ARTHO: 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.
ARTHO
Largest movements
- Receivables within one year -€23,211
down €23,211 (-24.1%), from €96,146 to €72,935
of which Trade receivables: -€44,546
- Deferred charges and accrued income +€3,885
new in 2025: €3,885
- Reserves -€12,648
down €12,648 (-23.2%), from €54,500 to €41,852
of which Distributable reserves: -€12,648
- Tax, wage and social debts -€7,682
down €7,682 (-87.3%), from €8,796 to €1,114
- Trade debts +€6,610
up €6,610 (+84.4%), from €7,835 to €14,445
- Profit (loss) carried forward -€6,604
no longer reported in 2025 (was €6,604)
- Gross operating margin -€39,933
down €39,933, from €20,544 to -€19,389
- Financial charges -€13,180
down €13,180 (-91.0%), from €14,476 to €1,296
of which Financial charges: -€13,243
- Taxes -€4,734
down €4,734 (-94.5%), from €5,009 to €275
- Other operating charges -€1,109
down €1,109 (-59.4%), from €1,869 to €759
- Financial income -€355
down €355 (-9.8%), from €3,633 to €3,278
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 | €98,736 | €78,411 | -€20,325 | -20.6% |
| Fixed assets | 21/28 | €1,300 | €490 | -€810 | -62.3% |
| Tangible fixed assets | 22/27 | €1,300 | €490 | -€810 | -62.3% |
| Furniture and vehicles | 24 | €1,300 | €490 | -€810 | -62.3% |
| Current assets | 29/58 | €97,435 | €77,921 | -€19,515 | -20.0% |
| Amounts receivable within one year | 40/41 | €96,146 | €72,935 | -€23,211 | -24.1% |
| Trade receivables | 40 | €47,633 | €3,087 | -€44,546 | -93.5% |
| Other amounts receivable | 41 | €48,512 | €69,847 | +€21,335 | +44.0% |
| Cash at bank and in hand | 54/58 | €1,290 | €1,101 | -€188 | -14.6% |
| Deferred charges and accrued income | 490/1 | - | €3,885 | +€3,885 | |
| Total equity and liabilities | 10/49 | €98,736 | €78,411 | -€20,325 | -20.6% |
| Equity | 10/15 | €82,104 | €62,852 | -€19,252 | -23.4% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €54,500 | €41,852 | -€12,648 | -23.2% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €46,500 | €33,852 | -€12,648 | -27.2% |
| Profit (loss) carried forward | 14 | €6,604 | - | -€6,604 | |
| Amounts payable | 17/49 | €16,631 | €15,559 | -€1,072 | -6.4% |
| Amounts payable within one year | 42/48 | €16,631 | €15,559 | -€1,072 | -6.4% |
| Trade debts | 44 | €7,835 | €14,445 | +€6,610 | +84.4% |
| Suppliers | 440/4 | €7,835 | €14,445 | +€6,610 | +84.4% |
| Taxes, remuneration and social security | 45 | €8,796 | €1,114 | -€7,682 | -87.3% |
| Taxes | 450/3 | €8,796 | €1,114 | -€7,682 | -87.3% |
| Non-recurring operating income | 76A | - | €5,465 | +€5,465 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €810 | €810 | = | 0.0% |
| Other operating charges | 640/8 | €1,869 | €759 | -€1,109 | -59.4% |
| Gross operating margin | 9900 | €20,544 | -€19,389 | -€39,933 | |
| Operating profit (loss) | 9901 | €17,865 | -€20,959 | -€38,824 | |
| Financial income | 75/76B | €3,633 | €3,278 | -€355 | -9.8% |
| Recurring financial income | 75 | €3,633 | €3,278 | -€355 | -9.8% |
| Financial charges | 65/66B | €14,476 | €1,296 | -€13,180 | -91.0% |
| Recurring financial charges | 65 | €14,476 | €1,233 | -€13,243 | -91.5% |
| Non-recurring financial charges | 66B | - | €63 | +€63 | |
| Profit (loss) for the period before taxes | 9903 | €7,022 | -€18,977 | -€25,999 | |
| Income taxes | 67/77 | €5,009 | €275 | -€4,734 | -94.5% |
| Profit (loss) for the period | 9904 | €2,013 | -€19,252 | -€21,265 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,013 | -€19,252 | -€21,265 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.