ARTICO: what changed
Two fiscal 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.
ARTICO
Largest movements
- Receivables within one year -€886,450
down €886,450 (-93.5%), from €947,707 to €61,257
of which Trade receivables: -€906,889
- Cash -€681,080
down €681,080 (-99.0%), from €687,860 to €6,781
mainly Accrued charges and deferred income (-€550,327) and Stocks and contracts (-€371,579)
- Stocks and contracts +€371,579
up €371,579 (+102.6%), from €362,000 to €733,579
- Accrued charges and deferred income -€550,327
down €550,327 (-97.2%), from €566,080 to €15,753
- Trade debts -€265,057
down €265,057 (-96.3%), from €275,246 to €10,189
- Tax, wage and social debts -€102,756
down €102,756 (-97.6%), from €105,306 to €2,550
- Profit (loss) carried forward -€84,789
down €84,789 (-16.3%), from €520,624 to €435,835
- Other debts -€77,745
down €77,745 (-13.1%), from €595,309 to €517,564
- Gross operating margin -€455,523
down €455,523, from €367,864 to -€87,659
- Taxes -€74,861
down €74,861 (-100.0%), from €74,868 to €7
- Financial charges -€62,423
down €62,423 (-91.9%), from €67,944 to €5,522
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.
Cash bridge derived
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 | €2,191,953 | €1,002,343 | -€1.2m | -54.3% |
| Fixed assets | 21/28 | €81,185 | €81,185 | = | 0.0% |
| Tangible fixed assets | 22/27 | €81,185 | €81,185 | = | 0.0% |
| Land and buildings | 22 | €81,185 | €81,185 | = | 0.0% |
| Current assets | 29/58 | €2,110,768 | €921,158 | -€1.2m | -56.4% |
| Stocks and contracts in progress | 3 | €362,000 | €733,579 | +€371,579 | +102.6% |
| Stocks | 30/36 | €362,000 | €733,579 | +€371,579 | +102.6% |
| Amounts receivable within one year | 40/41 | €947,707 | €61,257 | -€886,450 | -93.5% |
| Trade receivables | 40 | €923,548 | €16,659 | -€906,889 | -98.2% |
| Other amounts receivable | 41 | €24,159 | €44,598 | +€20,439 | +84.6% |
| Current investments | 50/53 | €111,342 | €119,540 | +€8,198 | +7.4% |
| Cash at bank and in hand | 54/58 | €687,860 | €6,781 | -€681,080 | -99.0% |
| Deferred charges and accrued income | 490/1 | €1,859 | - | -€1,859 | |
| Total equity and liabilities | 10/49 | €2,191,953 | €1,002,343 | -€1.2m | -54.3% |
| Equity | 10/15 | €541,075 | €456,286 | -€84,789 | -15.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €520,624 | €435,835 | -€84,789 | -16.3% |
| Amounts payable | 17/49 | €1,650,878 | €546,057 | -€1.1m | -66.9% |
| Amounts payable within one year | 42/48 | €1,084,798 | €530,303 | -€554,495 | -51.1% |
| Current portion of amounts payable after more than one year | 42 | €55,894 | - | -€55,894 | |
| Financial debts | 43 | €53,042 | - | -€53,042 | |
| Other loans | 439 | €53,042 | - | -€53,042 | |
| Trade debts | 44 | €275,246 | €10,189 | -€265,057 | -96.3% |
| Suppliers | 440/4 | €275,246 | €10,189 | -€265,057 | -96.3% |
| Taxes, remuneration and social security | 45 | €105,306 | €2,550 | -€102,756 | -97.6% |
| Taxes | 450/3 | €105,306 | €2,550 | -€102,756 | -97.6% |
| Other amounts payable | 47/48 | €595,309 | €517,564 | -€77,745 | -13.1% |
| Accrued charges and deferred income | 492/3 | €566,080 | €15,753 | -€550,327 | -97.2% |
| Other operating charges | 640/8 | €4,048 | €6,685 | +€2,638 | +65.2% |
| Gross operating margin | 9900 | €367,864 | -€87,659 | -€455,523 | |
| Operating profit (loss) | 9901 | €363,816 | -€94,344 | -€458,160 | |
| Financial income | 75/76B | €14,192 | €15,084 | +€892 | +6.3% |
| Recurring financial income | 75 | €14,192 | €15,084 | +€892 | +6.3% |
| Financial charges | 65/66B | €67,944 | €5,522 | -€62,423 | -91.9% |
| Recurring financial charges | 65 | €67,944 | €5,522 | -€62,423 | -91.9% |
| Profit (loss) for the period before taxes | 9903 | €310,064 | -€84,782 | -€394,846 | |
| Income taxes | 67/77 | €74,868 | €7 | -€74,861 | -100.0% |
| Profit (loss) for the period | 9904 | €235,195 | -€84,789 | -€319,984 | |
| Profit (loss) for the period to be appropriated | 9905 | €235,195 | -€84,789 | -€319,984 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.