ARTELON: 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.
ARTELON
Largest movements
- Receivables within one year -€77,398
down €77,398 (-50.7%), from €152,694 to €75,296
of which Other amounts receivable: -€127,544
- Tangible fixed assets -€68,417
down €68,417 (-36.7%), from €186,589 to €118,172
of which Plant, machinery and equipment: -€48,600
- Deferred charges and accrued income -€28,049
no longer reported in 2025 (was €28,049)
- Trade debts -€130,843
down €130,843 (-64.2%), from €203,856 to €73,013
- Profit (loss) carried forward -€37,212
down €37,212 (-132%), from -€28,174 to -€65,386
- Debts after one year -€16,729
down €16,729 (-29.2%), from €57,343 to €40,614
- Tax, wage and social debts +€11,790
up €11,790 (+1,337%), from €882 to €12,672
- Gross operating margin +€36,777
up €36,777 (+21,490%), from €171 to €36,948
- Financial income -€4,287
down €4,287 (-49.1%), from €8,727 to €4,440
- Depreciation +€3,303
up €3,303 (+5.1%), from €65,114 to €68,417
- Other operating charges -€2,723
down €2,723 (-39.1%), from €6,967 to €4,244
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 | €368,952 | €197,111 | -€171,841 | -46.6% |
| Fixed assets | 21/28 | €186,589 | €118,172 | -€68,417 | -36.7% |
| Tangible fixed assets | 22/27 | €186,589 | €118,172 | -€68,417 | -36.7% |
| Plant, machinery and equipment | 23 | €104,017 | €55,417 | -€48,600 | -46.7% |
| Leasing and similar rights | 25 | €82,572 | €62,755 | -€19,817 | -24.0% |
| Current assets | 29/58 | €182,363 | €78,939 | -€103,424 | -56.7% |
| Amounts receivable within one year | 40/41 | €152,694 | €75,296 | -€77,398 | -50.7% |
| Trade receivables | 40 | €6,958 | €57,105 | +€50,146 | +721% |
| Other amounts receivable | 41 | €145,735 | €18,192 | -€127,544 | -87.5% |
| Cash at bank and in hand | 54/58 | €1,621 | €3,643 | +€2,022 | +125% |
| Deferred charges and accrued income | 490/1 | €28,049 | - | -€28,049 | |
| Total equity and liabilities | 10/49 | €368,952 | €197,111 | -€171,841 | -46.6% |
| Equity | 10/15 | €71,495 | €34,283 | -€37,212 | -52.0% |
| Contributions | 10/11 | €98,300 | €98,300 | = | 0.0% |
| Reserves | 13 | €1,369 | €1,369 | = | 0.0% |
| Distributable reserves | 133 | €1,369 | €1,369 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,174 | -€65,386 | -€37,212 | -132% |
| Amounts payable | 17/49 | €297,457 | €162,828 | -€134,629 | -45.3% |
| Amounts payable after more than one year | 17 | €57,343 | €40,614 | -€16,729 | -29.2% |
| Financial debts | 170/4 | €57,343 | €40,614 | -€16,729 | -29.2% |
| Amounts payable within one year | 42/48 | €240,114 | €122,213 | -€117,901 | -49.1% |
| Current portion of amounts payable after more than one year | 42 | €15,576 | €16,729 | +€1,152 | +7.4% |
| Trade debts | 44 | €203,856 | €73,013 | -€130,843 | -64.2% |
| Suppliers | 440/4 | €203,856 | €73,013 | -€130,843 | -64.2% |
| Advances received on contracts in progress | 46 | €19,800 | €19,800 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €882 | €12,672 | +€11,790 | +1,337% |
| Taxes | 450/3 | €882 | €12,672 | +€11,790 | +1,337% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,114 | €68,417 | +€3,303 | +5.1% |
| Other operating charges | 640/8 | €6,967 | €4,244 | -€2,723 | -39.1% |
| Gross operating margin | 9900 | €171 | €36,948 | +€36,777 | +21,490% |
| Operating profit (loss) | 9901 | -€71,910 | -€35,714 | +€36,196 | +50.3% |
| Financial income | 75/76B | €8,727 | €4,440 | -€4,287 | -49.1% |
| Recurring financial income | 75 | €8,727 | €4,440 | -€4,287 | -49.1% |
| Financial charges | 65/66B | €5,437 | €5,635 | +€198 | +3.6% |
| Recurring financial charges | 65 | €5,437 | €5,635 | +€198 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | -€68,621 | -€36,909 | +€31,711 | +46.2% |
| Income taxes | 67/77 | - | €302 | +€302 | |
| Profit (loss) for the period | 9904 | -€68,621 | -€37,212 | +€31,409 | +45.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,621 | -€37,212 | +€31,409 | +45.8% |
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.