ARTENA: 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.
ARTENA
Largest movements
- Cash +€36,528
up €36,528 (+52.5%), from €69,612 to €106,141
mainly Net result for the year (+€50,607) and Current investments (+€11,681)
- Current investments -€11,681
down €11,681 (-3.1%), from €375,944 to €364,262
- Reserves +€20,607
up €20,607 (+4.7%), from €438,232 to €458,839
of which Distributable reserves: +€44,207
- Gross operating margin -€2,956
down €2,956 (-4.1%), from €71,677 to €68,721
- Financial income +€1,116
up €1,116 (+34.1%), from €3,277 to €4,392
- Taxes -€720
down €720 (-3.5%), from €20,463 to €19,743
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 | €469,309 | €491,393 | +€22,084 | +4.7% |
| Fixed assets | 21/28 | €8,313 | €6,945 | -€1,368 | -16.5% |
| Tangible fixed assets | 22/27 | €8,313 | €6,945 | -€1,368 | -16.5% |
| Land and buildings | 22 | €6,804 | €5,832 | -€972 | -14.3% |
| Furniture and vehicles | 24 | €1,509 | €1,113 | -€396 | -26.2% |
| Current assets | 29/58 | €460,996 | €484,447 | +€23,451 | +5.1% |
| Amounts receivable within one year | 40/41 | €15,440 | €14,044 | -€1,396 | -9.0% |
| Trade receivables | 40 | €15,435 | €13,988 | -€1,448 | -9.4% |
| Other amounts receivable | 41 | €5 | €57 | +€52 | +1029.5% |
| Current investments | 50/53 | €375,944 | €364,262 | -€11,681 | -3.1% |
| Cash at bank and in hand | 54/58 | €69,612 | €106,141 | +€36,528 | +52.5% |
| Total equity and liabilities | 10/49 | €469,309 | €491,393 | +€22,084 | +4.7% |
| Equity | 10/15 | €458,760 | €479,367 | +€20,607 | +4.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €438,232 | €458,839 | +€20,607 | +4.7% |
| Non-distributable reserves | 130/1 | €23,600 | - | -€23,600 | |
| Reserves not available under the articles | 1311 | €23,600 | - | -€23,600 | |
| Distributable reserves | 133 | €414,632 | €458,839 | +€44,207 | +10.7% |
| Profit (loss) carried forward | 14 | €528 | €528 | = | 0.0% |
| Amounts payable | 17/49 | €10,549 | €12,026 | +€1,476 | +14.0% |
| Amounts payable within one year | 42/48 | €10,549 | €12,026 | +€1,476 | +14.0% |
| Financial debts | 43 | €111 | €62 | -€49 | -44.3% |
| Other loans | 439 | €111 | €62 | -€49 | -44.3% |
| Trade debts | 44 | €72 | €437 | +€365 | +508.7% |
| Suppliers | 440/4 | €72 | €437 | +€365 | +508.7% |
| Taxes, remuneration and social security | 45 | €10,366 | €11,527 | +€1,161 | +11.2% |
| Taxes | 450/3 | €10,366 | €11,527 | +€1,161 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,664 | €1,368 | -€296 | -17.8% |
| Other operating charges | 640/8 | €1,174 | €1,254 | +€80 | +6.9% |
| Gross operating margin | 9900 | €71,677 | €68,721 | -€2,956 | -4.1% |
| Operating profit (loss) | 9901 | €68,840 | €66,099 | -€2,741 | -4.0% |
| Financial income | 75/76B | €3,277 | €4,392 | +€1,116 | +34.1% |
| Recurring financial income | 75 | €3,277 | €4,392 | +€1,116 | +34.1% |
| Financial charges | 65/66B | €124 | €141 | +€16 | +13.2% |
| Recurring financial charges | 65 | €124 | €141 | +€16 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €71,992 | €70,350 | -€1,641 | -2.3% |
| Income taxes | 67/77 | €20,463 | €19,743 | -€720 | -3.5% |
| Profit (loss) for the period | 9904 | €51,528 | €50,607 | -€921 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,528 | €50,607 | -€921 | -1.8% |
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 4 October 2026 via checked.be.