ARTAX: 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.
ARTAX
Largest movements
- Tangible fixed assets -€149,044
down €149,044 (-96.8%), from €154,014 to €4,970
of which Land and buildings: -€152,959
- Receivables within one year -€13,997
down €13,997 (-22.2%), from €62,995 to €48,998
of which Other amounts receivable: -€13,062
- Cash +€9,075
up €9,075 (+12.7%), from €71,573 to €80,648
mainly Investment in fixed assets (net) (+€147,875) and Net result for the year (+€28,279)
- Reserves -€128,589
down €128,589 (-87.7%), from €146,594 to €18,005
- Profit (loss) carried forward -€56,557
down €56,557 (-66.7%), from €84,836 to €28,279
- Other debts +€19,392
new in 2025: €19,392
- Trade debts +€12,014
up €12,014 (+347.2%), from €3,460 to €15,474
- Tax, wage and social debts +€11,662
up €11,662 (+109.2%), from €10,676 to €22,338
of which Taxes: +€6,070
- Financial income -€36,837
down €36,837 (-99.8%), from €36,901 to €64
of which Non-recurring financial income: -€33,726
- Gross operating margin +€28,344
up €28,344 (+35.0%), from €81,003 to €109,347
- Depreciation -€16,464
down €16,464 (-93.4%), from €17,633 to €1,169
- Staff costs +€7,571
up €7,571 (+15.6%), from €48,608 to €56,179
- Financial charges -€1,900
down €1,900 (-19.5%), from €9,740 to €7,840
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 | €389,289 | €231,655 | -€157,635 | -40.5% |
| Fixed assets | 21/28 | €158,468 | €9,424 | -€149,044 | -94.1% |
| Tangible fixed assets | 22/27 | €154,014 | €4,970 | -€149,044 | -96.8% |
| Land and buildings | 22 | €152,959 | €0 | -€152,959 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,055 | €4,970 | +€3,915 | +371.1% |
| Financial fixed assets | 28 | €4,454 | €4,454 | = | 0.0% |
| Current assets | 29/58 | €230,822 | €222,231 | -€8,590 | -3.7% |
| Stocks and contracts in progress | 3 | €93,216 | €90,495 | -€2,721 | -2.9% |
| Stocks | 30/36 | €93,216 | €90,495 | -€2,721 | -2.9% |
| Amounts receivable within one year | 40/41 | €62,995 | €48,998 | -€13,997 | -22.2% |
| Trade receivables | 40 | €48,385 | €47,449 | -€936 | -1.9% |
| Other amounts receivable | 41 | €14,610 | €1,549 | -€13,062 | -89.4% |
| Cash at bank and in hand | 54/58 | €71,573 | €80,648 | +€9,075 | +12.7% |
| Deferred charges and accrued income | 490/1 | €3,037 | €2,091 | -€946 | -31.2% |
| Total equity and liabilities | 10/49 | €389,289 | €231,655 | -€157,635 | -40.5% |
| Equity | 10/15 | €265,030 | €79,884 | -€185,146 | -69.9% |
| Contributions | 10/11 | €33,600 | €33,600 | = | 0.0% |
| Reserves | 13 | €146,594 | €18,005 | -€128,589 | -87.7% |
| Distributable reserves | 133 | €146,594 | €18,005 | -€128,589 | -87.7% |
| Profit (loss) carried forward | 14 | €84,836 | €28,279 | -€56,557 | -66.7% |
| Amounts payable | 17/49 | €124,259 | €151,771 | +€27,512 | +22.1% |
| Amounts payable after more than one year | 17 | €5,867 | €1,371 | -€4,495 | -76.6% |
| Financial debts | 170/4 | €5,867 | €1,371 | -€4,495 | -76.6% |
| Amounts payable within one year | 42/48 | €115,351 | €147,488 | +€32,136 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €17,072 | €7,195 | -€9,878 | -57.9% |
| Financial debts | 43 | €84,143 | €83,089 | -€1,054 | -1.3% |
| Credit institutions | 430/8 | €76,643 | €75,589 | -€1,054 | -1.4% |
| Other loans | 439 | €7,500 | €7,500 | = | 0.0% |
| Trade debts | 44 | €3,460 | €15,474 | +€12,014 | +347.2% |
| Suppliers | 440/4 | €3,460 | €15,474 | +€12,014 | +347.2% |
| Taxes, remuneration and social security | 45 | €10,676 | €22,338 | +€11,662 | +109.2% |
| Taxes | 450/3 | €4,850 | €10,920 | +€6,070 | +125.2% |
| Remuneration and social security | 454/9 | €5,826 | €11,418 | +€5,592 | +96.0% |
| Other amounts payable | 47/48 | - | €19,392 | +€19,392 | |
| Accrued charges and deferred income | 492/3 | €3,041 | €2,912 | -€129 | -4.2% |
| Remuneration, social security and pensions | 62 | €48,608 | €56,179 | +€7,571 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,633 | €1,169 | -€16,464 | -93.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €277 | €0 | -€277 | -100.0% |
| Other operating charges | 640/8 | €3,651 | €4,708 | +€1,057 | +28.9% |
| Gross operating margin | 9900 | €81,003 | €109,347 | +€28,344 | +35.0% |
| Operating profit (loss) | 9901 | €10,833 | €47,290 | +€36,457 | +336.5% |
| Financial income | 75/76B | €36,901 | €64 | -€36,837 | -99.8% |
| Recurring financial income | 75 | €3,175 | €64 | -€3,111 | -98.0% |
| Non-recurring financial income | 76B | €33,726 | €0 | -€33,726 | -100.0% |
| Financial charges | 65/66B | €9,740 | €7,840 | -€1,900 | -19.5% |
| Recurring financial charges | 65 | €9,740 | €7,840 | -€1,900 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €37,994 | €39,514 | +€1,520 | +4.0% |
| Income taxes | 67/77 | €9,707 | €11,235 | +€1,528 | +15.7% |
| Profit (loss) for the period | 9904 | €28,287 | €28,279 | -€8 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,287 | €28,279 | -€8 | 0.0% |
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.