ARTES: 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.
ARTES
Largest movements
- Tangible fixed assets +€253,081
up €253,081 (+169.8%), from €149,090 to €402,170
of which Land and buildings: +€252,048
- Receivables after one year -€14,670
no longer reported in 2025 (was €14,670)
- Receivables within one year +€12,304
up €12,304 (+77.7%), from €15,829 to €28,133
of which Other amounts receivable: +€12,304
- Cash -€5,208
down €5,208 (-62.6%), from €8,315 to €3,108
mainly Investment in fixed assets (net) (-€261,503) and Debts after one year (-€16,236)
- Revaluation surpluses +€235,042
new in 2025: €235,042
- Debts after one year -€16,236
down €16,236 (-35.1%), from €46,275 to €30,040
- Reserves +€11,260
up €11,260 (+12.3%), from €91,804 to €103,064
of which Distributable reserves: +€13,064
- Trade debts +€6,883
up €6,883 (+146.6%), from €4,695 to €11,578
- Other debts +€5,821
up €5,821 (+98.8%), from €5,893 to €11,714
- Gross operating margin -€9,751
down €9,751 (-22.9%), from €42,605 to €32,854
- Taxes -€4,959
down €4,959 (-48.6%), from €10,211 to €5,252
- Other operating charges +€2,508
up €2,508 (+205.7%), from €1,219 to €3,728
- Depreciation +€1,525
up €1,525 (+22.1%), from €6,897 to €8,423
- Financial charges -€604
down €604 (-20.2%), from €2,992 to €2,388
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 | €188,591 | €434,115 | +€245,525 | +130.2% |
| Fixed assets | 21/28 | €149,090 | €402,170 | +€253,081 | +169.8% |
| Tangible fixed assets | 22/27 | €149,090 | €402,170 | +€253,081 | +169.8% |
| Land and buildings | 22 | €149,090 | €401,138 | +€252,048 | +169.1% |
| Plant, machinery and equipment | 23 | - | €1,033 | +€1,033 | |
| Current assets | 29/58 | €39,501 | €31,945 | -€7,556 | -19.1% |
| Amounts receivable after more than one year | 29 | €14,670 | - | -€14,670 | |
| Other amounts receivable | 291 | €14,670 | - | -€14,670 | |
| Amounts receivable within one year | 40/41 | €15,829 | €28,133 | +€12,304 | +77.7% |
| Trade receivables | 40 | €10,320 | €10,320 | = | 0.0% |
| Other amounts receivable | 41 | €5,509 | €17,813 | +€12,304 | +223.3% |
| Cash at bank and in hand | 54/58 | €8,315 | €3,108 | -€5,208 | -62.6% |
| Deferred charges and accrued income | 490/1 | €686 | €704 | +€18 | +2.6% |
| Total equity and liabilities | 10/49 | €188,591 | €434,115 | +€245,525 | +130.2% |
| Equity | 10/15 | €110,404 | €358,564 | +€248,160 | +224.8% |
| Contributions | 10/11 | €18,600 | €20,459 | +€1,859 | +10.0% |
| Outside capital | 11 | €18,600 | €20,459 | +€1,859 | +10.0% |
| Other | 1109/19 | €18,600 | €20,459 | +€1,859 | +10.0% |
| Revaluation surpluses | 12 | - | €235,042 | +€235,042 | |
| Reserves | 13 | €91,804 | €103,064 | +€11,260 | +12.3% |
| Non-distributable reserves | 130/1 | €1,859 | €55 | -€1,804 | -97.0% |
| Reserves not available under the articles | 1311 | €1,859 | €55 | -€1,804 | -97.0% |
| Distributable reserves | 133 | €89,945 | €103,009 | +€13,064 | +14.5% |
| Amounts payable | 17/49 | €78,187 | €75,551 | -€2,636 | -3.4% |
| Amounts payable after more than one year | 17 | €46,275 | €30,040 | -€16,236 | -35.1% |
| Financial debts | 170/4 | €46,275 | €30,040 | -€16,236 | -35.1% |
| Amounts payable within one year | 42/48 | €31,911 | €45,511 | +€13,600 | +42.6% |
| Current portion of amounts payable after more than one year | 42 | €15,593 | €16,236 | +€643 | +4.1% |
| Trade debts | 44 | €4,695 | €11,578 | +€6,883 | +146.6% |
| Suppliers | 440/4 | €4,695 | €11,578 | +€6,883 | +146.6% |
| Advances received on contracts in progress | 46 | €520 | €520 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €5,211 | €5,464 | +€252 | +4.8% |
| Taxes | 450/3 | €5,211 | €5,464 | +€252 | +4.8% |
| Other amounts payable | 47/48 | €5,893 | €11,714 | +€5,821 | +98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,897 | €8,423 | +€1,525 | +22.1% |
| Other operating charges | 640/8 | €1,219 | €3,728 | +€2,508 | +205.7% |
| Gross operating margin | 9900 | €42,605 | €32,854 | -€9,751 | -22.9% |
| Operating profit (loss) | 9901 | €34,489 | €20,704 | -€13,785 | -40.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,992 | €2,388 | -€604 | -20.2% |
| Recurring financial charges | 65 | €2,992 | €2,388 | -€604 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €31,497 | €18,316 | -€13,181 | -41.8% |
| Income taxes | 67/77 | €10,211 | €5,252 | -€4,959 | -48.6% |
| Profit (loss) for the period | 9904 | €21,286 | €13,064 | -€8,222 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,286 | €13,064 | -€8,222 | -38.6% |
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 6 October 2026 via checked.be.