ART MAKER: 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 MAKER
Largest movements
- Tangible fixed assets -€11,594
down €11,594 (-2.5%), from €460,357 to €448,762
- Receivables within one year -€9,816
down €9,816 (-84.0%), from €11,681 to €1,865
of which Trade receivables: -€9,076
- Debts after one year -€28,836
down €28,836 (-8.9%), from €323,419 to €294,583
- Gross operating margin -€36,737
down €36,737 (-33.4%), from €109,889 to €73,152
- Depreciation +€9,228
up €9,228 (+41.8%), from €22,073 to €31,301
- Taxes -€7,502
down €7,502 (-95.9%), from €7,821 to €319
- Staff costs -€5,332
down €5,332 (-14.1%), from €37,816 to €32,484
- Financial charges +€1,317
up €1,317 (+15.4%), from €8,577 to €9,895
of which Financial charges: +€1,099
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 | €527,036 | €500,841 | -€26,195 | -5.0% |
| Fixed assets | 21/28 | €465,565 | €452,691 | -€12,874 | -2.8% |
| Intangible fixed assets | 21 | €5,209 | €3,929 | -€1,280 | -24.6% |
| Tangible fixed assets | 22/27 | €460,357 | €448,762 | -€11,594 | -2.5% |
| Land and buildings | 22 | €442,454 | €437,437 | -€5,017 | -1.1% |
| Plant, machinery and equipment | 23 | €10,392 | €6,538 | -€3,853 | -37.1% |
| Furniture and vehicles | 24 | €7,511 | €4,788 | -€2,724 | -36.3% |
| Current assets | 29/58 | €61,471 | €48,150 | -€13,320 | -21.7% |
| Stocks and contracts in progress | 3 | €5,042 | €3,122 | -€1,919 | -38.1% |
| Stocks | 30/36 | €5,042 | €3,122 | -€1,919 | -38.1% |
| Amounts receivable within one year | 40/41 | €11,681 | €1,865 | -€9,816 | -84.0% |
| Trade receivables | 40 | €10,941 | €1,865 | -€9,076 | -83.0% |
| Other amounts receivable | 41 | €740 | - | -€740 | |
| Cash at bank and in hand | 54/58 | €43,341 | €40,714 | -€2,627 | -6.1% |
| Deferred charges and accrued income | 490/1 | €1,407 | €2,449 | +€1,041 | +74.0% |
| Total equity and liabilities | 10/49 | €527,036 | €500,841 | -€26,195 | -5.0% |
| Equity | 10/15 | €164,948 | €162,556 | -€2,392 | -1.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €154,000 | €152,000 | -€2,000 | -1.3% |
| Distributable reserves | 133 | €154,000 | €152,000 | -€2,000 | -1.3% |
| Profit (loss) carried forward | 14 | €948 | €556 | -€392 | -41.3% |
| Amounts payable | 17/49 | €362,088 | €338,285 | -€23,803 | -6.6% |
| Amounts payable after more than one year | 17 | €323,419 | €294,583 | -€28,836 | -8.9% |
| Financial debts | 170/4 | €323,419 | €294,583 | -€28,836 | -8.9% |
| Amounts payable within one year | 42/48 | €38,550 | €43,702 | +€5,152 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €27,527 | €28,836 | +€1,309 | +4.8% |
| Trade debts | 44 | €1,118 | €2,758 | +€1,641 | +147% |
| Suppliers | 440/4 | €1,118 | €2,758 | +€1,641 | +147% |
| Taxes, remuneration and social security | 45 | €9,779 | €10,895 | +€1,116 | +11.4% |
| Taxes | 450/3 | €6,228 | €8,375 | +€2,147 | +34.5% |
| Remuneration and social security | 454/9 | €3,552 | €2,520 | -€1,031 | -29.0% |
| Other amounts payable | 47/48 | €126 | €1,213 | +€1,087 | +859% |
| Accrued charges and deferred income | 492/3 | €119 | - | -€119 | |
| Remuneration, social security and pensions | 62 | €37,816 | €32,484 | -€5,332 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,073 | €31,301 | +€9,228 | +41.8% |
| Other operating charges | 640/8 | €2,039 | €1,609 | -€431 | -21.1% |
| Gross operating margin | 9900 | €109,889 | €73,152 | -€36,737 | -33.4% |
| Operating profit (loss) | 9901 | €47,960 | €7,758 | -€40,202 | -83.8% |
| Financial income | 75/76B | - | €63 | +€63 | |
| Recurring financial income | 75 | - | €63 | +€63 | |
| Financial charges | 65/66B | €8,577 | €9,895 | +€1,317 | +15.4% |
| Recurring financial charges | 65 | €8,577 | €9,676 | +€1,099 | +12.8% |
| Non-recurring financial charges | 66B | - | €219 | +€219 | |
| Profit (loss) for the period before taxes | 9903 | €39,383 | -€2,073 | -€41,456 | |
| Income taxes | 67/77 | €7,821 | €319 | -€7,502 | -95.9% |
| Profit (loss) for the period | 9904 | €31,562 | -€2,392 | -€33,954 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,562 | -€2,392 | -€33,954 |
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 14 October 2026 via checked.be.