ART-H.: 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-H.
Largest movements
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Tangible fixed assets +€165,979
up €165,979 (+319%), from €52,072 to €218,051
of which Other tangible fixed assets: +€121,606
- Stocks and contracts -€139,819
down €139,819 (-18.7%), from €748,188 to €608,370
- Cash +€92,098
up €92,098 (+78.9%), from €116,796 to €208,893
mainly Net result for the year (+€211,792) and Current investments (+€200,000)
- Trade debts -€241,481
down €241,481 (-40.3%), from €599,350 to €357,868
- Profit (loss) carried forward +€211,792
up €211,792, from -€148,666 to €63,126
- Other debts -€61,877
down €61,877 (-29.7%), from €208,362 to €146,485
- Tax, wage and social debts +€18,702
up €18,702 (+27.7%), from €67,621 to €86,323
- Gross operating margin -€59,000
down €59,000 (-16.4%), from €358,669 to €299,669
- Financial income +€53,426
up €53,426 (+1,542%), from €3,465 to €56,890
- Depreciation +€14,102
up €14,102 (+85.7%), from €16,464 to €30,565
- Taxes +€10,037
up €10,037 (+10.8%), from €93,349 to €103,387
- Other operating charges +€6,953
up €6,953 (+297%), from €2,344 to €9,297
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 | €1,469,877 | €1,384,012 | -€85,865 | -5.8% |
| Fixed assets | 21/28 | €68,940 | €234,920 | +€165,979 | +241% |
| Tangible fixed assets | 22/27 | €52,072 | €218,051 | +€165,979 | +319% |
| Plant, machinery and equipment | 23 | €992 | €4,732 | +€3,740 | +377% |
| Furniture and vehicles | 24 | €22,621 | €63,254 | +€40,633 | +180% |
| Other tangible fixed assets | 26 | €28,459 | €150,065 | +€121,606 | +427% |
| Financial fixed assets | 28 | €16,869 | €16,869 | = | 0.0% |
| Current assets | 29/58 | €1,400,936 | €1,149,092 | -€251,844 | -18.0% |
| Stocks and contracts in progress | 3 | €748,188 | €608,370 | -€139,819 | -18.7% |
| Stocks | 30/36 | €748,188 | €608,370 | -€139,819 | -18.7% |
| Amounts receivable within one year | 40/41 | €334,986 | €327,107 | -€7,879 | -2.4% |
| Trade receivables | 40 | €298,599 | €305,292 | +€6,693 | +2.2% |
| Other amounts receivable | 41 | €36,387 | €21,816 | -€14,571 | -40.0% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €116,796 | €208,893 | +€92,098 | +78.9% |
| Deferred charges and accrued income | 490/1 | €967 | €4,722 | +€3,756 | +388% |
| Total equity and liabilities | 10/49 | €1,469,877 | €1,384,012 | -€85,865 | -5.8% |
| Equity | 10/15 | €571,794 | €783,586 | +€211,792 | +37.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €701,860 | €701,860 | = | 0.0% |
| 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 | €700,000 | €700,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€148,666 | €63,126 | +€211,792 | |
| Amounts payable | 17/49 | €898,083 | €600,426 | -€297,656 | -33.1% |
| Amounts payable after more than one year | 17 | €9,751 | - | -€9,751 | |
| Financial debts | 170/4 | €9,751 | - | -€9,751 | |
| Amounts payable within one year | 42/48 | €888,332 | €600,426 | -€287,906 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €13,000 | €9,751 | -€3,249 | -25.0% |
| Trade debts | 44 | €599,350 | €357,868 | -€241,481 | -40.3% |
| Suppliers | 440/4 | €599,350 | €357,868 | -€241,481 | -40.3% |
| Taxes, remuneration and social security | 45 | €67,621 | €86,323 | +€18,702 | +27.7% |
| Taxes | 450/3 | €67,621 | €86,323 | +€18,702 | +27.7% |
| Other amounts payable | 47/48 | €208,362 | €146,485 | -€61,877 | -29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,464 | €30,565 | +€14,102 | +85.7% |
| Other operating charges | 640/8 | €2,344 | €9,297 | +€6,953 | +297% |
| Gross operating margin | 9900 | €358,669 | €299,669 | -€59,000 | -16.4% |
| Operating profit (loss) | 9901 | €339,861 | €259,807 | -€80,054 | -23.6% |
| Financial income | 75/76B | €3,465 | €56,890 | +€53,426 | +1,542% |
| Recurring financial income | 75 | €3,465 | €56,890 | +€53,426 | +1,542% |
| Financial charges | 65/66B | €2,999 | €1,519 | -€1,480 | -49.4% |
| Recurring financial charges | 65 | €2,999 | €1,519 | -€1,480 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | €340,327 | €315,178 | -€25,148 | -7.4% |
| Income taxes | 67/77 | €93,349 | €103,387 | +€10,037 | +10.8% |
| Profit (loss) for the period | 9904 | €246,977 | €211,792 | -€35,186 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €246,977 | €211,792 | -€35,186 | -14.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.