ART'EMI: 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'EMI
Largest movements
- Receivables within one year -€12,106
down €12,106 (-32.2%), from €37,646 to €25,540
of which Other amounts receivable: -€9,986
- Tangible fixed assets -€7,911
down €7,911 (-10.2%), from €77,516 to €69,605
of which Other tangible fixed assets: -€5,390
- Cash -€5,336
down €5,336 (-24.9%), from €21,402 to €16,066
mainly Other debts (-€14,274) and Debts after one year (-€11,811)
- Stocks and contracts +€3,439
up €3,439 (+6.4%), from €54,000 to €57,439
- Reserves +€15,846
up €15,846 (+33.2%), from €47,786 to €63,632
of which Distributable reserves: +€15,846
- Other debts -€14,274
down €14,274 (-52.7%), from €27,085 to €12,811
- Debts after one year -€11,811
down €11,811 (-15.8%), from €74,971 to €63,160
- Trade debts -€9,398
down €9,398 (-52.0%), from €18,063 to €8,666
- Gross operating margin +€26,767
up €26,767 (+139%), from €19,202 to €45,969
- Taxes +€6,023
up €6,023 (+9,779%), from €62 to €6,085
- Financial charges +€5,495
up €5,495 (+136%), from €4,030 to €9,526
- Financial income -€586
down €586 (-99.9%), from €586 to €0
- Depreciation -€483
down €483 (-3.6%), from €13,562 to €13,079
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 | €203,077 | €182,120 | -€20,956 | -10.3% |
| Fixed assets | 21/28 | €83,730 | €77,383 | -€6,347 | -7.6% |
| Intangible fixed assets | 21 | €1,114 | €2,678 | +€1,564 | +140% |
| Tangible fixed assets | 22/27 | €77,516 | €69,605 | -€7,911 | -10.2% |
| Plant, machinery and equipment | 23 | €9,753 | €7,232 | -€2,521 | -25.8% |
| Other tangible fixed assets | 26 | €67,763 | €62,373 | -€5,390 | -8.0% |
| Financial fixed assets | 28 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €119,347 | €104,737 | -€14,610 | -12.2% |
| Stocks and contracts in progress | 3 | €54,000 | €57,439 | +€3,439 | +6.4% |
| Stocks | 30/36 | €54,000 | €57,439 | +€3,439 | +6.4% |
| Amounts receivable within one year | 40/41 | €37,646 | €25,540 | -€12,106 | -32.2% |
| Trade receivables | 40 | €14,244 | €12,124 | -€2,120 | -14.9% |
| Other amounts receivable | 41 | €23,401 | €13,415 | -€9,986 | -42.7% |
| Cash at bank and in hand | 54/58 | €21,402 | €16,066 | -€5,336 | -24.9% |
| Deferred charges and accrued income | 490/1 | €6,299 | €5,693 | -€606 | -9.6% |
| Total equity and liabilities | 10/49 | €203,077 | €182,120 | -€20,956 | -10.3% |
| Equity | 10/15 | €66,386 | €82,232 | +€15,846 | +23.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,786 | €63,632 | +€15,846 | +33.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €45,926 | €61,772 | +€15,846 | +34.5% |
| Amounts payable | 17/49 | €136,691 | €99,888 | -€36,802 | -26.9% |
| Amounts payable after more than one year | 17 | €74,971 | €63,160 | -€11,811 | -15.8% |
| Financial debts | 170/4 | €74,971 | €63,160 | -€11,811 | -15.8% |
| Amounts payable within one year | 42/48 | €61,720 | €36,728 | -€24,991 | -40.5% |
| Current portion of amounts payable after more than one year | 42 | €11,932 | €10,977 | -€955 | -8.0% |
| Financial debts | 43 | €2,785 | €1,026 | -€1,760 | -63.2% |
| Credit institutions | 430/8 | €2,785 | €1,026 | -€1,760 | -63.2% |
| Trade debts | 44 | €18,063 | €8,666 | -€9,398 | -52.0% |
| Suppliers | 440/4 | €18,063 | €8,666 | -€9,398 | -52.0% |
| Taxes, remuneration and social security | 45 | €1,854 | €3,249 | +€1,395 | +75.3% |
| Taxes | 450/3 | €1,854 | €1,449 | -€405 | -21.8% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €27,085 | €12,811 | -€14,274 | -52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,562 | €13,079 | -€483 | -3.6% |
| Other operating charges | 640/8 | €1,789 | €1,435 | -€354 | -19.8% |
| Gross operating margin | 9900 | €19,202 | €45,969 | +€26,767 | +139% |
| Operating profit (loss) | 9901 | €3,852 | €31,456 | +€27,603 | +717% |
| Financial income | 75/76B | €586 | €0 | -€586 | -99.9% |
| Recurring financial income | 75 | €586 | €0 | -€586 | -99.9% |
| Financial charges | 65/66B | €4,030 | €9,526 | +€5,495 | +136% |
| Recurring financial charges | 65 | €4,030 | €9,526 | +€5,495 | +136% |
| Profit (loss) for the period before taxes | 9903 | €408 | €21,931 | +€21,522 | +5,273% |
| Income taxes | 67/77 | €62 | €6,085 | +€6,023 | +9,779% |
| Profit (loss) for the period | 9904 | €347 | €15,846 | +€15,499 | +4,472% |
| Profit (loss) for the period to be appropriated | 9905 | €347 | €15,846 | +€15,499 | +4,472% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.