ARTIPA: 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.
ARTIPA
Largest movements
- Current investments -€286,478
down €286,478 (-47.1%), from €608,096 to €321,617
- Receivables within one year -€178,160
down €178,160 (-36.1%), from €492,943 to €314,783
of which Trade receivables: -€121,367
- Cash +€147,662
up €147,662 (+1200.9%), from €12,296 to €159,959
mainly Current investments (+€286,478) and Other debts (+€209,537)
- Tangible fixed assets -€84,327
down €84,327 (-11.2%), from €752,133 to €667,806
of which Land and buildings: -€56,091
- Receivables after one year +€67,500
up €67,500 (+120.5%), from €56,000 to €123,500
- Reserves -€389,389
down €389,389 (-24.3%), from €1.6m to €1.2m
of which Distributable reserves: -€385,710
- Other debts +€209,537
up €209,537, from €0 to €209,537
- Tax, wage and social debts -€60,014
down €60,014 (-49.8%), from €120,412 to €60,397
of which Taxes: -€42,014
- Trade debts -€52,059
down €52,059 (-64.6%), from €80,590 to €28,531
- Debts after one year -€36,717
down €36,717 (-58.2%), from €63,069 to €26,352
of which Financial debts: -€36,717
- Gross operating margin -€109,705
down €109,705 (-66.9%), from €163,923 to €54,218
- Financial charges -€24,216
down €24,216 (-154.3%), from -€15,694 to -€39,910
- Taxes -€21,818
down €21,818 (-92.0%), from €23,708 to €1,889
- Other operating charges -€6,043
down €6,043 (-79.1%), from €7,642 to €1,599
- Depreciation -€5,536
down €5,536 (-6.2%), from €89,863 to €84,327
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 | €1,934,110 | €1,605,014 | -€329,096 | -17.0% |
| Fixed assets | 21/28 | €755,975 | €671,648 | -€84,327 | -11.2% |
| Tangible fixed assets | 22/27 | €752,133 | €667,806 | -€84,327 | -11.2% |
| Land and buildings | 22 | €701,511 | €645,420 | -€56,091 | -8.0% |
| Plant, machinery and equipment | 23 | €11,938 | €8,211 | -€3,727 | -31.2% |
| Furniture and vehicles | 24 | €38,683 | €14,174 | -€24,509 | -63.4% |
| Financial fixed assets | 28 | €3,842 | €3,842 | = | 0.0% |
| Current assets | 29/58 | €1,178,135 | €933,365 | -€244,769 | -20.8% |
| Amounts receivable after more than one year | 29 | €56,000 | €123,500 | +€67,500 | +120.5% |
| Other amounts receivable | 291 | €56,000 | €123,500 | +€67,500 | +120.5% |
| Amounts receivable within one year | 40/41 | €492,943 | €314,783 | -€178,160 | -36.1% |
| Trade receivables | 40 | €403,974 | €282,606 | -€121,367 | -30.0% |
| Other amounts receivable | 41 | €88,969 | €32,177 | -€56,792 | -63.8% |
| Current investments | 50/53 | €608,096 | €321,617 | -€286,478 | -47.1% |
| Cash at bank and in hand | 54/58 | €12,296 | €159,959 | +€147,662 | +1200.9% |
| Deferred charges and accrued income | 490/1 | €8,800 | €13,506 | +€4,706 | +53.5% |
| Total equity and liabilities | 10/49 | €1,934,110 | €1,605,014 | -€329,096 | -17.0% |
| Equity | 10/15 | €1,614,631 | €1,225,242 | -€389,389 | -24.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,602,231 | €1,212,842 | -€389,389 | -24.3% |
| Tax-exempt reserves | 132 | €54,506 | €50,826 | -€3,679 | -6.8% |
| Distributable reserves | 133 | €1,547,725 | €1,162,015 | -€385,710 | -24.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €19,153 | €18,233 | -€920 | -4.8% |
| Deferred taxes | 168 | €19,153 | €18,233 | -€920 | -4.8% |
| Amounts payable | 17/49 | €300,326 | €361,539 | +€61,213 | +20.4% |
| Amounts payable after more than one year | 17 | €63,069 | €26,352 | -€36,717 | -58.2% |
| Financial debts | 170/4 | €61,454 | €24,737 | -€36,717 | -59.7% |
| Other amounts payable | 178/9 | €1,614 | €1,614 | = | 0.0% |
| Amounts payable within one year | 42/48 | €237,257 | €335,187 | +€97,930 | +41.3% |
| Current portion of amounts payable after more than one year | 42 | €36,255 | €36,717 | +€462 | +1.3% |
| Financial debts | 43 | - | €4 | +€4 | |
| Credit institutions | 430/8 | - | €4 | +€4 | |
| Trade debts | 44 | €80,590 | €28,531 | -€52,059 | -64.6% |
| Suppliers | 440/4 | €80,590 | €28,531 | -€52,059 | -64.6% |
| Taxes, remuneration and social security | 45 | €120,412 | €60,397 | -€60,014 | -49.8% |
| Taxes | 450/3 | €102,412 | €60,397 | -€42,014 | -41.0% |
| Remuneration and social security | 454/9 | €18,000 | €0 | -€18,000 | -100.0% |
| Other amounts payable | 47/48 | €0 | €209,537 | +€209,537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,863 | €84,327 | -€5,536 | -6.2% |
| Other operating charges | 640/8 | €7,642 | €1,599 | -€6,043 | -79.1% |
| Gross operating margin | 9900 | €163,923 | €54,218 | -€109,705 | -66.9% |
| Operating profit (loss) | 9901 | €66,417 | -€31,709 | -€98,126 | |
| Financial income | 75/76B | €4,739 | €3,379 | -€1,360 | -28.7% |
| Recurring financial income | 75 | €4,739 | €3,379 | -€1,360 | -28.7% |
| Financial charges | 65/66B | -€15,694 | -€39,910 | -€24,216 | -154.3% |
| Recurring financial charges | 65 | -€15,694 | -€39,910 | -€24,216 | -154.3% |
| Profit (loss) for the period before taxes | 9903 | €86,851 | €11,580 | -€75,271 | -86.7% |
| Transfer from deferred taxes | 780 | €920 | €920 | = | 0.0% |
| Income taxes | 67/77 | €23,708 | €1,889 | -€21,818 | -92.0% |
| Profit (loss) for the period | 9904 | €64,063 | €10,611 | -€53,452 | -83.4% |
| Transfer from tax-exempt reserves | 789 | €3,679 | €3,679 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,742 | €14,290 | -€53,452 | -78.9% |
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 9 October 2026 via checked.be.