ARTS 21: 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.
ARTS 21
Largest movements
- Tangible fixed assets +€796,590
up €796,590 (+5.5%), from €14.5m to €15.3m
of which Land and buildings: +€796,590
- Cash +€428,277
up €428,277 (+120%), from €357,247 to €785,524
mainly Short-term financial debts (+€3.4m) and Depreciation (+€474,953)
- Short-term financial debts +€3.4m
up €3.4m (+32.8%), from €10.4m to €13.9m
- Profit (loss) carried forward -€1.5m
down €1.5m (-188%), from -€818,192 to -€2.4m
- Accrued charges and deferred income -€825,901
down €825,901 (-97.7%), from €845,668 to €19,767
- Gross operating margin -€1.9m
down €1.9m, from €1.8m to -€95,040
- Other operating charges -€254,756
down €254,756 (-40.2%), from €634,501 to €379,745
- Financial charges -€160,767
down €160,767 (-21.4%), from €752,603 to €591,836
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 | €14,936,349 | €16,196,294 | +€1.3m | +8.4% |
| Fixed assets | 21/28 | €14,529,909 | €15,326,499 | +€796,590 | +5.5% |
| Tangible fixed assets | 22/27 | €14,529,909 | €15,326,499 | +€796,590 | +5.5% |
| Land and buildings | 22 | €14,529,909 | €15,326,499 | +€796,590 | +5.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €406,440 | €869,795 | +€463,355 | +114% |
| Amounts receivable within one year | 40/41 | €45,636 | €57,586 | +€11,949 | +26.2% |
| Trade receivables | 40 | - | €8,333 | +€8,333 | |
| Other amounts receivable | 41 | €45,636 | €49,253 | +€3,616 | +7.9% |
| Cash at bank and in hand | 54/58 | €357,247 | €785,524 | +€428,277 | +120% |
| Deferred charges and accrued income | 490/1 | €3,557 | €26,686 | +€23,129 | +650% |
| Total equity and liabilities | 10/49 | €14,936,349 | €16,196,294 | +€1.3m | +8.4% |
| Equity | 10/15 | €981,808 | -€559,766 | -€1.5m | |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€818,192 | -€2,359,766 | -€1.5m | -188% |
| Amounts payable | 17/49 | €13,954,541 | €16,756,060 | +€2.8m | +20.1% |
| Amounts payable after more than one year | 17 | €2,020,157 | €2,118,875 | +€98,717 | +4.9% |
| Financial debts | 170/4 | €2,020,157 | €2,118,875 | +€98,717 | +4.9% |
| Amounts payable within one year | 42/48 | €11,088,716 | €14,617,418 | +€3.5m | +31.8% |
| Financial debts | 43 | €10,435,000 | €13,854,814 | +€3.4m | +32.8% |
| Credit institutions | 430/8 | €10,435,000 | €13,854,814 | +€3.4m | +32.8% |
| Trade debts | 44 | €613,274 | €720,296 | +€107,022 | +17.5% |
| Suppliers | 440/4 | €613,274 | €720,296 | +€107,022 | +17.5% |
| Taxes, remuneration and social security | 45 | €40,442 | €42,307 | +€1,866 | +4.6% |
| Taxes | 450/3 | €40,442 | €42,307 | +€1,866 | +4.6% |
| Accrued charges and deferred income | 492/3 | €845,668 | €19,767 | -€825,901 | -97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €474,953 | €474,953 | = | 0.0% |
| Other operating charges | 640/8 | €634,501 | €379,745 | -€254,756 | -40.2% |
| Gross operating margin | 9900 | €1,818,357 | -€95,040 | -€1.9m | |
| Operating profit (loss) | 9901 | €708,903 | -€949,738 | -€1.7m | |
| Financial income | 75/76B | €9,242 | - | -€9,242 | |
| Recurring financial income | 75 | €9,242 | - | -€9,242 | |
| Financial charges | 65/66B | €752,603 | €591,836 | -€160,767 | -21.4% |
| Recurring financial charges | 65 | €752,603 | €591,836 | -€160,767 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | -€34,458 | -€1,541,574 | -€1.5m | -4,374% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€34,458 | -€1,541,574 | -€1.5m | -4,374% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,458 | -€1,541,574 | -€1.5m | -4,374% |
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 25 October 2026 via checked.be.