ART LOUISE: 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 LOUISE
Largest movements
- Current investments +€851,604
up €851,604 (+14,071%), from €6,052 to €857,656
- Tangible fixed assets -€712,850
down €712,850 (-45.6%), from €1.6m to €852,045
of which Land and buildings: -€689,316
- Cash -€228,661
down €228,661 (-87.5%), from €261,292 to €32,631
mainly Current investments (-€851,604) and Short-term financial debts (-€590,000)
- Short-term financial debts -€590,000
no longer reported in 2025 (was €590,000)
- Profit (loss) carried forward +€550,567
up €550,567 (+570%), from €96,561 to €647,128
- Debts after one year -€65,000
down €65,000 (-14.1%), from €460,000 to €395,000
- Reserves +€29,000
up €29,000 (+101%), from €28,600 to €57,600
- Financial income +€746,839
new in 2025: €746,839
of which Non-recurring financial income: +€742,527
- Taxes +€77,555
new in 2025: €77,555
- Financial charges -€28,939
down €28,939 (-61.9%), from €46,732 to €17,793
of which Non-recurring financial charges: -€43,504
- Gross operating margin -€17,265
down €17,265, from €8,063 to -€9,202
- Other operating charges +€11,570
new in 2025: €11,570
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 | €1,869,986 | €1,783,875 | -€86,111 | -4.6% |
| Fixed assets | 21/28 | €1,565,671 | €852,045 | -€713,625 | -45.6% |
| Tangible fixed assets | 22/27 | €1,564,896 | €852,045 | -€712,850 | -45.6% |
| Land and buildings | 22 | €1,540,653 | €851,337 | -€689,316 | -44.7% |
| Furniture and vehicles | 24 | €918 | €708 | -€210 | -22.9% |
| Assets under construction and advance payments | 27 | €23,325 | - | -€23,325 | |
| Financial fixed assets | 28 | €775 | - | -€775 | |
| Current assets | 29/58 | €304,315 | €931,830 | +€627,514 | +206% |
| Stocks and contracts in progress | 3 | €36,205 | €36,205 | = | 0.0% |
| Stocks | 30/36 | €36,205 | €36,205 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €766 | €4,397 | +€3,630 | +474% |
| Other amounts receivable | 41 | €766 | €4,397 | +€3,630 | +474% |
| Current investments | 50/53 | €6,052 | €857,656 | +€851,604 | +14,071% |
| Cash at bank and in hand | 54/58 | €261,292 | €32,631 | -€228,661 | -87.5% |
| Deferred charges and accrued income | 490/1 | - | €940 | +€940 | |
| Total equity and liabilities | 10/49 | €1,869,986 | €1,783,875 | -€86,111 | -4.6% |
| Equity | 10/15 | €804,884 | €1,384,451 | +€579,567 | +72.0% |
| Contributions | 10/11 | €679,723 | €679,723 | = | 0.0% |
| Capital | 10 | €679,723 | €679,723 | = | 0.0% |
| Issued capital | 100 | €679,723 | €679,723 | = | 0.0% |
| Reserves | 13 | €28,600 | €57,600 | +€29,000 | +101% |
| Non-distributable reserves | 130/1 | €28,600 | €57,600 | +€29,000 | +101% |
| Legal reserve | 130 | €28,600 | €57,600 | +€29,000 | +101% |
| Profit (loss) carried forward | 14 | €96,561 | €647,128 | +€550,567 | +570% |
| Amounts payable | 17/49 | €1,065,102 | €399,424 | -€665,678 | -62.5% |
| Amounts payable after more than one year | 17 | €460,000 | €395,000 | -€65,000 | -14.1% |
| Financial debts | 170/4 | €460,000 | €395,000 | -€65,000 | -14.1% |
| Amounts payable within one year | 42/48 | €601,237 | €4,424 | -€596,813 | -99.3% |
| Financial debts | 43 | €590,000 | - | -€590,000 | |
| Credit institutions | 430/8 | €590,000 | - | -€590,000 | |
| Trade debts | 44 | €9,442 | €0 | -€9,442 | -100.0% |
| Suppliers | 440/4 | €9,442 | €0 | -€9,442 | -100.0% |
| Taxes, remuneration and social security | 45 | €784 | €2,496 | +€1,712 | +218% |
| Taxes | 450/3 | €784 | €2,496 | +€1,712 | +218% |
| Other amounts payable | 47/48 | €1,010 | €1,928 | +€917 | +90.8% |
| Accrued charges and deferred income | 492/3 | €3,865 | - | -€3,865 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,237 | €51,153 | -€10,085 | -16.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,267 | - | -€8,267 | |
| Other operating charges | 640/8 | - | €11,570 | +€11,570 | |
| Gross operating margin | 9900 | €8,063 | -€9,202 | -€17,265 | |
| Operating profit (loss) | 9901 | -€61,441 | -€71,925 | -€10,484 | -17.1% |
| Financial income | 75/76B | - | €746,839 | +€746,839 | |
| Recurring financial income | 75 | - | €4,312 | +€4,312 | |
| Non-recurring financial income | 76B | - | €742,527 | +€742,527 | |
| Financial charges | 65/66B | €46,732 | €17,793 | -€28,939 | -61.9% |
| Recurring financial charges | 65 | €3,227 | €17,793 | +€14,565 | +451% |
| Non-recurring financial charges | 66B | €43,504 | - | -€43,504 | |
| Profit (loss) for the period before taxes | 9903 | -€108,173 | €657,121 | +€765,294 | |
| Income taxes | 67/77 | - | €77,555 | +€77,555 | |
| Profit (loss) for the period | 9904 | -€108,173 | €579,567 | +€687,740 | |
| Profit (loss) for the period to be appropriated | 9905 | -€108,173 | €579,567 | +€687,740 |
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 19 October 2026 via checked.be.