ART D.S.: 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.S.
Largest movements
- Stocks and contracts -€14,491
down €14,491 (-9.5%), from €152,140 to €137,649
- Receivables within one year -€12,687
down €12,687 (-15.1%), from €84,095 to €71,409
of which Trade receivables: -€11,682
- Tangible fixed assets -€12,675
down €12,675 (-50.2%), from €25,250 to €12,576
of which Furniture and vehicles: -€12,319
- Cash +€8,169
up €8,169 (+5.8%), from €139,790 to €147,959
mainly Accrued charges and deferred income (+€20,234) and Stocks and contracts (+€14,491)
- Accrued charges and deferred income +€20,234
new in 2025: €20,234
- Profit (loss) carried forward -€18,113
down €18,113, from €12,675 to -€5,438
- Current portion of long-term debt -€15,075
no longer reported in 2025 (was €15,075)
- Trade debts -€9,131
down €9,131 (-58.5%), from €15,596 to €6,465
- Debts after one year -€7,958
down €7,958 (-31.7%), from €25,138 to €17,179
- Gross operating margin -€11,297
down €11,297 (-51.8%), from €21,791 to €10,494
- Taxes -€1,640
no longer reported in 2025 (was €1,640)
- Other operating charges +€1,379
up €1,379 (+181%), from €764 to €2,143
- Financial charges -€411
down €411 (-26.9%), from €1,525 to €1,114
- Depreciation -€274
down €274 (-2.1%), from €12,949 to €12,675
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 | €401,325 | €369,642 | -€31,683 | -7.9% |
| Fixed assets | 21/28 | €25,300 | €12,625 | -€12,675 | -50.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €25,250 | €12,576 | -€12,675 | -50.2% |
| Plant, machinery and equipment | 23 | €348 | €257 | -€91 | -26.1% |
| Furniture and vehicles | 24 | €24,637 | €12,318 | -€12,319 | -50.0% |
| Other tangible fixed assets | 26 | €265 | €0 | -€265 | -99.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €376,025 | €357,017 | -€19,008 | -5.1% |
| Stocks and contracts in progress | 3 | €152,140 | €137,649 | -€14,491 | -9.5% |
| Stocks | 30/36 | €152,140 | €137,649 | -€14,491 | -9.5% |
| Amounts receivable within one year | 40/41 | €84,095 | €71,409 | -€12,687 | -15.1% |
| Trade receivables | 40 | €42,377 | €30,695 | -€11,682 | -27.6% |
| Other amounts receivable | 41 | €41,718 | €40,714 | -€1,005 | -2.4% |
| Cash at bank and in hand | 54/58 | €139,790 | €147,959 | +€8,169 | +5.8% |
| Total equity and liabilities | 10/49 | €401,325 | €369,642 | -€31,683 | -7.9% |
| Equity | 10/15 | €343,877 | €325,763 | -€18,113 | -5.3% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Capital | 10 | €49,579 | €49,579 | = | 0.0% |
| Issued capital | 100 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €281,623 | €281,623 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,171 | €19,171 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,921 | €12,921 | = | 0.0% |
| Distributable reserves | 133 | €262,451 | €262,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,675 | -€5,438 | -€18,113 | |
| Amounts payable | 17/49 | €57,448 | €43,879 | -€13,569 | -23.6% |
| Amounts payable after more than one year | 17 | €25,138 | €17,179 | -€7,958 | -31.7% |
| Financial debts | 170/4 | €25,138 | €17,179 | -€7,958 | -31.7% |
| Amounts payable within one year | 42/48 | €32,310 | €6,465 | -€25,846 | -80.0% |
| Current portion of amounts payable after more than one year | 42 | €15,075 | - | -€15,075 | |
| Trade debts | 44 | €15,596 | €6,465 | -€9,131 | -58.5% |
| Suppliers | 440/4 | €15,596 | €6,465 | -€9,131 | -58.5% |
| Taxes, remuneration and social security | 45 | €1,640 | - | -€1,640 | |
| Taxes | 450/3 | €1,640 | - | -€1,640 | |
| Accrued charges and deferred income | 492/3 | - | €20,234 | +€20,234 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,949 | €12,675 | -€274 | -2.1% |
| Other operating charges | 640/8 | €764 | €2,143 | +€1,379 | +181% |
| Gross operating margin | 9900 | €21,791 | €10,494 | -€11,297 | -51.8% |
| Operating profit (loss) | 9901 | €8,078 | -€4,324 | -€12,402 | |
| Financial charges | 65/66B | €1,525 | €1,114 | -€411 | -26.9% |
| Recurring financial charges | 65 | €1,525 | €1,114 | -€411 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €6,553 | -€5,438 | -€11,991 | |
| Income taxes | 67/77 | €1,640 | - | -€1,640 | |
| Profit (loss) for the period | 9904 | €4,913 | -€5,438 | -€10,351 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,913 | -€5,438 | -€10,351 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.