ARTHUR: 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.
What changed
ARTHUR
NACE 47.722, Retail trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€76,661
2024 · €36,805+€39,856
Equity
€1.2m
2024 · €1.1m+€76,661
Cash
€292,786
2024 · €301,656-€8,870
Balance sheet total
€1.6m
2024 · €1.5m+€121,145
Largest movements
Assets
- Stocks and contracts +€80,345
up €80,345 (+7.3%), from €1.1m to €1.2m
- Tangible fixed assets +€40,534
up €40,534 (+66.4%), from €61,086 to €101,621
of which Other tangible fixed assets: +€32,847
Equity and liabilities
- Reserves +€77,008
up €77,008 (+7.2%), from €1.1m to €1.1m
of which Distributable reserves: +€77,008
- Trade debts +€63,677
up €63,677 (+20.2%), from €315,333 to €379,009
Income statement
- Gross operating margin +€50,782
up €50,782 (+19.0%), from €267,000 to €317,782
- Staff costs +€13,253
up €13,253 (+7.9%), from €168,063 to €181,317
- Taxes +€8,483
up €8,483 (+42.7%), from €19,862 to €28,346
- Write-downs -€5,399
down €5,399 (-32.1%), from €16,816 to €11,418
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.
Result 2024
€36,805
Gross operating margin
+€50,782
Staff costs
-€13,253
Depreciation
+€3,034
Write-downs
+€5,399
Other operating charges
+€43
Other operating items
-€2,301
Financial income
+€2,291
Financial charges
+€2,344
Taxes
-€8,483
Result 2025
€76,661
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.
From operations
+€61,135
Investment
-€61,991
Financing
-€8,014
Cash 2024
€301,656
From operations (derived)
+€61,135
Net result for the year
+€76,661
Depreciation
+€15,457
Stocks and contracts
-€80,345
Receivables within one year
-€7,577
Deferred charges and accrued income
+€4,440
Trade debts
+€63,677
Tax, wage and social debts
-€10,245
Advances received
-€645
Other debts
-€318
Accrued charges and deferred income
+€31
Investment (derived)
-€61,991
Investment in fixed assets (net)
-€61,991
Financing
-€8,014
Debts after one year
-€3,093
Current portion of long-term debt
+€148
Short-term financial debts
-€5,070
Cash 2025
€292,786
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,488,025 | €1,609,170 | +€121,145 | +8.1% |
| Fixed assets | 21/28 | €65,208 | €111,742 | +€46,534 | +71.4% |
| Tangible fixed assets | 22/27 | €61,086 | €101,621 | +€40,534 | +66.4% |
| Plant, machinery and equipment | 23 | €1,146 | €0 | -€1,146 | -100.0% |
| Furniture and vehicles | 24 | €19,136 | €27,969 | +€8,833 | +46.2% |
| Other tangible fixed assets | 26 | €40,805 | €73,652 | +€32,847 | +80.5% |
| Financial fixed assets | 28 | €4,121 | €10,121 | +€6,000 | +145.6% |
| Current assets | 29/58 | €1,422,817 | €1,497,428 | +€74,611 | +5.2% |
| Stocks and contracts in progress | 3 | €1,099,095 | €1,179,440 | +€80,345 | +7.3% |
| Stocks | 30/36 | €1,099,095 | €1,179,440 | +€80,345 | +7.3% |
| Amounts receivable within one year | 40/41 | €15,616 | €23,192 | +€7,577 | +48.5% |
| Trade receivables | 40 | €2,282 | €0 | -€2,282 | -100.0% |
| Other amounts receivable | 41 | €13,333 | €23,192 | +€9,859 | +73.9% |
| Cash at bank and in hand | 54/58 | €301,656 | €292,786 | -€8,870 | -2.9% |
| Deferred charges and accrued income | 490/1 | €6,451 | €2,011 | -€4,440 | -68.8% |
| Total equity and liabilities | 10/49 | €1,488,025 | €1,609,170 | +€121,145 | +8.1% |
| Equity | 10/15 | €1,089,905 | €1,166,566 | +€76,661 | +7.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,070,966 | €1,147,974 | +€77,008 | +7.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €1,014,716 | €1,091,724 | +€77,008 | +7.6% |
| Profit (loss) carried forward | 14 | €347 | €0 | -€347 | -100.0% |
| Amounts payable | 17/49 | €398,120 | €442,604 | +€44,484 | +11.2% |
| Amounts payable after more than one year | 17 | €7,460 | €4,367 | -€3,093 | -41.5% |
| Financial debts | 170/4 | €7,460 | €4,367 | -€3,093 | -41.5% |
| Amounts payable within one year | 42/48 | €389,692 | €437,238 | +€47,546 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €2,944 | €3,093 | +€148 | +5.0% |
| Financial debts | 43 | €6,338 | €1,268 | -€5,070 | -80.0% |
| Credit institutions | 430/8 | €6,338 | €1,268 | -€5,070 | -80.0% |
| Trade debts | 44 | €315,333 | €379,009 | +€63,677 | +20.2% |
| Suppliers | 440/4 | €315,333 | €379,009 | +€63,677 | +20.2% |
| Advances received on contracts in progress | 46 | €645 | €0 | -€645 | -100.0% |
| Taxes, remuneration and social security | 45 | €63,920 | €53,674 | -€10,245 | -16.0% |
| Taxes | 450/3 | €43,945 | €30,236 | -€13,709 | -31.2% |
| Remuneration and social security | 454/9 | €19,975 | €23,439 | +€3,464 | +17.3% |
| Other amounts payable | 47/48 | €513 | €195 | -€318 | -62.1% |
| Accrued charges and deferred income | 492/3 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €168,063 | €181,317 | +€13,253 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,491 | €15,457 | -€3,034 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,816 | €11,418 | -€5,399 | -32.1% |
| Other operating charges | 640/8 | €2,100 | €2,057 | -€43 | -2.1% |
| Non-recurring operating charges | 66A | €0 | €2,301 | +€2,301 | |
| Gross operating margin | 9900 | €267,000 | €317,782 | +€50,782 | +19.0% |
| Operating profit (loss) | 9901 | €61,529 | €105,233 | +€43,704 | +71.0% |
| Financial income | 75/76B | €233 | €2,524 | +€2,291 | +984.9% |
| Recurring financial income | 75 | €233 | €2,524 | +€2,291 | +984.9% |
| Financial charges | 65/66B | €5,094 | €2,751 | -€2,344 | -46.0% |
| Recurring financial charges | 65 | €5,094 | €2,751 | -€2,344 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €56,667 | €105,007 | +€48,339 | +85.3% |
| Income taxes | 67/77 | €19,862 | €28,346 | +€8,483 | +42.7% |
| Profit (loss) for the period | 9904 | €36,805 | €76,661 | +€39,856 | +108.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,805 | €76,661 | +€39,856 | +108.3% |
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 12 October 2026 via checked.be.