ART CODEX DECO: what changed
Two fiscal 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 CODEX DECO
Largest movements
- Cash +€1,730
up €1,730 (+68.8%), from €2,513 to €4,242
mainly Other debts (+€14,293) and Short-term financial debts (+€8,579)
- Other debts +€14,293
up €14,293 (+16.1%), from €88,930 to €103,223
- Current portion of long-term debt -€9,422
down €9,422 (-100.0%), from €9,422 to €0
- Short-term financial debts +€8,579
new in 2025: €8,579
- Debts after one year -€4,575
down €4,575 (-11.8%), from €38,889 to €34,314
of which Financial debts: -€38,889
- Profit (loss) carried forward -€4,154
down €4,154 (-7.2%), from -€57,759 to -€61,912
- Gross operating margin -€13,418
down €13,418 (-60.0%), from €22,364 to €8,946
- Staff costs -€10,781
down €10,781 (-100.0%), from €10,781 to €0
- Depreciation +€724
up €724 (+11.4%), from €6,353 to €7,077
- Financial charges +€630
up €630 (+28.5%), from €2,208 to €2,839
- Other operating charges +€397
up €397 (+16.6%), from €2,387 to €2,783
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 | €92,038 | €92,869 | +€831 | +0.9% |
| Fixed assets | 21/28 | €87,635 | €86,704 | -€931 | -1.1% |
| Intangible fixed assets | 21 | €2,444 | €1,937 | -€507 | -20.7% |
| Tangible fixed assets | 22/27 | €85,191 | €84,767 | -€424 | -0.5% |
| Land and buildings | 22 | €72,749 | €66,789 | -€5,960 | -8.2% |
| Plant, machinery and equipment | 23 | - | €6,107 | +€6,107 | |
| Furniture and vehicles | 24 | €12,442 | €11,871 | -€571 | -4.6% |
| Current assets | 29/58 | €4,403 | €6,165 | +€1,762 | +40.0% |
| Amounts receivable within one year | 40/41 | €922 | €107 | -€815 | -88.4% |
| Trade receivables | 40 | €175 | €30 | -€145 | -82.6% |
| Other amounts receivable | 41 | €747 | €76 | -€670 | -89.8% |
| Cash at bank and in hand | 54/58 | €2,513 | €4,242 | +€1,730 | +68.8% |
| Deferred charges and accrued income | 490/1 | €968 | €1,816 | +€848 | +87.5% |
| Total equity and liabilities | 10/49 | €92,038 | €92,869 | +€831 | +0.9% |
| Equity | 10/15 | -€51,561 | -€55,715 | -€4,154 | -8.1% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,759 | -€61,912 | -€4,154 | -7.2% |
| Amounts payable | 17/49 | €143,599 | €148,584 | +€4,985 | +3.5% |
| Amounts payable after more than one year | 17 | €38,889 | €34,314 | -€4,575 | -11.8% |
| Financial debts | 170/4 | €38,889 | €0 | -€38,889 | -100.0% |
| Other amounts payable | 178/9 | - | €34,314 | +€34,314 | |
| Amounts payable within one year | 42/48 | €104,710 | €114,270 | +€9,560 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €9,422 | €0 | -€9,422 | -100.0% |
| Financial debts | 43 | - | €8,579 | +€8,579 | |
| Other loans | 439 | - | €8,579 | +€8,579 | |
| Trade debts | 44 | €6,357 | €2,212 | -€4,145 | -65.2% |
| Suppliers | 440/4 | €6,357 | €2,212 | -€4,145 | -65.2% |
| Taxes, remuneration and social security | 45 | - | €256 | +€256 | |
| Taxes | 450/3 | - | €256 | +€256 | |
| Other amounts payable | 47/48 | €88,930 | €103,223 | +€14,293 | +16.1% |
| Remuneration, social security and pensions | 62 | €10,781 | €0 | -€10,781 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,353 | €7,077 | +€724 | +11.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €145 | +€145 | |
| Other operating charges | 640/8 | €2,387 | €2,783 | +€397 | +16.6% |
| Gross operating margin | 9900 | €22,364 | €8,946 | -€13,418 | -60.0% |
| Operating profit (loss) | 9901 | €2,843 | -€1,060 | -€3,903 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,208 | €2,839 | +€630 | +28.5% |
| Recurring financial charges | 65 | €2,208 | €2,839 | +€630 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €635 | -€3,898 | -€4,533 | |
| Income taxes | 67/77 | - | €256 | +€256 | |
| Profit (loss) for the period | 9904 | €635 | -€4,154 | -€4,789 | |
| Profit (loss) for the period to be appropriated | 9905 | €635 | -€4,154 | -€4,789 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.