Artinez: 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.
Artinez
Largest movements
- Cash -€22,477
down €22,477 (-41.5%), from €54,172 to €31,695
mainly Other debts (-€56,716) and Investment in fixed assets (net) (-€43,420)
- Receivables within one year -€22,438
down €22,438 (-41.4%), from €54,152 to €31,714
of which Trade receivables: -€23,967
- Stocks and contracts +€15,257
up €15,257 (+30.1%), from €50,649 to €65,905
- Tangible fixed assets +€13,577
up €13,577 (+4.0%), from €338,367 to €351,943
of which Land and buildings: +€24,807
- Debts after one year +€76,076
up €76,076 (+27.7%), from €274,699 to €350,775
of which Other amounts payable: +€85,989
- Other debts -€56,716
down €56,716 (-100.0%), from €56,716 to €0
- Tax, wage and social debts -€27,099
down €27,099 (-47.7%), from €56,800 to €29,701
of which Remuneration and social security: -€19,992
- Staff costs +€16,395
up €16,395 (+13.2%), from €124,188 to €140,583
- Gross operating margin +€16,090
up €16,090 (+9.4%), from €170,719 to €186,809
- Depreciation +€7,887
up €7,887 (+35.7%), from €22,076 to €29,963
- Financial charges +€4,366
up €4,366 (+50.1%), from €8,723 to €13,089
- Taxes -€2,496
down €2,496 (-99.6%), from €2,505 to €10
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 | €500,550 | €486,807 | -€13,744 | -2.7% |
| Fixed assets | 21/28 | €339,007 | €352,463 | +€13,457 | +4.0% |
| Intangible fixed assets | 21 | €640 | €520 | -€120 | -18.8% |
| Tangible fixed assets | 22/27 | €338,367 | €351,943 | +€13,577 | +4.0% |
| Land and buildings | 22 | €287,774 | €312,580 | +€24,807 | +8.6% |
| Plant, machinery and equipment | 23 | €13,536 | €10,907 | -€2,629 | -19.4% |
| Furniture and vehicles | 24 | €11,786 | €6,485 | -€5,301 | -45.0% |
| Other tangible fixed assets | 26 | €25,271 | €21,971 | -€3,300 | -13.1% |
| Current assets | 29/58 | €161,544 | €134,343 | -€27,200 | -16.8% |
| Stocks and contracts in progress | 3 | €50,649 | €65,905 | +€15,257 | +30.1% |
| Stocks | 30/36 | €50,649 | €65,905 | +€15,257 | +30.1% |
| Amounts receivable within one year | 40/41 | €54,152 | €31,714 | -€22,438 | -41.4% |
| Trade receivables | 40 | €49,532 | €25,565 | -€23,967 | -48.4% |
| Other amounts receivable | 41 | €4,620 | €6,148 | +€1,529 | +33.1% |
| Cash at bank and in hand | 54/58 | €54,172 | €31,695 | -€22,477 | -41.5% |
| Deferred charges and accrued income | 490/1 | €2,572 | €5,030 | +€2,458 | +95.6% |
| Total equity and liabilities | 10/49 | €500,550 | €486,807 | -€13,744 | -2.7% |
| Equity | 10/15 | €70,272 | €68,460 | -€1,812 | -2.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €26,374 | €26,374 | = | 0.0% |
| Distributable reserves | 133 | €26,374 | €26,374 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,898 | €32,087 | -€1,812 | -5.3% |
| Amounts payable | 17/49 | €430,278 | €418,346 | -€11,932 | -2.8% |
| Amounts payable after more than one year | 17 | €274,699 | €350,775 | +€76,076 | +27.7% |
| Financial debts | 170/4 | €274,699 | €264,787 | -€9,913 | -3.6% |
| Other amounts payable | 178/9 | - | €85,989 | +€85,989 | |
| Amounts payable within one year | 42/48 | €154,853 | €66,830 | -€88,024 | -56.8% |
| Current portion of amounts payable after more than one year | 42 | €9,524 | €9,913 | +€389 | +4.1% |
| Trade debts | 44 | €31,814 | €27,216 | -€4,598 | -14.5% |
| Suppliers | 440/4 | €31,814 | €27,216 | -€4,598 | -14.5% |
| Taxes, remuneration and social security | 45 | €56,800 | €29,701 | -€27,099 | -47.7% |
| Taxes | 450/3 | €8,757 | €1,651 | -€7,106 | -81.1% |
| Remuneration and social security | 454/9 | €48,042 | €28,050 | -€19,992 | -41.6% |
| Other amounts payable | 47/48 | €56,716 | €0 | -€56,716 | -100.0% |
| Accrued charges and deferred income | 492/3 | €726 | €741 | +€16 | +2.1% |
| Remuneration, social security and pensions | 62 | €124,188 | €140,583 | +€16,395 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,076 | €29,963 | +€7,887 | +35.7% |
| Other operating charges | 640/8 | €3,787 | €4,975 | +€1,188 | +31.4% |
| Gross operating margin | 9900 | €170,719 | €186,809 | +€16,090 | +9.4% |
| Operating profit (loss) | 9901 | €20,668 | €11,288 | -€9,381 | -45.4% |
| Financial income | 75/76B | €834 | €0 | -€834 | -100.0% |
| Recurring financial income | 75 | €834 | €0 | -€834 | -100.0% |
| Financial charges | 65/66B | €8,723 | €13,089 | +€4,366 | +50.1% |
| Recurring financial charges | 65 | €8,723 | €13,089 | +€4,366 | +50.1% |
| Profit (loss) for the period before taxes | 9903 | €12,779 | -€1,802 | -€14,581 | |
| Income taxes | 67/77 | €2,505 | €10 | -€2,496 | -99.6% |
| Profit (loss) for the period | 9904 | €10,273 | -€1,812 | -€12,085 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,273 | -€1,812 | -€12,085 |
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 5 October 2026 via checked.be.