ARTHEX: 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.
ARTHEX
Largest movements
- Stocks and contracts +€240,281
up €240,281 (+8,088%), from €2,971 to €243,252
- Cash -€23,906
down €23,906 (-34.7%), from €68,964 to €45,058
mainly Stocks and contracts (-€240,281) and Receivables within one year (-€22,281)
- Receivables within one year +€22,281
up €22,281 (+32.6%), from €68,355 to €90,636
of which Trade receivables: +€19,510
- Tangible fixed assets -€12,568
down €12,568 (-5.0%), from €250,491 to €237,924
of which Furniture and vehicles: -€6,945
- Debts after one year +€145,067
up €145,067 (+108%), from €134,528 to €279,595
- Reserves +€46,314
up €46,314 (+113%), from €40,964 to €87,278
of which Distributable reserves: +€46,314
- Current portion of long-term debt +€40,784
up €40,784 (+169%), from €24,149 to €64,933
- Trade debts -€12,867
down €12,867 (-43.8%), from €29,359 to €16,491
- Gross operating margin +€26,566
up €26,566 (+39.1%), from €68,008 to €94,574
- Taxes +€5,432
up €5,432 (+41.3%), from €13,164 to €18,595
- Financial charges +€5,000
up €5,000 (+49.0%), from €10,209 to €15,209
of which Financial charges: +€4,073
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €396,182 | €622,700 | +€226,518 | +57.2% |
| Fixed assets | 21/28 | €250,617 | €238,049 | -€12,568 | -5.0% |
| Tangible fixed assets | 22/27 | €250,491 | €237,924 | -€12,568 | -5.0% |
| Land and buildings | 22 | €223,030 | €218,528 | -€4,502 | -2.0% |
| Plant, machinery and equipment | 23 | €1,400 | €280 | -€1,120 | -80.0% |
| Furniture and vehicles | 24 | €26,061 | €19,116 | -€6,945 | -26.7% |
| Financial fixed assets | 28 | €126 | €126 | = | 0.0% |
| Current assets | 29/58 | €145,565 | €384,651 | +€239,086 | +164% |
| Stocks and contracts in progress | 3 | €2,971 | €243,252 | +€240,281 | +8,088% |
| Stocks | 30/36 | €2,971 | €243,252 | +€240,281 | +8,088% |
| Amounts receivable within one year | 40/41 | €68,355 | €90,636 | +€22,281 | +32.6% |
| Trade receivables | 40 | €65,569 | €85,080 | +€19,510 | +29.8% |
| Other amounts receivable | 41 | €2,786 | €5,556 | +€2,771 | +99.5% |
| Cash at bank and in hand | 54/58 | €68,964 | €45,058 | -€23,906 | -34.7% |
| Deferred charges and accrued income | 490/1 | €5,275 | €5,705 | +€430 | +8.1% |
| Total equity and liabilities | 10/49 | €396,182 | €622,700 | +€226,518 | +57.2% |
| Equity | 10/15 | €59,564 | €105,878 | +€46,314 | +77.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €40,964 | €87,278 | +€46,314 | +113% |
| Non-distributable reserves | 130/1 | €1,238 | €1,238 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,238 | €1,238 | = | 0.0% |
| Distributable reserves | 133 | €39,726 | €86,040 | +€46,314 | +117% |
| Amounts payable | 17/49 | €336,618 | €516,822 | +€180,204 | +53.5% |
| Amounts payable after more than one year | 17 | €134,528 | €279,595 | +€145,067 | +108% |
| Financial debts | 170/4 | €134,528 | €279,595 | +€145,067 | +108% |
| Amounts payable within one year | 42/48 | €202,089 | €237,226 | +€35,137 | +17.4% |
| Current portion of amounts payable after more than one year | 42 | €24,149 | €64,933 | +€40,784 | +169% |
| Financial debts | 43 | €106,095 | €108,330 | +€2,235 | +2.1% |
| Other loans | 439 | €106,095 | €108,330 | +€2,235 | +2.1% |
| Trade debts | 44 | €29,359 | €16,491 | -€12,867 | -43.8% |
| Suppliers | 440/4 | €29,359 | €16,491 | -€12,867 | -43.8% |
| Taxes, remuneration and social security | 45 | €17,837 | €22,822 | +€4,985 | +27.9% |
| Taxes | 450/3 | €17,837 | €19,638 | +€1,801 | +10.1% |
| Remuneration and social security | 454/9 | - | €3,184 | +€3,184 | |
| Other amounts payable | 47/48 | €24,650 | €24,650 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,433 | €12,568 | +€135 | +1.1% |
| Other operating charges | 640/8 | €2,766 | €2,032 | -€734 | -26.5% |
| Gross operating margin | 9900 | €68,008 | €94,574 | +€26,566 | +39.1% |
| Operating profit (loss) | 9901 | €52,809 | €79,974 | +€27,165 | +51.4% |
| Financial income | 75/76B | €4 | €145 | +€141 | +3,322% |
| Recurring financial income | 75 | €4 | €1 | -€4 | -82.7% |
| Non-recurring financial income | 76B | - | €144 | +€144 | |
| Financial charges | 65/66B | €10,209 | €15,209 | +€5,000 | +49.0% |
| Recurring financial charges | 65 | €10,209 | €14,282 | +€4,073 | +39.9% |
| Non-recurring financial charges | 66B | - | €928 | +€928 | |
| Profit (loss) for the period before taxes | 9903 | €42,604 | €64,910 | +€22,305 | +52.4% |
| Income taxes | 67/77 | €13,164 | €18,595 | +€5,432 | +41.3% |
| Profit (loss) for the period | 9904 | €29,440 | €46,314 | +€16,874 | +57.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,440 | €46,314 | +€16,874 | +57.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.