ARTIFIN: 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.
ARTIFIN
Largest movements
- Current investments +€80,000
up €80,000 (+145.5%), from €55,000 to €135,000
- Tangible fixed assets +€66,922
up €66,922 (+15.7%), from €424,964 to €491,885
of which Other tangible fixed assets: +€64,645
- Receivables within one year -€38,056
down €38,056 (-58.0%), from €65,613 to €27,558
of which Other amounts receivable: -€65,008
- Reserves +€71,799
up €71,799 (+3.1%), from €2.3m to €2.4m
of which Distributable reserves: +€71,799
- Other debts +€43,360
up €43,360 (+127.3%), from €34,048 to €77,408
- Gross operating margin -€31,316
down €31,316 (-22.6%), from €138,387 to €107,071
- Financial income -€19,733
down €19,733 (-30.2%), from €65,379 to €45,646
- Depreciation +€5,592
up €5,592 (+26.6%), from €21,039 to €26,631
- Other operating charges +€1,897
up €1,897 (+18.9%), from €10,036 to €11,933
- Taxes +€1,754
up €1,754 (+7.7%), from €22,877 to €24,631
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 | €2,883,341 | €2,990,823 | +€107,481 | +3.7% |
| Fixed assets | 21/28 | €2,713,440 | €2,780,362 | +€66,922 | +2.5% |
| Tangible fixed assets | 22/27 | €424,964 | €491,885 | +€66,922 | +15.7% |
| Land and buildings | 22 | €324,283 | €319,394 | -€4,889 | -1.5% |
| Plant, machinery and equipment | 23 | €13,810 | €8,658 | -€5,152 | -37.3% |
| Furniture and vehicles | 24 | - | €12,318 | +€12,318 | |
| Other tangible fixed assets | 26 | €86,870 | €151,515 | +€64,645 | +74.4% |
| Financial fixed assets | 28 | €2,288,477 | €2,288,477 | = | 0.0% |
| Current assets | 29/58 | €169,901 | €210,461 | +€40,560 | +23.9% |
| Amounts receivable within one year | 40/41 | €65,613 | €27,558 | -€38,056 | -58.0% |
| Trade receivables | 40 | €605 | €27,558 | +€26,953 | +4455.0% |
| Other amounts receivable | 41 | €65,008 | - | -€65,008 | |
| Current investments | 50/53 | €55,000 | €135,000 | +€80,000 | +145.5% |
| Cash at bank and in hand | 54/58 | €10,760 | €19,162 | +€8,402 | +78.1% |
| Deferred charges and accrued income | 490/1 | €38,527 | €28,741 | -€9,787 | -25.4% |
| Total equity and liabilities | 10/49 | €2,883,341 | €2,990,823 | +€107,481 | +3.7% |
| Equity | 10/15 | €2,516,535 | €2,588,333 | +€71,799 | +2.9% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Capital | 10 | €170,000 | €170,000 | = | 0.0% |
| Issued capital | 100 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €2,346,535 | €2,418,333 | +€71,799 | +3.1% |
| Non-distributable reserves | 130/1 | €17,000 | €17,000 | = | 0.0% |
| Legal reserve | 130 | €17,000 | €17,000 | = | 0.0% |
| Distributable reserves | 133 | €2,329,535 | €2,401,333 | +€71,799 | +3.1% |
| Amounts payable | 17/49 | €366,807 | €402,489 | +€35,683 | +9.7% |
| Amounts payable after more than one year | 17 | €209,055 | €201,722 | -€7,333 | -3.5% |
| Financial debts | 170/4 | €209,055 | €201,722 | -€7,333 | -3.5% |
| Amounts payable within one year | 42/48 | €145,062 | €176,050 | +€30,988 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €7,333 | €7,333 | = | 0.0% |
| Trade debts | 44 | €19,973 | €16,079 | -€3,894 | -19.5% |
| Suppliers | 440/4 | €19,973 | €16,079 | -€3,894 | -19.5% |
| Taxes, remuneration and social security | 45 | €83,708 | €75,230 | -€8,478 | -10.1% |
| Taxes | 450/3 | €75,458 | €75,230 | -€228 | -0.3% |
| Remuneration and social security | 454/9 | €8,250 | - | -€8,250 | |
| Other amounts payable | 47/48 | €34,048 | €77,408 | +€43,360 | +127.3% |
| Accrued charges and deferred income | 492/3 | €12,689 | €24,717 | +€12,028 | +94.8% |
| Non-recurring operating income | 76A | - | €13,802 | +€13,802 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,039 | €26,631 | +€5,592 | +26.6% |
| Other operating charges | 640/8 | €10,036 | €11,933 | +€1,897 | +18.9% |
| Gross operating margin | 9900 | €138,387 | €107,071 | -€31,316 | -22.6% |
| Operating profit (loss) | 9901 | €107,312 | €68,507 | -€38,805 | -36.2% |
| Financial income | 75/76B | €65,379 | €45,646 | -€19,733 | -30.2% |
| Recurring financial income | 75 | €65,379 | €45,646 | -€19,733 | -30.2% |
| Financial charges | 65/66B | €16,454 | €17,723 | +€1,269 | +7.7% |
| Recurring financial charges | 65 | €16,454 | €17,723 | +€1,269 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €156,237 | €96,430 | -€59,808 | -38.3% |
| Income taxes | 67/77 | €22,877 | €24,631 | +€1,754 | +7.7% |
| Profit (loss) for the period | 9904 | €133,360 | €71,799 | -€61,562 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €133,360 | €71,799 | -€61,562 | -46.2% |
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 12 October 2026 via checked.be.