ART.CEPM: 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.CEPM
Largest movements
- Cash -€20,755
down €20,755 (-64.2%), from €32,331 to €11,576
mainly Net result for the year (-€24,794) and Short-term financial debts (-€6,000)
- Tangible fixed assets -€6,863
down €6,863 (-73.1%), from €9,394 to €2,531
of which Furniture and vehicles: -€6,443
- Receivables within one year -€6,211
down €6,211 (-38.0%), from €16,336 to €10,125
of which Trade receivables: -€3,547
- Deferred charges and accrued income +€640
up €640 (+40.3%), from €1,589 to €2,230
- Profit (loss) carried forward -€24,794
new in 2025: -€24,794
- Short-term financial debts -€6,000
no longer reported in 2025 (was €6,000)
- Other debts -€5,366
down €5,366 (-35.8%), from €15,000 to €9,634
- Tax, wage and social debts +€2,093
up €2,093 (+119%), from €1,762 to €3,855
- Trade debts +€878
up €878 (+59.3%), from €1,481 to €2,359
- Gross operating margin -€54,716
down €54,716, from €38,303 to -€16,413
- Taxes -€6,790
no longer reported in 2025 (was €6,790)
- Depreciation -€5,018
down €5,018 (-42.2%), from €11,881 to €6,863
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 | €59,650 | €26,462 | -€33,189 | -55.6% |
| Fixed assets | 21/28 | €9,394 | €2,531 | -€6,863 | -73.1% |
| Tangible fixed assets | 22/27 | €9,394 | €2,531 | -€6,863 | -73.1% |
| Plant, machinery and equipment | 23 | €1,037 | €617 | -€420 | -40.5% |
| Furniture and vehicles | 24 | €8,357 | €1,914 | -€6,443 | -77.1% |
| Current assets | 29/58 | €50,256 | €23,931 | -€26,326 | -52.4% |
| Amounts receivable within one year | 40/41 | €16,336 | €10,125 | -€6,211 | -38.0% |
| Trade receivables | 40 | €13,637 | €10,090 | -€3,547 | -26.0% |
| Other amounts receivable | 41 | €2,699 | €35 | -€2,664 | -98.7% |
| Cash at bank and in hand | 54/58 | €32,331 | €11,576 | -€20,755 | -64.2% |
| Deferred charges and accrued income | 490/1 | €1,589 | €2,230 | +€640 | +40.3% |
| Total equity and liabilities | 10/49 | €59,650 | €26,462 | -€33,189 | -55.6% |
| Equity | 10/15 | €35,407 | €10,614 | -€24,794 | -70.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €30,407 | €30,407 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,024 | €11,024 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,024 | €11,024 | = | 0.0% |
| Distributable reserves | 133 | €19,383 | €19,383 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€24,794 | -€24,794 | |
| Amounts payable | 17/49 | €24,243 | €15,848 | -€8,395 | -34.6% |
| Amounts payable within one year | 42/48 | €24,243 | €15,848 | -€8,395 | -34.6% |
| Financial debts | 43 | €6,000 | - | -€6,000 | |
| Credit institutions | 430/8 | €6,000 | - | -€6,000 | |
| Trade debts | 44 | €1,481 | €2,359 | +€878 | +59.3% |
| Suppliers | 440/4 | €1,481 | €2,359 | +€878 | +59.3% |
| Taxes, remuneration and social security | 45 | €1,762 | €3,855 | +€2,093 | +119% |
| Taxes | 450/3 | €1,762 | €3,855 | +€2,093 | +119% |
| Other amounts payable | 47/48 | €15,000 | €9,634 | -€5,366 | -35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,881 | €6,863 | -€5,018 | -42.2% |
| Other operating charges | 640/8 | €1,075 | €1,243 | +€168 | +15.6% |
| Gross operating margin | 9900 | €38,303 | -€16,413 | -€54,716 | |
| Operating profit (loss) | 9901 | €25,348 | -€24,519 | -€49,867 | |
| Financial income | 75/76B | €82 | €3 | -€79 | -96.8% |
| Recurring financial income | 75 | €82 | €3 | -€79 | -96.8% |
| Financial charges | 65/66B | €194 | €278 | +€83 | +42.8% |
| Recurring financial charges | 65 | €194 | €278 | +€83 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | €25,235 | -€24,794 | -€50,029 | |
| Income taxes | 67/77 | €6,790 | - | -€6,790 | |
| Profit (loss) for the period | 9904 | €18,445 | -€24,794 | -€43,239 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,445 | -€24,794 | -€43,239 |
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.