ARTEBEAU: 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.
ARTEBEAU
Largest movements
- Stocks and contracts -€1.3m
down €1.3m (-56.4%), from €2.4m to €1.0m
- Tangible fixed assets +€932,151
up €932,151 (+379%), from €245,958 to €1.2m
of which Land and buildings: +€830,993
- Cash +€187,732
up €187,732 (+30.1%), from €624,446 to €812,178
mainly Stocks and contracts (+€1.3m) and Other debts (+€176,685)
- Receivables within one year +€58,746
up €58,746 (+26.6%), from €221,027 to €279,773
of which Trade receivables: +€83,527
- Trade debts -€257,062
down €257,062 (-39.6%), from €648,756 to €391,694
- Other debts +€176,685
up €176,685 (+12.4%), from €1.4m to €1.6m
- Gross operating margin +€1.6m
up €1.6m, from -€1.3m to €349,710
- Staff costs +€180,156
up €180,156 (+210%), from €85,782 to €265,938
- Financial income -€27,547
down €27,547 (-100.0%), from €27,550 to €3
- Depreciation -€14,680
down €14,680 (-17.9%), from €81,929 to €67,250
- Financial charges -€14,439
down €14,439 (-53.4%), from €27,047 to €12,607
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 | €3,455,238 | €3,304,669 | -€150,570 | -4.4% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €247,728 | €1,179,878 | +€932,151 | +376% |
| Tangible fixed assets | 22/27 | €245,958 | €1,178,108 | +€932,151 | +379% |
| Land and buildings | 22 | - | €830,993 | +€830,993 | |
| Plant, machinery and equipment | 23 | €818 | €17,528 | +€16,710 | +2,042% |
| Furniture and vehicles | 24 | €226,737 | €319,317 | +€92,580 | +40.8% |
| Leasing and similar rights | 25 | €18,402 | €10,271 | -€8,132 | -44.2% |
| Financial fixed assets | 28 | €1,770 | €1,770 | = | 0.0% |
| Current assets | 29/58 | €3,207,511 | €2,124,790 | -€1.1m | -33.8% |
| Stocks and contracts in progress | 3 | €2,359,392 | €1,027,846 | -€1.3m | -56.4% |
| Contracts in progress | 37 | €2,359,392 | €1,027,846 | -€1.3m | -56.4% |
| Amounts receivable within one year | 40/41 | €221,027 | €279,773 | +€58,746 | +26.6% |
| Trade receivables | 40 | €196,246 | €279,773 | +€83,527 | +42.6% |
| Other amounts receivable | 41 | €24,781 | - | -€24,781 | |
| Cash at bank and in hand | 54/58 | €624,446 | €812,178 | +€187,732 | +30.1% |
| Deferred charges and accrued income | 490/1 | €2,646 | €4,994 | +€2,348 | +88.8% |
| Total equity and liabilities | 10/49 | €3,455,238 | €3,304,669 | -€150,570 | -4.4% |
| Equity | 10/15 | €860,983 | €861,583 | +€600 | +0.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €940,855 | €940,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €939,000 | €939,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€98,422 | -€97,822 | +€600 | +0.6% |
| Amounts payable | 17/49 | €2,594,256 | €2,443,086 | -€151,170 | -5.8% |
| Amounts payable after more than one year | 17 | €149,920 | €143,539 | -€6,381 | -4.3% |
| Financial debts | 170/4 | €149,920 | €143,539 | -€6,381 | -4.3% |
| Amounts payable within one year | 42/48 | €2,442,709 | €2,298,685 | -€144,024 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €77,950 | €55,908 | -€22,042 | -28.3% |
| Financial debts | 43 | €124,750 | €116,298 | -€8,452 | -6.8% |
| Credit institutions | 430/8 | €8,452 | - | -€8,452 | |
| Other loans | 439 | €116,298 | €116,298 | = | 0.0% |
| Trade debts | 44 | €648,756 | €391,694 | -€257,062 | -39.6% |
| Suppliers | 440/4 | €648,756 | €391,694 | -€257,062 | -39.6% |
| Taxes, remuneration and social security | 45 | €160,734 | €127,581 | -€33,153 | -20.6% |
| Taxes | 450/3 | €151,020 | €98,067 | -€52,953 | -35.1% |
| Remuneration and social security | 454/9 | €9,714 | €29,514 | +€19,800 | +204% |
| Other amounts payable | 47/48 | €1,430,520 | €1,607,205 | +€176,685 | +12.4% |
| Accrued charges and deferred income | 492/3 | €1,626 | €861 | -€765 | -47.1% |
| Non-recurring operating income | 76A | €16,000 | - | -€16,000 | |
| Remuneration, social security and pensions | 62 | €85,782 | €265,938 | +€180,156 | +210% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,929 | €67,250 | -€14,680 | -17.9% |
| Other operating charges | 640/8 | €3,071 | €2,876 | -€195 | -6.4% |
| Gross operating margin | 9900 | -€1,289,327 | €349,710 | +€1.6m | |
| Operating profit (loss) | 9901 | -€1,460,110 | €13,646 | +€1.5m | |
| Financial income | 75/76B | €27,550 | €3 | -€27,547 | -100.0% |
| Recurring financial income | 75 | €27,550 | €3 | -€27,547 | -100.0% |
| Financial charges | 65/66B | €27,047 | €12,607 | -€14,439 | -53.4% |
| Recurring financial charges | 65 | €27,047 | €12,607 | -€14,439 | -53.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,459,606 | €1,042 | +€1.5m | |
| Income taxes | 67/77 | €219 | €441 | +€222 | +101% |
| Profit (loss) for the period | 9904 | -€1,459,826 | €600 | +€1.5m | |
| Transfer from tax-exempt reserves | 789 | €421,000 | - | -€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,038,826 | €600 | +€1.0m |
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 22 October 2026 via checked.be.