ARTFEX: 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.
ARTFEX
Largest movements
- Tangible fixed assets -€73,053
down €73,053 (-36.5%), from €199,916 to €126,863
of which Plant, machinery and equipment: -€48,344
- Receivables within one year +€53,105
up €53,105 (+199%), from €26,677 to €79,782
of which Trade receivables: +€38,649
- Cash -€43,286
down €43,286 (-18.0%), from €241,088 to €197,802
mainly Other debts (-€96,938) and Receivables within one year (-€53,105)
- Deferred charges and accrued income -€16,922
down €16,922 (-84.0%), from €20,156 to €3,234
- Other debts -€96,938
down €96,938 (-77.5%), from €125,152 to €28,214
- Reserves +€9,010
up €9,010 (+2.7%), from €327,736 to €336,746
- Gross operating margin -€59,281
down €59,281 (-24.9%), from €237,942 to €178,661
- Taxes -€18,034
down €18,034 (-84.0%), from €21,477 to €3,444
- Staff costs -€6,884
down €6,884 (-13.1%), from €52,581 to €45,697
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 | €488,101 | €407,688 | -€80,413 | -16.5% |
| Fixed assets | 21/28 | €200,180 | €126,870 | -€73,310 | -36.6% |
| Intangible fixed assets | 21 | €264 | €7 | -€257 | -97.3% |
| Tangible fixed assets | 22/27 | €199,916 | €126,863 | -€73,053 | -36.5% |
| Land and buildings | 22 | €2,887 | €2,887 | = | 0.0% |
| Plant, machinery and equipment | 23 | €124,906 | €76,562 | -€48,344 | -38.7% |
| Furniture and vehicles | 24 | €72,098 | €47,414 | -€24,684 | -34.2% |
| Other tangible fixed assets | 26 | €24 | €0 | -€24 | -100% |
| Current assets | 29/58 | €287,921 | €280,818 | -€7,103 | -2.5% |
| Amounts receivable within one year | 40/41 | €26,677 | €79,782 | +€53,105 | +199% |
| Trade receivables | 40 | €21,054 | €59,703 | +€38,649 | +184% |
| Other amounts receivable | 41 | €5,623 | €20,079 | +€14,456 | +257% |
| Cash at bank and in hand | 54/58 | €241,088 | €197,802 | -€43,286 | -18.0% |
| Deferred charges and accrued income | 490/1 | €20,156 | €3,234 | -€16,922 | -84.0% |
| Total equity and liabilities | 10/49 | €488,101 | €407,688 | -€80,413 | -16.5% |
| Equity | 10/15 | €335,514 | €344,524 | +€9,010 | +2.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €327,736 | €336,746 | +€9,010 | +2.7% |
| Distributable reserves | 133 | €327,736 | €336,746 | +€9,010 | +2.7% |
| Profit (loss) carried forward | 14 | €1,578 | €1,578 | = | 0.0% |
| Amounts payable | 17/49 | €152,587 | €63,164 | -€89,423 | -58.6% |
| Amounts payable within one year | 42/48 | €152,062 | €58,016 | -€94,046 | -61.8% |
| Trade debts | 44 | €2,293 | €3,376 | +€1,083 | +47.3% |
| Suppliers | 440/4 | €2,293 | €3,376 | +€1,083 | +47.3% |
| Taxes, remuneration and social security | 45 | €24,617 | €26,426 | +€1,809 | +7.3% |
| Taxes | 450/3 | €16,926 | €18,893 | +€1,967 | +11.6% |
| Remuneration and social security | 454/9 | €7,691 | €7,534 | -€158 | -2.0% |
| Other amounts payable | 47/48 | €125,152 | €28,214 | -€96,938 | -77.5% |
| Accrued charges and deferred income | 492/3 | €525 | €5,148 | +€4,623 | +881% |
| Remuneration, social security and pensions | 62 | €52,581 | €45,697 | -€6,884 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,522 | €120,282 | -€240 | -0.2% |
| Other operating charges | 640/8 | €1,306 | €855 | -€451 | -34.5% |
| Gross operating margin | 9900 | €237,942 | €178,661 | -€59,281 | -24.9% |
| Operating profit (loss) | 9901 | €63,534 | €11,827 | -€51,707 | -81.4% |
| Financial income | 75/76B | €1,128 | €775 | -€353 | -31.3% |
| Recurring financial income | 75 | €1,128 | €775 | -€353 | -31.3% |
| Financial charges | 65/66B | €1,140 | €148 | -€991 | -87.0% |
| Recurring financial charges | 65 | €1,140 | €148 | -€991 | -87.0% |
| Profit (loss) for the period before taxes | 9903 | €63,522 | €12,454 | -€51,069 | -80.4% |
| Income taxes | 67/77 | €21,477 | €3,444 | -€18,034 | -84.0% |
| Profit (loss) for the period | 9904 | €42,045 | €9,010 | -€33,035 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,045 | €9,010 | -€33,035 | -78.6% |
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 16 October 2026 via checked.be.