ART D'EAU: 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 D'EAU
Largest movements
- Receivables within one year +€1.4m
up €1.4m (+147.6%), from €965,241 to €2.4m
of which Other amounts receivable: +€1.3m
- Cash -€134,931
down €134,931 (-31.0%), from €435,323 to €300,392
mainly Receivables within one year (-€1.4m) and Contributions, distributions and other (-€1.0m)
- Tangible fixed assets -€131,758
down €131,758 (-72.8%), from €181,021 to €49,263
of which Plant, machinery and equipment: -€90,624
- Stocks and contracts -€43,434
down €43,434 (-2.9%), from €1.5m to €1.5m
- Other debts +€848,194
up €848,194 (+379.5%), from €223,503 to €1.1m
- Tax, wage and social debts +€249,145
up €249,145 (+582.2%), from €42,791 to €291,935
of which Taxes: +€257,021
- Trade debts +€87,394
up €87,394 (+42.0%), from €208,304 to €295,699
- Gross operating margin +€936,956
up €936,956 (+95.5%), from €980,798 to €1.9m
- Taxes +€133,301
up €133,301 (+374.9%), from €35,561 to €168,861
- Staff costs +€62,226
up €62,226 (+10.4%), from €597,448 to €659,674
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 | €3,198,584 | €4,317,900 | +€1.1m | +35.0% |
| Fixed assets | 21/28 | €267,761 | €136,003 | -€131,758 | -49.2% |
| Tangible fixed assets | 22/27 | €181,021 | €49,263 | -€131,758 | -72.8% |
| Plant, machinery and equipment | 23 | €118,723 | €28,099 | -€90,624 | -76.3% |
| Furniture and vehicles | 24 | €27,012 | €21,163 | -€5,848 | -21.7% |
| Leasing and similar rights | 25 | €35,286 | €0 | -€35,286 | -100.0% |
| Financial fixed assets | 28 | €86,740 | €86,740 | = | 0.0% |
| Current assets | 29/58 | €2,930,823 | €4,181,897 | +€1.3m | +42.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €1,499,064 | €1,455,630 | -€43,434 | -2.9% |
| Stocks | 30/36 | €1,499,064 | €1,455,630 | -€43,434 | -2.9% |
| Amounts receivable within one year | 40/41 | €965,241 | €2,389,901 | +€1.4m | +147.6% |
| Trade receivables | 40 | €411,032 | €487,013 | +€75,981 | +18.5% |
| Other amounts receivable | 41 | €554,209 | €1,902,889 | +€1.3m | +243.4% |
| Cash at bank and in hand | 54/58 | €435,323 | €300,392 | -€134,931 | -31.0% |
| Deferred charges and accrued income | 490/1 | €31,195 | €35,974 | +€4,779 | +15.3% |
| Total equity and liabilities | 10/49 | €3,198,584 | €4,317,900 | +€1.1m | +35.0% |
| Equity | 10/15 | €2,637,247 | €2,637,247 | = | 0.0% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €2,630,247 | €2,630,247 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,630,247 | €2,630,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €561,337 | €1,680,653 | +€1.1m | +199.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €561,337 | €1,680,653 | +€1.1m | +199.4% |
| Current portion of amounts payable after more than one year | 42 | €29,230 | €0 | -€29,230 | -100.0% |
| Financial debts | 43 | €6,274 | €5,219 | -€1,054 | -16.8% |
| Other loans | 439 | €6,274 | €5,219 | -€1,054 | -16.8% |
| Trade debts | 44 | €208,304 | €295,699 | +€87,394 | +42.0% |
| Suppliers | 440/4 | €208,304 | €295,699 | +€87,394 | +42.0% |
| Advances received on contracts in progress | 46 | €51,236 | €16,103 | -€35,133 | -68.6% |
| Taxes, remuneration and social security | 45 | €42,791 | €291,935 | +€249,145 | +582.2% |
| Taxes | 450/3 | €8,688 | €265,710 | +€257,021 | +2958.2% |
| Remuneration and social security | 454/9 | €34,102 | €26,226 | -€7,877 | -23.1% |
| Other amounts payable | 47/48 | €223,503 | €1,071,697 | +€848,194 | +379.5% |
| Non-recurring operating income | 76A | €0 | €30,388 | +€30,388 | |
| Remuneration, social security and pensions | 62 | €597,448 | €659,674 | +€62,226 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,542 | €46,061 | -€10,480 | -18.5% |
| Other operating charges | 640/8 | €4,824 | €6,794 | +€1,970 | +40.8% |
| Non-recurring operating charges | 66A | €1,141 | €0 | -€1,141 | -100.0% |
| Gross operating margin | 9900 | €980,798 | €1,917,754 | +€936,956 | +95.5% |
| Operating profit (loss) | 9901 | €320,843 | €1,205,225 | +€884,382 | +275.6% |
| Financial income | 75/76B | €6,779 | €16,753 | +€9,973 | +147.1% |
| Recurring financial income | 75 | €6,779 | €16,753 | +€9,973 | +147.1% |
| Financial charges | 65/66B | €1,729 | €4,922 | +€3,193 | +184.7% |
| Recurring financial charges | 65 | €1,729 | €4,922 | +€3,193 | +184.7% |
| Profit (loss) for the period before taxes | 9903 | €325,893 | €1,217,055 | +€891,162 | +273.5% |
| Income taxes | 67/77 | €35,561 | €168,861 | +€133,301 | +374.9% |
| Profit (loss) for the period | 9904 | €290,333 | €1,048,194 | +€757,861 | +261.0% |
| Profit (loss) for the period to be appropriated | 9905 | €290,333 | €1,048,194 | +€757,861 | +261.0% |
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 12 October 2026 via checked.be.