ArTELECOM: 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.
ArTELECOM
Largest movements
- Receivables within one year +€83,834
up €83,834 (+50.2%), from €166,890 to €250,724
of which Trade receivables: +€97,785
- Tangible fixed assets -€17,278
down €17,278 (-27.9%), from €62,011 to €44,733
of which Furniture and vehicles: -€12,167
- Cash +€16,654
up €16,654 (+67.7%), from €24,586 to €41,240
mainly Trade debts (+€119,524) and Depreciation (+€16,212)
- Financial fixed assets -€6,200
down €6,200 (-80.6%), from €7,693 to €1,493
- Trade debts +€119,524
up €119,524 (+64.9%), from €184,270 to €303,794
- Profit (loss) carried forward -€20,254
down €20,254 (-54.7%), from -€37,001 to -€57,255
- Tax, wage and social debts -€12,724
down €12,724 (-74.3%), from €17,116 to €4,392
of which Taxes: -€12,874
- Debts after one year -€6,765
down €6,765 (-55.8%), from €12,134 to €5,369
- Other debts -€4,476
no longer reported in 2025 (was €4,476)
- Gross operating margin -€54,500
down €54,500 (-68.2%), from €79,939 to €25,439
- Financial charges -€31,710
down €31,710 (-52.7%), from €60,179 to €28,469
of which Financial charges: -€35,548
- Depreciation +€4,689
up €4,689 (+40.7%), from €11,523 to €16,212
- Write-downs +€3,142
new in 2025: €3,142
- Other operating charges +€1,091
up €1,091 (+139.8%), from €780 to €1,871
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 | €263,104 | €338,190 | +€75,086 | +28.5% |
| Fixed assets | 21/28 | €69,704 | €46,226 | -€23,478 | -33.7% |
| Tangible fixed assets | 22/27 | €62,011 | €44,733 | -€17,278 | -27.9% |
| Plant, machinery and equipment | 23 | €10,749 | €5,637 | -€5,111 | -47.6% |
| Furniture and vehicles | 24 | €51,262 | €39,095 | -€12,167 | -23.7% |
| Financial fixed assets | 28 | €7,693 | €1,493 | -€6,200 | -80.6% |
| Current assets | 29/58 | €193,400 | €291,964 | +€98,564 | +51.0% |
| Amounts receivable within one year | 40/41 | €166,890 | €250,724 | +€83,834 | +50.2% |
| Trade receivables | 40 | €91,612 | €189,397 | +€97,785 | +106.7% |
| Other amounts receivable | 41 | €75,278 | €61,327 | -€13,951 | -18.5% |
| Cash at bank and in hand | 54/58 | €24,586 | €41,240 | +€16,654 | +67.7% |
| Deferred charges and accrued income | 490/1 | €1,924 | - | -€1,924 | |
| Total equity and liabilities | 10/49 | €263,104 | €338,190 | +€75,086 | +28.5% |
| Equity | 10/15 | €32,459 | €12,205 | -€20,254 | -62.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,860 | €50,860 | = | 0.0% |
| 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 | €49,000 | €49,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,001 | -€57,255 | -€20,254 | -54.7% |
| Amounts payable | 17/49 | €230,646 | €325,985 | +€95,339 | +41.3% |
| Amounts payable after more than one year | 17 | €12,134 | €5,369 | -€6,765 | -55.8% |
| Financial debts | 170/4 | €12,134 | €5,369 | -€6,765 | -55.8% |
| Amounts payable within one year | 42/48 | €218,512 | €320,616 | +€102,104 | +46.7% |
| Current portion of amounts payable after more than one year | 42 | €9,480 | €9,902 | +€422 | +4.5% |
| Financial debts | 43 | €3,169 | €2,527 | -€641 | -20.2% |
| Credit institutions | 430/8 | €3,169 | €2,527 | -€641 | -20.2% |
| Trade debts | 44 | €184,270 | €303,794 | +€119,524 | +64.9% |
| Suppliers | 440/4 | €184,270 | €303,794 | +€119,524 | +64.9% |
| Taxes, remuneration and social security | 45 | €17,116 | €4,392 | -€12,724 | -74.3% |
| Taxes | 450/3 | €17,116 | €4,242 | -€12,874 | -75.2% |
| Remuneration and social security | 454/9 | - | €150 | +€150 | |
| Other amounts payable | 47/48 | €4,476 | - | -€4,476 | |
| Non-recurring operating income | 76A | €81 | €696 | +€615 | +755.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,523 | €16,212 | +€4,689 | +40.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,142 | +€3,142 | |
| Other operating charges | 640/8 | €780 | €1,871 | +€1,091 | +139.8% |
| Non-recurring operating charges | 66A | €14,730 | - | -€14,730 | |
| Gross operating margin | 9900 | €79,939 | €25,439 | -€54,500 | -68.2% |
| Operating profit (loss) | 9901 | €52,906 | €4,214 | -€48,692 | -92.0% |
| Financial income | 75/76B | €4,343 | €4,171 | -€172 | -4.0% |
| Recurring financial income | 75 | €4,343 | €4,171 | -€172 | -4.0% |
| Financial charges | 65/66B | €60,179 | €28,469 | -€31,710 | -52.7% |
| Recurring financial charges | 65 | €57,816 | €22,269 | -€35,548 | -61.5% |
| Non-recurring financial charges | 66B | €2,362 | €6,200 | +€3,838 | +162.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,929 | -€20,083 | -€17,154 | -585.7% |
| Income taxes | 67/77 | €78 | €170 | +€93 | +119.5% |
| Profit (loss) for the period | 9904 | -€3,007 | -€20,254 | -€17,247 | -573.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,007 | -€20,254 | -€17,247 | -573.6% |
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.