ART BLANC: 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.
ART BLANC
Largest movements
- Receivables within one year +€623,406
up €623,406 (+50.3%), from €1.2m to €1.9m
of which Other amounts receivable: +€636,899
- Other debts +€752,475
up €752,475 (+58.9%), from €1.3m to €2.0m
- Debts after one year -€138,194
down €138,194 (-30.1%), from €459,224 to €321,030
- Tax, wage and social debts +€51,581
up €51,581 (+22.1%), from €233,584 to €285,165
of which Taxes: +€33,483
- Staff costs +€346,481
up €346,481 (+59.0%), from €587,032 to €933,512
- Gross operating margin +€332,189
up €332,189 (+44.8%), from €741,590 to €1.1m
- Financial charges +€74,744
up €74,744 (+145%), from €51,648 to €126,392
- Financial income +€32,014
up €32,014 (+678%), from €4,722 to €36,736
- Taxes -€21,349
down €21,349 (-77.5%), from €27,548 to €6,200
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,349,916 | €3,006,146 | +€656,230 | +27.9% |
| Fixed assets | 21/28 | €1,092,945 | €1,116,266 | +€23,321 | +2.1% |
| Tangible fixed assets | 22/27 | €2,744 | €25,985 | +€23,241 | +847% |
| Plant, machinery and equipment | 23 | €605 | €5,364 | +€4,759 | +787% |
| Furniture and vehicles | 24 | €2,139 | €1,972 | -€167 | -7.8% |
| Other tangible fixed assets | 26 | - | €18,649 | +€18,649 | |
| Financial fixed assets | 28 | €1,090,201 | €1,090,281 | +€80 | 0.0% |
| Current assets | 29/58 | €1,256,972 | €1,889,881 | +€632,909 | +50.4% |
| Stocks and contracts in progress | 3 | €4,984 | - | -€4,984 | |
| Stocks | 30/36 | €4,984 | - | -€4,984 | |
| Amounts receivable within one year | 40/41 | €1,239,240 | €1,862,646 | +€623,406 | +50.3% |
| Trade receivables | 40 | €400,066 | €386,573 | -€13,493 | -3.4% |
| Other amounts receivable | 41 | €839,174 | €1,476,073 | +€636,899 | +75.9% |
| Cash at bank and in hand | 54/58 | €11,864 | €11,665 | -€199 | -1.7% |
| Deferred charges and accrued income | 490/1 | €884 | €15,569 | +€14,686 | +1,662% |
| Total equity and liabilities | 10/49 | €2,349,916 | €3,006,146 | +€656,230 | +27.9% |
| Equity | 10/15 | €71,677 | €82,167 | +€10,490 | +14.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,177 | €80,667 | +€10,490 | +14.9% |
| Amounts payable | 17/49 | €2,278,240 | €2,923,979 | +€645,740 | +28.3% |
| Amounts payable after more than one year | 17 | €459,224 | €321,030 | -€138,194 | -30.1% |
| Financial debts | 170/4 | €459,224 | €321,030 | -€138,194 | -30.1% |
| Amounts payable within one year | 42/48 | €1,819,015 | €2,602,949 | +€783,934 | +43.1% |
| Current portion of amounts payable after more than one year | 42 | €86,210 | €93,345 | +€7,135 | +8.3% |
| Financial debts | 43 | €100,000 | €86,186 | -€13,814 | -13.8% |
| Credit institutions | 430/8 | - | €86,186 | +€86,186 | |
| Other loans | 439 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €121,495 | €108,052 | -€13,443 | -11.1% |
| Suppliers | 440/4 | €121,495 | €108,052 | -€13,443 | -11.1% |
| Taxes, remuneration and social security | 45 | €233,584 | €285,165 | +€51,581 | +22.1% |
| Taxes | 450/3 | €95,766 | €129,249 | +€33,483 | +35.0% |
| Remuneration and social security | 454/9 | €137,817 | €155,915 | +€18,098 | +13.1% |
| Other amounts payable | 47/48 | €1,277,727 | €2,030,202 | +€752,475 | +58.9% |
| Remuneration, social security and pensions | 62 | €587,032 | €933,512 | +€346,481 | +59.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,511 | €6,544 | +€4,034 | +161% |
| Other operating charges | 640/8 | €7,845 | €27,376 | +€19,531 | +249% |
| Gross operating margin | 9900 | €741,590 | €1,073,779 | +€332,189 | +44.8% |
| Operating profit (loss) | 9901 | €144,203 | €106,346 | -€37,856 | -26.3% |
| Financial income | 75/76B | €4,722 | €36,736 | +€32,014 | +678% |
| Recurring financial income | 75 | €4,722 | €36,736 | +€32,014 | +678% |
| Financial charges | 65/66B | €51,648 | €126,392 | +€74,744 | +145% |
| Recurring financial charges | 65 | €51,648 | €126,392 | +€74,744 | +145% |
| Profit (loss) for the period before taxes | 9903 | €97,276 | €16,690 | -€80,586 | -82.8% |
| Income taxes | 67/77 | €27,548 | €6,200 | -€21,349 | -77.5% |
| Profit (loss) for the period | 9904 | €69,728 | €10,490 | -€59,237 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,728 | €10,490 | -€59,237 | -85.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.