ARTBEL: 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.
ARTBEL
Largest movements
- Cash -€549,672
down €549,672 (-90.0%), from €610,851 to €61,179
mainly Investment in fixed assets (net) (-€640,965) and Receivables within one year (-€413,798)
- Receivables within one year +€413,798
up €413,798 (+77.1%), from €536,386 to €950,184
of which Trade receivables: +€415,502
- Tangible fixed assets +€254,279
up €254,279 (+25.5%), from €998,221 to €1.3m
of which Furniture and vehicles: +€279,406
- Trade debts +€179,234
up €179,234 (+216%), from €83,136 to €262,369
- Reserves +€100,000
up €100,000 (+6.1%), from €1.6m to €1.7m
of which Distributable reserves: +€100,000
- Other debts -€92,961
down €92,961 (-90.0%), from €103,336 to €10,375
- Gross operating margin +€178,120
up €178,120 (+19.6%), from €909,769 to €1.1m
- Financial income +€23,044
up €23,044 (+536%), from €4,303 to €27,347
- Depreciation +€22,517
up €22,517 (+6.5%), from €347,369 to €369,886
- Staff costs -€15,223
down €15,223 (-2.5%), from €618,359 to €603,136
- Other operating charges +€14,921
up €14,921 (+173%), from €8,622 to €23,543
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
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 | €2,310,398 | €2,446,471 | +€136,073 | +5.9% |
| Fixed assets | 21/28 | €1,137,782 | €1,408,861 | +€271,079 | +23.8% |
| Tangible fixed assets | 22/27 | €998,221 | €1,252,500 | +€254,279 | +25.5% |
| Land and buildings | 22 | €292,091 | €269,501 | -€22,591 | -7.7% |
| Plant, machinery and equipment | 23 | €3,877 | €1,341 | -€2,536 | -65.4% |
| Furniture and vehicles | 24 | €702,252 | €981,659 | +€279,406 | +39.8% |
| Financial fixed assets | 28 | €139,561 | €156,361 | +€16,800 | +12.0% |
| Current assets | 29/58 | €1,172,616 | €1,037,610 | -€135,006 | -11.5% |
| Amounts receivable within one year | 40/41 | €536,386 | €950,184 | +€413,798 | +77.1% |
| Trade receivables | 40 | €320,469 | €735,971 | +€415,502 | +130% |
| Other amounts receivable | 41 | €215,918 | €214,214 | -€1,704 | -0.8% |
| Cash at bank and in hand | 54/58 | €610,851 | €61,179 | -€549,672 | -90.0% |
| Deferred charges and accrued income | 490/1 | €25,379 | €26,247 | +€868 | +3.4% |
| Total equity and liabilities | 10/49 | €2,310,398 | €2,446,471 | +€136,073 | +5.9% |
| Equity | 10/15 | €1,991,470 | €2,089,786 | +€98,316 | +4.9% |
| Contributions | 10/11 | €152,000 | €152,000 | = | 0.0% |
| Capital | 10 | €152,000 | €152,000 | = | 0.0% |
| Issued capital | 100 | €152,000 | €152,000 | = | 0.0% |
| Reserves | 13 | €1,645,200 | €1,745,200 | +€100,000 | +6.1% |
| Non-distributable reserves | 130/1 | €15,200 | €15,200 | = | 0.0% |
| Legal reserve | 130 | €15,200 | €15,200 | = | 0.0% |
| Distributable reserves | 133 | €1,630,000 | €1,730,000 | +€100,000 | +6.1% |
| Profit (loss) carried forward | 14 | €170,087 | €173,932 | +€3,845 | +2.3% |
| Investment grants | 15 | €24,184 | €18,655 | -€5,529 | -22.9% |
| Amounts payable | 17/49 | €318,927 | €356,685 | +€37,757 | +11.8% |
| Amounts payable after more than one year | 17 | €21,726 | - | -€21,726 | |
| Financial debts | 170/4 | €21,726 | - | -€21,726 | |
| Amounts payable within one year | 42/48 | €296,866 | €356,527 | +€59,661 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €32,104 | €21,726 | -€10,378 | -32.3% |
| Trade debts | 44 | €83,136 | €262,369 | +€179,234 | +216% |
| Suppliers | 440/4 | €83,136 | €262,369 | +€179,234 | +216% |
| Taxes, remuneration and social security | 45 | €78,290 | €62,057 | -€16,233 | -20.7% |
| Taxes | 450/3 | €22,786 | €11,791 | -€10,995 | -48.3% |
| Remuneration and social security | 454/9 | €55,504 | €50,266 | -€5,239 | -9.4% |
| Other amounts payable | 47/48 | €103,336 | €10,375 | -€92,961 | -90.0% |
| Accrued charges and deferred income | 492/3 | €335 | €158 | -€177 | -52.9% |
| Remuneration, social security and pensions | 62 | €618,359 | €603,136 | -€15,223 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €347,369 | €369,886 | +€22,517 | +6.5% |
| Other operating charges | 640/8 | €8,622 | €23,543 | +€14,921 | +173% |
| Non-recurring operating charges | 66A | €2,224 | €210 | -€2,014 | -90.6% |
| Gross operating margin | 9900 | €909,769 | €1,087,889 | +€178,120 | +19.6% |
| Operating profit (loss) | 9901 | -€66,806 | €91,113 | +€157,919 | |
| Financial income | 75/76B | €4,303 | €27,347 | +€23,044 | +536% |
| Recurring financial income | 75 | €4,303 | €27,347 | +€23,044 | +536% |
| Financial charges | 65/66B | €14,176 | €5,124 | -€9,052 | -63.9% |
| Recurring financial charges | 65 | €14,176 | €5,124 | -€9,052 | -63.9% |
| Profit (loss) for the period before taxes | 9903 | -€76,679 | €113,336 | +€190,015 | |
| Income taxes | 67/77 | €334 | €9,491 | +€9,157 | +2,742% |
| Profit (loss) for the period | 9904 | -€77,013 | €103,845 | +€180,858 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,013 | €103,845 | +€180,858 |
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 15 October 2026 via checked.be.