ARTEFIM: 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.
ARTEFIM
Largest movements
- Current investments -€163,000
no longer reported in 2025 (was €163,000)
- Cash +€71,283
up €71,283 (+108.5%), from €65,702 to €136,985
mainly Current investments (+€163,000) and Depreciation (+€41,062)
- Tangible fixed assets -€42,252
down €42,252 (-11.6%), from €364,895 to €322,643
of which Furniture and vehicles: -€26,116
- Debts after one year -€90,260
down €90,260 (-49.4%), from €182,775 to €92,515
- Current portion of long-term debt -€40,792
down €40,792 (-58.7%), from €69,518 to €28,726
- Purchases and services -€9,263
down €9,263 (-15.4%), from €60,267 to €51,004
- Turnover -€9,187
down €9,187 (-5.7%), from €161,454 to €152,267
- Depreciation +€2,627
up €2,627 (+6.8%), from €38,435 to €41,062
- Taxes -€2,073
down €2,073 (-42.8%), from €4,847 to €2,774
- Staff costs +€1,853
up €1,853 (+2.8%), from €66,789 to €68,642
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 | €670,470 | €539,829 | -€130,641 | -19.5% |
| Fixed assets | 21/28 | €365,050 | €322,713 | -€42,337 | -11.6% |
| Tangible fixed assets | 22/27 | €364,895 | €322,643 | -€42,252 | -11.6% |
| Land and buildings | 22 | €280,059 | €263,923 | -€16,136 | -5.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €84,836 | €58,720 | -€26,116 | -30.8% |
| Financial fixed assets | 28 | €155 | €70 | -€85 | -54.8% |
| Current assets | 29/58 | €305,420 | €217,116 | -€88,304 | -28.9% |
| Amounts receivable after more than one year | 29 | €76,655 | €76,655 | = | 0.0% |
| Other amounts receivable | 291 | €76,655 | €76,655 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €63 | €3,275 | +€3,212 | +5098.4% |
| Trade receivables | 40 | - | €273 | +€273 | |
| Other amounts receivable | 41 | €63 | €3,002 | +€2,939 | +4665.1% |
| Current investments | 50/53 | €163,000 | - | -€163,000 | |
| Cash at bank and in hand | 54/58 | €65,702 | €136,985 | +€71,283 | +108.5% |
| Deferred charges and accrued income | 490/1 | - | €201 | +€201 | |
| Total equity and liabilities | 10/49 | €670,470 | €539,829 | -€130,641 | -19.5% |
| Equity | 10/15 | €406,683 | €403,253 | -€3,430 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €388,083 | €384,653 | -€3,430 | -0.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €386,223 | €382,793 | -€3,430 | -0.9% |
| Amounts payable | 17/49 | €263,787 | €136,576 | -€127,211 | -48.2% |
| Amounts payable after more than one year | 17 | €182,775 | €92,515 | -€90,260 | -49.4% |
| Financial debts | 170/4 | €182,775 | €92,515 | -€90,260 | -49.4% |
| Amounts payable within one year | 42/48 | €81,012 | €44,061 | -€36,951 | -45.6% |
| Current portion of amounts payable after more than one year | 42 | €69,518 | €28,726 | -€40,792 | -58.7% |
| Trade debts | 44 | €1,982 | €259 | -€1,723 | -86.9% |
| Suppliers | 440/4 | €1,982 | €259 | -€1,723 | -86.9% |
| Taxes, remuneration and social security | 45 | €8,565 | €15,076 | +€6,511 | +76.0% |
| Taxes | 450/3 | €4,766 | €12,401 | +€7,635 | +160.2% |
| Remuneration and social security | 454/9 | €3,799 | €2,675 | -€1,124 | -29.6% |
| Other amounts payable | 47/48 | €947 | - | -€947 | |
| Turnover | 70 | €161,454 | €152,267 | -€9,187 | -5.7% |
| Non-recurring operating income | 76A | €5,229 | - | -€5,229 | |
| Goods, raw materials, services and sundry goods | 60/61 | €60,267 | €51,004 | -€9,263 | -15.4% |
| Remuneration, social security and pensions | 62 | €66,789 | €68,642 | +€1,853 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,435 | €41,062 | +€2,627 | +6.8% |
| Other operating charges | 640/8 | €2,147 | €1,402 | -€745 | -34.7% |
| Gross operating margin | 9900 | €116,440 | €114,735 | -€1,705 | -1.5% |
| Operating profit (loss) | 9901 | €9,069 | €3,629 | -€5,440 | -60.0% |
| Financial income | 75/76B | €4,297 | €4,487 | +€190 | +4.4% |
| Recurring financial income | 75 | €4,297 | €4,487 | +€190 | +4.4% |
| Financial charges | 65/66B | €10,342 | €8,772 | -€1,570 | -15.2% |
| Recurring financial charges | 65 | €10,342 | €8,772 | -€1,570 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €3,024 | -€656 | -€3,680 | |
| Income taxes | 67/77 | €4,847 | €2,774 | -€2,073 | -42.8% |
| Profit (loss) for the period | 9904 | -€1,823 | -€3,430 | -€1,607 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,823 | -€3,430 | -€1,607 | -88.2% |
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 9 October 2026 via checked.be.