ARTOBEL: 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.
ARTOBEL
Largest movements
- Cash +€475,944
up €475,944 (+614%), from €77,495 to €553,439
mainly Depreciation (+€392,219) and Current portion of long-term debt (+€364,974)
- Tangible fixed assets -€146,027
down €146,027 (-3.0%), from €4.8m to €4.7m
of which Land and buildings: -€163,914
- Receivables within one year -€75,072
down €75,072 (-95.5%), from €78,628 to €3,556
of which Trade receivables: -€73,802
- Current portion of long-term debt +€364,974
up €364,974 (+283%), from €128,876 to €493,849
- Profit (loss) carried forward +€208,681
no longer reported in 2025 (was -€208,681)
- Debts after one year -€202,463
down €202,463 (-5.9%), from €3.4m to €3.2m
- Reserves +€110,396
new in 2025: €110,396
- Trade debts -€105,788
down €105,788 (-64.2%), from €164,699 to €58,912
- Gross operating margin +€1.1m
up €1.1m (+885%), from €124,605 to €1.2m
- Staff costs +€329,170
up €329,170 (+1,652%), from €19,926 to €349,095
- Depreciation +€137,736
up €137,736 (+54.1%), from €254,484 to €392,219
- Financial charges +€105,528
up €105,528 (+204%), from €51,646 to €157,174
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 | €5,180,175 | €5,433,334 | +€253,158 | +4.9% |
| Fixed assets | 21/28 | €4,798,428 | €4,652,401 | -€146,027 | -3.0% |
| Tangible fixed assets | 22/27 | €4,798,428 | €4,652,401 | -€146,027 | -3.0% |
| Land and buildings | 22 | €2,954,523 | €2,790,609 | -€163,914 | -5.5% |
| Plant, machinery and equipment | 23 | €1,843,905 | €1,861,791 | +€17,887 | +1.0% |
| Current assets | 29/58 | €381,747 | €780,933 | +€399,185 | +105% |
| Stocks and contracts in progress | 3 | €225,624 | €209,019 | -€16,606 | -7.4% |
| Stocks | 30/36 | €225,624 | €209,019 | -€16,606 | -7.4% |
| Amounts receivable within one year | 40/41 | €78,628 | €3,556 | -€75,072 | -95.5% |
| Trade receivables | 40 | €75,967 | €2,165 | -€73,802 | -97.2% |
| Other amounts receivable | 41 | €2,661 | €1,391 | -€1,269 | -47.7% |
| Cash at bank and in hand | 54/58 | €77,495 | €553,439 | +€475,944 | +614% |
| Deferred charges and accrued income | 490/1 | - | €14,919 | +€14,919 | |
| Total equity and liabilities | 10/49 | €5,180,175 | €5,433,334 | +€253,158 | +4.9% |
| Equity | 10/15 | €291,319 | €610,396 | +€319,078 | +110% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | - | €110,396 | +€110,396 | |
| Distributable reserves | 133 | - | €110,396 | +€110,396 | |
| Profit (loss) carried forward | 14 | -€208,681 | - | +€208,681 | |
| Amounts payable | 17/49 | €4,888,857 | €4,822,937 | -€65,919 | -1.3% |
| Amounts payable after more than one year | 17 | €3,429,738 | €3,227,275 | -€202,463 | -5.9% |
| Financial debts | 170/4 | €3,429,738 | €3,227,275 | -€202,463 | -5.9% |
| Amounts payable within one year | 42/48 | €1,432,989 | €1,595,662 | +€162,673 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €128,876 | €493,849 | +€364,974 | +283% |
| Trade debts | 44 | €164,699 | €58,912 | -€105,788 | -64.2% |
| Suppliers | 440/4 | €164,699 | €58,912 | -€105,788 | -64.2% |
| Taxes, remuneration and social security | 45 | €6,415 | €14,499 | +€8,084 | +126% |
| Taxes | 450/3 | €6,415 | €14,499 | +€8,084 | +126% |
| Other amounts payable | 47/48 | €1,133,000 | €1,028,403 | -€104,597 | -9.2% |
| Accrued charges and deferred income | 492/3 | €26,129 | - | -€26,129 | |
| Non-recurring operating income | 76A | €0 | - | -€0 | |
| Remuneration, social security and pensions | 62 | €19,926 | €349,095 | +€329,170 | +1,652% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €254,484 | €392,219 | +€137,736 | +54.1% |
| Other operating charges | 640/8 | €7,306 | €446 | -€6,860 | -93.9% |
| Gross operating margin | 9900 | €124,605 | €1,226,780 | +€1.1m | +885% |
| Operating profit (loss) | 9901 | -€157,111 | €485,019 | +€642,130 | |
| Financial income | 75/76B | €75 | €2,272 | +€2,197 | +2,915% |
| Recurring financial income | 75 | €75 | €2,272 | +€2,197 | +2,915% |
| Financial charges | 65/66B | €51,646 | €157,174 | +€105,528 | +204% |
| Recurring financial charges | 65 | €51,646 | €157,174 | +€105,528 | +204% |
| Profit (loss) for the period before taxes | 9903 | -€208,681 | €330,117 | +€538,799 | |
| Income taxes | 67/77 | - | €11,040 | +€11,040 | |
| Profit (loss) for the period | 9904 | -€208,681 | €319,078 | +€527,759 | |
| Profit (loss) for the period to be appropriated | 9905 | -€208,681 | €319,078 | +€527,759 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.