ARTE MA: 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
ARTE MA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€84,936
2024 · €114,922-€29,987
Equity
-€722,659
2024 · -€807,595+€84,936
Cash
€5,460
2024 · €880+€4,581
Balance sheet total
€8.1m
2024 · €8.5m-€315,487
Largest movements
Assets
- Tangible fixed assets -€254,647
down €254,647 (-3.0%), from €8.4m to €8.1m
of which Land and buildings: -€165,767
Equity and liabilities
- Debts after one year -€489,673
down €489,673 (-5.6%), from €8.7m to €8.2m
of which Financial debts: -€477,546
- Profit (loss) carried forward +€93,822
up €93,822 (+8.2%), from -€1.1m to -€1.0m
Income statement
- Gross operating margin -€98,880
down €98,880 (-11.7%), from €847,634 to €748,754
- Other operating charges -€46,175
down €46,175 (-32.0%), from €144,416 to €98,241
- Financial charges -€27,066
down €27,066 (-11.0%), from €245,241 to €218,175
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
€114,922
Gross operating margin
-€98,880
Depreciation
-€4,346
Other operating charges
+€46,175
Financial income
-€1
Financial charges
+€27,066
Result 2025
€84,936
raises the resultlowers the result
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.
From operations
+€581,481
Investment
-€95,717
Financing
-€481,184
Cash 2024
€880
From operations (derived)
+€581,481
Net result for the year
+€84,936
Depreciation
+€350,364
Receivables within one year
+€66,995
Deferred charges and accrued income
-€1,575
Provisions
-€2,962
Trade debts
+€83,723
Investment (derived)
-€95,717
Investment in fixed assets (net)
-€95,717
Financing
-€481,184
Debts after one year
-€489,673
Current portion of long-term debt
+€8,489
Cash 2025
€5,460
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,456,956 | €8,141,469 | -€315,487 | -3.7% |
| Fixed assets | 21/28 | €8,387,984 | €8,133,336 | -€254,647 | -3.0% |
| Tangible fixed assets | 22/27 | €8,387,984 | €8,133,336 | -€254,647 | -3.0% |
| Land and buildings | 22 | €8,013,894 | €7,848,126 | -€165,767 | -2.1% |
| Other tangible fixed assets | 26 | €374,090 | €285,210 | -€88,880 | -23.8% |
| Current assets | 29/58 | €68,972 | €8,133 | -€60,840 | -88.2% |
| Amounts receivable within one year | 40/41 | €66,995 | - | -€66,995 | |
| Trade receivables | 40 | €66,995 | - | -€66,995 | |
| Cash at bank and in hand | 54/58 | €880 | €5,460 | +€4,581 | +521% |
| Deferred charges and accrued income | 490/1 | €1,098 | €2,672 | +€1,575 | +143% |
| Total equity and liabilities | 10/49 | €8,456,956 | €8,141,469 | -€315,487 | -3.7% |
| Equity | 10/15 | -€807,595 | -€722,659 | +€84,936 | +10.5% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €207,340 | €198,454 | -€8,886 | -4.3% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €194,840 | €185,954 | -€8,886 | -4.6% |
| Profit (loss) carried forward | 14 | -€1,139,935 | -€1,046,113 | +€93,822 | +8.2% |
| Provisions and deferred taxes | 16 | €64,431 | €61,469 | -€2,962 | -4.6% |
| Deferred taxes | 168 | €64,431 | €61,469 | -€2,962 | -4.6% |
| Amounts payable | 17/49 | €9,200,120 | €8,802,659 | -€397,461 | -4.3% |
| Amounts payable after more than one year | 17 | €8,724,871 | €8,235,198 | -€489,673 | -5.6% |
| Financial debts | 170/4 | €5,707,998 | €5,230,451 | -€477,546 | -8.4% |
| Other amounts payable | 178/9 | €3,016,873 | €3,004,746 | -€12,126 | -0.4% |
| Amounts payable within one year | 42/48 | €475,249 | €567,461 | +€92,212 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €469,057 | €477,546 | +€8,489 | +1.8% |
| Trade debts | 44 | €6,192 | €89,915 | +€83,723 | +1,352% |
| Suppliers | 440/4 | €6,192 | €89,915 | +€83,723 | +1,352% |
| Non-recurring operating income | 76A | - | €13,336 | +€13,336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €346,018 | €350,364 | +€4,346 | +1.3% |
| Other operating charges | 640/8 | €144,416 | €98,241 | -€46,175 | -32.0% |
| Gross operating margin | 9900 | €847,634 | €748,754 | -€98,880 | -11.7% |
| Operating profit (loss) | 9901 | €357,200 | €300,149 | -€57,051 | -16.0% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €245,241 | €218,175 | -€27,066 | -11.0% |
| Recurring financial charges | 65 | €245,241 | €218,175 | -€27,066 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €111,960 | €81,974 | -€29,987 | -26.8% |
| Transfer from deferred taxes | 780 | €2,962 | €2,962 | = | 0.0% |
| Profit (loss) for the period | 9904 | €114,922 | €84,936 | -€29,987 | -26.1% |
| Transfer from tax-exempt reserves | 789 | €8,886 | €8,886 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €123,808 | €93,822 | -€29,987 | -24.2% |
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 18 October 2026 via checked.be.