ARTENUM: 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.
ARTENUM
Largest movements
- Stocks and contracts +€54,150
up €54,150 (+5.0%), from €1.1m to €1.1m
- Cash +€37,284
up €37,284 (+1985.1%), from €1,878 to €39,162
mainly Debts after one year (+€566,000) and Short-term financial debts (+€380,000)
- Other debts -€690,013
down €690,013 (-92.1%), from €749,211 to €59,198
- Debts after one year +€566,000
up €566,000 (+116.9%), from €484,000 to €1.1m
- Short-term financial debts +€380,000
up €380,000 (+86.6%), from €438,750 to €818,750
- Profit (loss) carried forward -€114,701
down €114,701 (-725.5%), from -€15,810 to -€130,511
- Current portion of long-term debt -€67,062
down €67,062 (-100.0%), from €67,062 to €0
- Gross operating margin -€231,612
down €231,612, from €131,957 to -€99,655
- Financial charges -€109,944
down €109,944 (-69.9%), from €157,239 to €47,295
- Financial income +€3,179
up €3,179 (+9.2%), from €34,476 to €37,656
- Other operating charges +€2,841
up €2,841 (+274.5%), from €1,035 to €3,876
- Taxes -€2,087
down €2,087 (-92.2%), from €2,264 to €177
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 | €1,808,547 | €1,892,465 | +€83,917 | +4.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €2,822 | €1,342 | -€1,480 | -52.4% |
| Tangible fixed assets | 22/27 | €2,697 | €1,342 | -€1,355 | -50.2% |
| Furniture and vehicles | 24 | €2,697 | €1,342 | -€1,355 | -50.2% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Financial fixed assets | 28 | €125 | €0 | -€125 | -100.0% |
| Current assets | 29/58 | €1,805,725 | €1,891,122 | +€85,397 | +4.7% |
| Stocks and contracts in progress | 3 | €1,087,047 | €1,141,197 | +€54,150 | +5.0% |
| Stocks | 30/36 | €1,087,047 | €1,141,197 | +€54,150 | +5.0% |
| Amounts receivable within one year | 40/41 | €710,268 | €708,693 | -€1,576 | -0.2% |
| Trade receivables | 40 | €13,928 | €8,430 | -€5,497 | -39.5% |
| Other amounts receivable | 41 | €696,341 | €700,262 | +€3,922 | +0.6% |
| Cash at bank and in hand | 54/58 | €1,878 | €39,162 | +€37,284 | +1985.1% |
| Deferred charges and accrued income | 490/1 | €6,532 | €2,071 | -€4,461 | -68.3% |
| Total equity and liabilities | 10/49 | €1,808,547 | €1,892,465 | +€83,917 | +4.6% |
| Equity | 10/15 | €3,327 | -€111,374 | -€114,701 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €537 | €537 | = | 0.0% |
| Non-distributable reserves | 130/1 | €537 | €537 | = | 0.0% |
| Reserves not available under the articles | 1311 | €537 | €537 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,810 | -€130,511 | -€114,701 | -725.5% |
| Amounts payable | 17/49 | €1,805,220 | €2,003,839 | +€198,619 | +11.0% |
| Amounts payable after more than one year | 17 | €484,000 | €1,050,000 | +€566,000 | +116.9% |
| Financial debts | 170/4 | €484,000 | €1,050,000 | +€566,000 | +116.9% |
| Amounts payable within one year | 42/48 | €1,321,220 | €953,839 | -€367,381 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €67,062 | €0 | -€67,062 | -100.0% |
| Financial debts | 43 | €438,750 | €818,750 | +€380,000 | +86.6% |
| Credit institutions | 430/8 | €438,750 | €818,750 | +€380,000 | +86.6% |
| Trade debts | 44 | €19,972 | €33,692 | +€13,721 | +68.7% |
| Suppliers | 440/4 | €19,972 | €33,692 | +€13,721 | +68.7% |
| Taxes, remuneration and social security | 45 | €46,225 | €42,198 | -€4,027 | -8.7% |
| Taxes | 450/3 | €46,225 | €42,198 | -€4,027 | -8.7% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €749,211 | €59,198 | -€690,013 | -92.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,151 | €1,355 | -€796 | -37.0% |
| Other operating charges | 640/8 | €1,035 | €3,876 | +€2,841 | +274.5% |
| Gross operating margin | 9900 | €131,957 | -€99,655 | -€231,612 | |
| Operating profit (loss) | 9901 | €128,771 | -€104,886 | -€233,656 | |
| Financial income | 75/76B | €34,476 | €37,656 | +€3,179 | +9.2% |
| Recurring financial income | 75 | €34,476 | €37,656 | +€3,179 | +9.2% |
| Financial charges | 65/66B | €157,239 | €47,295 | -€109,944 | -69.9% |
| Recurring financial charges | 65 | €157,239 | €47,295 | -€109,944 | -69.9% |
| Profit (loss) for the period before taxes | 9903 | €6,008 | -€114,525 | -€120,533 | |
| Income taxes | 67/77 | €2,264 | €177 | -€2,087 | -92.2% |
| Profit (loss) for the period | 9904 | €3,744 | -€114,701 | -€118,446 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,744 | -€114,701 | -€118,446 |
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 8 October 2026 via checked.be.