ARTEBEL: what changed
Two fiscal 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.
ARTEBEL
Largest movements
- Stocks and contracts -€43,131
down €43,131 (-38.3%), from €112,600 to €69,469
- Receivables within one year +€18,251
up €18,251 (+387.5%), from €4,710 to €22,961
of which Other amounts receivable: +€22,864
- Cash +€13,260
up €13,260 (+23.3%), from €57,005 to €70,265
mainly Stocks and contracts (+€43,131) and Tax, wage and social debts (+€15,225)
- Tangible fixed assets +€4,725
up €4,725 (+9.5%), from €49,734 to €54,459
of which Other tangible fixed assets: +€14,126
- Reserves -€21,740
down €21,740 (-29.0%), from €74,916 to €53,176
of which Distributable reserves: -€21,740
- Tax, wage and social debts +€15,225
up €15,225 (+33.7%), from €45,157 to €60,382
of which Taxes: +€9,114
- Current portion of long-term debt +€10,222
up €10,222 (+125.2%), from €8,163 to €18,385
- Trade debts -€8,885
down €8,885 (-61.5%), from €14,440 to €5,554
- Debts after one year +€5,209
up €5,209 (+40.4%), from €12,879 to €18,088
- Staff costs +€28,966
up €28,966 (+37.4%), from €77,542 to €106,509
- Financial charges +€9,623
up €9,623 (+143.0%), from €6,728 to €16,351
- Taxes -€6,816
down €6,816 (-94.0%), from €7,252 to €436
- Depreciation +€1,530
up €1,530 (+11.3%), from €13,528 to €15,058
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 | €228,023 | €222,558 | -€5,465 | -2.4% |
| Fixed assets | 21/28 | €49,734 | €54,459 | +€4,725 | +9.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €49,734 | €54,459 | +€4,725 | +9.5% |
| Plant, machinery and equipment | 23 | €14,345 | €14,104 | -€241 | -1.7% |
| Furniture and vehicles | 24 | €20,380 | €14,821 | -€5,559 | -27.3% |
| Leasing and similar rights | 25 | €3,600 | - | -€3,600 | |
| Other tangible fixed assets | 26 | €11,409 | €25,534 | +€14,126 | +123.8% |
| Current assets | 29/58 | €178,289 | €168,099 | -€10,190 | -5.7% |
| Stocks and contracts in progress | 3 | €112,600 | €69,469 | -€43,131 | -38.3% |
| Stocks | 30/36 | €112,600 | €69,469 | -€43,131 | -38.3% |
| Amounts receivable within one year | 40/41 | €4,710 | €22,961 | +€18,251 | +387.5% |
| Trade receivables | 40 | €4,710 | €98 | -€4,612 | -97.9% |
| Other amounts receivable | 41 | - | €22,864 | +€22,864 | |
| Cash at bank and in hand | 54/58 | €57,005 | €70,265 | +€13,260 | +23.3% |
| Deferred charges and accrued income | 490/1 | €3,975 | €5,404 | +€1,429 | +36.0% |
| Total equity and liabilities | 10/49 | €228,023 | €222,558 | -€5,465 | -2.4% |
| Equity | 10/15 | €143,516 | €120,149 | -€23,367 | -16.3% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €74,916 | €53,176 | -€21,740 | -29.0% |
| Non-distributable reserves | 130/1 | €2,800 | €2,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,800 | €2,800 | = | 0.0% |
| Distributable reserves | 133 | €72,116 | €50,376 | -€21,740 | -30.1% |
| Profit (loss) carried forward | 14 | - | -€1,627 | -€1,627 | |
| Amounts payable | 17/49 | €84,507 | €102,409 | +€17,902 | +21.2% |
| Amounts payable after more than one year | 17 | €12,879 | €18,088 | +€5,209 | +40.4% |
| Financial debts | 170/4 | €12,879 | €18,088 | +€5,209 | +40.4% |
| Amounts payable within one year | 42/48 | €71,435 | €84,321 | +€12,886 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €8,163 | €18,385 | +€10,222 | +125.2% |
| Trade debts | 44 | €14,440 | €5,554 | -€8,885 | -61.5% |
| Suppliers | 440/4 | €14,440 | €5,554 | -€8,885 | -61.5% |
| Taxes, remuneration and social security | 45 | €45,157 | €60,382 | +€15,225 | +33.7% |
| Taxes | 450/3 | €33,737 | €42,851 | +€9,114 | +27.0% |
| Remuneration and social security | 454/9 | €11,420 | €17,531 | +€6,111 | +53.5% |
| Other amounts payable | 47/48 | €3,675 | - | -€3,675 | |
| Accrued charges and deferred income | 492/3 | €194 | - | -€194 | |
| Non-recurring operating income | 76A | - | €2,200 | +€2,200 | |
| Remuneration, social security and pensions | 62 | €77,542 | €106,509 | +€28,966 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,528 | €15,058 | +€1,530 | +11.3% |
| Other operating charges | 640/8 | €3,088 | €2,809 | -€279 | -9.0% |
| Non-recurring operating charges | 66A | - | €2,914 | +€2,914 | |
| Gross operating margin | 9900 | €118,124 | €119,142 | +€1,018 | +0.9% |
| Operating profit (loss) | 9901 | €23,966 | -€8,147 | -€32,113 | |
| Financial income | 75/76B | €773 | €1,567 | +€793 | +102.6% |
| Recurring financial income | 75 | €773 | €1,567 | +€793 | +102.6% |
| Financial charges | 65/66B | €6,728 | €16,351 | +€9,623 | +143.0% |
| Recurring financial charges | 65 | €6,728 | €16,351 | +€9,623 | +143.0% |
| Profit (loss) for the period before taxes | 9903 | €18,012 | -€22,931 | -€40,943 | |
| Income taxes | 67/77 | €7,252 | €436 | -€6,816 | -94.0% |
| Profit (loss) for the period | 9904 | €10,760 | -€23,367 | -€34,127 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,760 | -€23,367 | -€34,127 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.