ART PROJECT DEVELOPMENT & FINANCE: what changed
ART PROJECT DEVELOPMENT & FINANCE
Largest movements
- Stocks and contracts +€104,000
up €104,000 (+229%), from €45,406 to €149,406
- Receivables within one year -€62,250
down €62,250 (-54.3%), from €114,737 to €52,487
of which Trade receivables: -€83,941
- Financial fixed assets +€57,337
up €57,337 (+485%), from €11,810 to €69,147
- Tangible fixed assets -€23,749
down €23,749 (-89.1%), from €26,662 to €2,914
of which Land and buildings: -€24,000
- Cash +€6,323
up €6,323 (+226%), from €2,797 to €9,120
mainly Debts after one year (+€111,398) and Receivables within one year (+€62,250)
- Debts after one year +€111,398
new in 2025: €111,398
- Profit (loss) carried forward -€91,590
no longer reported in 2025 (was €91,590)
- Trade debts +€33,042
up €33,042 (+116%), from €28,495 to €61,537
- Reserves +€22,554
new in 2025: €22,554
- Current portion of long-term debt +€11,219
up €11,219 (+3,364%), from €334 to €11,552
- Gross operating margin -€70,666
down €70,666, from €20,893 to -€49,773
- Taxes -€8,945
down €8,945, from €5,000 to -€3,945
- Other operating charges +€1,146
up €1,146 (+138%), from €829 to €1,975
- Financial income +€652
new in 2025: €652
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €201,413 | €283,524 | +€82,111 | +40.8% |
| Fixed assets | 21/28 | €38,472 | €72,060 | +€33,588 | +87.3% |
| Tangible fixed assets | 22/27 | €26,662 | €2,914 | -€23,749 | -89.1% |
| Land and buildings | 22 | €24,000 | - | -€24,000 | |
| Plant, machinery and equipment | 23 | - | €1,917 | +€1,917 | |
| Furniture and vehicles | 24 | €2,662 | €997 | -€1,665 | -62.6% |
| Financial fixed assets | 28 | €11,810 | €69,147 | +€57,337 | +485% |
| Current assets | 29/58 | €162,940 | €211,464 | +€48,523 | +29.8% |
| Stocks and contracts in progress | 3 | €45,406 | €149,406 | +€104,000 | +229% |
| Stocks | 30/36 | €45,406 | €149,406 | +€104,000 | +229% |
| Amounts receivable within one year | 40/41 | €114,737 | €52,487 | -€62,250 | -54.3% |
| Trade receivables | 40 | €113,874 | €29,933 | -€83,941 | -73.7% |
| Other amounts receivable | 41 | €864 | €22,555 | +€21,691 | +2,512% |
| Cash at bank and in hand | 54/58 | €2,797 | €9,120 | +€6,323 | +226% |
| Deferred charges and accrued income | 490/1 | - | €451 | +€451 | |
| Total equity and liabilities | 10/49 | €201,413 | €283,524 | +€82,111 | +40.8% |
| Equity | 10/15 | €154,950 | €84,054 | -€70,896 | -45.8% |
| Contributions | 10/11 | €63,360 | €61,500 | -€1,860 | -2.9% |
| Reserves | 13 | - | €22,554 | +€22,554 | |
| Distributable reserves | 133 | - | €22,554 | +€22,554 | |
| Profit (loss) carried forward | 14 | €91,590 | - | -€91,590 | |
| Amounts payable | 17/49 | €46,463 | €199,470 | +€153,007 | +329% |
| Amounts payable after more than one year | 17 | - | €111,398 | +€111,398 | |
| Financial debts | 170/4 | - | €111,398 | +€111,398 | |
| Amounts payable within one year | 42/48 | €46,463 | €88,072 | +€41,609 | +89.6% |
| Current portion of amounts payable after more than one year | 42 | €334 | €11,552 | +€11,219 | +3,364% |
| Trade debts | 44 | €28,495 | €61,537 | +€33,042 | +116% |
| Suppliers | 440/4 | €28,495 | €61,537 | +€33,042 | +116% |
| Taxes, remuneration and social security | 45 | - | €4,125 | +€4,125 | |
| Taxes | 450/3 | - | €479 | +€479 | |
| Remuneration and social security | 454/9 | - | €3,646 | +€3,646 | |
| Other amounts payable | 47/48 | €17,635 | €10,858 | -€6,777 | -38.4% |
| Non-recurring operating income | 76A | - | €15,671 | +€15,671 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,940 | €3,006 | +€66 | +2.3% |
| Other operating charges | 640/8 | €829 | €1,975 | +€1,146 | +138% |
| Non-recurring operating charges | 66A | - | €19,208 | +€19,208 | |
| Gross operating margin | 9900 | €20,893 | -€49,773 | -€70,666 | |
| Operating profit (loss) | 9901 | €17,124 | -€73,962 | -€91,087 | |
| Financial income | 75/76B | - | €652 | +€652 | |
| Recurring financial income | 75 | - | €652 | +€652 | |
| Financial charges | 65/66B | €1,074 | €1,530 | +€456 | +42.4% |
| Recurring financial charges | 65 | €1,074 | €1,530 | +€456 | +42.4% |
| Profit (loss) for the period before taxes | 9903 | €16,050 | -€74,841 | -€90,891 | |
| Income taxes | 67/77 | €5,000 | -€3,945 | -€8,945 | |
| Profit (loss) for the period | 9904 | €11,050 | -€70,896 | -€81,946 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,050 | -€70,896 | -€81,946 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.