Art Frame: 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 Frame
Largest movements
- Receivables within one year +€76,718
up €76,718 (+90.1%), from €85,149 to €161,867
of which Trade receivables: +€72,937
- Cash -€32,101
down €32,101 (-25.0%), from €128,538 to €96,437
mainly Receivables within one year (-€76,718) and Investment in fixed assets (net) (-€50,078)
- Deferred charges and accrued income -€24,088
down €24,088 (-90.2%), from €26,705 to €2,617
- Stocks and contracts +€14,385
up €14,385 (+10.4%), from €137,765 to €152,150
- Intangible fixed assets +€13,911
up €13,911 (+37.2%), from €37,372 to €51,282
- Tax, wage and social debts +€33,475
up €33,475 (+60.0%), from €55,788 to €89,263
of which Remuneration and social security: +€22,523
- Trade debts -€28,517
down €28,517 (-49.0%), from €58,180 to €29,663
- Reserves +€23,151
up €23,151 (+7.2%), from €323,526 to €346,676
- Debts after one year -€13,122
down €13,122 (-8.1%), from €162,582 to €149,460
- Other debts -€12,430
down €12,430 (-100%), from €12,430 to €0
- Gross operating margin -€249,580
down €249,580 (-40.6%), from €614,263 to €364,683
- Staff costs -€157,125
down €157,125 (-35.6%), from €441,694 to €284,569
- Taxes -€15,881
down €15,881 (-65.9%), from €24,114 to €8,233
- Depreciation -€15,740
down €15,740 (-24.2%), from €65,008 to €49,268
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 | €714,455 | €738,110 | +€23,656 | +3.3% |
| Fixed assets | 21/28 | €209,394 | €210,204 | +€810 | +0.4% |
| Intangible fixed assets | 21 | €37,372 | €51,282 | +€13,911 | +37.2% |
| Tangible fixed assets | 22/27 | €172,022 | €158,921 | -€13,101 | -7.6% |
| Plant, machinery and equipment | 23 | €70,513 | €79,043 | +€8,530 | +12.1% |
| Furniture and vehicles | 24 | €47,958 | €36,598 | -€11,360 | -23.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €53,551 | €43,280 | -€10,271 | -19.2% |
| Current assets | 29/58 | €505,061 | €527,907 | +€22,846 | +4.5% |
| Stocks and contracts in progress | 3 | €137,765 | €152,150 | +€14,385 | +10.4% |
| Stocks | 30/36 | €137,765 | €152,150 | +€14,385 | +10.4% |
| Amounts receivable within one year | 40/41 | €85,149 | €161,867 | +€76,718 | +90.1% |
| Trade receivables | 40 | €19,875 | €92,812 | +€72,937 | +367% |
| Other amounts receivable | 41 | €65,274 | €69,055 | +€3,781 | +5.8% |
| Current investments | 50/53 | €126,903 | €114,836 | -€12,067 | -9.5% |
| Cash at bank and in hand | 54/58 | €128,538 | €96,437 | -€32,101 | -25.0% |
| Deferred charges and accrued income | 490/1 | €26,705 | €2,617 | -€24,088 | -90.2% |
| Total equity and liabilities | 10/49 | €714,455 | €738,110 | +€23,656 | +3.3% |
| Equity | 10/15 | €373,526 | €396,676 | +€23,151 | +6.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €323,526 | €346,676 | +€23,151 | +7.2% |
| Distributable reserves | 133 | €323,526 | €346,676 | +€23,151 | +7.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €340,929 | €341,434 | +€505 | +0.1% |
| Amounts payable after more than one year | 17 | €162,582 | €149,460 | -€13,122 | -8.1% |
| Financial debts | 170/4 | €162,582 | €149,460 | -€13,122 | -8.1% |
| Amounts payable within one year | 42/48 | €172,077 | €183,666 | +€11,589 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €38,064 | €44,879 | +€6,815 | +17.9% |
| Trade debts | 44 | €58,180 | €29,663 | -€28,517 | -49.0% |
| Suppliers | 440/4 | €58,180 | €29,663 | -€28,517 | -49.0% |
| Advances received on contracts in progress | 46 | €7,615 | €19,861 | +€12,246 | +161% |
| Taxes, remuneration and social security | 45 | €55,788 | €89,263 | +€33,475 | +60.0% |
| Taxes | 450/3 | €30,759 | €41,711 | +€10,952 | +35.6% |
| Remuneration and social security | 454/9 | €25,029 | €47,552 | +€22,523 | +90.0% |
| Other amounts payable | 47/48 | €12,430 | €0 | -€12,430 | -100% |
| Accrued charges and deferred income | 492/3 | €6,269 | €8,308 | +€2,039 | +32.5% |
| Remuneration, social security and pensions | 62 | €441,694 | €284,569 | -€157,125 | -35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,008 | €49,268 | -€15,740 | -24.2% |
| Other operating charges | 640/8 | €2,814 | €484 | -€2,330 | -82.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €614,263 | €364,683 | -€249,580 | -40.6% |
| Operating profit (loss) | 9901 | €104,746 | €30,361 | -€74,384 | -71.0% |
| Financial income | 75/76B | €10,058 | €13,358 | +€3,300 | +32.8% |
| Recurring financial income | 75 | €10,058 | €13,358 | +€3,300 | +32.8% |
| Financial charges | 65/66B | €13,232 | €12,335 | -€897 | -6.8% |
| Recurring financial charges | 65 | €13,232 | €12,335 | -€897 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €101,571 | €31,384 | -€70,188 | -69.1% |
| Income taxes | 67/77 | €24,114 | €8,233 | -€15,881 | -65.9% |
| Profit (loss) for the period | 9904 | €77,457 | €23,151 | -€54,306 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €77,457 | €23,151 | -€54,306 | -70.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.