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.
What changed
ARTHUR
NACE 64.210, Activities of holding companies
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€417,851
2023 · €691,403-€273,552
Equity
€5.2m
2023 · €4.7m+€417,851
Cash
€617
2023 · €29,541-€28,923
Balance sheet total
€9.7m
2023 · €9.0m+€760,512
Largest movements
Assets
- Tangible fixed assets +€631,565
up €631,565 (+10.0%), from €6.3m to €7.0m
of which Land and buildings: +€578,483
- Receivables within one year +€161,238
up €161,238 (+134.0%), from €120,311 to €281,549
of which Other amounts receivable: +€150,578
Equity and liabilities
- Reserves +€417,851
up €417,851 (+14.0%), from €3.0m to €3.4m
of which Distributable reserves: +€426,980
- Other debts +€296,065
up €296,065 (+100.7%), from €294,125 to €590,190
Income statement
- Turnover +€559,368
new in 2024: €559,368
- Gross operating margin -€504,652
no longer reported in 2024 (was €504,652)
- Other operating income +€470,387
new in 2024: €470,387
- Financial income -€395,257
down €395,257 (-52.4%), from €753,971 to €358,714
- Services and other goods +€288,441
new in 2024: €288,441
From the 2023 result to the 2024 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 2023
€691,403
Turnover
+€559,368
Other operating income
+€470,387
Services and other goods
-€288,441
Depreciation
+€91,429
Other operating charges
-€981
Other operating items
-€690,145
Financial income
-€395,257
Financial charges
-€46,996
Taxes
+€26,525
Deferred taxes and other
+€561
Result 2024
€417,851
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€816,526
Investment
-€953,085
Financing
+€107,635
Cash 2023
€29,541
From operations (derived)
+€816,526
Net result for the year
+€417,851
Depreciation
+€321,520
Receivables within one year
-€161,238
Deferred charges and accrued income
+€3,367
Provisions
-€7,067
Trade debts
+€41,906
Tax, wage and social debts
-€96,095
Other debts
+€296,065
Accrued charges and deferred income
+€217
Investment (derived)
-€953,085
Investment in fixed assets (net)
-€953,085
Financing
+€107,635
Debts after one year
+€67,271
Current portion of long-term debt
+€40,364
Cash 2024
€617
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,959,848 | €9,720,360 | +€760,512 | +8.5% |
| Fixed assets | 21/28 | €8,799,224 | €9,430,788 | +€631,565 | +7.2% |
| Tangible fixed assets | 22/27 | €6,323,771 | €6,955,335 | +€631,565 | +10.0% |
| Land and buildings | 22 | €6,267,547 | €6,846,030 | +€578,483 | +9.2% |
| Plant, machinery and equipment | 23 | €1,462 | €5,498 | +€4,036 | +276.0% |
| Furniture and vehicles | 24 | €13,739 | €37,029 | +€23,290 | +169.5% |
| Other tangible fixed assets | 26 | €41,022 | €66,778 | +€25,756 | +62.8% |
| Financial fixed assets | 28 | €2,475,453 | €2,475,453 | = | 0.0% |
| Affiliated companies | 280/1 | - | €2,475,453 | +€2.5m | |
| Participating interests | 280 | - | €2,475,453 | +€2.5m | |
| Current assets | 29/58 | €160,624 | €289,571 | +€128,947 | +80.3% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €120,311 | €281,549 | +€161,238 | +134.0% |
| Trade receivables | 40 | €38,861 | €49,520 | +€10,659 | +27.4% |
| Other amounts receivable | 41 | €81,450 | €232,029 | +€150,578 | +184.9% |
| Cash at bank and in hand | 54/58 | €29,541 | €617 | -€28,923 | -97.9% |
| Deferred charges and accrued income | 490/1 | €10,773 | €7,405 | -€3,367 | -31.3% |
| Total equity and liabilities | 10/49 | €8,959,848 | €9,720,360 | +€760,512 | +8.5% |
| Equity | 10/15 | €4,741,130 | €5,158,981 | +€417,851 | +8.8% |
