ART.J.: 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.J.
Largest movements
- Cash -€110,875
down €110,875 (-84.9%), from €130,590 to €19,715
mainly Contributions, distributions and other (-€176,892) and Receivables within one year (-€36,787)
- Receivables within one year +€36,787
up €36,787 (+228%), from €16,163 to €52,950
of which Trade receivables: +€30,979
- Profit (loss) carried forward -€111,518
no longer reported in 2025 (was €111,518)
- Other debts +€32,371
up €32,371 (+193%), from €16,806 to €49,177
- Tax, wage and social debts +€5,740
up €5,740 (+32.7%), from €17,548 to €23,288
- Gross operating margin +€42,082
up €42,082 (+99.1%), from €42,479 to €84,561
- Taxes +€8,013
up €8,013 (+87.3%), from €9,175 to €17,188
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 | €147,884 | €74,195 | -€73,689 | -49.8% |
| Fixed assets | 21/28 | €1,056 | €1,530 | +€475 | +45.0% |
| Tangible fixed assets | 22/27 | €1,056 | €1,530 | +€475 | +45.0% |
| Furniture and vehicles | 24 | €1,056 | €1,530 | +€475 | +45.0% |
| Current assets | 29/58 | €146,829 | €72,665 | -€74,164 | -50.5% |
| Amounts receivable within one year | 40/41 | €16,163 | €52,950 | +€36,787 | +228% |
| Trade receivables | 40 | €16,159 | €47,138 | +€30,979 | +192% |
| Other amounts receivable | 41 | €4 | €5,812 | +€5,808 | +130,513% |
| Cash at bank and in hand | 54/58 | €130,590 | €19,715 | -€110,875 | -84.9% |
| Deferred charges and accrued income | 490/1 | €75 | - | -€75 | |
| Total equity and liabilities | 10/49 | €147,884 | €74,195 | -€73,689 | -49.8% |
| Equity | 10/15 | €112,018 | €500 | -€111,518 | -99.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,518 | - | -€111,518 | |
| Amounts payable | 17/49 | €35,866 | €73,695 | +€37,829 | +105% |
| Amounts payable within one year | 42/48 | €35,866 | €73,695 | +€37,829 | +105% |
| Trade debts | 44 | €1,512 | €1,230 | -€282 | -18.6% |
| Suppliers | 440/4 | €1,512 | €1,230 | -€282 | -18.6% |
| Taxes, remuneration and social security | 45 | €17,548 | €23,288 | +€5,740 | +32.7% |
| Taxes | 450/3 | €17,548 | €23,288 | +€5,740 | +32.7% |
| Other amounts payable | 47/48 | €16,806 | €49,177 | +€32,371 | +193% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,130 | €804 | -€326 | -28.9% |
| Other operating charges | 640/8 | - | €684 | +€684 | |
| Non-recurring operating charges | 66A | - | €414 | +€414 | |
| Gross operating margin | 9900 | €42,479 | €84,561 | +€42,082 | +99.1% |
| Operating profit (loss) | 9901 | €41,349 | €82,659 | +€41,310 | +99.9% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €110 | €97 | -€14 | -12.2% |
| Recurring financial charges | 65 | €110 | €97 | -€14 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €41,249 | €82,562 | +€41,313 | +100% |
| Income taxes | 67/77 | €9,175 | €17,188 | +€8,013 | +87.3% |
| Profit (loss) for the period | 9904 | €32,074 | €65,374 | +€33,300 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €32,074 | €65,374 | +€33,300 | +104% |
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 16 October 2026 via checked.be.