ARTO: 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.
ARTO
Largest movements
- Cash +€69,355
up €69,355 (+71.9%), from €96,421 to €165,777
mainly Depreciation (+€87,567) and Net result for the year (+€83,079)
- Receivables within one year -€57,217
down €57,217 (-47.4%), from €120,743 to €63,526
of which Other amounts receivable: -€58,739
- Current investments +€48,887
up €48,887 (+54.0%), from €90,613 to €139,499
- Tangible fixed assets +€44,606
up €44,606 (+9.2%), from €483,445 to €528,051
of which Furniture and vehicles: +€48,375
- Stocks and contracts -€9,764
down €9,764 (-27.5%), from €35,515 to €25,751
- Reserves +€83,079
up €83,079 (+22.3%), from €371,959 to €455,038
of which Distributable reserves: +€83,079
- Debts after one year -€30,284
down €30,284 (-10.1%), from €300,162 to €269,878
- Tax, wage and social debts +€16,615
up €16,615 (+64.7%), from €25,671 to €42,286
of which Remuneration and social security: +€11,307
- Current portion of long-term debt +€14,804
up €14,804 (+32.3%), from €45,824 to €60,628
- Trade debts +€11,786
up €11,786 (+22.3%), from €52,891 to €64,677
- Gross operating margin +€165,869
up €165,869 (+49.2%), from €337,024 to €502,893
- Staff costs +€79,083
up €79,083 (+38.4%), from €205,984 to €285,067
- Taxes +€20,526
up €20,526 (+206.2%), from €9,952 to €30,478
- Depreciation +€9,026
up €9,026 (+11.5%), from €78,541 to €87,567
- Financial income -€6,785
down €6,785 (-59.1%), from €11,479 to €4,693
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 | €826,737 | €927,945 | +€101,208 | +12.2% |
| Fixed assets | 21/28 | €483,445 | €528,051 | +€44,606 | +9.2% |
| Tangible fixed assets | 22/27 | €483,445 | €528,051 | +€44,606 | +9.2% |
| Land and buildings | 22 | €367,611 | €336,257 | -€31,354 | -8.5% |
| Plant, machinery and equipment | 23 | €106,290 | €133,874 | +€27,585 | +26.0% |
| Furniture and vehicles | 24 | €9,544 | €57,920 | +€48,375 | +506.8% |
| Current assets | 29/58 | €343,292 | €399,894 | +€56,602 | +16.5% |
| Stocks and contracts in progress | 3 | €35,515 | €25,751 | -€9,764 | -27.5% |
| Stocks | 30/36 | €35,515 | €25,751 | -€9,764 | -27.5% |
| Amounts receivable within one year | 40/41 | €120,743 | €63,526 | -€57,217 | -47.4% |
| Trade receivables | 40 | €10,496 | €12,019 | +€1,523 | +14.5% |
| Other amounts receivable | 41 | €110,246 | €51,507 | -€58,739 | -53.3% |
| Current investments | 50/53 | €90,613 | €139,499 | +€48,887 | +54.0% |
| Cash at bank and in hand | 54/58 | €96,421 | €165,777 | +€69,355 | +71.9% |
| Deferred charges and accrued income | 490/1 | - | €5,340 | +€5,340 | |
| Total equity and liabilities | 10/49 | €826,737 | €927,945 | +€101,208 | +12.2% |
| Equity | 10/15 | €390,559 | €473,638 | +€83,079 | +21.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €371,959 | €455,038 | +€83,079 | +22.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €370,099 | €453,178 | +€83,079 | +22.4% |
| Amounts payable | 17/49 | €436,178 | €454,307 | +€18,130 | +4.2% |
| Amounts payable after more than one year | 17 | €300,162 | €269,878 | -€30,284 | -10.1% |
| Financial debts | 170/4 | €300,162 | €269,878 | -€30,284 | -10.1% |
| Amounts payable within one year | 42/48 | €136,016 | €184,429 | +€48,414 | +35.6% |
| Current portion of amounts payable after more than one year | 42 | €45,824 | €60,628 | +€14,804 | +32.3% |
| Trade debts | 44 | €52,891 | €64,677 | +€11,786 | +22.3% |
| Suppliers | 440/4 | €52,891 | €64,677 | +€11,786 | +22.3% |
| Taxes, remuneration and social security | 45 | €25,671 | €42,286 | +€16,615 | +64.7% |
| Taxes | 450/3 | - | €5,309 | +€5,309 | |
| Remuneration and social security | 454/9 | €25,671 | €36,977 | +€11,307 | +44.0% |
| Other amounts payable | 47/48 | €11,630 | €16,839 | +€5,208 | +44.8% |
| Non-recurring operating income | 76A | - | €248 | +€248 | |
| Remuneration, social security and pensions | 62 | €205,984 | €285,067 | +€79,083 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,541 | €87,567 | +€9,026 | +11.5% |
| Other operating charges | 640/8 | €3,274 | €3,258 | -€16 | -0.5% |
| Gross operating margin | 9900 | €337,024 | €502,893 | +€165,869 | +49.2% |
| Operating profit (loss) | 9901 | €49,224 | €127,000 | +€77,776 | +158.0% |
| Financial income | 75/76B | €11,479 | €4,693 | -€6,785 | -59.1% |
| Recurring financial income | 75 | €11,479 | €4,693 | -€6,785 | -59.1% |
| Financial charges | 65/66B | €19,235 | €18,137 | -€1,099 | -5.7% |
| Recurring financial charges | 65 | €19,235 | €18,137 | -€1,099 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €41,468 | €113,557 | +€72,089 | +173.8% |
| Income taxes | 67/77 | €9,952 | €30,478 | +€20,526 | +206.2% |
| Profit (loss) for the period | 9904 | €31,515 | €83,079 | +€51,564 | +163.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,515 | €83,079 | +€51,564 | +163.6% |
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 11 October 2026 via checked.be.