ARTESCAUT: 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.
ARTESCAUT
Largest movements
- Tangible fixed assets -€79,670
down €79,670 (-27.2%), from €293,208 to €213,538
- Cash +€17,884
up €17,884 (+220%), from €8,117 to €26,001
mainly Depreciation (+€40,107) and Investment in fixed assets (net) (+€39,563)
- Receivables within one year -€6,171
down €6,171 (-6.8%), from €90,820 to €84,649
of which Other amounts receivable: -€52,463
- Deferred charges and accrued income -€4,122
no longer reported in 2025 (was €4,122)
- Debts after one year -€42,706
down €42,706 (-15.7%), from €271,432 to €228,725
- Investment grants -€35,437
no longer reported in 2025 (was €35,437)
- Profit (loss) carried forward +€6,613
up €6,613 (+4.8%), from -€137,264 to -€130,651
- Gross operating margin +€95,152
up €95,152 (+178%), from €53,425 to €148,577
- Financial charges +€22,544
up €22,544 (+213%), from €10,585 to €33,129
of which Non-recurring financial charges: +€17,709
- Depreciation -€11,438
down €11,438 (-22.2%), from €51,545 to €40,107
- Financial income -€5,487
no longer reported in 2025 (was €5,487)
- Staff costs +€4,254
up €4,254 (+7.9%), from €53,931 to €58,185
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 | €396,629 | €324,550 | -€72,079 | -18.2% |
| Fixed assets | 21/28 | €293,571 | €213,901 | -€79,670 | -27.1% |
| Tangible fixed assets | 22/27 | €293,208 | €213,538 | -€79,670 | -27.2% |
| Plant, machinery and equipment | 23 | €293,208 | €213,538 | -€79,670 | -27.2% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €103,058 | €110,649 | +€7,591 | +7.4% |
| Amounts receivable within one year | 40/41 | €90,820 | €84,649 | -€6,171 | -6.8% |
| Trade receivables | 40 | €37,254 | €83,546 | +€46,292 | +124% |
| Other amounts receivable | 41 | €53,566 | €1,103 | -€52,463 | -97.9% |
| Cash at bank and in hand | 54/58 | €8,117 | €26,001 | +€17,884 | +220% |
| Deferred charges and accrued income | 490/1 | €4,122 | - | -€4,122 | |
| Total equity and liabilities | 10/49 | €396,629 | €324,550 | -€72,079 | -18.2% |
| Equity | 10/15 | -€83,105 | -€111,928 | -€28,823 | -34.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €122 | €122 | = | 0.0% |
| Distributable reserves | 133 | €122 | €122 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€137,264 | -€130,651 | +€6,613 | +4.8% |
| Investment grants | 15 | €35,437 | - | -€35,437 | |
| Amounts payable | 17/49 | €479,734 | €436,479 | -€43,255 | -9.0% |
| Amounts payable after more than one year | 17 | €271,432 | €228,725 | -€42,706 | -15.7% |
| Financial debts | 170/4 | €271,432 | €228,725 | -€42,706 | -15.7% |
| Amounts payable within one year | 42/48 | €208,302 | €207,753 | -€549 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €41,418 | €42,886 | +€1,469 | +3.5% |
| Trade debts | 44 | €19,695 | €20,870 | +€1,175 | +6.0% |
| Suppliers | 440/4 | €19,695 | €20,870 | +€1,175 | +6.0% |
| Taxes, remuneration and social security | 45 | €16,699 | €15,610 | -€1,089 | -6.5% |
| Taxes | 450/3 | €6,205 | €2,927 | -€3,279 | -52.8% |
| Remuneration and social security | 454/9 | €10,493 | €12,683 | +€2,190 | +20.9% |
| Other amounts payable | 47/48 | €130,491 | €128,387 | -€2,104 | -1.6% |
| Remuneration, social security and pensions | 62 | €53,931 | €58,185 | +€4,254 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,545 | €40,107 | -€11,438 | -22.2% |
| Other operating charges | 640/8 | €387 | €730 | +€342 | +88.4% |
| Non-recurring operating charges | 66A | - | €9,813 | +€9,813 | |
| Gross operating margin | 9900 | €53,425 | €148,577 | +€95,152 | +178% |
| Operating profit (loss) | 9901 | -€52,438 | €39,742 | +€92,180 | |
| Financial income | 75/76B | €5,487 | - | -€5,487 | |
| Recurring financial income | 75 | €5,487 | - | -€5,487 | |
| Financial charges | 65/66B | €10,585 | €33,129 | +€22,544 | +213% |
| Recurring financial charges | 65 | €10,585 | €15,420 | +€4,835 | +45.7% |
| Non-recurring financial charges | 66B | - | €17,709 | +€17,709 | |
| Profit (loss) for the period before taxes | 9903 | -€57,536 | €6,613 | +€64,150 | |
| Profit (loss) for the period | 9904 | -€57,536 | €6,613 | +€64,150 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,536 | €6,613 | +€64,150 |
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 13 October 2026 via checked.be.