ARTHIMAX: what changed
Two fiscal 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.
ARTHIMAX
Largest movements
- Tangible fixed assets +€85,748
up €85,748 (+199.3%), from €43,021 to €128,770
of which Furniture and vehicles: +€86,296
- Cash -€15,458
down €15,458 (-30.0%), from €51,527 to €36,069
mainly Contributions, distributions and other (-€105,957) and Investment in fixed assets (net) (-€96,564)
- Receivables within one year -€4,769
down €4,769 (-64.3%), from €7,418 to €2,649
of which Other amounts receivable: -€3,711
- Other debts +€60,688
up €60,688 (+70.6%), from €85,915 to €146,603
- Tax, wage and social debts +€6,608
up €6,608, from €0 to €6,608
of which Taxes: +€4,793
- Gross operating margin +€132,269
up €132,269 (+543.8%), from €24,322 to €156,590
- Taxes +€29,113
up €29,113 (+12217.0%), from €238 to €29,351
- Depreciation -€10,768
down €10,768 (-49.9%), from €21,584 to €10,816
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 | €104,664 | €171,884 | +€67,220 | +64.2% |
| Fixed assets | 21/28 | €43,021 | €128,770 | +€85,748 | +199.3% |
| Tangible fixed assets | 22/27 | €43,021 | €128,770 | +€85,748 | +199.3% |
| Plant, machinery and equipment | 23 | €775 | €228 | -€548 | -70.6% |
| Furniture and vehicles | 24 | €42,246 | €128,542 | +€86,296 | +204.3% |
| Current assets | 29/58 | €61,643 | €43,115 | -€18,528 | -30.1% |
| Amounts receivable within one year | 40/41 | €7,418 | €2,649 | -€4,769 | -64.3% |
| Trade receivables | 40 | €1,058 | €0 | -€1,058 | -100.0% |
| Other amounts receivable | 41 | €6,359 | €2,649 | -€3,711 | -58.4% |
| Cash at bank and in hand | 54/58 | €51,527 | €36,069 | -€15,458 | -30.0% |
| Deferred charges and accrued income | 490/1 | €2,698 | €4,397 | +€1,699 | +63.0% |
| Total equity and liabilities | 10/49 | €104,664 | €171,884 | +€67,220 | +64.2% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €86,064 | €153,284 | +€67,220 | +78.1% |
| Amounts payable within one year | 42/48 | €86,064 | €153,284 | +€67,220 | +78.1% |
| Trade debts | 44 | €149 | €74 | -€76 | -50.6% |
| Suppliers | 440/4 | €149 | €74 | -€76 | -50.6% |
| Taxes, remuneration and social security | 45 | €0 | €6,608 | +€6,608 | |
| Taxes | 450/3 | €0 | €4,793 | +€4,793 | |
| Remuneration and social security | 454/9 | €0 | €1,814 | +€1,814 | |
| Other amounts payable | 47/48 | €85,915 | €146,603 | +€60,688 | +70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,584 | €10,816 | -€10,768 | -49.9% |
| Other operating charges | 640/8 | €505 | €1,484 | +€978 | +193.6% |
| Non-recurring operating charges | 66A | €0 | €8,362 | +€8,362 | |
| Gross operating margin | 9900 | €24,322 | €156,590 | +€132,269 | +543.8% |
| Operating profit (loss) | 9901 | €2,232 | €135,930 | +€133,697 | +5989.1% |
| Financial charges | 65/66B | €197 | €621 | +€423 | +214.5% |
| Recurring financial charges | 65 | €197 | €621 | +€423 | +214.5% |
| Profit (loss) for the period before taxes | 9903 | €2,035 | €135,309 | +€133,274 | +6549.0% |
| Income taxes | 67/77 | €238 | €29,351 | +€29,113 | +12217.0% |
| Profit (loss) for the period | 9904 | €1,797 | €105,957 | +€104,161 | +5797.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,797 | €105,957 | +€104,161 | +5797.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.