ART FORUM: 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 FORUM
Largest movements
- Tangible fixed assets -€23,167
down €23,167 (-18.1%), from €128,243 to €105,075
- Cash +€18,381
up €18,381 (+218%), from €8,429 to €26,810
mainly Depreciation (+€23,167) and Receivables within one year (+€2,158)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€12,951
down €12,951 (-18.8%), from €69,068 to €56,117
- Staff costs -€4,445
down €4,445 (-14.6%), from €30,384 to €25,940
- Write-downs +€3,453
up €3,453 (+6,273%), from €55 to €3,509
- Taxes -€2,739
down €2,739 (-52.7%), from €5,193 to €2,455
- Other operating charges -€989
down €989 (-18.5%), from €5,330 to €4,342
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 | €223,306 | €217,248 | -€6,058 | -2.7% |
| Fixed assets | 21/28 | €128,243 | €105,075 | -€23,167 | -18.1% |
| Tangible fixed assets | 22/27 | €128,243 | €105,075 | -€23,167 | -18.1% |
| Land and buildings | 22 | €49,447 | €43,621 | -€5,827 | -11.8% |
| Plant, machinery and equipment | 23 | €36,965 | €30,906 | -€6,058 | -16.4% |
| Furniture and vehicles | 24 | €28,662 | €19,922 | -€8,740 | -30.5% |
| Other tangible fixed assets | 26 | €13,168 | €10,626 | -€2,542 | -19.3% |
| Current assets | 29/58 | €95,064 | €112,173 | +€17,109 | +18.0% |
| Stocks and contracts in progress | 3 | €6,764 | €7,037 | +€273 | +4.0% |
| Stocks | 30/36 | €6,764 | €7,037 | +€273 | +4.0% |
| Amounts receivable within one year | 40/41 | €76,628 | €74,470 | -€2,158 | -2.8% |
| Trade receivables | 40 | €38,190 | €32,369 | -€5,822 | -15.2% |
| Other amounts receivable | 41 | €38,437 | €42,101 | +€3,663 | +9.5% |
| Cash at bank and in hand | 54/58 | €8,429 | €26,810 | +€18,381 | +218% |
| Deferred charges and accrued income | 490/1 | €3,243 | €3,857 | +€614 | +18.9% |
| Total equity and liabilities | 10/49 | €223,306 | €217,248 | -€6,058 | -2.7% |
| Equity | 10/15 | €172,743 | €171,347 | -€1,396 | -0.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €67,574 | €67,574 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €61,374 | €61,374 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,169 | €41,773 | -€1,396 | -3.2% |
| Amounts payable | 17/49 | €50,564 | €45,902 | -€4,662 | -9.2% |
| Amounts payable after more than one year | 17 | €5,800 | €5,800 | = | 0.0% |
| Other amounts payable | 178/9 | €5,800 | €5,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,786 | €21,605 | -€5,181 | -19.3% |
| Financial debts | 43 | €1,280 | €0 | -€1,280 | -100% |
| Other loans | 439 | €1,280 | €0 | -€1,280 | -100% |
| Trade debts | 44 | €14,642 | €12,534 | -€2,108 | -14.4% |
| Suppliers | 440/4 | €14,642 | €12,534 | -€2,108 | -14.4% |
| Taxes, remuneration and social security | 45 | €10,864 | €9,071 | -€1,793 | -16.5% |
| Taxes | 450/3 | €5,611 | €4,147 | -€1,464 | -26.1% |
| Remuneration and social security | 454/9 | €5,253 | €4,924 | -€329 | -6.3% |
| Accrued charges and deferred income | 492/3 | €17,978 | €18,496 | +€519 | +2.9% |
| Remuneration, social security and pensions | 62 | €30,384 | €25,940 | -€4,445 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,553 | €23,167 | -€385 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €55 | €3,509 | +€3,453 | +6,273% |
| Other operating charges | 640/8 | €5,330 | €4,342 | -€989 | -18.5% |
| Gross operating margin | 9900 | €69,068 | €56,117 | -€12,951 | -18.8% |
| Operating profit (loss) | 9901 | €9,745 | -€840 | -€10,586 | |
| Financial income | 75/76B | €1,493 | €2,038 | +€546 | +36.6% |
| Recurring financial income | 75 | €1,493 | €2,038 | +€546 | +36.6% |
| Financial charges | 65/66B | €241 | €139 | -€102 | -42.3% |
| Recurring financial charges | 65 | €241 | €139 | -€102 | -42.3% |
| Profit (loss) for the period before taxes | 9903 | €10,997 | €1,059 | -€9,938 | -90.4% |
| Income taxes | 67/77 | €5,193 | €2,455 | -€2,739 | -52.7% |
| Profit (loss) for the period | 9904 | €5,804 | -€1,396 | -€7,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,804 | -€1,396 | -€7,200 |
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 17 October 2026 via checked.be.