Artori: 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.
Artori
Largest movements
- Receivables within one year -€33,162
down €33,162 (-38.7%), from €85,725 to €52,564
of which Trade receivables: -€39,612
- Cash -€8,254
down €8,254 (-2.9%), from €280,845 to €272,591
mainly Contributions, distributions and other (-€35,000) and Tax, wage and social debts (-€25,626)
- Intangible fixed assets +€5,648
up €5,648 (+753%), from €750 to €6,398
- Tangible fixed assets -€4,679
down €4,679 (-46.0%), from €10,179 to €5,500
- Tax, wage and social debts -€25,626
down €25,626 (-59.7%), from €42,916 to €17,290
of which Taxes: -€15,055
- Other debts -€17,206
down €17,206 (-32.7%), from €52,614 to €35,408
- Profit (loss) carried forward +€7,644
up €7,644 (+4.2%), from €181,101 to €188,745
- Gross operating margin -€77,729
down €77,729 (-35.9%), from €216,358 to €138,630
- Taxes -€17,988
down €17,988 (-60.6%), from €29,674 to €11,686
- Staff costs +€6,641
up €6,641 (+9.6%), from €69,247 to €75,888
- Depreciation -€2,395
down €2,395 (-29.4%), from €8,146 to €5,751
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 | €395,603 | €354,961 | -€40,642 | -10.3% |
| Fixed assets | 21/28 | €13,249 | €14,218 | +€969 | +7.3% |
| Intangible fixed assets | 21 | €750 | €6,398 | +€5,648 | +753% |
| Tangible fixed assets | 22/27 | €10,179 | €5,500 | -€4,679 | -46.0% |
| Furniture and vehicles | 24 | €10,179 | €5,500 | -€4,679 | -46.0% |
| Financial fixed assets | 28 | €2,320 | €2,320 | = | 0.0% |
| Current assets | 29/58 | €382,354 | €340,743 | -€41,611 | -10.9% |
| Amounts receivable within one year | 40/41 | €85,725 | €52,564 | -€33,162 | -38.7% |
| Trade receivables | 40 | €85,725 | €46,113 | -€39,612 | -46.2% |
| Other amounts receivable | 41 | - | €6,450 | +€6,450 | |
| Cash at bank and in hand | 54/58 | €280,845 | €272,591 | -€8,254 | -2.9% |
| Deferred charges and accrued income | 490/1 | €15,784 | €15,587 | -€196 | -1.2% |
| Total equity and liabilities | 10/49 | €395,603 | €354,961 | -€40,642 | -10.3% |
| Equity | 10/15 | €237,870 | €243,649 | +€5,779 | +2.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €26,769 | €24,905 | -€1,864 | -7.0% |
| Tax-exempt reserves | 132 | €4,843 | €2,979 | -€1,864 | -38.5% |
| Distributable reserves | 133 | €21,926 | €21,926 | = | 0.0% |
| Profit (loss) carried forward | 14 | €181,101 | €188,745 | +€7,644 | +4.2% |
| Provisions and deferred taxes | 16 | €1,614 | €993 | -€621 | -38.5% |
| Deferred taxes | 168 | €1,614 | €993 | -€621 | -38.5% |
| Amounts payable | 17/49 | €156,118 | €110,318 | -€45,800 | -29.3% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €101,618 | €55,796 | -€45,822 | -45.1% |
| Trade debts | 44 | €6,088 | €3,098 | -€2,990 | -49.1% |
| Suppliers | 440/4 | €6,088 | €3,098 | -€2,990 | -49.1% |
| Taxes, remuneration and social security | 45 | €42,916 | €17,290 | -€25,626 | -59.7% |
| Taxes | 450/3 | €25,905 | €10,850 | -€15,055 | -58.1% |
| Remuneration and social security | 454/9 | €17,010 | €6,440 | -€10,570 | -62.1% |
| Other amounts payable | 47/48 | €52,614 | €35,408 | -€17,206 | -32.7% |
| Accrued charges and deferred income | 492/3 | €4,500 | €4,522 | +€22 | +0.5% |
| Remuneration, social security and pensions | 62 | €69,247 | €75,888 | +€6,641 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,146 | €5,751 | -€2,395 | -29.4% |
| Other operating charges | 640/8 | €1,390 | €1,020 | -€370 | -26.6% |
| Gross operating margin | 9900 | €216,358 | €138,630 | -€77,729 | -35.9% |
| Operating profit (loss) | 9901 | €137,575 | €55,970 | -€81,605 | -59.3% |
| Financial income | 75/76B | €31 | €0 | -€31 | -98.9% |
| Recurring financial income | 75 | €31 | €0 | -€31 | -98.9% |
| Financial charges | 65/66B | €4,754 | €4,127 | -€628 | -13.2% |
| Recurring financial charges | 65 | €4,754 | €4,127 | -€628 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €132,852 | €51,844 | -€81,008 | -61.0% |
| Transfer from deferred taxes | 780 | €319 | €621 | +€303 | +94.9% |
| Income taxes | 67/77 | €29,674 | €11,686 | -€17,988 | -60.6% |
| Profit (loss) for the period | 9904 | €103,496 | €40,779 | -€62,717 | -60.6% |
| Transfer from tax-exempt reserves | 789 | €956 | €1,864 | +€908 | +94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €104,453 | €42,644 | -€61,809 | -59.2% |
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 30 October 2026 via checked.be.