| Contributions | 10/11 | €2,494,053 | €2,494,053 | = | 0.0% |
| Reserves | 13 | €2,993,277 | €3,411,128 | +€417,851 | +14.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €166,190 | €157,061 | -€9,129 | -5.5% |
| Distributable reserves | 133 | €2,827,087 | €3,254,066 | +€426,980 | +15.1% |
| Profit (loss) carried forward | 14 | -€746,200 | -€746,200 | = | 0.0% |
| Provisions and deferred taxes | 16 | €144,560 | €137,492 | -€7,067 | -4.9% |
| Provisions for liabilities and charges | 160/5 | €99,926 | €95,181 | -€4,745 | -4.7% |
| Other liabilities and charges | 164/5 | €99,926 | €95,181 | -€4,745 | -4.7% |
| Deferred taxes | 168 | €44,634 | €42,311 | -€2,323 | -5.2% |
| Amounts payable | 17/49 | €4,074,158 | €4,423,886 | +€349,728 | +8.6% |
| Amounts payable after more than one year | 17 | €3,111,314 | €3,178,585 | +€67,271 | +2.2% |
| Financial debts | 170/4 | €3,111,314 | €3,178,585 | +€67,271 | +2.2% |
| Credit institutions | 173 | - | €3,178,585 | +€3.2m | |
| Amounts payable within one year | 42/48 | €959,194 | €1,241,434 | +€282,240 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €353,206 | €393,570 | +€40,364 | +11.4% |
| Trade debts | 44 | €101,551 | €143,457 | +€41,906 | +41.3% |
| Suppliers | 440/4 | €101,551 | €143,457 | +€41,906 | +41.3% |
| Taxes, remuneration and social security | 45 | €210,312 | €114,217 | -€96,095 | -45.7% |
| Taxes | 450/3 | €210,312 | €114,217 | -€96,095 | -45.7% |
| Other amounts payable | 47/48 | €294,125 | €590,190 | +€296,065 | +100.7% |
| Accrued charges and deferred income | 492/3 | €3,650 | €3,867 | +€217 | +5.9% |
| Operating income | 70/76A | - | €1,029,755 | +€1.0m | |
| Turnover | 70 | - | €559,368 | +€559,368 | |
| Other operating income | 74 | - | €470,387 | +€470,387 | |
| Operating charges | 60/66A | - | €827,570 | +€827,570 | |
| Services and other goods | 61 | - | €288,441 | +€288,441 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €412,949 | €321,520 | -€91,429 | -22.1% |
| Other operating charges | 640/8 | €31,135 | €32,117 | +€981 | +3.2% |
| Non-recurring operating charges | 66A | - | €185,493 | +€185,493 | |
| Gross operating margin | 9900 | €504,652 | - | -€504,652 | |
| Operating profit (loss) | 9901 | €60,568 | €202,185 | +€141,616 | +233.8% |
| Financial income | 75/76B | €753,971 | €358,714 | -€395,257 | -52.4% |
| Recurring financial income | 75 | €753,971 | €358,714 | -€395,257 | -52.4% |
| Income from financial fixed assets | 750 | - | €349,626 | +€349,626 | |
| Income from current assets | 751 | - | €7,449 | +€7,449 | |
| Other financial income | 752/9 | - | €1,639 | +€1,639 | |
| Financial charges | 65/66B | €54,768 | €101,764 | +€46,996 | +85.8% |
| Recurring financial charges | 65 | €54,768 | €101,764 | +€46,996 | +85.8% |
| Debt charges | 650 | - | €97,586 | +€97,586 | |
| Other financial charges | 652/9 | - | €4,178 | +€4,178 | |
| Profit (loss) for the period before taxes | 9903 | €759,772 | €459,135 | -€300,637 | -39.6% |
| Transfer from deferred taxes | 780 | €1,762 | €2,323 | +€561 | +31.8% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €70,131 | €43,607 | -€26,525 | -37.8% |
| Taxes | 670/3 | - | €43,607 | +€43,607 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | €691,403 | €417,851 | -€273,552 | -39.6% |
| Transfer from tax-exempt reserves | 789 | €6,886 | €9,129 | +€2,243 | +32.6% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €698,288 | €426,980 | -€271,309 | -38.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.