ARTIFREEZE: 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.
ARTIFREEZE
Largest movements
- Cash +€472,025
up €472,025 (+2,494%), from €18,925 to €490,950
mainly Receivables within one year (+€416,423) and Investment in fixed assets (net) (+€387,846)
- Financial fixed assets -€427,176
down €427,176 (-94.3%), from €452,913 to €25,737
- Receivables within one year -€416,423
down €416,423 (-46.6%), from €894,513 to €478,090
of which Trade receivables: -€415,846
- Stocks and contracts -€320,514
no longer reported in 2025 (was €320,514)
- Tangible fixed assets -€291,658
down €291,658 (-7.0%), from €4.2m to €3.9m
of which Land and buildings: -€264,764
- Trade debts -€797,916
down €797,916 (-78.8%), from €1.0m to €214,294
- Debts after one year -€403,061
down €403,061 (-11.7%), from €3.5m to €3.1m
- Other debts +€271,746
new in 2025: €271,746
- Short-term financial debts -€205,281
down €205,281 (-90.9%), from €225,820 to €20,539
- Profit (loss) carried forward +€147,786
up €147,786 (+71.1%), from -€207,754 to -€59,968
- Staff costs +€118,250
up €118,250 (+17.4%), from €680,372 to €798,622
- Financial charges -€35,004
down €35,004 (-25.8%), from €135,791 to €100,786
- Write-downs -€28,358
down €28,358, from €24,672 to -€3,685
- Gross operating margin +€23,858
up €23,858 (+1.8%), from €1.3m to €1.4m
- Depreciation +€16,801
up €16,801 (+5.5%), from €304,983 to €321,785
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 | €5,866,107 | €4,904,034 | -€962,073 | -16.4% |
| Fixed assets | 21/28 | €4,625,301 | €3,915,670 | -€709,631 | -15.3% |
| Intangible fixed assets | 21 | €13,637 | €22,840 | +€9,204 | +67.5% |
| Tangible fixed assets | 22/27 | €4,158,751 | €3,867,093 | -€291,658 | -7.0% |
| Land and buildings | 22 | €3,955,887 | €3,691,123 | -€264,764 | -6.7% |
| Plant, machinery and equipment | 23 | €18,174 | €17,195 | -€980 | -5.4% |
| Furniture and vehicles | 24 | €17,967 | €14,060 | -€3,907 | -21.7% |
| Leasing and similar rights | 25 | €166,723 | €144,715 | -€22,008 | -13.2% |
| Financial fixed assets | 28 | €452,913 | €25,737 | -€427,176 | -94.3% |
| Current assets | 29/58 | €1,240,806 | €988,364 | -€252,442 | -20.3% |
| Stocks and contracts in progress | 3 | €320,514 | - | -€320,514 | |
| Stocks | 30/36 | €320,514 | - | -€320,514 | |
| Amounts receivable within one year | 40/41 | €894,513 | €478,090 | -€416,423 | -46.6% |
| Trade receivables | 40 | €857,794 | €441,949 | -€415,846 | -48.5% |
| Other amounts receivable | 41 | €36,718 | €36,141 | -€577 | -1.6% |
| Current investments | 50/53 | €95 | - | -€95 | |
| Cash at bank and in hand | 54/58 | €18,925 | €490,950 | +€472,025 | +2,494% |
| Deferred charges and accrued income | 490/1 | €6,759 | €19,324 | +€12,565 | +186% |
| Total equity and liabilities | 10/49 | €5,866,107 | €4,904,034 | -€962,073 | -16.4% |
| Equity | 10/15 | €586,493 | €714,766 | +€128,272 | +21.9% |
| Contributions | 10/11 | €460,000 | €460,000 | = | 0.0% |
| Capital | 10 | €460,000 | €460,000 | = | 0.0% |
| Issued capital | 100 | €460,000 | €460,000 | = | 0.0% |
| Reserves | 13 | €61,054 | €61,054 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €34,804 | €34,804 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€207,754 | -€59,968 | +€147,786 | +71.1% |
| Investment grants | 15 | €273,193 | €253,679 | -€19,514 | -7.1% |
| Amounts payable | 17/49 | €5,279,614 | €4,189,268 | -€1.1m | -20.7% |
| Amounts payable after more than one year | 17 | €3,453,793 | €3,050,732 | -€403,061 | -11.7% |
| Financial debts | 170/4 | €3,453,793 | €3,050,732 | -€403,061 | -11.7% |
| Amounts payable within one year | 42/48 | €1,787,916 | €1,085,074 | -€702,842 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €447,977 | €417,353 | -€30,624 | -6.8% |
| Financial debts | 43 | €225,820 | €20,539 | -€205,281 | -90.9% |
| Credit institutions | 430/8 | €225,820 | €20,539 | -€205,281 | -90.9% |
| Trade debts | 44 | €1,012,211 | €214,294 | -€797,916 | -78.8% |
| Suppliers | 440/4 | €1,012,211 | €214,294 | -€797,916 | -78.8% |
| Taxes, remuneration and social security | 45 | €101,908 | €161,142 | +€59,233 | +58.1% |
| Taxes | 450/3 | €30,858 | €33,816 | +€2,959 | +9.6% |
| Remuneration and social security | 454/9 | €71,050 | €127,325 | +€56,275 | +79.2% |
| Other amounts payable | 47/48 | - | €271,746 | +€271,746 | |
| Accrued charges and deferred income | 492/3 | €37,905 | €53,463 | +€15,558 | +41.0% |
| Non-recurring operating income | 76A | €38,818 | €7,000 | -€31,818 | -82.0% |
| Remuneration, social security and pensions | 62 | €680,372 | €798,622 | +€118,250 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304,983 | €321,785 | +€16,801 | +5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,672 | -€3,685 | -€28,358 | |
| Other operating charges | 640/8 | €39,629 | €42,372 | +€2,743 | +6.9% |
| Non-recurring operating charges | 66A | €1,601 | €938 | -€664 | -41.4% |
| Gross operating margin | 9900 | €1,348,465 | €1,372,323 | +€23,858 | +1.8% |
| Operating profit (loss) | 9901 | €297,207 | €212,292 | -€84,915 | -28.6% |
| Financial income | 75/76B | €49,866 | €36,272 | -€13,594 | -27.3% |
| Recurring financial income | 75 | €49,866 | €36,272 | -€13,594 | -27.3% |
| Financial charges | 65/66B | €135,791 | €100,786 | -€35,004 | -25.8% |
| Recurring financial charges | 65 | €135,791 | €100,786 | -€35,004 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €211,282 | €147,777 | -€63,505 | -30.1% |
| Income taxes | 67/77 | €9 | -€9 | -€18 | |
| Profit (loss) for the period | 9904 | €211,273 | €147,786 | -€63,487 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €211,273 | €147,786 | -€63,487 | -30.0% |
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 28 October 2026 via checked.be.