ARTSMART: 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.
ARTSMART
Largest movements
- Tangible fixed assets +€120,785
up €120,785 (+25.5%), from €474,290 to €595,074
of which Leasing and similar rights: +€526,338
- Cash -€10,247
down €10,247 (-44.8%), from €22,894 to €12,647
mainly Investment in fixed assets (net) (-€196,535) and Trade debts (-€21,368)
- Receivables within one year -€8,015
down €8,015 (-12.2%), from €65,954 to €57,940
of which Trade receivables: -€10,436
- Reserves +€119,857
up €119,857 (+26.1%), from €458,656 to €578,513
of which Distributable reserves: +€119,857
- Trade debts -€21,368
down €21,368 (-58.5%), from €36,556 to €15,188
- Other debts +€11,413
up €11,413 (+34.9%), from €32,658 to €44,071
- Tax, wage and social debts -€7,965
down €7,965 (-34.8%), from €22,903 to €14,938
- Depreciation +€65,861
up €65,861 (+666%), from €9,889 to €75,751
- Gross operating margin +€56,243
up €56,243 (+27.8%), from €202,326 to €258,569
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 | €564,242 | €668,405 | +€104,163 | +18.5% |
| Fixed assets | 21/28 | €474,935 | €595,719 | +€120,785 | +25.4% |
| Tangible fixed assets | 22/27 | €474,290 | €595,074 | +€120,785 | +25.5% |
| Land and buildings | 22 | €6,536 | €5,786 | -€750 | -11.5% |
| Furniture and vehicles | 24 | €11,242 | €62,950 | +€51,708 | +460% |
| Leasing and similar rights | 25 | - | €526,338 | +€526,338 | |
| Other tangible fixed assets | 26 | €456,511 | - | -€456,511 | |
| Financial fixed assets | 28 | €645 | €645 | = | 0.0% |
| Current assets | 29/58 | €89,308 | €72,686 | -€16,622 | -18.6% |
| Amounts receivable within one year | 40/41 | €65,954 | €57,940 | -€8,015 | -12.2% |
| Trade receivables | 40 | €63,974 | €53,538 | -€10,436 | -16.3% |
| Other amounts receivable | 41 | €1,981 | €4,402 | +€2,421 | +122% |
| Cash at bank and in hand | 54/58 | €22,894 | €12,647 | -€10,247 | -44.8% |
| Deferred charges and accrued income | 490/1 | €459 | €2,099 | +€1,640 | +358% |
| Total equity and liabilities | 10/49 | €564,242 | €668,405 | +€104,163 | +18.5% |
| Equity | 10/15 | €471,056 | €590,913 | +€119,857 | +25.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €458,656 | €578,513 | +€119,857 | +26.1% |
| Non-distributable reserves | 130/1 | €249 | €249 | = | 0.0% |
| Reserves not available under the articles | 1311 | €249 | €249 | = | 0.0% |
| Distributable reserves | 133 | €458,406 | €578,263 | +€119,857 | +26.1% |
| Amounts payable | 17/49 | €93,186 | €77,493 | -€15,694 | -16.8% |
| Amounts payable within one year | 42/48 | €92,116 | €77,493 | -€14,624 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €3,296 | +€3,296 | |
| Credit institutions | 430/8 | - | €3,296 | +€3,296 | |
| Trade debts | 44 | €36,556 | €15,188 | -€21,368 | -58.5% |
| Suppliers | 440/4 | €36,556 | €15,188 | -€21,368 | -58.5% |
| Taxes, remuneration and social security | 45 | €22,903 | €14,938 | -€7,965 | -34.8% |
| Taxes | 450/3 | €22,903 | €14,938 | -€7,965 | -34.8% |
| Other amounts payable | 47/48 | €32,658 | €44,071 | +€11,413 | +34.9% |
| Accrued charges and deferred income | 492/3 | €1,070 | €0 | -€1,070 | -100% |
| Non-recurring operating income | 76A | €2,361 | - | -€2,361 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,889 | €75,751 | +€65,861 | +666% |
| Other operating charges | 640/8 | €1,273 | €1,236 | -€37 | -2.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €202,326 | €258,569 | +€56,243 | +27.8% |
| Operating profit (loss) | 9901 | €191,164 | €181,582 | -€9,582 | -5.0% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €3,775 | €3,045 | -€730 | -19.3% |
| Recurring financial charges | 65 | €3,775 | €3,045 | -€730 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €187,389 | €178,537 | -€8,853 | -4.7% |
| Income taxes | 67/77 | €60,848 | €58,680 | -€2,168 | -3.6% |
| Profit (loss) for the period | 9904 | €126,541 | €119,857 | -€6,684 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €126,541 | €119,857 | -€6,684 | -5.3% |
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 29 October 2026 via checked.be.