ARTHUS: 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
ARTHUS
NACE 47.791, Retail sale of antiques
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.0m
2024 · €2.9m+€1.1m
Equity
€8.3m
2024 · €4.3m+€4.0m
Cash
€573,231
2024 · €152,804+€420,427
Balance sheet total
€338.3m
2024 · €338.2m+€79,103
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward +€4.0m
up €4.0m (+93.6%), from €4.2m to €8.2m
- Other debts -€3.8m
down €3.8m (-1.1%), from €333.7m to €329.9m
Income statement
- Financial income +€1.5m
up €1.5m (+40.0%), from €3.7m to €5.2m
- Gross operating margin -€356,993
down €356,993 (-83.2%), from -€429,186 to -€786,180
- Staff costs +€39,773
up €39,773 (+11.6%), from €342,817 to €382,590
- Financial charges +€8,463
up €8,463 (+813%), from €1,040 to €9,503
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
€2.9m
Gross operating margin
-€356,993
Staff costs
-€39,773
Depreciation
-€1,813
Other operating charges
-€1,919
Financial income
+€1.5m
Financial charges
-€8,463
Taxes
-€8
Result 2025
€4.0m
raises the resultlowers the result
Derived cash bridge
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
+€498,554
Investment
-€78,339
Financing
+€213
Cash 2024
€152,804
From operations (derived)
+€498,554
Net result for the year
+€4.0m
Depreciation
+€50,004
Stocks and contracts
-€46,356
Receivables within one year
+€415,952
Smaller working-capital items
+€3,943
Trade debts
-€89,878
Other debts
-€3.8m
Investment (derived)
-€78,339
Investment in fixed assets (net)
-€78,339
Financing
+€213
Short-term financial debts
+€213
Cash 2025
€573,231
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €338,225,277 | €338,304,380 | +€79,103 | 0.0% |
| Fixed assets | 21/28 | €337,121,249 | €337,149,585 | +€28,335 | 0.0% |
| Tangible fixed assets | 22/27 | €299,856 | €328,191 | +€28,335 | +9.4% |
| Land and buildings | 22 | €58,492 | €52,464 | -€6,028 | -10.3% |
| Plant, machinery and equipment | 23 | €216,907 | €259,922 | +€43,015 | +19.8% |
| Furniture and vehicles | 24 | €24,457 | €15,806 | -€8,652 | -35.4% |
| Financial fixed assets | 28 | €336,821,394 | €336,821,394 | = | 0.0% |
| Current assets | 29/58 | €1,104,028 | €1,154,795 | +€50,768 | +4.6% |
| Stocks and contracts in progress | 3 | €404,579 | €450,935 | +€46,356 | +11.5% |
| Stocks | 30/36 | €404,579 | €450,935 | +€46,356 | +11.5% |
| Amounts receivable within one year | 40/41 | €537,028 | €121,076 | -€415,952 | -77.5% |
| Trade receivables | 40 | €208,139 | €29,717 | -€178,422 | -85.7% |
| Other amounts receivable | 41 | €328,889 | €91,359 | -€237,531 | -72.2% |
| Cash at bank and in hand | 54/58 | €152,804 | €573,231 | +€420,427 | +275% |
| Deferred charges and accrued income | 490/1 | €9,617 | €9,554 | -€63 | -0.7% |
| Total equity and liabilities | 10/49 | €338,225,277 | €338,304,380 | +€79,103 | 0.0% |
| Equity | 10/15 | €4,307,442 | €8,276,680 | +€4.0m | +92.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,239,745 | €8,208,983 | +€4.0m | +93.6% |
| Amounts payable | 17/49 | €333,917,835 | €330,027,699 | -€3.9m | -1.2% |
| Amounts payable within one year | 42/48 | €333,914,835 | €330,024,699 | -€3.9m | -1.2% |
| Financial debts | 43 | €2,045 | €2,258 | +€213 | +10.4% |
| Credit institutions | 430/8 | €2,045 | €2,258 | +€213 | +10.4% |
| Trade debts | 44 | €170,950 | €81,072 | -€89,878 | -52.6% |
| Suppliers | 440/4 | €170,950 | €81,072 | -€89,878 | -52.6% |
| Taxes, remuneration and social security | 45 | €40,732 | €44,612 | +€3,880 | +9.5% |
| Remuneration and social security | 454/9 | €40,732 | €44,612 | +€3,880 | +9.5% |
| Other amounts payable | 47/48 | €333,701,107 | €329,896,757 | -€3.8m | -1.1% |
| Accrued charges and deferred income | 492/3 | €3,000 | €3,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €342,817 | €382,590 | +€39,773 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,191 | €50,004 | +€1,813 | +3.8% |
| Other operating charges | 640/8 | €5,599 | €7,518 | +€1,919 | +34.3% |
| Gross operating margin | 9900 | -€429,186 | -€786,180 | -€356,993 | -83.2% |
| Operating profit (loss) | 9901 | -€825,794 | -€1,226,292 | -€400,499 | -48.5% |
| Financial income | 75/76B | €3,718,280 | €5,205,258 | +€1.5m | +40.0% |
| Recurring financial income | 75 | €3,718,280 | €5,205,258 | +€1.5m | +40.0% |
| Financial charges | 65/66B | €1,040 | €9,503 | +€8,463 | +813% |
| Recurring financial charges | 65 | €1,040 | €9,503 | +€8,463 | +813% |
| Profit (loss) for the period before taxes | 9903 | €2,891,446 | €3,969,463 | +€1.1m | +37.3% |
| Income taxes | 67/77 | €216 | €224 | +€8 | +3.8% |
| Profit (loss) for the period | 9904 | €2,891,230 | €3,969,238 | +€1.1m | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,891,230 | €3,969,238 | +€1.1m | +37.3% |
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 16 October 2026 via checked.be.