ARTESIA: 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.
ARTESIA
Largest movements
- Receivables within one year +€145,946
up €145,946 (+605%), from €24,119 to €170,066
of which Trade receivables: +€148,830
- Cash -€32,114
down €32,114 (-13.0%), from €246,734 to €214,620
mainly Receivables within one year (-€145,946) and Current investments (-€11,937)
- Current investments +€11,937
up €11,937 (+14.2%), from €84,220 to €96,157
- Reserves +€70,000
up €70,000 (+37.5%), from €186,860 to €256,860
of which Distributable reserves: +€70,000
- Other debts +€26,449
up €26,449 (+23.7%), from €111,539 to €137,989
- Tax, wage and social debts +€24,683
up €24,683 (+222%), from €11,099 to €35,782
of which Taxes: +€28,689
- Gross operating margin +€66,984
up €66,984 (+85.9%), from €77,958 to €144,942
- Financial charges +€40,521
up €40,521 (+66,844%), from €61 to €40,581
- Taxes +€8,539
up €8,539 (+40.4%), from €21,116 to €29,655
- Other operating charges +€2,428
up €2,428 (+265%), from €915 to €3,343
- Financial income +€1,688
up €1,688 (+940%), from €179 to €1,867
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 | €356,315 | €482,157 | +€125,841 | +35.3% |
| Fixed assets | 21/28 | €1,242 | €1,315 | +€73 | +5.9% |
| Tangible fixed assets | 22/27 | €1,242 | €1,315 | +€73 | +5.9% |
| Furniture and vehicles | 24 | €1,242 | €1,315 | +€73 | +5.9% |
| Current assets | 29/58 | €355,073 | €480,842 | +€125,769 | +35.4% |
| Amounts receivable within one year | 40/41 | €24,119 | €170,066 | +€145,946 | +605% |
| Trade receivables | 40 | €21,236 | €170,066 | +€148,830 | +701% |
| Other amounts receivable | 41 | €2,884 | €0 | -€2,884 | -100% |
| Current investments | 50/53 | €84,220 | €96,157 | +€11,937 | +14.2% |
| Cash at bank and in hand | 54/58 | €246,734 | €214,620 | -€32,114 | -13.0% |
| Total equity and liabilities | 10/49 | €356,315 | €482,157 | +€125,841 | +35.3% |
| Equity | 10/15 | €231,314 | €303,860 | +€72,546 | +31.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €186,860 | €256,860 | +€70,000 | +37.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €185,000 | €255,000 | +€70,000 | +37.8% |
| Profit (loss) carried forward | 14 | €25,854 | €28,400 | +€2,546 | +9.8% |
| Amounts payable | 17/49 | €125,001 | €178,297 | +€53,296 | +42.6% |
| Amounts payable within one year | 42/48 | €125,001 | €178,297 | +€53,296 | +42.6% |
| Trade debts | 44 | €2,363 | €4,526 | +€2,163 | +91.6% |
| Suppliers | 440/4 | €2,363 | €4,526 | +€2,163 | +91.6% |
| Taxes, remuneration and social security | 45 | €11,099 | €35,782 | +€24,683 | +222% |
| Taxes | 450/3 | €7,093 | €35,782 | +€28,689 | +404% |
| Remuneration and social security | 454/9 | €4,007 | €0 | -€4,007 | -100% |
| Other amounts payable | 47/48 | €111,539 | €137,989 | +€26,449 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €764 | €684 | -€80 | -10.5% |
| Other operating charges | 640/8 | €915 | €3,343 | +€2,428 | +265% |
| Gross operating margin | 9900 | €77,958 | €144,942 | +€66,984 | +85.9% |
| Operating profit (loss) | 9901 | €76,278 | €140,915 | +€64,636 | +84.7% |
| Financial income | 75/76B | €179 | €1,867 | +€1,688 | +940% |
| Recurring financial income | 75 | €179 | €1,867 | +€1,688 | +940% |
| Financial charges | 65/66B | €61 | €40,581 | +€40,521 | +66,844% |
| Recurring financial charges | 65 | €61 | €40,581 | +€40,521 | +66,844% |
| Profit (loss) for the period before taxes | 9903 | €76,397 | €102,201 | +€25,803 | +33.8% |
| Income taxes | 67/77 | €21,116 | €29,655 | +€8,539 | +40.4% |
| Profit (loss) for the period | 9904 | €55,281 | €72,546 | +€17,265 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,281 | €72,546 | +€17,265 | +31.2% |
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 17 October 2026 via checked.be.