ARTH: what changed
What changed
ARTH
filed annual accounts (NBB)
Net result for the year
€863,675
2024 · €929,007-€65,331
Equity
€2.6m
2024 · €3.1m-€422,935
Cash
€95,413
2024 · €420,492-€325,078
Balance sheet total
€5.5m
2024 · €5.5m-€39,468
Largest movements
Assets
- Cash -€325,078
down €325,078 (-77.3%), from €420,492 to €95,413
mainly Contributions, distributions and other (-€1.3m) and Current portion of long-term debt (-€369,586)
- Tangible fixed assets +€243,964
up €243,964 (+7.9%), from €3.1m to €3.3m
of which Land and buildings: +€164,095
- Current investments +€110,845
up €110,845 (+19.1%), from €579,793 to €690,638
- Financial fixed assets -€96,139
down €96,139 (-11.2%), from €861,247 to €765,108
Equity and liabilities
- Other debts +€708,342
up €708,342 (+3,819%), from €18,547 to €726,889
- Reserves -€422,935
down €422,935 (-14.9%), from €2.8m to €2.4m
of which Distributable reserves: -€668,366
- Current portion of long-term debt -€369,586
down €369,586 (-79.0%), from €468,080 to €98,494
- Trade debts -€61,307
down €61,307 (-72.6%), from €84,420 to €23,114
- Provisions +€60,979
up €60,979 (+124%), from €49,305 to €110,284
Income statement
- Gross operating margin +€453,139
up €453,139 (+181%), from €250,184 to €703,323
- Financial income -€368,307
down €368,307 (-37.8%), from €973,198 to €604,891
- Depreciation +€63,862
up €63,862 (+61.3%), from €104,135 to €167,998
- Financial charges +€27,557
up €27,557 (+41.4%), from €66,547 to €94,104
of which Financial charges: +€48,157
- Taxes -€21,202
down €21,202 (-18.3%), from €115,569 to €94,367
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€929,007
Gross operating margin
+€453,139
Depreciation
-€63,862
Other operating charges
-€17,268
Financial income
-€368,307
Financial charges
-€27,557
Taxes
+€21,202
Deferred taxes and other
-€62,679
Result 2025
€863,675
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.8m
Investment
-€426,668
Financing
-€1.7m
Cash 2024
€420,492
From operations (derived)
+€1.8m
Net result for the year
+€863,675
Depreciation
+€167,998
Receivables within one year
-€21,373
Deferred charges and accrued income
-€5,567
Provisions
+€60,979
Trade debts
-€61,307
Tax, wage and social debts
+€54,665
Other debts
+€708,342
Accrued charges and deferred income
-€29
Investment (derived)
-€426,668
Investment in fixed assets (net)
-€315,823
Current investments
-€110,845
Financing
-€1.7m
Debts after one year
-€14,436
Current portion of long-term debt
-€369,586
Short-term financial debts
+€4,840
Contributions, distributions and other
-€1.3m
Cash 2025
€95,413
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,514,050 | €5,474,582 | -€39,468 | -0.7% |
| Fixed assets | 21/28 | €3,959,279 | €4,107,104 | +€147,826 | +3.7% |
| Tangible fixed assets | 22/27 | €3,098,032 | €3,341,996 | +€243,964 | +7.9% |
| Land and buildings | 22 | €3,049,786 | €3,213,881 | +€164,095 | +5.4% |
| Furniture and vehicles | 24 | €48,246 | €128,115 | +€79,869 | +166% |
| Financial fixed assets | 28 | €861,247 | €765,108 | -€96,139 | -11.2% |
| Current assets | 29/58 | €1,554,771 | €1,367,478 | -€187,293 | -12.0% |
| Amounts receivable within one year | 40/41 | €552,210 | €573,583 | +€21,373 | +3.9% |
| Trade receivables | 40 | €45,000 | €39,680 | -€5,320 | -11.8% |
| Other amounts receivable | 41 | €507,210 | €533,903 | +€26,693 | +5.3% |
| Current investments | 50/53 | €579,793 | €690,638 | +€110,845 | +19.1% |
| Cash at bank and in hand | 54/58 | €420,492 | €95,413 | -€325,078 | -77.3% |
