ARTES GROUP: 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.
What changed
ARTES GROUP
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€59.1m
2024 · €15.5m+€43.6m
Equity
€70.5m
2024 · €24.0m+€46.5m
Cash
€74,092
2024 · €274,575-€200,483
Balance sheet total
€85.8m
2024 · €52.3m+€33.5m
Largest movements
Assets
- Current investments +€27.4m
up €27.4m (+341%), from €8.0m to €35.4m
- Receivables within one year +€6.9m
up €6.9m (+208%), from €3.3m to €10.2m
of which Other amounts receivable: +€7.8m
Equity and liabilities
- Profit (loss) carried forward +€46.5m
up €46.5m (+199%), from €23.4m to €69.9m
- Short-term financial debts -€11.6m
no longer reported in 2025 (was €11.6m)
- Trade debts -€1.2m
down €1.2m (-34.1%), from €3.6m to €2.4m
Income statement
- Financial income +€43.2m
up €43.2m (+270%), from €16.0m to €59.2m
- Services and other goods -€786,123
down €786,123 (-15.5%), from €5.1m to €4.3m
- Turnover -€232,395
down €232,395 (-5.1%), from €4.6m to €4.4m
- Other operating income -€183,386
down €183,386 (-19.2%), from €957,129 to €773,743
- Financial charges -€164,213
down €164,213 (-49.5%), from €331,409 to €167,196
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.
Result 2024
€15.5m
Turnover
-€232,395
Other operating income
-€183,386
Services and other goods
+€786,123
Staff costs
-€138,005
Depreciation
+€17,240
Other operating charges
+€4,280
Financial income
+€43.2m
Financial charges
+€164,213
Taxes
-€28,346
Result 2025
€59.1m
raises the resultlowers the result
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.
From operations
+€51.4m
Investment
-€27.4m
Financing
-€24.2m
Cash 2024
€274,575
From operations (derived)
+€51.4m
Net result for the year
+€59.1m
Depreciation
+€131,656
Receivables after one year
+€670,343
Receivables within one year
-€6.9m
Deferred charges and accrued income
-€167,042
Trade debts
-€1.2m
Tax, wage and social debts
-€32,311
Accrued charges and deferred income
-€151,579
Investment (derived)
-€27.4m
Investment in fixed assets (net)
-€31,469
Current investments
-€27.4m
Financing
-€24.2m
Short-term financial debts
-€11.6m
Contributions, distributions and other
-€12.6m
Cash 2025
€74,092
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,293,687 | €85,768,063 | +€33.5m | +64.0% |
| Fixed assets | 21/28 | €35,727,072 | €35,626,885 | -€100,187 | -0.3% |
| Tangible fixed assets | 22/27 | €1,596,831 | €1,596,643 | -€187 | 0.0% |
| Land and buildings | 22 | €1,407,509 | €1,356,270 | -€51,239 | -3.6% |
| Furniture and vehicles | 24 | €189,322 | €240,374 | +€51,052 | +27.0% |
| Financial fixed assets | 28 | €34,130,242 | €34,030,242 | -€100,000 | -0.3% |
| Affiliated companies | 280/1 | €34,008,525 | €34,008,525 | = | 0.0% |
| Participating interests | 280 | €34,008,525 | €34,008,525 | = | 0.0% |
| Other financial fixed assets | 284/8 | €121,717 | €21,717 | -€100,000 | -82.2% |
| Shares | 284 | €121,717 | €21,717 | -€100,000 | -82.2% |
| Current assets | 29/58 | €16,566,615 | €50,141,178 | +€33.6m | +203% |
| Amounts receivable after more than one year | 29 | €4,605,343 | €3,935,000 | -€670,343 | -14.6% |
| Other amounts receivable | 291 | €4,605,343 | €3,935,000 | -€670,343 | -14.6% |
| Amounts receivable within one year | 40/41 | €3,322,242 | €10,248,797 | +€6.9m | +208% |
| Trade receivables | 40 | €1,262,346 | €416,679 | -€845,667 | -67.0% |
| Other amounts receivable | 41 | €2,059,895 | €9,832,118 | +€7.8m | +377% |
| Current investments | 50/53 | €8,030,966 | €35,382,758 | +€27.4m | +341% |
