ART&MISIA: 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&MISIA
Largest movements
- Tangible fixed assets +€309,742
up €309,742 (+274%), from €112,933 to €422,676
of which Land and buildings: +€298,764
- Cash +€12,451
up €12,451 (+351%), from €3,546 to €15,997
mainly Other debts (+€297,770) and Net result for the year (+€39,476)
- Other debts +€297,770
up €297,770 (+126%), from €237,001 to €534,771
- Profit (loss) carried forward +€39,476
up €39,476 (+231%), from €17,115 to €56,591
- Debts after one year -€24,019
down €24,019 (-7.4%), from €324,956 to €300,937
of which Financial debts: -€27,319
- Trade debts +€12,326
up €12,326 (+2,485%), from €496 to €12,822
- Financial income -€20,000
no longer reported in 2025 (was €20,000)
- Depreciation +€11,428
up €11,428 (+296%), from €3,864 to €15,292
- Gross operating margin +€8,706
up €8,706 (+16.0%), from €54,327 to €63,033
- Other operating charges +€2,596
up €2,596 (+389%), from €668 to €3,265
- Financial charges -€1,595
down €1,595 (-24.2%), from €6,595 to €5,000
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 | €659,422 | €989,315 | +€329,893 | +50.0% |
| Fixed assets | 21/28 | €642,933 | €952,676 | +€309,742 | +48.2% |
| Tangible fixed assets | 22/27 | €112,933 | €422,676 | +€309,742 | +274% |
| Land and buildings | 22 | €112,933 | €411,697 | +€298,764 | +265% |
| Plant, machinery and equipment | 23 | - | €9,396 | +€9,396 | |
| Furniture and vehicles | 24 | - | €1,582 | +€1,582 | |
| Financial fixed assets | 28 | €530,000 | €530,000 | = | 0.0% |
| Current assets | 29/58 | €16,489 | €36,639 | +€20,151 | +122% |
| Amounts receivable within one year | 40/41 | €12,367 | €19,866 | +€7,499 | +60.6% |
| Trade receivables | 40 | €12,346 | €19,847 | +€7,501 | +60.8% |
| Other amounts receivable | 41 | €21 | €19 | -€2 | -10.3% |
| Cash at bank and in hand | 54/58 | €3,546 | €15,997 | +€12,451 | +351% |
| Deferred charges and accrued income | 490/1 | €575 | €776 | +€201 | +35.0% |
| Total equity and liabilities | 10/49 | €659,422 | €989,315 | +€329,893 | +50.0% |
| Equity | 10/15 | €36,735 | €76,212 | +€39,476 | +107% |
| Contributions | 10/11 | €18,593 | €18,593 | = | 0.0% |
| Reserves | 13 | €1,028 | €1,028 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,028 | €1,028 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,028 | €1,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,115 | €56,591 | +€39,476 | +231% |
| Amounts payable | 17/49 | €622,686 | €913,103 | +€290,417 | +46.6% |
| Amounts payable after more than one year | 17 | €324,956 | €300,937 | -€24,019 | -7.4% |
| Financial debts | 170/4 | €323,206 | €295,887 | -€27,319 | -8.5% |
| Other amounts payable | 178/9 | €1,750 | €5,050 | +€3,300 | +189% |
| Amounts payable within one year | 42/48 | €297,731 | €612,166 | +€314,436 | +106% |
| Current portion of amounts payable after more than one year | 42 | €59,302 | €62,210 | +€2,908 | +4.9% |
| Trade debts | 44 | €496 | €12,822 | +€12,326 | +2,485% |
| Suppliers | 440/4 | €496 | €12,822 | +€12,326 | +2,485% |
| Taxes, remuneration and social security | 45 | €931 | €2,363 | +€1,432 | +154% |
| Taxes | 450/3 | €931 | €2,363 | +€1,432 | +154% |
| Other amounts payable | 47/48 | €237,001 | €534,771 | +€297,770 | +126% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,864 | €15,292 | +€11,428 | +296% |
| Other operating charges | 640/8 | €668 | €3,265 | +€2,596 | +389% |
| Gross operating margin | 9900 | €54,327 | €63,033 | +€8,706 | +16.0% |
| Operating profit (loss) | 9901 | €49,795 | €44,477 | -€5,318 | -10.7% |
| Financial income | 75/76B | €20,000 | - | -€20,000 | |
| Recurring financial income | 75 | €20,000 | - | -€20,000 | |
| Financial charges | 65/66B | €6,595 | €5,000 | -€1,595 | -24.2% |
| Recurring financial charges | 65 | €6,595 | €5,000 | -€1,595 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €63,199 | €39,476 | -€23,723 | -37.5% |
| Profit (loss) for the period | 9904 | €63,199 | €39,476 | -€23,723 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,199 | €39,476 | -€23,723 | -37.5% |
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 31 October 2026 via checked.be.