ART DAVID: 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 DAVID
Largest movements
- Cash -€22,151
down €22,151 (-17.1%), from €129,632 to €107,481
mainly Investment in fixed assets (net) (-€15,864) and Net result for the year (-€13,996)
- Receivables within one year -€11,117
down €11,117 (-18.3%), from €60,695 to €49,579
of which Trade receivables: -€12,988
- Tangible fixed assets +€4,726
up €4,726 (+22.8%), from €20,711 to €25,436
of which Plant, machinery and equipment: +€11,467
- Profit (loss) carried forward -€13,996
down €13,996 (-9.9%), from €141,921 to €127,925
- Trade debts -€10,906
down €10,906 (-93.0%), from €11,722 to €816
- Tax, wage and social debts +€3,614
up €3,614 (+27.5%), from €13,158 to €16,772
- Current portion of long-term debt -€3,602
down €3,602 (-54.5%), from €6,609 to €3,007
- Debts after one year -€3,007
down €3,007 (-31.2%), from €9,633 to €6,626
- Turnover -€409,013
no longer reported in 2025 (was €409,013)
- Purchases and services -€335,915
no longer reported in 2025 (was €335,915)
- Gross operating margin -€74,490
down €74,490, from €73,098 to -€1,391
- Taxes -€16,489
down €16,489 (-99.2%), from €16,617 to €128
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 | €215,001 | €186,459 | -€28,542 | -13.3% |
| Fixed assets | 21/28 | €20,886 | €25,611 | +€4,726 | +22.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €20,711 | €25,436 | +€4,726 | +22.8% |
| Plant, machinery and equipment | 23 | €3,533 | €15,001 | +€11,467 | +324.5% |
| Furniture and vehicles | 24 | €17,177 | €10,436 | -€6,741 | -39.2% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €194,115 | €160,848 | -€33,268 | -17.1% |
| Stocks and contracts in progress | 3 | €3,788 | €3,788 | = | 0.0% |
| Stocks | 30/36 | €3,788 | €3,788 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,695 | €49,579 | -€11,117 | -18.3% |
| Trade receivables | 40 | €60,695 | €47,707 | -€12,988 | -21.4% |
| Other amounts receivable | 41 | - | €1,872 | +€1,872 | |
| Cash at bank and in hand | 54/58 | €129,632 | €107,481 | -€22,151 | -17.1% |
| Total equity and liabilities | 10/49 | €215,001 | €186,459 | -€28,542 | -13.3% |
| Equity | 10/15 | €160,521 | €146,525 | -€13,996 | -8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,921 | €127,925 | -€13,996 | -9.9% |
| Amounts payable | 17/49 | €54,480 | €39,934 | -€14,546 | -26.7% |
| Amounts payable after more than one year | 17 | €9,633 | €6,626 | -€3,007 | -31.2% |
| Financial debts | 170/4 | €9,633 | €6,626 | -€3,007 | -31.2% |
| Amounts payable within one year | 42/48 | €44,847 | €33,308 | -€11,539 | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €6,609 | €3,007 | -€3,602 | -54.5% |
| Trade debts | 44 | €11,722 | €816 | -€10,906 | -93.0% |
| Suppliers | 440/4 | €11,722 | €816 | -€10,906 | -93.0% |
| Taxes, remuneration and social security | 45 | €13,158 | €16,772 | +€3,614 | +27.5% |
| Taxes | 450/3 | €13,158 | €16,772 | +€3,614 | +27.5% |
| Other amounts payable | 47/48 | €13,358 | €12,713 | -€645 | -4.8% |
| Turnover | 70 | €409,013 | - | -€409,013 | |
| Non-recurring operating income | 76A | - | €1,111 | +€1,111 | |
| Goods, raw materials, services and sundry goods | 60/61 | €335,915 | - | -€335,915 | |
| Remuneration, social security and pensions | 62 | - | €294 | +€294 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,179 | €11,138 | -€2,040 | -15.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €73,098 | -€1,391 | -€74,490 | |
| Operating profit (loss) | 9901 | €59,532 | -€13,223 | -€72,756 | |
| Financial income | 75/76B | €4 | €1 | -€3 | -72.7% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -72.7% |
| Financial charges | 65/66B | €1,317 | €645 | -€672 | -51.0% |
| Recurring financial charges | 65 | €1,317 | €645 | -€672 | -51.0% |
| Profit (loss) for the period before taxes | 9903 | €58,219 | -€13,868 | -€72,086 | |
| Income taxes | 67/77 | €16,617 | €128 | -€16,489 | -99.2% |
| Profit (loss) for the period | 9904 | €41,601 | -€13,996 | -€55,597 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,601 | -€13,996 | -€55,597 |
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 10 October 2026 via checked.be.