ART-EX: 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-EX
Largest movements
- Cash -€61,285
down €61,285 (-46.0%), from €133,266 to €71,981
mainly Other debts (-€67,870) and Tax, wage and social debts (-€29,151)
- Other debts -€67,870
down €67,870 (-85.9%), from €79,049 to €11,179
- Trade debts +€39,895
up €39,895 (+9,678%), from €412 to €40,307
- Tax, wage and social debts -€29,151
down €29,151 (-91.2%), from €31,971 to €2,821
- Reserves -€3,474
no longer reported in 2025 (was €3,474)
- Gross operating margin -€125,121
down €125,121 (-88.2%), from €141,923 to €16,802
- Taxes -€31,736
down €31,736 (-88.6%), from €35,830 to €4,094
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 | €133,506 | €72,906 | -€60,600 | -45.4% |
| Fixed assets | 21/28 | €71 | - | -€71 | |
| Tangible fixed assets | 22/27 | €71 | - | -€71 | |
| Plant, machinery and equipment | 23 | €71 | - | -€71 | |
| Current assets | 29/58 | €133,435 | €72,906 | -€60,529 | -45.4% |
| Amounts receivable within one year | 40/41 | €170 | €925 | +€756 | +445% |
| Other amounts receivable | 41 | €170 | €925 | +€756 | +445% |
| Cash at bank and in hand | 54/58 | €133,266 | €71,981 | -€61,285 | -46.0% |
| Total equity and liabilities | 10/49 | €133,506 | €72,906 | -€60,600 | -45.4% |
| Equity | 10/15 | €22,074 | €18,600 | -€3,474 | -15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,474 | - | -€3,474 | |
| Distributable reserves | 133 | €3,474 | - | -€3,474 | |
| Amounts payable | 17/49 | €111,433 | €54,306 | -€57,126 | -51.3% |
| Amounts payable within one year | 42/48 | €111,433 | €54,306 | -€57,126 | -51.3% |
| Trade debts | 44 | €412 | €40,307 | +€39,895 | +9,678% |
| Suppliers | 440/4 | €412 | €40,307 | +€39,895 | +9,678% |
| Taxes, remuneration and social security | 45 | €31,971 | €2,821 | -€29,151 | -91.2% |
| Taxes | 450/3 | €31,971 | €2,821 | -€29,151 | -91.2% |
| Other amounts payable | 47/48 | €79,049 | €11,179 | -€67,870 | -85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142 | €71 | -€71 | -50.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €141,923 | €16,802 | -€125,121 | -88.2% |
| Operating profit (loss) | 9901 | €141,393 | €16,332 | -€125,062 | -88.4% |
| Financial income | 75/76B | €18 | €64 | +€46 | +255% |
| Recurring financial income | 75 | €18 | €64 | +€46 | +255% |
| Financial charges | 65/66B | €78 | €90 | +€12 | +15.7% |
| Recurring financial charges | 65 | €78 | €90 | +€12 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €141,333 | €16,305 | -€125,028 | -88.5% |
| Income taxes | 67/77 | €35,830 | €4,094 | -€31,736 | -88.6% |
| Profit (loss) for the period | 9904 | €105,503 | €12,211 | -€93,292 | -88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €105,503 | €12,211 | -€93,292 | -88.4% |
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 18 October 2026 via checked.be.