Artagus Immo: 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.
What changed
Artagus Immo
NACE 68.121, Development of residential building projects
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10,700
2024 · €14,405-€3,705
Equity
€1.4m
2024 · €1.4m+€10,700
Cash
€85,869
2024 · €105,802-€19,933
Balance sheet total
€2.9m
2024 · €2.5m+€412,632
Largest movements
Assets
- Stocks and contracts +€455,613
up €455,613 (+279.4%), from €163,066 to €618,678
Equity and liabilities
- Debts after one year +€427,316
up €427,316 (+44.8%), from €954,605 to €1.4m
of which Other amounts payable: +€501,210
- Trade debts -€41,809
down €41,809 (-65.3%), from €64,027 to €22,218
Income statement
- Depreciation +€11,602
up €11,602 (+32.9%), from €35,295 to €46,897
- Other operating charges -€9,086
down €9,086 (-17.4%), from €52,201 to €43,115
- Gross operating margin -€8,431
down €8,431 (-6.1%), from €139,005 to €130,574
- Taxes -€4,041
down €4,041 (-28.1%), from €14,393 to €10,353
- Financial charges -€3,202
down €3,202 (-14.1%), from €22,711 to €19,509
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.
Result 2024
€14,405
Gross operating margin
-€8,431
Depreciation
-€11,602
Other operating charges
+€9,086
Financial charges
+€3,202
Taxes
+€4,041
Result 2025
€10,700
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.
From operations
-€417,479
Investment
-€33,202
Financing
+€430,748
Cash 2024
€105,802
From operations (derived)
-€417,479
Net result for the year
+€10,700
Depreciation
+€46,897
Stocks and contracts
-€455,613
Receivables within one year
+€6,937
Deferred charges and accrued income
+€2,415
Trade debts
-€41,809
Tax, wage and social debts
+€12,048
Smaller working-capital items
+€945
Investment (derived)
-€33,202
Investment in fixed assets (net)
-€33,202
Financing
+€430,748
Debts after one year
+€427,316
Current portion of long-term debt
+€3,432
Cash 2025
€85,869
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,510,732 | €2,923,365 | +€412,632 | +16.4% |
| Fixed assets | 21/28 | €2,205,421 | €2,191,726 | -€13,695 | -0.6% |
| Tangible fixed assets | 22/27 | €1,656,234 | €1,642,539 | -€13,695 | -0.8% |
| Land and buildings | 22 | €1,502,068 | €1,493,588 | -€8,480 | -0.6% |
| Plant, machinery and equipment | 23 | €154,166 | €148,951 | -€5,215 | -3.4% |
| Financial fixed assets | 28 | €549,187 | €549,187 | = | 0.0% |
| Current assets | 29/58 | €305,311 | €731,639 | +€426,327 | +139.6% |
| Stocks and contracts in progress | 3 | €163,066 | €618,678 | +€455,613 | +279.4% |
| Stocks | 30/36 | €163,066 | €618,678 | +€455,613 | +279.4% |
| Amounts receivable within one year | 40/41 | €33,907 | €26,970 | -€6,937 | -20.5% |
| Trade receivables | 40 | €25,036 | €2,999 | -€22,037 | -88.0% |
| Other amounts receivable | 41 | €8,871 | €23,971 | +€15,100 | +170.2% |
| Cash at bank and in hand | 54/58 | €105,802 | €85,869 | -€19,933 | -18.8% |
| Deferred charges and accrued income | 490/1 | €2,536 | €121 | -€2,415 | -95.2% |
| Total equity and liabilities | 10/49 | €2,510,732 | €2,923,365 | +€412,632 | +16.4% |
| Equity | 10/15 | €1,377,419 | €1,388,119 | +€10,700 | +0.8% |
| Contributions | 10/11 | €1,108,482 | €1,108,482 | = | 0.0% |
| Capital | 10 | €1,108,482 | €1,108,482 | = | 0.0% |
| Issued capital | 100 | €1,108,482 | €1,108,482 | = | 0.0% |
| Reserves | 13 | €193,113 | €193,648 | +€535 | +0.3% |
| Non-distributable reserves | 130/1 | €31,132 | €31,667 | +€535 | +1.7% |
| Legal reserve | 130 | €31,132 | €31,667 | +€535 | +1.7% |
| Distributable reserves | 133 | €161,981 | €161,981 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,824 | €85,989 | +€10,165 | +13.4% |
| Amounts payable | 17/49 | €1,133,313 | €1,535,246 | +€401,932 | +35.5% |
| Amounts payable after more than one year | 17 | €954,605 | €1,381,921 | +€427,316 | +44.8% |
| Financial debts | 170/4 | €354,605 | €280,711 | -€73,894 | -20.8% |
| Other amounts payable | 178/9 | €600,000 | €1,101,210 | +€501,210 | +83.5% |
| Amounts payable within one year | 42/48 | €148,903 | €122,553 | -€26,350 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €70,462 | €73,894 | +€3,432 | +4.9% |
| Trade debts | 44 | €64,027 | €22,218 | -€41,809 | -65.3% |
| Suppliers | 440/4 | €64,027 | €22,218 | -€41,809 | -65.3% |
| Taxes, remuneration and social security | 45 | €14,393 | €26,441 | +€12,048 | +83.7% |
| Taxes | 450/3 | €14,393 | €26,441 | +€12,048 | +83.7% |
| Other amounts payable | 47/48 | €21 | €0 | -€21 | -100.0% |
| Accrued charges and deferred income | 492/3 | €29,805 | €30,771 | +€966 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,295 | €46,897 | +€11,602 | +32.9% |
| Other operating charges | 640/8 | €52,201 | €43,115 | -€9,086 | -17.4% |
| Gross operating margin | 9900 | €139,005 | €130,574 | -€8,431 | -6.1% |
| Operating profit (loss) | 9901 | €51,510 | €40,562 | -€10,948 | -21.3% |
| Financial charges | 65/66B | €22,711 | €19,509 | -€3,202 | -14.1% |
| Recurring financial charges | 65 | €22,711 | €19,509 | -€3,202 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €28,798 | €21,053 | -€7,746 | -26.9% |
| Income taxes | 67/77 | €14,393 | €10,353 | -€4,041 | -28.1% |
| Profit (loss) for the period | 9904 | €14,405 | €10,700 | -€3,705 | -25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,405 | €10,700 | -€3,705 | -25.7% |
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.