ArtThema: 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.
ArtThema
Largest movements
- Receivables within one year -€21,787
down €21,787 (-82.2%), from €26,519 to €4,733
of which Trade receivables: -€18,096
- Tangible fixed assets -€11,174
down €11,174 (-31.0%), from €36,001 to €24,827
- Cash +€9,655
up €9,655 (+6.8%), from €142,463 to €152,118
mainly Net result for the year (+€158,323) and Receivables within one year (+€21,787)
- Tax, wage and social debts -€27,592
down €27,592 (-96.3%), from €28,649 to €1,057
- Other debts +€6,860
up €6,860 (+4.4%), from €156,540 to €163,399
- Other operating charges -€3,438
down €3,438 (-51.8%), from €6,636 to €3,198
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 | €209,421 | €186,366 | -€23,055 | -11.0% |
| Fixed assets | 21/28 | €36,001 | €24,827 | -€11,174 | -31.0% |
| Tangible fixed assets | 22/27 | €36,001 | €24,827 | -€11,174 | -31.0% |
| Furniture and vehicles | 24 | €36,001 | €24,827 | -€11,174 | -31.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €173,420 | €161,539 | -€11,881 | -6.9% |
| Amounts receivable within one year | 40/41 | €26,519 | €4,733 | -€21,787 | -82.2% |
| Trade receivables | 40 | €19,427 | €1,331 | -€18,096 | -93.1% |
| Other amounts receivable | 41 | €7,092 | €3,402 | -€3,690 | -52.0% |
| Cash at bank and in hand | 54/58 | €142,463 | €152,118 | +€9,655 | +6.8% |
| Deferred charges and accrued income | 490/1 | €4,438 | €4,688 | +€251 | +5.6% |
| Total equity and liabilities | 10/49 | €209,421 | €186,366 | -€23,055 | -11.0% |
| Equity | 10/15 | €19,660 | €18,600 | -€1,060 | -5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,060 | - | -€1,060 | |
| Amounts payable | 17/49 | €189,761 | €167,766 | -€21,995 | -11.6% |
| Amounts payable within one year | 42/48 | €189,761 | €167,766 | -€21,995 | -11.6% |
| Financial debts | 43 | €2,333 | €2,608 | +€275 | +11.8% |
| Credit institutions | 430/8 | €2,333 | €2,608 | +€275 | +11.8% |
| Trade debts | 44 | €2,240 | €701 | -€1,539 | -68.7% |
| Suppliers | 440/4 | €2,240 | €701 | -€1,539 | -68.7% |
| Taxes, remuneration and social security | 45 | €28,649 | €1,057 | -€27,592 | -96.3% |
| Taxes | 450/3 | €28,649 | €1,057 | -€27,592 | -96.3% |
| Other amounts payable | 47/48 | €156,540 | €163,399 | +€6,860 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,529 | €14,451 | +€1,922 | +15.3% |
| Other operating charges | 640/8 | €6,636 | €3,198 | -€3,438 | -51.8% |
| Non-recurring operating charges | 66A | - | €370 | +€370 | |
| Gross operating margin | 9900 | €232,978 | €232,957 | -€21 | 0.0% |
| Operating profit (loss) | 9901 | €213,814 | €214,939 | +€1,125 | +0.5% |
| Financial income | 75/76B | €8 | €54 | +€46 | +566% |
| Recurring financial income | 75 | €8 | €54 | +€46 | +566% |
| Financial charges | 65/66B | €58 | €72 | +€15 | +25.7% |
| Recurring financial charges | 65 | €58 | €72 | +€15 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €213,764 | €214,921 | +€1,157 | +0.5% |
| Income taxes | 67/77 | €57,410 | €56,598 | -€812 | -1.4% |
| Profit (loss) for the period | 9904 | €156,354 | €158,323 | +€1,969 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €156,354 | €158,323 | +€1,969 | +1.3% |
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 25 October 2026 via checked.be.