ARTEFACT: 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.
ARTEFACT
Largest movements
- Cash -€23,508
no longer reported in 2025 (was €23,508)
mainly Debts after one year (-€31,893) and Investment in fixed assets (net) (-€20,052)
- Receivables within one year +€7,378
up €7,378 (+41.6%), from €17,750 to €25,128
of which Other amounts receivable: +€7,378
- Debts after one year -€31,893
down €31,893 (-17.1%), from €186,669 to €154,776
- Short-term financial debts +€30,708
new in 2025: €30,708
- Other debts -€14,979
down €14,979 (-96.5%), from €15,524 to €545
- Gross operating margin -€25,923
down €25,923 (-43.1%), from €60,089 to €34,166
- Taxes -€7,938
down €7,938 (-89.4%), from €8,880 to €942
- Depreciation +€1,529
up €1,529 (+9.6%), from €15,933 to €17,462
- Financial charges +€1,316
up €1,316 (+14.8%), from €8,881 to €10,197
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 | €467,690 | €454,105 | -€13,585 | -2.9% |
| Fixed assets | 21/28 | €425,139 | €427,729 | +€2,590 | +0.6% |
| Tangible fixed assets | 22/27 | €425,139 | €427,729 | +€2,590 | +0.6% |
| Land and buildings | 22 | €386,745 | €374,006 | -€12,739 | -3.3% |
| Plant, machinery and equipment | 23 | €21,520 | €40,198 | +€18,678 | +86.8% |
| Furniture and vehicles | 24 | €1,833 | €1,197 | -€636 | -34.7% |
| Assets under construction and advance payments | 27 | €15,041 | €12,328 | -€2,713 | -18.0% |
| Current assets | 29/58 | €42,551 | €26,376 | -€16,175 | -38.0% |
| Amounts receivable within one year | 40/41 | €17,750 | €25,128 | +€7,378 | +41.6% |
| Trade receivables | 40 | €11,000 | €11,000 | = | 0.0% |
| Other amounts receivable | 41 | €6,750 | €14,128 | +€7,378 | +109.3% |
| Cash at bank and in hand | 54/58 | €23,508 | - | -€23,508 | |
| Deferred charges and accrued income | 490/1 | €1,293 | €1,248 | -€45 | -3.5% |
| Total equity and liabilities | 10/49 | €467,690 | €454,105 | -€13,585 | -2.9% |
| Equity | 10/15 | €230,614 | €231,880 | +€1,266 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,460 | €23,660 | +€1,200 | +5.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €20,600 | €21,800 | +€1,200 | +5.8% |
| Profit (loss) carried forward | 14 | €189,554 | €189,620 | +€66 | 0.0% |
| Amounts payable | 17/49 | €237,076 | €222,225 | -€14,851 | -6.3% |
| Amounts payable after more than one year | 17 | €186,669 | €154,776 | -€31,893 | -17.1% |
| Financial debts | 170/4 | €186,669 | €154,776 | -€31,893 | -17.1% |
| Amounts payable within one year | 42/48 | €50,407 | €67,449 | +€17,042 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | €34,579 | €35,441 | +€862 | +2.5% |
| Financial debts | 43 | - | €30,708 | +€30,708 | |
| Credit institutions | 430/8 | - | €30,708 | +€30,708 | |
| Trade debts | 44 | €304 | €632 | +€328 | +107.9% |
| Suppliers | 440/4 | €304 | €632 | +€328 | +107.9% |
| Taxes, remuneration and social security | 45 | - | €123 | +€123 | |
| Taxes | 450/3 | - | €123 | +€123 | |
| Other amounts payable | 47/48 | €15,524 | €545 | -€14,979 | -96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,933 | €17,462 | +€1,529 | +9.6% |
| Other operating charges | 640/8 | €3,970 | €4,299 | +€329 | +8.3% |
| Gross operating margin | 9900 | €60,089 | €34,166 | -€25,923 | -43.1% |
| Operating profit (loss) | 9901 | €40,186 | €12,405 | -€27,781 | -69.1% |
| Financial charges | 65/66B | €8,881 | €10,197 | +€1,316 | +14.8% |
| Recurring financial charges | 65 | €8,881 | €10,197 | +€1,316 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €31,305 | €2,208 | -€29,097 | -92.9% |
| Income taxes | 67/77 | €8,880 | €942 | -€7,938 | -89.4% |
| Profit (loss) for the period | 9904 | €22,425 | €1,266 | -€21,159 | -94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,425 | €1,266 | -€21,159 | -94.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.