ARTESCO: 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.
ARTESCO
Largest movements
- Cash -€26,406
down €26,406 (-60.1%), from €43,929 to €17,523
mainly Contributions, distributions and other (-€89,006) and Trade debts (-€2,272)
- Current investments -€20,000
down €20,000 (-40.3%), from €49,660 to €29,660
- Receivables within one year -€3,281
down €3,281 (-20.4%), from €16,086 to €12,805
of which Trade receivables: -€11,022
- Reserves -€47,524
down €47,524 (-53.4%), from €89,006 to €41,482
- Trade debts -€2,272
down €2,272 (-89.8%), from €2,530 to €258
- Gross operating margin -€63,997
down €63,997 (-55.3%), from €115,814 to €51,818
- Taxes -€16,054
down €16,054 (-64.7%), from €24,812 to €8,758
- Financial charges +€1,387
up €1,387 (+1,071%), from €130 to €1,517
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 | €110,349 | €60,520 | -€49,829 | -45.2% |
| Current assets | 29/58 | €110,349 | €60,520 | -€49,829 | -45.2% |
| Amounts receivable within one year | 40/41 | €16,086 | €12,805 | -€3,281 | -20.4% |
| Trade receivables | 40 | €14,836 | €3,815 | -€11,022 | -74.3% |
| Other amounts receivable | 41 | €1,250 | €8,990 | +€7,740 | +619% |
| Current investments | 50/53 | €49,660 | €29,660 | -€20,000 | -40.3% |
| Cash at bank and in hand | 54/58 | €43,929 | €17,523 | -€26,406 | -60.1% |
| Deferred charges and accrued income | 490/1 | €674 | €532 | -€141 | -21.0% |
| Total equity and liabilities | 10/49 | €110,349 | €60,520 | -€49,829 | -45.2% |
| Equity | 10/15 | €107,606 | €60,082 | -€47,524 | -44.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,006 | €41,482 | -€47,524 | -53.4% |
| Distributable reserves | 133 | €89,006 | €41,482 | -€47,524 | -53.4% |
| Amounts payable | 17/49 | €2,743 | €439 | -€2,304 | -84.0% |
| Amounts payable within one year | 42/48 | €2,743 | €439 | -€2,304 | -84.0% |
| Trade debts | 44 | €2,530 | €258 | -€2,272 | -89.8% |
| Suppliers | 440/4 | €2,530 | €258 | -€2,272 | -89.8% |
| Other amounts payable | 47/48 | €213 | €181 | -€32 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €845 | - | -€845 | |
| Other operating charges | 640/8 | €1,147 | €969 | -€179 | -15.6% |
| Gross operating margin | 9900 | €115,814 | €51,818 | -€63,997 | -55.3% |
| Operating profit (loss) | 9901 | €113,822 | €50,849 | -€62,972 | -55.3% |
| Financial income | 75/76B | €126 | €907 | +€781 | +619% |
| Recurring financial income | 75 | €126 | €907 | +€781 | +619% |
| Financial charges | 65/66B | €130 | €1,517 | +€1,387 | +1,071% |
| Recurring financial charges | 65 | €130 | €1,517 | +€1,387 | +1,071% |
| Profit (loss) for the period before taxes | 9903 | €113,818 | €50,239 | -€63,579 | -55.9% |
| Income taxes | 67/77 | €24,812 | €8,758 | -€16,054 | -64.7% |
| Profit (loss) for the period | 9904 | €89,006 | €41,482 | -€47,524 | -53.4% |
| Profit (loss) for the period to be appropriated | 9905 | €89,006 | €41,482 | -€47,524 | -53.4% |
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.