Artales: 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.
Artales
Largest movements
- Current investments +€4.1m
up €4.1m (+13.7%), from €29.7m to €33.7m
- Receivables within one year +€1.7m
up €1.7m (+23.9%), from €7.3m to €9.1m
of which Other amounts receivable: +€1.7m
- Cash -€820,099
down €820,099 (-22.5%), from €3.7m to €2.8m
mainly Current investments (-€4.1m) and Receivables within one year (-€1.7m)
- Reserves +€4.9m
up €4.9m (+12.4%), from €39.9m to €44.8m
of which Distributable reserves: +€4.0m
- Financial income -€4.1m
down €4.1m (-72.5%), from €5.6m to €1.6m
- Gross operating margin -€771,342
down €771,342 (-10.5%), from €7.3m to €6.6m
- Taxes -€289,057
down €289,057 (-16.1%), from €1.8m to €1.5m
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 | €40,768,722 | €45,762,139 | +€5.0m | +12.2% |
| Fixed assets | 21/28 | €19,859 | €13,085 | -€6,774 | -34.1% |
| Tangible fixed assets | 22/27 | €19,859 | €13,085 | -€6,774 | -34.1% |
| Furniture and vehicles | 24 | €4,171 | €2,725 | -€1,446 | -34.7% |
| Other tangible fixed assets | 26 | €15,688 | €10,359 | -€5,328 | -34.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €40,748,863 | €45,749,055 | +€5.0m | +12.3% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,331,232 | €9,080,316 | +€1.7m | +23.9% |
| Trade receivables | 40 | €169,410 | €177,191 | +€7,781 | +4.6% |
| Other amounts receivable | 41 | €7,161,822 | €8,903,126 | +€1.7m | +24.3% |
| Current investments | 50/53 | €29,658,506 | €33,726,808 | +€4.1m | +13.7% |
| Cash at bank and in hand | 54/58 | €3,650,916 | €2,830,818 | -€820,099 | -22.5% |
| Deferred charges and accrued income | 490/1 | €8,209 | €11,113 | +€2,904 | +35.4% |
| Total equity and liabilities | 10/49 | €40,768,722 | €45,762,139 | +€5.0m | +12.2% |
| Equity | 10/15 | €39,898,486 | €44,846,506 | +€4.9m | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,879,886 | €44,827,906 | +€4.9m | +12.4% |
| Tax-exempt reserves | 132 | - | €997,770 | +€997,770 | |
| Distributable reserves | 133 | €39,879,886 | €43,830,136 | +€4.0m | +9.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €870,236 | €915,634 | +€45,398 | +5.2% |
| Amounts payable within one year | 42/48 | €870,236 | €915,634 | +€45,398 | +5.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €425,162 | €406,833 | -€18,329 | -4.3% |
| Suppliers | 440/4 | €425,162 | €406,833 | -€18,329 | -4.3% |
| Taxes, remuneration and social security | 45 | €45,074 | €8,801 | -€36,273 | -80.5% |
| Taxes | 450/3 | €36,577 | €0 | -€36,577 | -100.0% |
| Remuneration and social security | 454/9 | €8,497 | €8,801 | +€304 | +3.6% |
| Other amounts payable | 47/48 | €400,000 | €500,000 | +€100,000 | +25.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €24,200 | €0 | -€24,200 | -100.0% |
| Remuneration, social security and pensions | 62 | €65,935 | €68,570 | +€2,635 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,254 | €6,774 | +€521 | +8.3% |
| Other operating charges | 640/8 | €4,505 | €2,729 | -€1,776 | -39.4% |
| Gross operating margin | 9900 | €7,323,252 | €6,551,910 | -€771,342 | -10.5% |
| Operating profit (loss) | 9901 | €7,246,558 | €6,473,837 | -€772,722 | -10.7% |
| Financial income | 75/76B | €5,648,513 | €1,555,875 | -€4.1m | -72.5% |
| Recurring financial income | 75 | €5,648,513 | €1,555,875 | -€4.1m | -72.5% |
| Financial charges | 65/66B | €1,032,385 | €1,073,687 | +€41,302 | +4.0% |
| Recurring financial charges | 65 | €1,032,385 | €1,073,687 | +€41,302 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €11,862,686 | €6,956,025 | -€4.9m | -41.4% |
| Income taxes | 67/77 | €1,797,062 | €1,508,005 | -€289,057 | -16.1% |
| Profit (loss) for the period | 9904 | €10,065,624 | €5,448,020 | -€4.6m | -45.9% |
| Transfer to tax-exempt reserves | 689 | - | €997,770 | +€997,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,065,624 | €4,450,250 | -€5.6m | -55.8% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.