ARTS, TRANSFORMATIONS, SOLUTIONS: 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, TRANSFORMATIONS, SOLUTIONS
Largest movements
- Receivables within one year +€31,072
up €31,072 (+38.7%), from €80,367 to €111,439
of which Trade receivables: +€38,996
- Tangible fixed assets +€25,813
up €25,813 (+29.3%), from €88,243 to €114,056
of which Leasing and similar rights: +€32,716
- Cash -€18,665
down €18,665 (-73.8%), from €25,295 to €6,630
mainly Investment in fixed assets (net) (-€65,164) and Receivables within one year (-€31,072)
- Current portion of long-term debt +€12,556
up €12,556 (+104.2%), from €12,054 to €24,610
- Debts after one year +€12,046
up €12,046 (+45.2%), from €26,632 to €38,679
- Reserves +€9,900
up €9,900, from €0 to €9,900
of which Distributable reserves: +€9,900
- Tax, wage and social debts -€5,199
down €5,199 (-16.3%), from €31,943 to €26,744
of which Taxes: -€3,362
- Advances received +€4,924
new in 2025: €4,924
- Gross operating margin -€64,794
down €64,794 (-49.5%), from €130,927 to €66,133
- Taxes -€21,096
down €21,096 (-78.2%), from €26,967 to €5,870
- Depreciation +€16,777
up €16,777 (+71.1%), from €23,602 to €40,379
- Financial charges +€3,954
up €3,954 (+75.8%), from €5,214 to €9,168
- Other operating charges -€3,802
down €3,802 (-81.9%), from €4,643 to €841
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.
Cash bridge derived
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 | €202,038 | €241,348 | +€39,310 | +19.5% |
| Fixed assets | 21/28 | €92,905 | €117,690 | +€24,785 | +26.7% |
| Intangible fixed assets | 21 | €4,663 | €3,635 | -€1,028 | -22.0% |
| Tangible fixed assets | 22/27 | €88,243 | €114,056 | +€25,813 | +29.3% |
| Plant, machinery and equipment | 23 | €67,441 | €56,659 | -€10,782 | -16.0% |
| Furniture and vehicles | 24 | €4,551 | €8,430 | +€3,878 | +85.2% |
| Leasing and similar rights | 25 | €16,250 | €48,966 | +€32,716 | +201.3% |
| Current assets | 29/58 | €109,133 | €123,658 | +€14,525 | +13.3% |
| Stocks and contracts in progress | 3 | €2,534 | €3,777 | +€1,242 | +49.0% |
| Stocks | 30/36 | €2,534 | €3,777 | +€1,242 | +49.0% |
| Amounts receivable within one year | 40/41 | €80,367 | €111,439 | +€31,072 | +38.7% |
| Trade receivables | 40 | €45,944 | €84,940 | +€38,996 | +84.9% |
| Other amounts receivable | 41 | €34,422 | €26,499 | -€7,923 | -23.0% |
| Cash at bank and in hand | 54/58 | €25,295 | €6,630 | -€18,665 | -73.8% |
| Deferred charges and accrued income | 490/1 | €936 | €1,812 | +€876 | +93.5% |
| Total equity and liabilities | 10/49 | €202,038 | €241,348 | +€39,310 | +19.5% |
| Equity | 10/15 | €100,456 | €110,383 | +€9,926 | +9.9% |
| Contributions | 10/11 | €19,398 | €19,398 | = | 0.0% |
| Reserves | 13 | €0 | €9,900 | +€9,900 | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | - | €9,900 | +€9,900 | |
| Profit (loss) carried forward | 14 | €81,059 | €81,085 | +€26 | 0.0% |
| Amounts payable | 17/49 | €101,582 | €130,965 | +€29,383 | +28.9% |
| Amounts payable after more than one year | 17 | €26,632 | €38,679 | +€12,046 | +45.2% |
| Financial debts | 170/4 | €26,632 | €38,679 | +€12,046 | +45.2% |
| Amounts payable within one year | 42/48 | €73,414 | €89,806 | +€16,392 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €12,054 | €24,610 | +€12,556 | +104.2% |
| Trade debts | 44 | €26,243 | €29,536 | +€3,293 | +12.6% |
| Suppliers | 440/4 | €26,243 | €29,536 | +€3,293 | +12.6% |
| Advances received on contracts in progress | 46 | - | €4,924 | +€4,924 | |
| Taxes, remuneration and social security | 45 | €31,943 | €26,744 | -€5,199 | -16.3% |
| Taxes | 450/3 | €30,106 | €26,744 | -€3,362 | -11.2% |
| Remuneration and social security | 454/9 | €1,837 | €0 | -€1,837 | -100.0% |
| Other amounts payable | 47/48 | €3,174 | €3,992 | +€818 | +25.8% |
| Accrued charges and deferred income | 492/3 | €1,535 | €2,480 | +€945 | +61.5% |
| Non-recurring operating income | 76A | €9,745 | €0 | -€9,745 | -100.0% |
| Remuneration, social security and pensions | 62 | €581 | €0 | -€581 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,602 | €40,379 | +€16,777 | +71.1% |
| Other operating charges | 640/8 | €4,643 | €841 | -€3,802 | -81.9% |
| Non-recurring operating charges | 66A | €118 | €0 | -€118 | -100.0% |
| Gross operating margin | 9900 | €130,927 | €66,133 | -€64,794 | -49.5% |
| Operating profit (loss) | 9901 | €101,983 | €24,913 | -€77,070 | -75.6% |
| Financial income | 75/76B | €491 | €52 | -€439 | -89.4% |
| Recurring financial income | 75 | €491 | €52 | -€439 | -89.4% |
| Financial charges | 65/66B | €5,214 | €9,168 | +€3,954 | +75.8% |
| Recurring financial charges | 65 | €5,214 | €9,168 | +€3,954 | +75.8% |
| Profit (loss) for the period before taxes | 9903 | €97,259 | €15,797 | -€81,463 | -83.8% |
| Income taxes | 67/77 | €26,967 | €5,870 | -€21,096 | -78.2% |
| Profit (loss) for the period | 9904 | €70,293 | €9,926 | -€60,366 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,293 | €9,926 | -€60,366 | -85.9% |
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 9 October 2026 via checked.be.