ARTVAL: 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.
ARTVAL
Largest movements
- Cash -€368,628
down €368,628 (-36.4%), from €1.0m to €643,235
mainly Investment in fixed assets (net) (-€310,400) and Provisions (-€243,599)
- Tangible fixed assets +€274,067
up €274,067 (+99.6%), from €275,243 to €549,310
of which Land and buildings: +€287,236
- Receivables within one year -€21,533
down €21,533 (-32.8%), from €65,581 to €44,048
of which Trade receivables: -€30,444
- Reserves -€730,798
down €730,798 (-87.8%), from €832,484 to €101,686
of which Tax-exempt reserves: -€730,798
- Profit (loss) carried forward +€729,802
up €729,802, from -€25,083 to €704,719
- Provisions -€243,599
down €243,599 (-100%), from €243,599 to €0
- Other debts +€159,147
up €159,147 (+95.3%), from €166,951 to €326,098
- Tax, wage and social debts +€38,186
up €38,186 (+954%), from €4,004 to €42,191
of which Taxes: +€38,186
- Taxes +€200,408
new in 2025: €200,408
- Gross operating margin +€34,483
up €34,483, from -€27,999 to €6,484
- Depreciation -€8,280
down €8,280 (-18.6%), from €44,613 to €36,333
- Financial income -€6,564
down €6,564 (-100%), from €6,564 to €0
- Other operating charges +€2,618
up €2,618 (+23.3%), from €11,230 to €13,848
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 | €1,359,299 | €1,242,981 | -€116,318 | -8.6% |
| Fixed assets | 21/28 | €275,243 | €549,310 | +€274,067 | +99.6% |
| Tangible fixed assets | 22/27 | €275,243 | €549,310 | +€274,067 | +99.6% |
| Land and buildings | 22 | €221,938 | €509,175 | +€287,236 | +129% |
| Plant, machinery and equipment | 23 | €53,029 | €40,135 | -€12,894 | -24.3% |
| Furniture and vehicles | 24 | €275 | €0 | -€275 | -100.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,084,056 | €693,671 | -€390,385 | -36.0% |
| Amounts receivable within one year | 40/41 | €65,581 | €44,048 | -€21,533 | -32.8% |
| Trade receivables | 40 | €65,581 | €35,137 | -€30,444 | -46.4% |
| Other amounts receivable | 41 | - | €8,911 | +€8,911 | |
| Cash at bank and in hand | 54/58 | €1,011,864 | €643,235 | -€368,628 | -36.4% |
| Deferred charges and accrued income | 490/1 | €6,612 | €6,388 | -€224 | -3.4% |
| Total equity and liabilities | 10/49 | €1,359,299 | €1,242,981 | -€116,318 | -8.6% |
| Equity | 10/15 | €869,401 | €868,405 | -€996 | -0.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €832,484 | €101,686 | -€730,798 | -87.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €750,033 | €19,235 | -€730,798 | -97.4% |
| Distributable reserves | 133 | €76,251 | €76,251 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,083 | €704,719 | +€729,802 | |
| Provisions and deferred taxes | 16 | €243,599 | €0 | -€243,599 | -100% |
| Deferred taxes | 168 | €243,599 | €0 | -€243,599 | -100% |
| Amounts payable | 17/49 | €246,299 | €374,576 | +€128,277 | +52.1% |
| Amounts payable after more than one year | 17 | €34,412 | €0 | -€34,412 | -100% |
| Other amounts payable | 178/9 | €34,412 | €0 | -€34,412 | -100% |
| Amounts payable within one year | 42/48 | €211,886 | €374,576 | +€162,690 | +76.8% |
| Trade debts | 44 | €40,931 | €6,287 | -€34,644 | -84.6% |
| Suppliers | 440/4 | €40,931 | €6,287 | -€34,644 | -84.6% |
| Taxes, remuneration and social security | 45 | €4,004 | €42,191 | +€38,186 | +954% |
| Taxes | 450/3 | €4,004 | €42,191 | +€38,186 | +954% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €166,951 | €326,098 | +€159,147 | +95.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,613 | €36,333 | -€8,280 | -18.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €11,230 | €13,848 | +€2,618 | +23.3% |
| Gross operating margin | 9900 | -€27,999 | €6,484 | +€34,483 | |
| Operating profit (loss) | 9901 | -€83,843 | -€43,698 | +€40,145 | +47.9% |
| Financial income | 75/76B | €6,564 | €0 | -€6,564 | -100% |
| Recurring financial income | 75 | €6,564 | €0 | -€6,564 | -100% |
| Financial charges | 65/66B | €1,486 | €489 | -€996 | -67.1% |
| Recurring financial charges | 65 | €1,486 | €489 | -€996 | -67.1% |
| Profit (loss) for the period before taxes | 9903 | -€78,765 | -€44,187 | +€34,578 | +43.9% |
| Transfer from deferred taxes | 780 | €550 | €243,599 | +€243,049 | +44,191% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | - | €200,408 | +€200,408 | |
| Profit (loss) for the period | 9904 | -€78,215 | -€996 | +€77,219 | +98.7% |
| Transfer from tax-exempt reserves | 789 | €1,650 | €730,798 | +€729,148 | +44,191% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,565 | €729,802 | +€806,367 |
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 15 October 2026 via checked.be.