ART - SHOCK: what changed
Two fiscal 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 - SHOCK
Largest movements
- Cash +€59,228
up €59,228 (+3883.9%), from €1,525 to €60,753
mainly Net result for the year (+€41,869) and Depreciation (+€24,034)
- Tangible fixed assets -€24,034
down €24,034 (-8.0%), from €300,877 to €276,844
of which Land and buildings: -€18,724
- Receivables within one year -€4,055
down €4,055 (-34.2%), from €11,868 to €7,813
of which Other amounts receivable: -€6,942
- Reserves +€26,864
up €26,864 (+22.6%), from €119,082 to €145,946
- Debts after one year -€15,314
down €15,314 (-14.3%), from €106,859 to €91,546
of which Financial debts: -€15,314
- Profit (loss) carried forward +€15,005
no longer reported in 2025 (was -€15,005)
- Other debts +€3,938
up €3,938 (+6.0%), from €65,443 to €69,381
- Tax, wage and social debts +€3,642
new in 2025: €3,642
- Gross operating margin +€75,379
up €75,379 (+859.2%), from €8,773 to €84,151
- Taxes +€10,173
new in 2025: €10,173
- Depreciation -€1,173
down €1,173 (-4.7%), from €25,206 to €24,034
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.
Cash bridge derived
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 | €315,449 | €346,923 | +€31,474 | +10.0% |
| Fixed assets | 21/28 | €300,877 | €276,844 | -€24,034 | -8.0% |
| Tangible fixed assets | 22/27 | €300,877 | €276,844 | -€24,034 | -8.0% |
| Land and buildings | 22 | €283,517 | €264,793 | -€18,724 | -6.6% |
| Plant, machinery and equipment | 23 | €8,295 | €6,007 | -€2,288 | -27.6% |
| Furniture and vehicles | 24 | €9,065 | €6,043 | -€3,022 | -33.3% |
| Current assets | 29/58 | €14,572 | €70,080 | +€55,508 | +380.9% |
| Amounts receivable within one year | 40/41 | €11,868 | €7,813 | -€4,055 | -34.2% |
| Trade receivables | 40 | €4,716 | €7,602 | +€2,886 | +61.2% |
| Other amounts receivable | 41 | €7,152 | €211 | -€6,942 | -97.1% |
| Current investments | 50/53 | €17 | €19 | +€1 | +7.6% |
| Cash at bank and in hand | 54/58 | €1,525 | €60,753 | +€59,228 | +3883.9% |
| Deferred charges and accrued income | 490/1 | €1,161 | €1,496 | +€334 | +28.8% |
| Total equity and liabilities | 10/49 | €315,449 | €346,923 | +€31,474 | +10.0% |
| Equity | 10/15 | €122,677 | €164,546 | +€41,869 | +34.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €119,082 | €145,946 | +€26,864 | +22.6% |
| Distributable reserves | 133 | €119,082 | €145,946 | +€26,864 | +22.6% |
| Profit (loss) carried forward | 14 | -€15,005 | - | +€15,005 | |
| Amounts payable | 17/49 | €192,772 | €182,377 | -€10,395 | -5.4% |
| Amounts payable after more than one year | 17 | €106,859 | €91,546 | -€15,314 | -14.3% |
| Financial debts | 170/4 | €94,359 | €79,046 | -€15,314 | -16.2% |
| Other amounts payable | 178/9 | €12,500 | €12,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €85,149 | €90,532 | +€5,382 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €14,881 | €15,314 | +€433 | +2.9% |
| Trade debts | 44 | €4,825 | €2,195 | -€2,630 | -54.5% |
| Suppliers | 440/4 | €4,825 | €2,195 | -€2,630 | -54.5% |
| Taxes, remuneration and social security | 45 | - | €3,642 | +€3,642 | |
| Taxes | 450/3 | - | €3,642 | +€3,642 | |
| Other amounts payable | 47/48 | €65,443 | €69,381 | +€3,938 | +6.0% |
| Accrued charges and deferred income | 492/3 | €763 | €300 | -€464 | -60.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,206 | €24,034 | -€1,173 | -4.7% |
| Other operating charges | 640/8 | €4,716 | €4,102 | -€614 | -13.0% |
| Gross operating margin | 9900 | €8,773 | €84,151 | +€75,379 | +859.2% |
| Operating profit (loss) | 9901 | -€21,150 | €56,016 | +€77,166 | |
| Financial income | 75/76B | €1 | €136 | +€135 | +13014.4% |
| Recurring financial income | 75 | €1 | €136 | +€135 | +13014.4% |
| Financial charges | 65/66B | €4,251 | €4,110 | -€141 | -3.3% |
| Recurring financial charges | 65 | €4,251 | €4,110 | -€141 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€25,400 | €52,042 | +€77,442 | |
| Income taxes | 67/77 | - | €10,173 | +€10,173 | |
| Profit (loss) for the period | 9904 | -€25,400 | €41,869 | +€67,269 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,400 | €41,869 | +€67,269 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.