| Other investments | 51/53 | €8,030,966 | €35,382,758 | +€27.4m | +341% |
| Cash at bank and in hand | 54/58 | €274,575 | €74,092 | -€200,483 | -73.0% |
| Deferred charges and accrued income | 490/1 | €333,489 | €500,531 | +€167,042 | +50.1% |
| Total equity and liabilities | 10/49 | €52,293,687 | €85,768,063 | +€33.5m | +64.0% |
| Equity | 10/15 | €24,046,739 | €70,525,790 | +€46.5m | +193% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €585,349 | €585,349 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,349 | €6,349 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €99 | €99 | = | 0.0% |
| Distributable reserves | 133 | €579,000 | €579,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,398,890 | €69,877,941 | +€46.5m | +199% |
| Amounts payable | 17/49 | €28,246,948 | €15,242,273 | -€13.0m | -46.0% |
| Amounts payable within one year | 42/48 | €27,911,447 | €15,058,351 | -€12.9m | -46.0% |
| Financial debts | 43 | €11,600,000 | - | -€11.6m | |
| Other loans | 439 | €11,600,000 | - | -€11.6m | |
| Trade debts | 44 | €3,582,938 | €2,362,153 | -€1.2m | -34.1% |
| Suppliers | 440/4 | €3,582,938 | €2,362,153 | -€1.2m | -34.1% |
| Taxes, remuneration and social security | 45 | €128,509 | €96,198 | -€32,311 | -25.1% |
| Taxes | 450/3 | €60,845 | - | -€60,845 | |
| Remuneration and social security | 454/9 | €67,664 | €96,198 | +€28,533 | +42.2% |
| Other amounts payable | 47/48 | €12,600,000 | €12,600,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €335,501 | €183,922 | -€151,579 | -45.2% |
| Operating income | 70/76A | €5,555,424 | €5,139,644 | -€415,780 | -7.5% |
| Turnover | 70 | €4,598,295 | €4,365,900 | -€232,395 | -5.1% |
| Other operating income | 74 | €957,129 | €773,743 | -€183,386 | -19.2% |
| Operating charges | 60/66A | €5,846,186 | €5,176,547 | -€669,638 | -11.5% |
| Services and other goods | 61 | €5,070,659 | €4,284,536 | -€786,123 | -15.5% |
| Remuneration, social security and pensions | 62 | €601,784 | €739,789 | +€138,005 | +22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,895 | €131,656 | -€17,240 | -11.6% |
| Other operating charges | 640/8 | €24,847 | €20,567 | -€4,280 | -17.2% |
| Operating profit (loss) | 9901 | -€290,761 | -€36,904 | +€253,858 | +87.3% |
| Financial income | 75/76B | €16,031,122 | €59,247,969 | +€43.2m | +270% |
| Recurring financial income | 75 | €16,031,122 | €59,247,969 | +€43.2m | +270% |
| Income from financial fixed assets | 750 | €15,748,034 | €58,651,200 | +€42.9m | +272% |
| Income from current assets | 751 | €283,089 | €596,769 | +€313,680 | +111% |
| Other financial income | 752/9 | €0 | €0 | +€0 | +150% |
| Financial charges | 65/66B | €331,409 | €167,196 | -€164,213 | -49.5% |
| Recurring financial charges | 65 | €331,409 | €167,196 | -€164,213 | -49.5% |
| Debt charges | 650 | €329,931 | €165,863 | -€164,068 | -49.7% |
| Other financial charges | 652/9 | €1,478 | €1,333 | -€145 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €15,408,952 | €59,043,870 | +€43.6m | +283% |
| Income taxes | 67/77 | -€63,527 | -€35,181 | +€28,346 | +44.6% |
| Taxes | 670/3 | €128,214 | €106,420 | -€21,794 | -17.0% |
| Tax adjustments and reversals of tax provisions | 77 | €191,741 | €141,601 | -€50,140 | -26.1% |
| Profit (loss) for the period | 9904 | €15,472,480 | €59,079,051 | +€43.6m | +282% |
| Profit (loss) for the period to be appropriated | 9905 | €15,472,480 | €59,079,051 | +€43.6m | +282% |
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 19 October 2026 via checked.be.