ARTIMVEST: 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.
ARTIMVEST
Largest movements
- Tangible fixed assets -€737,821
down €737,821 (-34.1%), from €2.2m to €1.4m
of which Land and buildings: -€732,677
- Stocks and contracts -€250,785
down €250,785 (-100%), from €250,785 to €0
- Receivables within one year +€135,330
up €135,330 (+13,533%), from €1,000 to €136,330
of which Other amounts receivable: +€126,330
- Cash +€72,205
up €72,205 (+220%), from €32,764 to €104,970
mainly Investment in fixed assets (net) (+€697,445) and Stocks and contracts (+€250,785)
- Other debts -€435,191
down €435,191 (-74.8%), from €581,446 to €146,256
- Debts after one year -€213,560
down €213,560 (-17.9%), from €1.2m to €977,042
- Short-term financial debts -€200,000
down €200,000 (-100%), from €200,000 to €0
- Reserves +€50,551
up €50,551 (+23.9%), from €211,110 to €261,661
of which Distributable reserves: +€47,983
- Profit (loss) carried forward +€34,020
up €34,020, from -€34,020 to €0
- Gross operating margin +€154,401
up €154,401 (+90.4%), from €170,712 to €325,113
- Other operating charges +€68,052
up €68,052 (+168%), from €40,536 to €108,589
- Financial charges -€22,643
down €22,643 (-23.1%), from €97,866 to €75,223
- Depreciation -€16,309
down €16,309 (-28.8%), from €56,685 to €40,376
- Taxes +€15,498
new in 2025: €15,498
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 | €2,452,662 | €1,670,040 | -€782,623 | -31.9% |
| Fixed assets | 21/28 | €2,164,893 | €1,427,072 | -€737,821 | -34.1% |
| Tangible fixed assets | 22/27 | €2,164,893 | €1,427,072 | -€737,821 | -34.1% |
| Land and buildings | 22 | €2,144,134 | €1,411,457 | -€732,677 | -34.2% |
| Plant, machinery and equipment | 23 | €10,622 | €9,478 | -€1,144 | -10.8% |
| Furniture and vehicles | 24 | €10,137 | €6,137 | -€4,000 | -39.5% |
| Current assets | 29/58 | €287,769 | €242,968 | -€44,802 | -15.6% |
| Stocks and contracts in progress | 3 | €250,785 | €0 | -€250,785 | -100% |
| Stocks | 30/36 | €250,785 | €0 | -€250,785 | -100% |
| Amounts receivable within one year | 40/41 | €1,000 | €136,330 | +€135,330 | +13,533% |
| Trade receivables | 40 | - | €9,000 | +€9,000 | |
| Other amounts receivable | 41 | €1,000 | €127,330 | +€126,330 | +12,633% |
| Cash at bank and in hand | 54/58 | €32,764 | €104,970 | +€72,205 | +220% |
| Deferred charges and accrued income | 490/1 | €3,220 | €1,668 | -€1,552 | -48.2% |
| Total equity and liabilities | 10/49 | €2,452,662 | €1,670,040 | -€782,623 | -31.9% |
| Equity | 10/15 | €253,766 | €338,337 | +€84,571 | +33.3% |
| Contributions | 10/11 | €76,676 | €76,676 | = | 0.0% |
| Reserves | 13 | €211,110 | €261,661 | +€50,551 | +23.9% |
| Tax-exempt reserves | 132 | €211,110 | €213,678 | +€2,568 | +1.2% |
| Distributable reserves | 133 | - | €47,983 | +€47,983 | |
| Profit (loss) carried forward | 14 | -€34,020 | €0 | +€34,020 | |
| Provisions and deferred taxes | 16 | €70,370 | €71,226 | +€856 | +1.2% |
| Deferred taxes | 168 | €70,370 | €71,226 | +€856 | +1.2% |
| Amounts payable | 17/49 | €2,128,527 | €1,260,477 | -€868,050 | -40.8% |
| Amounts payable after more than one year | 17 | €1,190,602 | €977,042 | -€213,560 | -17.9% |
| Financial debts | 170/4 | €1,190,602 | €977,042 | -€213,560 | -17.9% |
| Amounts payable within one year | 42/48 | €903,229 | €271,695 | -€631,534 | -69.9% |
| Current portion of amounts payable after more than one year | 42 | €104,568 | €87,666 | -€16,902 | -16.2% |
| Financial debts | 43 | €200,000 | €0 | -€200,000 | -100% |
| Credit institutions | 430/8 | €200,000 | €0 | -€200,000 | -100% |
| Trade debts | 44 | €17,215 | €22,275 | +€5,060 | +29.4% |
| Suppliers | 440/4 | €17,215 | €22,275 | +€5,060 | +29.4% |
| Taxes, remuneration and social security | 45 | - | €15,498 | +€15,498 | |
| Taxes | 450/3 | - | €15,498 | +€15,498 | |
| Other amounts payable | 47/48 | €581,446 | €146,256 | -€435,191 | -74.8% |
| Accrued charges and deferred income | 492/3 | €34,695 | €11,740 | -€22,955 | -66.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,685 | €40,376 | -€16,309 | -28.8% |
| Other operating charges | 640/8 | €40,536 | €108,589 | +€68,052 | +168% |
| Gross operating margin | 9900 | €170,712 | €325,113 | +€154,401 | +90.4% |
| Operating profit (loss) | 9901 | €73,490 | €176,148 | +€102,658 | +140% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €97,866 | €75,223 | -€22,643 | -23.1% |
| Recurring financial charges | 65 | €97,866 | €75,223 | -€22,643 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | -€24,376 | €100,926 | +€125,301 | |
| Transfer from deferred taxes | 780 | €2,423 | €1,548 | -€875 | -36.1% |
| Transfer to deferred taxes | 680 | - | €2,405 | +€2,405 | |
| Income taxes | 67/77 | - | €15,498 | +€15,498 | |
| Profit (loss) for the period | 9904 | -€21,953 | €84,571 | +€106,524 | |
| Transfer from tax-exempt reserves | 789 | €7,269 | €4,645 | -€2,624 | -36.1% |
| Transfer to tax-exempt reserves | 689 | - | €7,214 | +€7,214 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,684 | €82,003 | +€96,687 |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.