ARTHUR: 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.
ARTHUR
Largest movements
- Tangible fixed assets +€130,332
up €130,332 (+7.2%), from €1.8m to €1.9m
of which Land and buildings: +€127,425
- Cash -€102,335
down €102,335 (-97.4%), from €105,071 to €2,737
mainly Investment in fixed assets (net) (-€228,274) and Debts after one year (-€74,229)
- Receivables within one year +€21,724
up €21,724 (+56.8%), from €38,245 to €59,969
of which Trade receivables: +€27,382
- Short-term financial debts +€204,096
new in 2025: €204,096
- Debts after one year -€74,229
down €74,229 (-7.9%), from €945,085 to €870,855
of which Financial debts: -€74,229
- Other debts -€66,480
down €66,480 (-7.7%), from €864,974 to €798,495
- Gross operating margin -€231,418
down €231,418 (-66.2%), from €349,431 to €118,012
- Depreciation -€33,190
down €33,190 (-25.3%), from €131,132 to €97,942
- Financial charges -€10,095
down €10,095 (-26.4%), from €38,191 to €28,097
- Taxes -€4,736
down €4,736 (-50.6%), from €9,366 to €4,630
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 | €2,077,175 | €2,128,302 | +€51,128 | +2.5% |
| Fixed assets | 21/28 | €1,798,445 | €1,928,777 | +€130,332 | +7.2% |
| Tangible fixed assets | 22/27 | €1,798,370 | €1,928,702 | +€130,332 | +7.2% |
| Land and buildings | 22 | €1,783,975 | €1,911,400 | +€127,425 | +7.1% |
| Plant, machinery and equipment | 23 | - | €2,491 | +€2,491 | |
| Furniture and vehicles | 24 | €14,395 | €14,811 | +€416 | +2.9% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €278,729 | €199,525 | -€79,205 | -28.4% |
| Amounts receivable after more than one year | 29 | €125,520 | €126,775 | +€1,255 | +1.0% |
| Other amounts receivable | 291 | €125,520 | €126,775 | +€1,255 | +1.0% |
| Stocks and contracts in progress | 3 | €7,946 | €8,303 | +€357 | +4.5% |
| Stocks | 30/36 | €7,946 | €8,303 | +€357 | +4.5% |
| Amounts receivable within one year | 40/41 | €38,245 | €59,969 | +€21,724 | +56.8% |
| Trade receivables | 40 | €20,772 | €48,154 | +€27,382 | +131.8% |
| Other amounts receivable | 41 | €17,473 | €11,816 | -€5,658 | -32.4% |
| Cash at bank and in hand | 54/58 | €105,071 | €2,737 | -€102,335 | -97.4% |
| Deferred charges and accrued income | 490/1 | €1,947 | €1,741 | -€206 | -10.6% |
| Total equity and liabilities | 10/49 | €2,077,175 | €2,128,302 | +€51,128 | +2.5% |
| Equity | 10/15 | €163,430 | €143,759 | -€19,670 | -12.0% |
| Contributions | 10/11 | €23,208 | €23,208 | = | 0.0% |
| Reserves | 13 | €140,222 | €140,222 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €131,722 | €131,722 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€19,670 | -€19,670 | |
| Amounts payable | 17/49 | €1,913,745 | €1,984,543 | +€70,798 | +3.7% |
| Amounts payable after more than one year | 17 | €945,085 | €870,855 | -€74,229 | -7.9% |
| Financial debts | 170/4 | €943,585 | €869,355 | -€74,229 | -7.9% |
| Other amounts payable | 178/9 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €960,128 | €1,102,548 | +€142,420 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €71,518 | €74,229 | +€2,711 | +3.8% |
| Financial debts | 43 | - | €204,096 | +€204,096 | |
| Credit institutions | 430/8 | - | €204,096 | +€204,096 | |
| Trade debts | 44 | €20,302 | €16,372 | -€3,930 | -19.4% |
| Suppliers | 440/4 | €20,302 | €16,372 | -€3,930 | -19.4% |
| Taxes, remuneration and social security | 45 | €3,334 | €9,356 | +€6,022 | +180.6% |
| Taxes | 450/3 | €3,334 | €9,356 | +€6,022 | +180.6% |
| Other amounts payable | 47/48 | €864,974 | €798,495 | -€66,480 | -7.7% |
| Accrued charges and deferred income | 492/3 | €8,533 | €11,140 | +€2,607 | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,132 | €97,942 | -€33,190 | -25.3% |
| Other operating charges | 640/8 | €10,714 | €8,504 | -€2,210 | -20.6% |
| Gross operating margin | 9900 | €349,431 | €118,012 | -€231,418 | -66.2% |
| Operating profit (loss) | 9901 | €207,585 | €11,567 | -€196,018 | -94.4% |
| Financial income | 75/76B | €1,291 | €1,490 | +€199 | +15.4% |
| Recurring financial income | 75 | €1,291 | €1,490 | +€199 | +15.4% |
| Financial charges | 65/66B | €38,191 | €28,097 | -€10,095 | -26.4% |
| Recurring financial charges | 65 | €38,191 | €28,097 | -€10,095 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €170,685 | -€15,040 | -€185,725 | |
| Income taxes | 67/77 | €9,366 | €4,630 | -€4,736 | -50.6% |
| Profit (loss) for the period | 9904 | €161,319 | -€19,670 | -€180,989 | |
| Profit (loss) for the period to be appropriated | 9905 | €161,319 | -€19,670 | -€180,989 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.