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.
ARTHUR
Largest movements
- Tangible fixed assets -€42,300
down €42,300 (-4.6%), from €915,214 to €872,915
of which Land and buildings: -€21,251
- Cash -€40,380
down €40,380 (-34.1%), from €118,439 to €78,059
mainly Contributions, distributions and other (-€68,500) and Debts after one year (-€25,000)
- Reserves -€63,207
down €63,207 (-13.7%), from €460,535 to €397,328
of which Distributable reserves: -€56,005
- Debts after one year -€25,000
down €25,000 (-6.0%), from €415,000 to €390,000
- Gross operating margin -€49,912
down €49,912 (-37.3%), from €133,981 to €84,069
- Taxes -€9,700
down €9,700 (-61.6%), from €15,741 to €6,041
- Depreciation -€9,564
down €9,564 (-17.1%), from €56,077 to €46,514
- Financial charges -€3,969
down €3,969 (-13.6%), from €29,177 to €25,208
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 | €1,083,272 | €1,003,390 | -€79,882 | -7.4% |
| Fixed assets | 21/28 | €915,214 | €872,915 | -€42,300 | -4.6% |
| Tangible fixed assets | 22/27 | €915,214 | €872,915 | -€42,300 | -4.6% |
| Land and buildings | 22 | €850,663 | €829,412 | -€21,251 | -2.5% |
| Furniture and vehicles | 24 | €64,551 | €43,502 | -€21,049 | -32.6% |
| Current assets | 29/58 | €168,057 | €130,475 | -€37,582 | -22.4% |
| Amounts receivable within one year | 40/41 | €47,776 | €48,674 | +€898 | +1.9% |
| Trade receivables | 40 | €28,428 | €32,462 | +€4,034 | +14.2% |
| Other amounts receivable | 41 | €19,348 | €16,212 | -€3,136 | -16.2% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €118,439 | €78,059 | -€40,380 | -34.1% |
| Deferred charges and accrued income | 490/1 | €1,592 | €3,492 | +€1,900 | +119.4% |
| Total equity and liabilities | 10/49 | €1,083,272 | €1,003,390 | -€79,882 | -7.4% |
| Equity | 10/15 | €478,951 | €415,748 | -€63,203 | -13.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €460,535 | €397,328 | -€63,207 | -13.7% |
| Tax-exempt reserves | 132 | €203,714 | €196,512 | -€7,202 | -3.5% |
| Distributable reserves | 133 | €256,821 | €200,816 | -€56,005 | -21.8% |
| Profit (loss) carried forward | 14 | €12,216 | €12,220 | +€4 | 0.0% |
| Provisions and deferred taxes | 16 | €66,537 | €64,137 | -€2,401 | -3.6% |
| Deferred taxes | 168 | €66,537 | €64,137 | -€2,401 | -3.6% |
| Amounts payable | 17/49 | €537,783 | €523,505 | -€14,278 | -2.7% |
| Amounts payable after more than one year | 17 | €415,000 | €390,000 | -€25,000 | -6.0% |
| Other amounts payable | 178/9 | €415,000 | €390,000 | -€25,000 | -6.0% |
| Amounts payable within one year | 42/48 | €122,783 | €133,505 | +€10,722 | +8.7% |
| Trade debts | 44 | €99 | €3,945 | +€3,846 | +3902.5% |
| Suppliers | 440/4 | €99 | €3,945 | +€3,846 | +3902.5% |
| Taxes, remuneration and social security | 45 | €19,433 | €17,232 | -€2,201 | -11.3% |
| Taxes | 450/3 | €19,433 | €17,232 | -€2,201 | -11.3% |
| Other amounts payable | 47/48 | €103,252 | €112,328 | +€9,076 | +8.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,077 | €46,514 | -€9,564 | -17.1% |
| Other operating charges | 640/8 | €5,320 | €4,396 | -€924 | -17.4% |
| Gross operating margin | 9900 | €133,981 | €84,069 | -€49,912 | -37.3% |
| Operating profit (loss) | 9901 | €72,584 | €33,160 | -€39,424 | -54.3% |
| Financial income | 75/76B | €718 | €985 | +€267 | +37.1% |
| Recurring financial income | 75 | €718 | €985 | +€267 | +37.1% |
| Financial charges | 65/66B | €29,177 | €25,208 | -€3,969 | -13.6% |
| Recurring financial charges | 65 | €29,177 | €25,208 | -€3,969 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €44,125 | €8,937 | -€35,188 | -79.7% |
| Transfer from deferred taxes | 780 | €2,399 | €2,401 | +€1 | +0.1% |
| Income taxes | 67/77 | €15,741 | €6,041 | -€9,700 | -61.6% |
| Profit (loss) for the period | 9904 | €30,784 | €5,297 | -€25,487 | -82.8% |
| Transfer from tax-exempt reserves | 789 | €7,198 | €7,202 | +€4 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,982 | €12,499 | -€25,483 | -67.1% |
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 9 October 2026 via checked.be.