €44,221 | €53,551 | +€9,331 | +21.1% |
| Profit (loss) for the period | 9904 | €70,811 | €103,246 | +€32,435 | +45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €70,811 | €103,246 | +€32,435 | +45.8% |
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 15 October 2026 via checked.be.