ARTHORA: 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.
ARTHORA
Largest movements
- Cash -€68,816
down €68,816 (-78.8%), from €87,317 to €18,501
mainly Contributions, distributions and other (-€201,633) and Current portion of long-term debt (-€24,444)
- Receivables within one year +€18,316
up €18,316 (+112.8%), from €16,244 to €34,560
of which Trade receivables: +€21,250
- Contributions -€200,000
down €200,000 (-72.7%), from €275,000 to €75,000
- Reserves +€126,843
up €126,843 (+26.9%), from €472,041 to €598,884
of which Distributable reserves: +€131,029
- Tax, wage and social debts +€50,448
up €50,448 (+502.9%), from €10,032 to €60,480
- Current portion of long-term debt -€24,444
down €24,444 (-100.0%), from €24,444 to €0
- Gross operating margin +€47,578
up €47,578 (+33.3%), from €142,850 to €190,428
- Taxes +€27,778
up €27,778 (+92.9%), from €29,902 to €57,680
- Financial charges -€5,520
down €5,520 (-65.2%), from €8,471 to €2,951
- Write-downs +€4,750
up €4,750, from -€4,750 to €0
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 | €944,526 | €893,061 | -€51,465 | -5.4% |
| Fixed assets | 21/28 | €840,000 | €840,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €840,000 | €840,000 | = | 0.0% |
| Current assets | 29/58 | €104,526 | €53,061 | -€51,465 | -49.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €16,244 | €34,560 | +€18,316 | +112.8% |
| Trade receivables | 40 | €13,310 | €34,560 | +€21,250 | +159.7% |
| Other amounts receivable | 41 | €2,934 | €0 | -€2,934 | -100.0% |
| Cash at bank and in hand | 54/58 | €87,317 | €18,501 | -€68,816 | -78.8% |
| Deferred charges and accrued income | 490/1 | €965 | €0 | -€965 | -100.0% |
| Total equity and liabilities | 10/49 | €944,526 | €893,061 | -€51,465 | -5.4% |
| Equity | 10/15 | €747,041 | €673,884 | -€73,157 | -9.8% |
| Contributions | 10/11 | €275,000 | €75,000 | -€200,000 | -72.7% |
| Reserves | 13 | €472,041 | €598,884 | +€126,843 | +26.9% |
| Non-distributable reserves | 130/1 | €4,186 | €0 | -€4,186 | -100.0% |
| Reserves not available under the articles | 1311 | €4,186 | €0 | -€4,186 | -100.0% |
| Distributable reserves | 133 | €467,855 | €598,884 | +€131,029 | +28.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €63,748 | €63,748 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €63,748 | €63,748 | = | 0.0% |
| Pensions and similar obligations | 160 | €63,748 | €63,748 | = | 0.0% |
| Amounts payable | 17/49 | €133,737 | €155,429 | +€21,692 | +16.2% |
| Amounts payable after more than one year | 17 | €96,156 | €90,893 | -€5,263 | -5.5% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €96,156 | €90,893 | -€5,263 | -5.5% |
| Amounts payable within one year | 42/48 | €35,400 | €61,963 | +€26,563 | +75.0% |
| Current portion of amounts payable after more than one year | 42 | €24,444 | €0 | -€24,444 | -100.0% |
| Trade debts | 44 | €925 | €1,483 | +€559 | +60.4% |
| Suppliers | 440/4 | €925 | €1,483 | +€559 | +60.4% |
| Taxes, remuneration and social security | 45 | €10,032 | €60,480 | +€50,448 | +502.9% |
| Taxes | 450/3 | €10,032 | €60,480 | +€50,448 | +502.9% |
| Accrued charges and deferred income | 492/3 | €2,181 | €2,573 | +€392 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €639 | €0 | -€639 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,750 | €0 | +€4,750 | |
| Other operating charges | 640/8 | €226 | €1,321 | +€1,095 | +484.5% |
| Non-recurring operating charges | 66A | €30,000 | €0 | -€30,000 | -100.0% |
| Gross operating margin | 9900 | €142,850 | €190,428 | +€47,578 | +33.3% |
| Operating profit (loss) | 9901 | €116,735 | €189,107 | +€72,372 | +62.0% |
| Financial charges | 65/66B | €8,471 | €2,951 | -€5,520 | -65.2% |
| Recurring financial charges | 65 | €8,471 | €2,951 | -€5,520 | -65.2% |
| Profit (loss) for the period before taxes | 9903 | €108,264 | €186,156 | +€77,892 | +71.9% |
| Income taxes | 67/77 | €29,902 | €57,680 | +€27,778 | +92.9% |
| Profit (loss) for the period | 9904 | €78,362 | €128,476 | +€50,114 | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,362 | €128,476 | +€50,114 | +64.0% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.