ART EXPLORER: 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 EXPLORER
Largest movements
- Receivables within one year -€294,497
no longer reported in 2025 (was €294,497)
of which Other amounts receivable: -€254,497
- Debts after one year -€418,130
down €418,130 (-22.0%), from €1.9m to €1.5m
- Other debts +€276,757
up €276,757 (+81.8%), from €338,455 to €615,212
- Accrued charges and deferred income -€82,263
down €82,263 (-63.9%), from €128,730 to €46,466
- Current portion of long-term debt -€58,704
down €58,704 (-12.3%), from €476,834 to €418,130
- Trade debts -€34,545
down €34,545 (-29.8%), from €115,955 to €81,411
- Gross operating margin +€303,701
up €303,701, from -€213,634 to €90,067
- Staff costs -€35,572
down €35,572 (-98.9%), from €35,980 to €409
- Financial charges -€5,305
down €5,305 (-6.8%), from €78,476 to €73,171
- Other operating charges +€2,331
new in 2025: €2,331
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 | €2,248,739 | €1,945,946 | -€302,793 | -13.5% |
| Fixed assets | 21/28 | €1,935,043 | €1,923,513 | -€11,530 | -0.6% |
| Intangible fixed assets | 21 | €5,145 | €3,601 | -€1,544 | -30.0% |
| Tangible fixed assets | 22/27 | €1,928,678 | €1,918,692 | -€9,985 | -0.5% |
| Furniture and vehicles | 24 | €5,568 | €4,878 | -€690 | -12.4% |
| Other tangible fixed assets | 26 | €1,923,110 | €1,913,814 | -€9,296 | -0.5% |
| Financial fixed assets | 28 | €1,220 | €1,220 | = | 0.0% |
| Current assets | 29/58 | €313,696 | €22,433 | -€291,263 | -92.8% |
| Amounts receivable within one year | 40/41 | €294,497 | - | -€294,497 | |
| Trade receivables | 40 | €40,000 | - | -€40,000 | |
| Other amounts receivable | 41 | €254,497 | - | -€254,497 | |
| Cash at bank and in hand | 54/58 | €4,317 | €6,669 | +€2,352 | +54.5% |
| Deferred charges and accrued income | 490/1 | €14,883 | €15,764 | +€881 | +5.9% |
| Total equity and liabilities | 10/49 | €2,248,739 | €1,945,946 | -€302,793 | -13.5% |
| Equity | 10/15 | -€709,785 | -€695,228 | +€14,558 | +2.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€759,785 | -€745,228 | +€14,558 | +1.9% |
| Amounts payable | 17/49 | €2,958,524 | €2,641,174 | -€317,350 | -10.7% |
| Amounts payable after more than one year | 17 | €1,897,617 | €1,479,487 | -€418,130 | -22.0% |
| Financial debts | 170/4 | €1,897,617 | €1,479,487 | -€418,130 | -22.0% |
| Amounts payable within one year | 42/48 | €932,177 | €1,115,220 | +€183,043 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €476,834 | €418,130 | -€58,704 | -12.3% |
| Trade debts | 44 | €115,955 | €81,411 | -€34,545 | -29.8% |
| Suppliers | 440/4 | €115,955 | €81,411 | -€34,545 | -29.8% |
| Taxes, remuneration and social security | 45 | €933 | €467 | -€466 | -49.9% |
| Taxes | 450/3 | €274 | - | -€274 | |
| Remuneration and social security | 454/9 | €659 | €467 | -€191 | -29.1% |
| Other amounts payable | 47/48 | €338,455 | €615,212 | +€276,757 | +81.8% |
| Accrued charges and deferred income | 492/3 | €128,730 | €46,466 | -€82,263 | -63.9% |
| Non-recurring operating income | 76A | - | €128,000 | +€128,000 | |
| Remuneration, social security and pensions | 62 | €35,980 | €409 | -€35,572 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,023 | €12,954 | +€1,931 | +17.5% |
| Other operating charges | 640/8 | - | €2,331 | +€2,331 | |
| Non-recurring operating charges | 66A | €778 | - | -€778 | |
| Gross operating margin | 9900 | -€213,634 | €90,067 | +€303,701 | |
| Operating profit (loss) | 9901 | -€261,415 | €74,373 | +€335,789 | |
| Financial income | 75/76B | €12,476 | €13,355 | +€879 | +7.0% |
| Recurring financial income | 75 | €12,476 | €13,355 | +€879 | +7.0% |
| Financial charges | 65/66B | €78,476 | €73,171 | -€5,305 | -6.8% |
| Recurring financial charges | 65 | €78,476 | €73,171 | -€5,305 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | -€327,415 | €14,558 | +€341,973 | |
| Profit (loss) for the period | 9904 | -€327,415 | €14,558 | +€341,973 | |
| Profit (loss) for the period to be appropriated | 9905 | -€327,415 | €14,558 | +€341,973 |
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.