| Deferred charges and accrued income | 490/1 | €2,276 | €7,844 | +€5,567 | +245% |
| Total equity and liabilities | 10/49 | €5,514,050 | €5,474,582 | -€39,468 | -0.7% |
| Equity | 10/15 | €3,060,674 | €2,637,739 | -€422,935 | -13.8% |
| Contributions | 10/11 | €74,834 | €74,834 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Contributions outside capital | 11 | €4,834 | €4,834 | = | 0.0% |
| Share premium | 1100/10 | €4,834 | €4,834 | = | 0.0% |
| Reserves | 13 | €2,840,769 | €2,417,834 | -€422,935 | -14.9% |
| Non-distributable reserves | 130/1 | €283,056 | €283,056 | = | 0.0% |
| Legal reserve | 130 | €8,813 | €8,813 | = | 0.0% |
| Own shares acquired | 1312 | €274,244 | €274,244 | = | 0.0% |
| Tax-exempt reserves | 132 | €154,563 | €399,993 | +€245,431 | +159% |
| Distributable reserves | 133 | €2,403,150 | €1,734,784 | -€668,366 | -27.8% |
| Profit (loss) carried forward | 14 | €145,071 | €145,071 | = | 0.0% |
| Provisions and deferred taxes | 16 | €49,305 | €110,284 | +€60,979 | +124% |
| Deferred taxes | 168 | €49,305 | €110,284 | +€60,979 | +124% |
| Amounts payable | 17/49 | €2,404,071 | €2,726,559 | +€322,488 | +13.4% |
| Amounts payable after more than one year | 17 | €1,711,492 | €1,697,056 | -€14,436 | -0.8% |
| Financial debts | 170/4 | €1,711,492 | €1,697,056 | -€14,436 | -0.8% |
| Amounts payable within one year | 42/48 | €692,549 | €1,029,503 | +€336,954 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €468,080 | €98,494 | -€369,586 | -79.0% |
| Financial debts | 43 | - | €4,840 | +€4,840 | |
| Credit institutions | 430/8 | - | €4,840 | +€4,840 | |
| Trade debts | 44 | €84,420 | €23,114 | -€61,307 | -72.6% |
| Suppliers | 440/4 | €84,420 | €23,114 | -€61,307 | -72.6% |
| Taxes, remuneration and social security | 45 | €121,502 | €176,166 | +€54,665 | +45.0% |
| Taxes | 450/3 | €119,099 | €173,749 | +€54,650 | +45.9% |
| Remuneration and social security | 454/9 | €2,403 | €2,417 | +€14 | +0.6% |
| Other amounts payable | 47/48 | €18,547 | €726,889 | +€708,342 | +3,819% |
| Accrued charges and deferred income | 492/3 | €29 | €0 | -€29 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,135 | €167,998 | +€63,862 | +61.3% |
| Other operating charges | 640/8 | €9,824 | €27,092 | +€17,268 | +176% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €250,184 | €703,323 | +€453,139 | +181% |
| Operating profit (loss) | 9901 | €136,225 | €508,234 | +€372,010 | +273% |
| Financial income | 75/76B | €973,198 | €604,891 | -€368,307 | -37.8% |
| Recurring financial income | 75 | €973,198 | €604,891 | -€368,307 | -37.8% |
| Financial charges | 65/66B | €66,547 | €94,104 | +€27,557 | +41.4% |
| Recurring financial charges | 65 | €45,947 | €94,104 | +€48,157 | +105% |
| Non-recurring financial charges | 66B | €20,600 | €0 | -€20,600 | -100% |
| Profit (loss) for the period before taxes | 9903 | €1,042,876 | €1,019,021 | -€23,854 | -2.3% |
| Transfer from deferred taxes | 780 | €1,700 | €4,311 | +€2,611 | +154% |
| Transfer to deferred taxes | 680 | - | €65,290 | +€65,290 | |
| Income taxes | 67/77 | €115,569 | €94,367 | -€21,202 | -18.3% |
| Profit (loss) for the period | 9904 | €929,007 | €863,675 | -€65,331 | -7.0% |
| Transfer from tax-exempt reserves | 789 | €5,286 | €15,729 | +€10,443 | +198% |
| Transfer to tax-exempt reserves | 689 | - | €261,160 | +€261,160 | |
| Profit (loss) for the period to be appropriated | 9905 | €934,292 | €618,245 | -€316,048 | -33.8% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.