ARTHINVEST: what changed
ARTHINVEST
Largest movements
- Receivables within one year -€30,062
down €30,062 (-73.2%), from €41,079 to €11,018
of which Trade receivables: -€30,430
- Cash +€16,891
up €16,891 (+18.3%), from €92,139 to €109,030
mainly Depreciation (+€45,730) and Receivables within one year (+€30,062)
- Tangible fixed assets -€5,527
down €5,527 (-1.5%), from €368,109 to €362,582
of which Furniture and vehicles: -€3,455
- Debts after one year -€17,111
down €17,111 (-18.6%), from €92,239 to €75,129
- Trade debts -€15,671
down €15,671 (-62.6%), from €25,020 to €9,349
- Profit (loss) carried forward +€11,563
up €11,563 (+18.1%), from €63,855 to €75,419
- Other debts +€11,339
up €11,339 (+2,360%), from €481 to €11,820
- Current portion of long-term debt -€5,401
down €5,401 (-24.0%), from €22,512 to €17,111
- Gross operating margin +€57,372
up €57,372 (+172%), from €33,259 to €90,631
- Staff costs +€15,036
up €15,036 (+688%), from €2,185 to €17,221
- Financial charges +€3,198
up €3,198 (+56.5%), from €5,658 to €8,856
- Depreciation +€1,814
up €1,814 (+4.1%), from €43,916 to €45,730
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €501,537 | €484,231 | -€17,306 | -3.5% |
| Fixed assets | 21/28 | €368,319 | €362,792 | -€5,527 | -1.5% |
| Tangible fixed assets | 22/27 | €368,109 | €362,582 | -€5,527 | -1.5% |
| Land and buildings | 22 | €289,611 | €287,538 | -€2,073 | -0.7% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | 0.0% |
| Furniture and vehicles | 24 | €78,498 | €75,044 | -€3,455 | -4.4% |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €133,218 | €121,440 | -€11,779 | -8.8% |
| Amounts receivable within one year | 40/41 | €41,079 | €11,018 | -€30,062 | -73.2% |
| Trade receivables | 40 | €41,079 | €10,650 | -€30,430 | -74.1% |
| Other amounts receivable | 41 | - | €368 | +€368 | |
| Cash at bank and in hand | 54/58 | €92,139 | €109,030 | +€16,891 | +18.3% |
| Deferred charges and accrued income | 490/1 | - | €1,391 | +€1,391 | |
| Total equity and liabilities | 10/49 | €501,537 | €484,231 | -€17,306 | -3.5% |
| Equity | 10/15 | €358,105 | €369,669 | +€11,563 | +3.2% |
| Contributions | 10/11 | €124,250 | €124,250 | = | 0.0% |
| Reserves | 13 | €170,000 | €170,000 | = | 0.0% |
| Distributable reserves | 133 | €170,000 | €170,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,855 | €75,419 | +€11,563 | +18.1% |
| Amounts payable | 17/49 | €143,432 | €114,562 | -€28,869 | -20.1% |
| Amounts payable after more than one year | 17 | €92,239 | €75,129 | -€17,111 | -18.6% |
| Financial debts | 170/4 | €92,239 | €75,129 | -€17,111 | -18.6% |
| Amounts payable within one year | 42/48 | €51,192 | €39,434 | -€11,758 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €22,512 | €17,111 | -€5,401 | -24.0% |
| Trade debts | 44 | €25,020 | €9,349 | -€15,671 | -62.6% |
| Suppliers | 440/4 | €25,020 | €9,349 | -€15,671 | -62.6% |
| Taxes, remuneration and social security | 45 | €3,179 | €1,154 | -€2,025 | -63.7% |
| Taxes | 450/3 | €3,179 | €755 | -€2,425 | -76.3% |
| Remuneration and social security | 454/9 | - | €400 | +€400 | |
| Other amounts payable | 47/48 | €481 | €11,820 | +€11,339 | +2,360% |
| Remuneration, social security and pensions | 62 | €2,185 | €17,221 | +€15,036 | +688% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,916 | €45,730 | +€1,814 | +4.1% |
| Other operating charges | 640/8 | €7,180 | €7,288 | +€108 | +1.5% |
| Gross operating margin | 9900 | €33,259 | €90,631 | +€57,372 | +172% |
| Operating profit (loss) | 9901 | -€20,021 | €20,393 | +€40,414 | |
| Financial income | 75/76B | €313 | €158 | -€155 | -49.4% |
| Recurring financial income | 75 | €313 | €158 | -€155 | -49.4% |
| Financial charges | 65/66B | €5,658 | €8,856 | +€3,198 | +56.5% |
| Recurring financial charges | 65 | €5,658 | €8,856 | +€3,198 | +56.5% |
| Profit (loss) for the period before taxes | 9903 | -€25,366 | €11,695 | +€37,061 | |
| Income taxes | 67/77 | €279 | €132 | -€147 | -52.7% |
| Profit (loss) for the period | 9904 | -€25,645 | €11,563 | +€37,208 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,645 | €11,563 | +€37,208 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.