ART LAURENT PATRICK: 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 LAURENT PATRICK
Largest movements
- Receivables within one year -€32,333
down €32,333 (-73.7%), from €43,884 to €11,551
of which Other amounts receivable: -€19,963
- Tangible fixed assets +€14,962
up €14,962 (+16.4%), from €91,048 to €106,010
of which Other tangible fixed assets: +€14,129
- Stocks and contracts +€6,882
up €6,882 (+22.0%), from €31,212 to €38,095
- Cash +€5,500
up €5,500 (+3.0%), from €185,147 to €190,647
mainly Net result for the year (+€116,343) and Other debts (+€60,000)
- Other debts +€60,000
new in 2025: €60,000
- Reserves -€33,657
down €33,657 (-21.8%), from €154,182 to €120,525
- Trade debts -€30,443
down €30,443 (-54.4%), from €55,972 to €25,529
- Tax, wage and social debts +€15,388
up €15,388 (+35.3%), from €43,649 to €59,037
of which Remuneration and social security: +€20,962
- Short-term financial debts -€8,282
down €8,282 (-49.5%), from €16,729 to €8,448
- Depreciation -€25,687
down €25,687 (-51.1%), from €50,254 to €24,567
- Gross operating margin -€23,907
down €23,907 (-5.2%), from €455,731 to €431,824
- Staff costs -€22,365
down €22,365 (-8.5%), from €262,337 to €239,972
- Taxes +€13,575
up €13,575 (+41.1%), from €33,038 to €46,613
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 | €365,797 | €361,373 | -€4,424 | -1.2% |
| Fixed assets | 21/28 | €98,458 | €112,119 | +€13,660 | +13.9% |
| Intangible fixed assets | 21 | €2,411 | €1,109 | -€1,302 | -54.0% |
| Tangible fixed assets | 22/27 | €91,048 | €106,010 | +€14,962 | +16.4% |
| Land and buildings | 22 | €31,522 | €30,807 | -€715 | -2.3% |
| Plant, machinery and equipment | 23 | €16,380 | €9,023 | -€7,357 | -44.9% |
| Furniture and vehicles | 24 | €11,075 | €19,980 | +€8,905 | +80.4% |
| Other tangible fixed assets | 26 | €32,070 | €46,199 | +€14,129 | +44.1% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €267,339 | €249,254 | -€18,084 | -6.8% |
| Stocks and contracts in progress | 3 | €31,212 | €38,095 | +€6,882 | +22.0% |
| Stocks | 30/36 | €31,212 | €38,095 | +€6,882 | +22.0% |
| Amounts receivable within one year | 40/41 | €43,884 | €11,551 | -€32,333 | -73.7% |
| Trade receivables | 40 | €12,370 | - | -€12,370 | |
| Other amounts receivable | 41 | €31,514 | €11,551 | -€19,963 | -63.3% |
| Cash at bank and in hand | 54/58 | €185,147 | €190,647 | +€5,500 | +3.0% |
| Deferred charges and accrued income | 490/1 | €7,095 | €8,962 | +€1,867 | +26.3% |
| Total equity and liabilities | 10/49 | €365,797 | €361,373 | -€4,424 | -1.2% |
| Equity | 10/15 | €215,682 | €182,025 | -€33,657 | -15.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €154,182 | €120,525 | -€33,657 | -21.8% |
| Distributable reserves | 133 | €154,182 | €120,525 | -€33,657 | -21.8% |
| Amounts payable | 17/49 | €150,115 | €179,348 | +€29,233 | +19.5% |
| Amounts payable after more than one year | 17 | €21,974 | €19,514 | -€2,460 | -11.2% |
| Financial debts | 170/4 | €21,974 | €19,514 | -€2,460 | -11.2% |
| Amounts payable within one year | 42/48 | €118,719 | €155,474 | +€36,754 | +31.0% |
| Current portion of amounts payable after more than one year | 42 | €2,369 | €2,460 | +€90 | +3.8% |
| Financial debts | 43 | €16,729 | €8,448 | -€8,282 | -49.5% |
| Other loans | 439 | €16,729 | €8,448 | -€8,282 | -49.5% |
| Trade debts | 44 | €55,972 | €25,529 | -€30,443 | -54.4% |
| Suppliers | 440/4 | €55,972 | €25,529 | -€30,443 | -54.4% |
| Taxes, remuneration and social security | 45 | €43,649 | €59,037 | +€15,388 | +35.3% |
| Taxes | 450/3 | €38,736 | €33,163 | -€5,574 | -14.4% |
| Remuneration and social security | 454/9 | €4,912 | €25,874 | +€20,962 | +427% |
| Other amounts payable | 47/48 | - | €60,000 | +€60,000 | |
| Accrued charges and deferred income | 492/3 | €9,422 | €4,360 | -€5,062 | -53.7% |
| Remuneration, social security and pensions | 62 | €262,337 | €239,972 | -€22,365 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,254 | €24,567 | -€25,687 | -51.1% |
| Other operating charges | 640/8 | €2,081 | €1,738 | -€342 | -16.5% |
| Gross operating margin | 9900 | €455,731 | €431,824 | -€23,907 | -5.2% |
| Operating profit (loss) | 9901 | €141,060 | €165,547 | +€24,487 | +17.4% |
| Financial income | 75/76B | €1,623 | €3,162 | +€1,539 | +94.8% |
| Recurring financial income | 75 | €1,623 | €3,162 | +€1,539 | +94.8% |
| Financial charges | 65/66B | €4,442 | €5,752 | +€1,311 | +29.5% |
| Recurring financial charges | 65 | €4,442 | €5,752 | +€1,311 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €138,241 | €162,957 | +€24,716 | +17.9% |
| Income taxes | 67/77 | €33,038 | €46,613 | +€13,575 | +41.1% |
| Profit (loss) for the period | 9904 | €105,203 | €116,343 | +€11,141 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €105,203 | €116,343 | +€11,141 | +10.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.