ANGEL'S ART: 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.
ANGEL'S ART
Largest movements
- Stocks and contracts -€12,687
down €12,687 (-36.2%), from €35,000 to €22,313
- Receivables within one year -€9,310
down €9,310 (-46.5%), from €20,041 to €10,731
of which Trade receivables: -€9,322
- Tangible fixed assets -€582
down €582 (-78.0%), from €746 to €164
of which Furniture and vehicles: -€582
- Profit (loss) carried forward -€11,379
down €11,379 (-26.8%), from -€42,445 to -€53,824
- Other debts -€6,885
down €6,885 (-14.3%), from €48,093 to €41,208
- Trade debts -€6,341
down €6,341 (-29.3%), from €21,653 to €15,311
- Accrued charges and deferred income +€2,700
up €2,700 (+52.9%), from €5,100 to €7,800
- Tax, wage and social debts -€2,509
down €2,509 (-51.7%), from €4,848 to €2,339
of which Taxes: -€2,509
- Gross operating margin +€43,632
up €43,632 (+82.4%), from -€52,951 to -€9,319
- Purchases and services -€28,316
down €28,316 (-17.6%), from €161,288 to €132,972
- Turnover +€13,774
up €13,774 (+13.1%), from €105,018 to €118,792
- Other operating charges -€2,681
down €2,681 (-73.7%), from €3,640 to €959
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,010 | €35,468 | -€22,542 | -38.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,446 | €864 | -€582 | -40.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €746 | €164 | -€582 | -78.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €746 | €164 | -€582 | -78.0% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €56,564 | €34,604 | -€21,960 | -38.8% |
| Stocks and contracts in progress | 3 | €35,000 | €22,313 | -€12,687 | -36.2% |
| Stocks | 30/36 | €35,000 | €22,313 | -€12,687 | -36.2% |
| Amounts receivable within one year | 40/41 | €20,041 | €10,731 | -€9,310 | -46.5% |
| Trade receivables | 40 | €16,663 | €7,341 | -€9,322 | -55.9% |
| Other amounts receivable | 41 | €3,378 | €3,390 | +€12 | +0.4% |
| Cash at bank and in hand | 54/58 | €5 | €0 | -€5 | -92.0% |
| Deferred charges and accrued income | 490/1 | €1,517 | €1,559 | +€42 | +2.8% |
| Total equity and liabilities | 10/49 | €58,010 | €35,468 | -€22,542 | -38.9% |
| Equity | 10/15 | -€23,845 | -€35,224 | -€11,379 | -47.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,445 | -€53,824 | -€11,379 | -26.8% |
| Amounts payable | 17/49 | €81,855 | €70,692 | -€11,163 | -13.6% |
| Amounts payable within one year | 42/48 | €76,755 | €62,892 | -€13,863 | -18.1% |
| Financial debts | 43 | €2,161 | €3,032 | +€872 | +40.3% |
| Credit institutions | 430/8 | €2,161 | €3,032 | +€872 | +40.3% |
| Trade debts | 44 | €21,653 | €15,311 | -€6,341 | -29.3% |
| Suppliers | 440/4 | €21,653 | €15,311 | -€6,341 | -29.3% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €4,848 | €2,339 | -€2,509 | -51.7% |
| Taxes | 450/3 | €4,848 | €2,339 | -€2,509 | -51.7% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €48,093 | €41,208 | -€6,885 | -14.3% |
| Accrued charges and deferred income | 492/3 | €5,100 | €7,800 | +€2,700 | +52.9% |
| Turnover | 70 | €105,018 | €118,792 | +€13,774 | +13.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €161,288 | €132,972 | -€28,316 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,689 | €582 | -€1,107 | -65.5% |
| Other operating charges | 640/8 | €3,640 | €959 | -€2,681 | -73.7% |
| Gross operating margin | 9900 | -€52,951 | -€9,319 | +€43,632 | +82.4% |
| Operating profit (loss) | 9901 | -€58,280 | -€10,860 | +€47,420 | +81.4% |
| Financial income | 75/76B | €28 | €18 | -€10 | -34.8% |
| Recurring financial income | 75 | €28 | €18 | -€10 | -34.8% |
| Financial charges | 65/66B | €541 | €316 | -€225 | -41.6% |
| Recurring financial charges | 65 | €541 | €316 | -€225 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | -€58,794 | -€11,158 | +€47,635 | +81.0% |
| Income taxes | 67/77 | €122 | €221 | +€99 | +81.2% |
| Profit (loss) for the period | 9904 | -€58,915 | -€11,379 | +€47,536 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,915 | -€11,379 | +€47,536 | +80.7% |
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 29 October 2026 via checked.be.