ARTEBELLE: 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.
ARTEBELLE
Largest movements
- Stocks and contracts +€1.0m
up €1.0m (+65.9%), from €1.5m to €2.5m
- Cash -€450,601
down €450,601 (-82.6%), from €545,501 to €94,900
mainly Stocks and contracts (-€1.0m) and Receivables within one year (-€161,229)
- Receivables within one year +€161,229
up €161,229 (+19.6%), from €820,664 to €981,893
of which Other amounts receivable: +€162,092
- Short-term financial debts +€241,128
up €241,128 (+28.0%), from €860,472 to €1.1m
- Reserves +€230,250
up €230,250 (+28.6%), from €804,425 to €1.0m
of which Distributable reserves: +€251,300
- Other debts +€225,000
up €225,000 (+41.7%), from €540,000 to €765,000
- Gross operating margin +€280,803
up €280,803 (+237%), from €118,517 to €399,319
- Taxes +€77,433
up €77,433 (+744%), from €10,406 to €87,839
- Financial charges +€14,038
up €14,038 (+24.4%), from €57,555 to €71,593
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 | €2,891,165 | €3,606,766 | +€715,601 | +24.8% |
| Formation expenses | 20 | - | €0 | = | |
| Current assets | 29/58 | €2,891,165 | €3,606,766 | +€715,601 | +24.8% |
| Stocks and contracts in progress | 3 | €1,524,999 | €2,529,973 | +€1.0m | +65.9% |
| Contracts in progress | 37 | €1,524,999 | €2,529,973 | +€1.0m | +65.9% |
| Amounts receivable within one year | 40/41 | €820,664 | €981,893 | +€161,229 | +19.6% |
| Trade receivables | 40 | €863 | - | -€863 | |
| Other amounts receivable | 41 | €819,802 | €981,893 | +€162,092 | +19.8% |
| Cash at bank and in hand | 54/58 | €545,501 | €94,900 | -€450,601 | -82.6% |
| Total equity and liabilities | 10/49 | €2,891,165 | €3,606,766 | +€715,601 | +24.8% |
| Equity | 10/15 | €1,358,513 | €1,597,281 | +€238,768 | +17.6% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €804,425 | €1,034,675 | +€230,250 | +28.6% |
| Non-distributable reserves | 130/1 | €17,625 | €17,625 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,625 | €17,625 | = | 0.0% |
| Tax-exempt reserves | 132 | €336,800 | €315,750 | -€21,050 | -6.3% |
| Distributable reserves | 133 | €450,000 | €701,300 | +€251,300 | +55.8% |
| Profit (loss) carried forward | 14 | €204,087 | €212,605 | +€8,518 | +4.2% |
| Amounts payable | 17/49 | €1,532,652 | €2,009,485 | +€476,833 | +31.1% |
| Amounts payable after more than one year | 17 | €130,000 | €130,000 | = | 0.0% |
| Financial debts | 170/4 | €130,000 | €130,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,402,422 | €1,879,439 | +€477,017 | +34.0% |
| Financial debts | 43 | €860,472 | €1,101,600 | +€241,128 | +28.0% |
| Credit institutions | 430/8 | €860,472 | €1,101,600 | +€241,128 | +28.0% |
| Taxes, remuneration and social security | 45 | €1,950 | €12,839 | +€10,889 | +558% |
| Taxes | 450/3 | - | €12,839 | +€12,839 | |
| Remuneration and social security | 454/9 | €1,950 | - | -€1,950 | |
| Other amounts payable | 47/48 | €540,000 | €765,000 | +€225,000 | +41.7% |
| Accrued charges and deferred income | 492/3 | €230 | €46 | -€184 | -80.1% |
| Other operating charges | 640/8 | €1,094 | €1,118 | +€25 | +2.3% |
| Gross operating margin | 9900 | €118,517 | €399,319 | +€280,803 | +237% |
| Operating profit (loss) | 9901 | €117,423 | €398,201 | +€280,778 | +239% |
| Financial income | 75/76B | €3,465 | - | -€3,465 | |
| Recurring financial income | 75 | €3,465 | - | -€3,465 | |
| Financial charges | 65/66B | €57,555 | €71,593 | +€14,038 | +24.4% |
| Recurring financial charges | 65 | €57,555 | €71,593 | +€14,038 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €63,333 | €326,608 | +€263,274 | +416% |
| Income taxes | 67/77 | €10,406 | €87,839 | +€77,433 | +744% |
| Profit (loss) for the period | 9904 | €52,927 | €238,768 | +€185,841 | +351% |
| Transfer from tax-exempt reserves | 789 | - | €126,300 | +€126,300 | |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,927 | €259,818 | +€206,891 | +391% |
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 14 October 2026 via checked.be.