ARTHO: 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.
ARTHO
Largest movements
- Cash -€37,232
down €37,232 (-89.9%), from €41,417 to €4,185
mainly Net result for the year (-€48,601) and Investment in fixed assets (net) (-€13,735)
- Stocks and contracts -€28,064
down €28,064 (-14.5%), from €194,102 to €166,038
- Tangible fixed assets +€11,431
up €11,431 (+553.0%), from €2,067 to €13,498
of which Other tangible fixed assets: +€11,031
- Receivables within one year +€2,594
up €2,594 (+412.4%), from €629 to €3,223
of which Other amounts receivable: +€1,482
- Profit (loss) carried forward -€48,601
down €48,601, from €10,732 to -€37,869
- Tax, wage and social debts -€5,251
no longer reported in 2025 (was €5,251)
- Gross operating margin -€26,106
down €26,106, from €4,935 to -€21,171
- Write-downs -€1,960
down €1,960 (-7.7%), from €25,502 to €23,542
- Depreciation +€1,432
up €1,432 (+164.2%), from €872 to €2,304
- Financial charges -€548
down €548 (-88.5%), from €619 to €71
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 | €242,136 | €190,021 | -€52,115 | -21.5% |
| Fixed assets | 21/28 | €4,946 | €16,377 | +€11,431 | +231.1% |
| Tangible fixed assets | 22/27 | €2,067 | €13,498 | +€11,431 | +553.0% |
| Furniture and vehicles | 24 | €961 | €1,361 | +€400 | +41.6% |
| Other tangible fixed assets | 26 | €1,106 | €12,137 | +€11,031 | +997.4% |
| Financial fixed assets | 28 | €2,879 | €2,879 | = | 0.0% |
| Current assets | 29/58 | €237,190 | €173,644 | -€63,546 | -26.8% |
| Stocks and contracts in progress | 3 | €194,102 | €166,038 | -€28,064 | -14.5% |
| Stocks | 30/36 | €194,102 | €166,038 | -€28,064 | -14.5% |
| Amounts receivable within one year | 40/41 | €629 | €3,223 | +€2,594 | +412.4% |
| Trade receivables | 40 | €629 | €1,741 | +€1,112 | +176.8% |
| Other amounts receivable | 41 | - | €1,482 | +€1,482 | |
| Cash at bank and in hand | 54/58 | €41,417 | €4,185 | -€37,232 | -89.9% |
| Deferred charges and accrued income | 490/1 | €1,042 | €198 | -€844 | -81.0% |
| Total equity and liabilities | 10/49 | €242,136 | €190,021 | -€52,115 | -21.5% |
| Equity | 10/15 | €41,184 | -€7,417 | -€48,601 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,732 | -€37,869 | -€48,601 | |
| Amounts payable | 17/49 | €200,952 | €197,438 | -€3,514 | -1.7% |
| Amounts payable within one year | 42/48 | €200,952 | €197,438 | -€3,514 | -1.7% |
| Trade debts | 44 | €544 | - | -€544 | |
| Suppliers | 440/4 | €544 | - | -€544 | |
| Taxes, remuneration and social security | 45 | €5,251 | - | -€5,251 | |
| Taxes | 450/3 | €5,251 | - | -€5,251 | |
| Other amounts payable | 47/48 | €195,157 | €197,438 | +€2,281 | +1.2% |
| Remuneration, social security and pensions | 62 | €30 | €7 | -€23 | -76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €872 | €2,304 | +€1,432 | +164.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,502 | €23,542 | -€1,960 | -7.7% |
| Other operating charges | 640/8 | €374 | €400 | +€26 | +7.0% |
| Non-recurring operating charges | 66A | - | €1,106 | +€1,106 | |
| Gross operating margin | 9900 | €4,935 | -€21,171 | -€26,106 | |
| Operating profit (loss) | 9901 | -€21,843 | -€48,530 | -€26,687 | -122.2% |
| Financial income | 75/76B | €55 | - | -€55 | |
| Recurring financial income | 75 | €55 | - | -€55 | |
| Financial charges | 65/66B | €619 | €71 | -€548 | -88.5% |
| Recurring financial charges | 65 | €619 | €71 | -€548 | -88.5% |
| Profit (loss) for the period before taxes | 9903 | -€22,407 | -€48,601 | -€26,194 | -116.9% |
| Profit (loss) for the period | 9904 | -€22,407 | -€48,601 | -€26,194 | -116.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,407 | -€48,601 | -€26,194 | -116.9% |
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 4 October 2026 via checked.be.