ART-VEBO: 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-VEBO
Largest movements
- Tangible fixed assets -€4,681
down €4,681 (-42.6%), from €10,987 to €6,306
of which Plant, machinery and equipment: -€3,891
- Receivables within one year +€1,021
up €1,021 (+3,235%), from €32 to €1,052
- Profit (loss) carried forward -€28,547
down €28,547 (-32.1%), from -€88,874 to -€117,421
- Other debts +€18,177
up €18,177 (+27.4%), from €66,443 to €84,619
- Accrued charges and deferred income +€5,100
new in 2025: €5,100
- Trade debts +€3,784
up €3,784 (+3,949%), from €96 to €3,880
- Short-term financial debts -€2,200
down €2,200 (-17.4%), from €12,651 to €10,451
- Gross operating margin -€17,442
down €17,442 (-405%), from -€4,308 to -€21,750
- Other operating charges -€447
down €447 (-44.8%), from €997 to €550
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,119 | €16,433 | -€3,687 | -18.3% |
| Fixed assets | 21/28 | €10,987 | €6,306 | -€4,681 | -42.6% |
| Tangible fixed assets | 22/27 | €10,987 | €6,306 | -€4,681 | -42.6% |
| Plant, machinery and equipment | 23 | €8,158 | €4,267 | -€3,891 | -47.7% |
| Furniture and vehicles | 24 | €2,829 | €2,039 | -€790 | -27.9% |
| Current assets | 29/58 | €9,132 | €10,126 | +€994 | +10.9% |
| Stocks and contracts in progress | 3 | €8,670 | €8,631 | -€40 | -0.5% |
| Stocks | 30/36 | €8,670 | €8,631 | -€40 | -0.5% |
| Amounts receivable within one year | 40/41 | €32 | €1,052 | +€1,021 | +3,235% |
| Other amounts receivable | 41 | €32 | €1,052 | +€1,021 | +3,235% |
| Deferred charges and accrued income | 490/1 | €430 | €443 | +€13 | +2.9% |
| Total equity and liabilities | 10/49 | €20,119 | €16,433 | -€3,687 | -18.3% |
| Equity | 10/15 | -€60,938 | -€89,485 | -€28,547 | -46.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €8,936 | €8,936 | = | 0.0% |
| Distributable reserves | 133 | €8,936 | €8,936 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,874 | -€117,421 | -€28,547 | -32.1% |
| Amounts payable | 17/49 | €81,057 | €105,918 | +€24,861 | +30.7% |
| Amounts payable within one year | 42/48 | €81,057 | €100,818 | +€19,761 | +24.4% |
| Financial debts | 43 | €12,651 | €10,451 | -€2,200 | -17.4% |
| Credit institutions | 430/8 | €12,651 | €10,451 | -€2,200 | -17.4% |
| Trade debts | 44 | €96 | €3,880 | +€3,784 | +3,949% |
| Suppliers | 440/4 | €96 | €3,880 | +€3,784 | +3,949% |
| Taxes, remuneration and social security | 45 | €1,868 | €1,868 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,868 | €1,868 | = | 0.0% |
| Other amounts payable | 47/48 | €66,443 | €84,619 | +€18,177 | +27.4% |
| Accrued charges and deferred income | 492/3 | - | €5,100 | +€5,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,600 | €4,681 | +€81 | +1.8% |
| Other operating charges | 640/8 | €997 | €550 | -€447 | -44.8% |
| Gross operating margin | 9900 | -€4,308 | -€21,750 | -€17,442 | -405% |
| Operating profit (loss) | 9901 | -€9,905 | -€26,981 | -€17,076 | -172% |
| Financial income | 75/76B | €0 | €0 | -€0 | -90.9% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -90.9% |
| Financial charges | 65/66B | €1,659 | €1,566 | -€93 | -5.6% |
| Recurring financial charges | 65 | €1,659 | €1,566 | -€93 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,564 | -€28,547 | -€16,983 | -147% |
| Profit (loss) for the period | 9904 | -€11,564 | -€28,547 | -€16,983 | -147% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,564 | -€28,547 | -€16,983 | -147% |
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 26 October 2026 via checked.be.