ART THEMIS: 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 THEMIS
Largest movements
- Tangible fixed assets -€19,117
down €19,117 (-29.3%), from €65,354 to €46,237
of which Furniture and vehicles: -€15,050
- Receivables within one year +€13,099
up €13,099 (+55.9%), from €23,450 to €36,549
of which Trade receivables: +€8,606
- Cash +€10,076
up €10,076 (+5.6%), from €179,381 to €189,456
mainly Depreciation (+€19,601) and Net result for the year (+€12,387)
- Reserves +€12,000
up €12,000 (+5.8%), from €206,860 to €218,860
of which Distributable reserves: +€12,000
- Current portion of long-term debt -€3,486
down €3,486 (-100.0%), from €3,486 to €0
- Financial charges +€11,753
up €11,753 (+66.8%), from €17,586 to €29,339
- Staff costs +€9,773
up €9,773 (+13.9%), from €70,113 to €79,885
- Taxes -€6,313
down €6,313 (-44.4%), from €14,207 to €7,894
- Gross operating margin -€3,397
down €3,397 (-2.2%), from €154,115 to €150,718
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 | €268,485 | €274,228 | +€5,743 | +2.1% |
| Fixed assets | 21/28 | €65,354 | €46,237 | -€19,117 | -29.3% |
| Tangible fixed assets | 22/27 | €65,354 | €46,237 | -€19,117 | -29.3% |
| Land and buildings | 22 | €29,808 | €25,741 | -€4,067 | -13.6% |
| Furniture and vehicles | 24 | €35,546 | €20,496 | -€15,050 | -42.3% |
| Current assets | 29/58 | €203,131 | €227,991 | +€24,860 | +12.2% |
| Amounts receivable within one year | 40/41 | €23,450 | €36,549 | +€13,099 | +55.9% |
| Trade receivables | 40 | €22,525 | €31,132 | +€8,606 | +38.2% |
| Other amounts receivable | 41 | €925 | €5,418 | +€4,493 | +485.8% |
| Cash at bank and in hand | 54/58 | €179,381 | €189,456 | +€10,076 | +5.6% |
| Deferred charges and accrued income | 490/1 | €300 | €1,985 | +€1,685 | +561.6% |
| Total equity and liabilities | 10/49 | €268,485 | €274,228 | +€5,743 | +2.1% |
| Equity | 10/15 | €249,142 | €261,529 | +€12,387 | +5.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €206,860 | €218,860 | +€12,000 | +5.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €201,000 | €213,000 | +€12,000 | +6.0% |
| Profit (loss) carried forward | 14 | €36,082 | €36,469 | +€387 | +1.1% |
| Amounts payable | 17/49 | €19,343 | €12,699 | -€6,644 | -34.3% |
| Amounts payable within one year | 42/48 | €19,343 | €12,699 | -€6,644 | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €3,486 | €0 | -€3,486 | -100.0% |
| Trade debts | 44 | €5,237 | €2,856 | -€2,381 | -45.5% |
| Suppliers | 440/4 | €5,237 | €2,856 | -€2,381 | -45.5% |
| Taxes, remuneration and social security | 45 | €10,620 | €9,843 | -€777 | -7.3% |
| Taxes | 450/3 | €1,000 | €3,454 | +€2,454 | +245.4% |
| Remuneration and social security | 454/9 | €9,620 | €6,389 | -€3,232 | -33.6% |
| Remuneration, social security and pensions | 62 | €70,113 | €79,885 | +€9,773 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,275 | €19,601 | -€674 | -3.3% |
| Other operating charges | 640/8 | €2,599 | €2,680 | +€81 | +3.1% |
| Gross operating margin | 9900 | €154,115 | €150,718 | -€3,397 | -2.2% |
| Operating profit (loss) | 9901 | €61,128 | €48,553 | -€12,576 | -20.6% |
| Financial income | 75/76B | €453 | €1,068 | +€615 | +135.7% |
| Recurring financial income | 75 | €453 | €1,068 | +€615 | +135.7% |
| Financial charges | 65/66B | €17,586 | €29,339 | +€11,753 | +66.8% |
| Recurring financial charges | 65 | €17,586 | €29,339 | +€11,753 | +66.8% |
| Profit (loss) for the period before taxes | 9903 | €43,995 | €20,281 | -€23,714 | -53.9% |
| Income taxes | 67/77 | €14,207 | €7,894 | -€6,313 | -44.4% |
| Profit (loss) for the period | 9904 | €29,788 | €12,387 | -€17,401 | -58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,788 | €12,387 | -€17,401 | -58.4% |
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 11 October 2026 via checked.be.