ARTMAX: 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.
ARTMAX
Largest movements
- Tangible fixed assets +€152,306
up €152,306 (+34.2%), from €445,213 to €597,520
of which Assets under construction and advance payments: +€171,993
- Cash -€146,117
down €146,117 (-60.3%), from €242,331 to €96,214
mainly Investment in fixed assets (net) (-€188,686) and Receivables within one year (-€44,597)
- Receivables within one year +€44,597
up €44,597 (+32.5%), from €137,262 to €181,859
of which Trade receivables: +€44,597
- Deferred charges and accrued income +€21,760
up €21,760 (+261%), from €8,326 to €30,086
- Reserves +€82,949
up €82,949 (+20.1%), from €412,382 to €495,331
- Debts after one year -€44,521
down €44,521 (-14.3%), from €311,222 to €266,701
- Trade debts +€36,524
up €36,524 (+77.0%), from €47,433 to €83,957
- Other operating charges -€17,703
down €17,703 (-79.1%), from €22,378 to €4,675
- Gross operating margin -€9,534
down €9,534 (-4.1%), from €229,995 to €220,461
- Financial charges +€5,475
up €5,475 (+36.4%), from €15,035 to €20,510
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 | €860,933 | €936,348 | +€75,415 | +8.8% |
| Fixed assets | 21/28 | €445,213 | €597,520 | +€152,306 | +34.2% |
| Tangible fixed assets | 22/27 | €445,213 | €597,520 | +€152,306 | +34.2% |
| Land and buildings | 22 | €340,275 | €328,049 | -€12,227 | -3.6% |
| Plant, machinery and equipment | 23 | €29,809 | €29,638 | -€171 | -0.6% |
| Furniture and vehicles | 24 | €10,111 | €8,726 | -€1,385 | -13.7% |
| Leasing and similar rights | 25 | €20,949 | €15,044 | -€5,905 | -28.2% |
| Assets under construction and advance payments | 27 | €44,070 | €216,063 | +€171,993 | +390% |
| Current assets | 29/58 | €415,720 | €338,829 | -€76,891 | -18.5% |
| Stocks and contracts in progress | 3 | €27,801 | €30,670 | +€2,869 | +10.3% |
| Stocks | 30/36 | - | €20,150 | +€20,150 | |
| Contracts in progress | 37 | €27,801 | €10,520 | -€17,281 | -62.2% |
| Amounts receivable within one year | 40/41 | €137,262 | €181,859 | +€44,597 | +32.5% |
| Trade receivables | 40 | €136,778 | €181,376 | +€44,597 | +32.6% |
| Other amounts receivable | 41 | €483 | €483 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €242,331 | €96,214 | -€146,117 | -60.3% |
| Deferred charges and accrued income | 490/1 | €8,326 | €30,086 | +€21,760 | +261% |
| Total equity and liabilities | 10/49 | €860,933 | €936,348 | +€75,415 | +8.8% |
| Equity | 10/15 | €422,582 | €497,131 | +€74,549 | +17.6% |
| Contributions | 10/11 | €10,200 | €1,800 | -€8,400 | -82.4% |
| Reserves | 13 | €412,382 | €495,331 | +€82,949 | +20.1% |
| Distributable reserves | 133 | €412,382 | €495,331 | +€82,949 | +20.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €438,351 | €439,218 | +€867 | +0.2% |
| Amounts payable after more than one year | 17 | €311,222 | €266,701 | -€44,521 | -14.3% |
| Financial debts | 170/4 | €311,222 | €266,701 | -€44,521 | -14.3% |
| Amounts payable within one year | 42/48 | €126,703 | €172,516 | +€45,813 | +36.2% |
| Current portion of amounts payable after more than one year | 42 | €45,462 | €44,521 | -€941 | -2.1% |
| Trade debts | 44 | €47,433 | €83,957 | +€36,524 | +77.0% |
| Suppliers | 440/4 | €47,433 | €83,957 | +€36,524 | +77.0% |
| Taxes, remuneration and social security | 45 | €27,514 | €36,462 | +€8,948 | +32.5% |
| Taxes | 450/3 | €27,514 | €36,462 | +€8,948 | +32.5% |
| Other amounts payable | 47/48 | €6,294 | €7,577 | +€1,282 | +20.4% |
| Accrued charges and deferred income | 492/3 | €426 | €0 | -€426 | -100% |
| Remuneration, social security and pensions | 62 | €4,423 | €3,408 | -€1,014 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,603 | €36,380 | -€1,223 | -3.3% |
| Other operating charges | 640/8 | €22,378 | €4,675 | -€17,703 | -79.1% |
| Gross operating margin | 9900 | €229,995 | €220,461 | -€9,534 | -4.1% |
| Operating profit (loss) | 9901 | €165,592 | €175,998 | +€10,406 | +6.3% |
| Financial income | 75/76B | €357 | €1,043 | +€686 | +192% |
| Recurring financial income | 75 | €357 | €1,043 | +€686 | +192% |
| Financial charges | 65/66B | €15,035 | €20,510 | +€5,475 | +36.4% |
| Recurring financial charges | 65 | €15,035 | €20,510 | +€5,475 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €150,913 | €156,531 | +€5,617 | +3.7% |
| Income taxes | 67/77 | €46,500 | €48,764 | +€2,264 | +4.9% |
| Profit (loss) for the period | 9904 | €104,413 | €107,766 | +€3,353 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €104,413 | €107,766 | +€3,353 | +3.2% |
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 17 October 2026 via checked.be.