ARTHIRO: 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.
ARTHIRO
Largest movements
- Intangible fixed assets -€695,282
down €695,282 (-21.1%), from €3.3m to €2.6m
- Tangible fixed assets +€161,596
up €161,596 (+5.7%), from €2.8m to €3.0m
of which Land and buildings: +€162,496
- Receivables within one year +€160,280
up €160,280 (+27.1%), from €591,409 to €751,689
of which Other amounts receivable: +€224,103
- Cash -€142,644
down €142,644 (-85.7%), from €166,403 to €23,759
mainly Net result for the year (-€684,122) and Debts after one year (-€521,456)
- Other debts +€702,546
up €702,546 (+53.8%), from €1.3m to €2.0m
- Profit (loss) carried forward -€684,122
down €684,122 (-27.2%), from €2.5m to €1.8m
- Debts after one year -€521,456
down €521,456 (-13.5%), from €3.9m to €3.4m
- Depreciation +€550,400
up €550,400 (+219%), from €251,660 to €802,059
- Gross operating margin -€35,532
down €35,532 (-14.5%), from €244,349 to €208,817
- Financial charges -€33,750
down €33,750 (-26.9%), from €125,485 to €91,735
of which Non-recurring financial charges: -€36,151
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 | €8,390,875 | €7,877,975 | -€512,900 | -6.1% |
| Fixed assets | 21/28 | €7,633,063 | €7,099,377 | -€533,686 | -7.0% |
| Intangible fixed assets | 21 | €3,299,740 | €2,604,458 | -€695,282 | -21.1% |
| Tangible fixed assets | 22/27 | €2,833,127 | €2,994,723 | +€161,596 | +5.7% |
| Land and buildings | 22 | €2,828,691 | €2,991,187 | +€162,496 | +5.7% |
| Plant, machinery and equipment | 23 | €4,435 | €3,536 | -€900 | -20.3% |
| Financial fixed assets | 28 | €1,500,196 | €1,500,196 | = | 0.0% |
| Current assets | 29/58 | €757,812 | €778,598 | +€20,786 | +2.7% |
| Amounts receivable within one year | 40/41 | €591,409 | €751,689 | +€160,280 | +27.1% |
| Trade receivables | 40 | €130,000 | €66,177 | -€63,823 | -49.1% |
| Other amounts receivable | 41 | €461,409 | €685,512 | +€224,103 | +48.6% |
| Cash at bank and in hand | 54/58 | €166,403 | €23,759 | -€142,644 | -85.7% |
| Deferred charges and accrued income | 490/1 | - | €3,150 | +€3,150 | |
| Total equity and liabilities | 10/49 | €8,390,875 | €7,877,975 | -€512,900 | -6.1% |
| Equity | 10/15 | €2,616,234 | €1,932,112 | -€684,122 | -26.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,516,234 | €1,832,112 | -€684,122 | -27.2% |
| Amounts payable | 17/49 | €5,774,641 | €5,945,863 | +€171,222 | +3.0% |
| Amounts payable after more than one year | 17 | €3,872,504 | €3,351,048 | -€521,456 | -13.5% |
| Financial debts | 170/4 | €3,872,504 | €3,351,048 | -€521,456 | -13.5% |
| Amounts payable within one year | 42/48 | €1,902,137 | €2,591,915 | +€689,778 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | €515,003 | €521,456 | +€6,453 | +1.3% |
| Trade debts | 44 | €20,049 | - | -€20,049 | |
| Suppliers | 440/4 | €20,049 | - | -€20,049 | |
| Taxes, remuneration and social security | 45 | €61,464 | €62,292 | +€828 | +1.3% |
| Taxes | 450/3 | €61,464 | €62,292 | +€828 | +1.3% |
| Other amounts payable | 47/48 | €1,305,621 | €2,008,167 | +€702,546 | +53.8% |
| Accrued charges and deferred income | 492/3 | - | €2,900 | +€2,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251,660 | €802,059 | +€550,400 | +219% |
| Other operating charges | 640/8 | €186 | €62 | -€124 | -66.7% |
| Gross operating margin | 9900 | €244,349 | €208,817 | -€35,532 | -14.5% |
| Operating profit (loss) | 9901 | -€7,497 | -€593,305 | -€585,808 | -7,814% |
| Financial income | 75/76B | €3,318 | €974 | -€2,344 | -70.6% |
| Recurring financial income | 75 | €3,318 | €974 | -€2,344 | -70.6% |
| Financial charges | 65/66B | €125,485 | €91,735 | -€33,750 | -26.9% |
| Recurring financial charges | 65 | €89,334 | €91,735 | +€2,401 | +2.7% |
| Non-recurring financial charges | 66B | €36,151 | - | -€36,151 | |
| Profit (loss) for the period before taxes | 9903 | -€129,664 | -€684,066 | -€554,402 | -428% |
| Income taxes | 67/77 | €1,404 | €56 | -€1,348 | -96.0% |
| Profit (loss) for the period | 9904 | -€131,068 | -€684,122 | -€553,054 | -422% |
| Profit (loss) for the period to be appropriated | 9905 | -€131,068 | -€684,122 | -€553,054 | -422% |
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 17 October 2026 via checked.be.