ARTIELEC: 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.
ARTIELEC
Largest movements
- Receivables within one year +€306,138
up €306,138 (+270%), from €113,231 to €419,369
of which Trade receivables: +€269,168
- Cash -€229,621
down €229,621 (-54.2%), from €423,655 to €194,034
mainly Receivables within one year (-€306,138) and Investment in fixed assets (net) (-€260,269)
- Tangible fixed assets +€131,195
up €131,195 (+14.2%), from €922,127 to €1.1m
of which Land and buildings: +€191,419
- Other debts +€199,340
up €199,340 (+11,439%), from €1,743 to €201,083
- Debts after one year +€96,295
up €96,295 (+17.3%), from €556,994 to €653,289
- Reserves -€60,000
down €60,000 (-13.6%), from €440,000 to €380,000
- Tax, wage and social debts -€51,965
down €51,965 (-22.0%), from €236,741 to €184,776
- Accrued charges and deferred income +€26,499
up €26,499 (+213,702%), from €12 to €26,511
- Gross operating margin +€76,971
up €76,971 (+25.3%), from €304,666 to €381,636
- Depreciation +€28,769
up €28,769 (+28.7%), from €100,305 to €129,074
- Taxes +€11,289
up €11,289 (+18.5%), from €60,947 to €72,236
- Other operating charges +€8,457
up €8,457 (+133%), from €6,379 to €14,835
- Financial charges +€6,716
up €6,716 (+43.8%), from €15,325 to €22,040
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 | €1,566,267 | €1,773,628 | +€207,361 | +13.2% |
| Fixed assets | 21/28 | €954,002 | €1,085,197 | +€131,195 | +13.8% |
| Tangible fixed assets | 22/27 | €922,127 | €1,053,322 | +€131,195 | +14.2% |
| Land and buildings | 22 | €843,274 | €1,034,693 | +€191,419 | +22.7% |
| Plant, machinery and equipment | 23 | €3,735 | €3,281 | -€454 | -12.2% |
| Furniture and vehicles | 24 | €19,399 | €13,177 | -€6,222 | -32.1% |
| Other tangible fixed assets | 26 | €3,141 | €2,170 | -€972 | -30.9% |
| Assets under construction and advance payments | 27 | €52,577 | - | -€52,577 | |
| Financial fixed assets | 28 | €31,875 | €31,875 | = | 0.0% |
| Current assets | 29/58 | €612,265 | €688,431 | +€76,166 | +12.4% |
| Stocks and contracts in progress | 3 | €70,370 | €70,118 | -€252 | -0.4% |
| Stocks | 30/36 | €70,370 | €70,118 | -€252 | -0.4% |
| Amounts receivable within one year | 40/41 | €113,231 | €419,369 | +€306,138 | +270% |
| Trade receivables | 40 | €38,454 | €307,623 | +€269,168 | +700% |
| Other amounts receivable | 41 | €74,776 | €111,746 | +€36,970 | +49.4% |
| Cash at bank and in hand | 54/58 | €423,655 | €194,034 | -€229,621 | -54.2% |
| Deferred charges and accrued income | 490/1 | €5,009 | €4,910 | -€98 | -2.0% |
| Total equity and liabilities | 10/49 | €1,566,267 | €1,773,628 | +€207,361 | +13.2% |
| Equity | 10/15 | €680,232 | €623,683 | -€56,549 | -8.3% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €440,000 | €380,000 | -€60,000 | -13.6% |
| Distributable reserves | 133 | €440,000 | €380,000 | -€60,000 | -13.6% |
| Profit (loss) carried forward | 14 | €232,172 | €235,623 | +€3,451 | +1.5% |
| Amounts payable | 17/49 | €886,035 | €1,149,945 | +€263,910 | +29.8% |
| Amounts payable after more than one year | 17 | €556,994 | €653,289 | +€96,295 | +17.3% |
| Financial debts | 170/4 | €556,994 | €653,289 | +€96,295 | +17.3% |
| Amounts payable within one year | 42/48 | €329,029 | €470,144 | +€141,116 | +42.9% |
| Current portion of amounts payable after more than one year | 42 | €51,376 | €57,084 | +€5,709 | +11.1% |
| Trade debts | 44 | €20,556 | €26,201 | +€5,645 | +27.5% |
| Suppliers | 440/4 | €20,556 | €26,201 | +€5,645 | +27.5% |
| Advances received on contracts in progress | 46 | €18,613 | €1,000 | -€17,613 | -94.6% |
| Taxes, remuneration and social security | 45 | €236,741 | €184,776 | -€51,965 | -22.0% |
| Taxes | 450/3 | €236,741 | €184,776 | -€51,965 | -22.0% |
| Other amounts payable | 47/48 | €1,743 | €201,083 | +€199,340 | +11,439% |
| Accrued charges and deferred income | 492/3 | €12 | €26,511 | +€26,499 | +213,702% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,305 | €129,074 | +€28,769 | +28.7% |
| Other operating charges | 640/8 | €6,379 | €14,835 | +€8,457 | +133% |
| Gross operating margin | 9900 | €304,666 | €381,636 | +€76,971 | +25.3% |
| Operating profit (loss) | 9901 | €197,982 | €237,727 | +€39,745 | +20.1% |
| Financial charges | 65/66B | €15,325 | €22,040 | +€6,716 | +43.8% |
| Recurring financial charges | 65 | €15,325 | €22,040 | +€6,716 | +43.8% |
| Profit (loss) for the period before taxes | 9903 | €182,657 | €215,687 | +€33,029 | +18.1% |
| Income taxes | 67/77 | €60,947 | €72,236 | +€11,289 | +18.5% |
| Profit (loss) for the period | 9904 | €121,711 | €143,451 | +€21,740 | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €121,711 | €143,451 | +€21,740 | +17.9% |
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 30 October 2026 via checked.be.