Artjom: 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.
Artjom
Largest movements
- Stocks and contracts +€148,335
up €148,335 (+236%), from €62,724 to €211,059
- Receivables within one year -€29,838
down €29,838 (-24.3%), from €123,041 to €93,204
of which Trade receivables: -€20,327
- Other debts +€90,189
up €90,189 (+258%), from €34,917 to €125,106
- Profit (loss) carried forward +€42,300
up €42,300 (+25.3%), from €167,442 to €209,741
- Trade debts -€27,790
down €27,790 (-28.8%), from €96,329 to €68,539
- Gross operating margin +€59,719
up €59,719 (+7.4%), from €810,385 to €870,104
- Staff costs +€30,632
up €30,632 (+4.9%), from €630,125 to €660,757
- Depreciation +€22,975
up €22,975 (+25.1%), from €91,568 to €114,543
- Other operating charges -€17,079
down €17,079 (-66.7%), from €25,588 to €8,509
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 | €1,056,703 | €1,167,984 | +€111,282 | +10.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €815,921 | €802,290 | -€13,630 | -1.7% |
| Intangible fixed assets | 21 | €51,365 | €43,100 | -€8,265 | -16.1% |
| Tangible fixed assets | 22/27 | €764,556 | €759,190 | -€5,365 | -0.7% |
| Land and buildings | 22 | €259,998 | €250,581 | -€9,418 | -3.6% |
| Plant, machinery and equipment | 23 | €154,198 | €139,065 | -€15,133 | -9.8% |
| Furniture and vehicles | 24 | €107,948 | €84,926 | -€23,022 | -21.3% |
| Other tangible fixed assets | 26 | €242,411 | €284,618 | +€42,207 | +17.4% |
| Current assets | 29/58 | €240,782 | €365,694 | +€124,912 | +51.9% |
| Stocks and contracts in progress | 3 | €62,724 | €211,059 | +€148,335 | +236% |
| Stocks | 30/36 | €62,724 | €211,059 | +€148,335 | +236% |
| Amounts receivable within one year | 40/41 | €123,041 | €93,204 | -€29,838 | -24.3% |
| Trade receivables | 40 | €112,474 | €92,147 | -€20,327 | -18.1% |
| Other amounts receivable | 41 | €10,567 | €1,057 | -€9,511 | -90.0% |
| Cash at bank and in hand | 54/58 | €49,105 | €57,288 | +€8,183 | +16.7% |
| Deferred charges and accrued income | 490/1 | €5,912 | €4,144 | -€1,768 | -29.9% |
| Total equity and liabilities | 10/49 | €1,056,703 | €1,167,984 | +€111,282 | +10.5% |
| Equity | 10/15 | €182,442 | €224,741 | +€42,300 | +23.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,442 | €209,741 | +€42,300 | +25.3% |
| Amounts payable | 17/49 | €874,261 | €943,243 | +€68,982 | +7.9% |
| Amounts payable after more than one year | 17 | €595,452 | €597,477 | +€2,026 | +0.3% |
| Financial debts | 170/4 | €595,452 | €597,477 | +€2,026 | +0.3% |
| Amounts payable within one year | 42/48 | €278,809 | €345,766 | +€66,956 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €58,986 | €70,558 | +€11,572 | +19.6% |
| Trade debts | 44 | €96,329 | €68,539 | -€27,790 | -28.8% |
| Suppliers | 440/4 | €96,329 | €68,539 | -€27,790 | -28.8% |
| Taxes, remuneration and social security | 45 | €88,577 | €81,563 | -€7,014 | -7.9% |
| Taxes | 450/3 | €23,929 | €15,358 | -€8,571 | -35.8% |
| Remuneration and social security | 454/9 | €64,649 | €66,205 | +€1,556 | +2.4% |
| Other amounts payable | 47/48 | €34,917 | €125,106 | +€90,189 | +258% |
| Remuneration, social security and pensions | 62 | €630,125 | €660,757 | +€30,632 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,568 | €114,543 | +€22,975 | +25.1% |
| Other operating charges | 640/8 | €25,588 | €8,509 | -€17,079 | -66.7% |
| Gross operating margin | 9900 | €810,385 | €870,104 | +€59,719 | +7.4% |
| Operating profit (loss) | 9901 | €63,104 | €86,295 | +€23,191 | +36.8% |
| Financial income | 75/76B | €14 | - | -€14 | |
| Recurring financial income | 75 | €14 | - | -€14 | |
| Financial charges | 65/66B | €27,625 | €30,625 | +€3,000 | +10.9% |
| Recurring financial charges | 65 | €27,625 | €30,625 | +€3,000 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €35,492 | €55,670 | +€20,178 | +56.9% |
| Income taxes | 67/77 | €12,869 | €13,371 | +€501 | +3.9% |
| Profit (loss) for the period | 9904 | €22,623 | €42,300 | +€19,676 | +87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,623 | €42,300 | +€19,676 | +87.0% |
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 15 October 2026 via checked.be.