ARTELCO: 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.
ARTELCO
Largest movements
- Tangible fixed assets -€795,858
down €795,858 (-38.3%), from €2.1m to €1.3m
of which Plant, machinery and equipment: -€752,412
- Cash -€263,540
down €263,540 (-16.0%), from €1.7m to €1.4m
mainly Contributions, distributions and other (-€2.7m) and Debts after one year (-€883,377)
- Receivables within one year +€116,782
up €116,782 (+14.4%), from €808,710 to €925,492
of which Trade receivables: +€148,679
- Debts after one year -€883,377
down €883,377 (-50.5%), from €1.7m to €864,265
- Profit (loss) carried forward +€111,775
up €111,775 (+23.9%), from €467,907 to €579,682
- Advances received -€107,267
down €107,267 (-100%), from €107,267 to €0
- Investment grants -€94,374
down €94,374 (-63.6%), from €148,426 to €54,052
- Accrued charges and deferred income +€81,291
new in 2025: €81,291
- Taxes +€179,017
up €179,017 (+90.8%), from €197,233 to €376,250
- Other operating charges +€172,716
up €172,716 (+4,884%), from €3,536 to €176,252
- Gross operating margin +€163,621
up €163,621 (+7.7%), from €2.1m to €2.3m
- Financial income -€116,093
down €116,093 (-6.2%), from €1.9m to €1.8m
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 | €6,840,293 | €5,983,445 | -€856,848 | -12.5% |
| Fixed assets | 21/28 | €2,865,491 | €2,107,133 | -€758,358 | -26.5% |
| Tangible fixed assets | 22/27 | €2,078,766 | €1,282,908 | -€795,858 | -38.3% |
| Plant, machinery and equipment | 23 | €1,246,281 | €493,870 | -€752,412 | -60.4% |
| Leasing and similar rights | 25 | €832,485 | €789,038 | -€43,446 | -5.2% |
| Financial fixed assets | 28 | €786,725 | €824,225 | +€37,500 | +4.8% |
| Current assets | 29/58 | €3,974,802 | €3,876,312 | -€98,490 | -2.5% |
| Amounts receivable after more than one year | 29 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €808,710 | €925,492 | +€116,782 | +14.4% |
| Trade receivables | 40 | €57,514 | €206,193 | +€148,679 | +259% |
| Other amounts receivable | 41 | €751,196 | €719,299 | -€31,897 | -4.2% |
| Current investments | 50/53 | €484,041 | €534,041 | +€50,000 | +10.3% |
| Cash at bank and in hand | 54/58 | €1,650,520 | €1,386,980 | -€263,540 | -16.0% |
| Deferred charges and accrued income | 490/1 | €31,532 | €29,800 | -€1,732 | -5.5% |
| Total equity and liabilities | 10/49 | €6,840,293 | €5,983,445 | -€856,848 | -12.5% |
| Equity | 10/15 | €2,811,789 | €2,810,307 | -€1,482 | -0.1% |
| Contributions | 10/11 | €1,602,600 | €1,602,600 | = | 0.0% |
| Reserves | 13 | €592,857 | €573,974 | -€18,883 | -3.2% |
| Tax-exempt reserves | 132 | €431,357 | €412,474 | -€18,883 | -4.4% |
| Distributable reserves | 133 | €161,500 | €161,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €467,907 | €579,682 | +€111,775 | +23.9% |
| Investment grants | 15 | €148,426 | €54,052 | -€94,374 | -63.6% |
| Provisions and deferred taxes | 16 | €143,786 | €137,491 | -€6,294 | -4.4% |
| Deferred taxes | 168 | €143,786 | €137,491 | -€6,294 | -4.4% |
| Amounts payable | 17/49 | €3,884,718 | €3,035,646 | -€849,072 | -21.9% |
| Amounts payable after more than one year | 17 | €1,747,642 | €864,265 | -€883,377 | -50.5% |
| Financial debts | 170/4 | €1,747,642 | €864,265 | -€883,377 | -50.5% |
| Amounts payable within one year | 42/48 | €2,137,076 | €2,090,090 | -€46,986 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €913,932 | €952,544 | +€38,611 | +4.2% |
| Trade debts | 44 | €115,877 | €112,096 | -€3,781 | -3.3% |
| Suppliers | 440/4 | €115,877 | €112,096 | -€3,781 | -3.3% |
| Advances received on contracts in progress | 46 | €107,267 | €0 | -€107,267 | -100% |
| Taxes, remuneration and social security | 45 | €0 | €25,451 | +€25,451 | |
| Taxes | 450/3 | €0 | €25,451 | +€25,451 | |
| Other amounts payable | 47/48 | €1,000,000 | €1,000,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €81,291 | +€81,291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €788,854 | €795,858 | +€7,004 | +0.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €3,536 | €176,252 | +€172,716 | +4,884% |
| Gross operating margin | 9900 | €2,127,236 | €2,290,857 | +€163,621 | +7.7% |
| Operating profit (loss) | 9901 | €1,334,845 | €1,318,746 | -€16,099 | -1.2% |
| Financial income | 75/76B | €1,872,090 | €1,755,996 | -€116,093 | -6.2% |
| Recurring financial income | 75 | €1,872,090 | €1,755,996 | -€116,093 | -6.2% |
| Financial charges | 65/66B | €65,239 | €52,720 | -€12,520 | -19.2% |
| Recurring financial charges | 65 | €65,239 | €52,720 | -€12,520 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €3,141,696 | €3,022,023 | -€119,672 | -3.8% |
| Transfer from deferred taxes | 780 | €6,294 | €6,294 | = | 0.0% |
| Transfer to deferred taxes | 680 | €150,080 | €0 | -€150,080 | -100% |
| Income taxes | 67/77 | €197,233 | €376,250 | +€179,017 | +90.8% |
| Profit (loss) for the period | 9904 | €2,800,677 | €2,652,067 | -€148,610 | -5.3% |
| Transfer from tax-exempt reserves | 789 | €18,883 | €18,883 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €450,240 | €0 | -€450,240 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €2,369,320 | €2,670,950 | +€301,630 | +12.7% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.