ARTWALL: 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.
What changed
ARTWALL
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €2.6m-€591,214
Equity
€27.2m
2024 · €25.2m+€2.0m
Cash
€171,383
2024 · €18,672+€152,710
Balance sheet total
€31.9m
2024 · €29.4m+€2.5m
Largest movements
Assets
- Financial fixed assets +€1.7m
up €1.7m (+10.1%), from €17.0m to €18.7m
- Receivables within one year +€823,374
up €823,374 (+15.7%), from €5.2m to €6.1m
of which Other amounts receivable: +€799,454
Equity and liabilities
- Reserves +€2.0m
up €2.0m (+11.1%), from €17.8m to €19.8m
of which Distributable reserves: +€2.0m
- Short-term financial debts +€524,797
up €524,797 (+16.7%), from €3.1m to €3.7m
Income statement
- Financial charges +€608,553
up €608,553 (+109%), from €557,978 to €1.2m
of which Non-recurring financial charges: +€653,072
- Financial income -€187,655
down €187,655 (-4.7%), from €4.0m to €3.8m
of which Financial income: -€904,693
- Gross operating margin +€130,000
up €130,000 (+43.6%), from -€297,839 to -€167,839
- Taxes -€53,858
down €53,858 (-20.5%), from €263,154 to €209,296
- Depreciation -€26,322
down €26,322 (-13.0%), from €202,606 to €176,285
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.
Result 2024
€2.6m
Gross operating margin
+€130,000
Staff costs
-€5,243
Depreciation
+€26,322
Write-downs
+€1,610
Other operating charges
-€1,583
Other operating items
+€29
Financial income
-€187,655
Financial charges
-€608,553
Taxes
+€53,858
Result 2025
€2.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.4m
Investment
-€1.7m
Financing
+€524,797
Cash 2024
€18,672
From operations (derived)
+€1.4m
Net result for the year
+€2.0m
Depreciation
+€176,285
Receivables within one year
-€823,374
Smaller working-capital items
-€2,984
Trade debts
+€27,328
Tax, wage and social debts
+€132,795
Other debts
-€117,471
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.8m
Current investments
+€14,696
Financing
+€524,797
Short-term financial debts
+€524,797
Cash 2025
€171,383
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,377,553 | €31,923,587 | +€2.5m | +8.7% |
| Fixed assets | 21/28 | €24,044,146 | €25,628,177 | +€1.6m | +6.6% |
| Tangible fixed assets | 22/27 | €7,085,286 | €6,964,253 | -€121,033 | -1.7% |
| Land and buildings | 22 | €1,738,253 | €1,617,388 | -€120,865 | -7.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €2,361 | €2,194 | -€167 | -7.1% |
| Other tangible fixed assets | 26 | €5,344,671 | €5,344,671 | = | 0.0% |
| Financial fixed assets | 28 | €16,958,860 | €18,663,924 | +€1.7m | +10.1% |
| Current assets | 29/58 | €5,333,407 | €6,295,410 | +€962,003 | +18.0% |
| Amounts receivable within one year | 40/41 | €5,232,803 | €6,056,177 | +€823,374 | +15.7% |
| Trade receivables | 40 | €3,435 | €27,355 | +€23,920 | +696% |
| Other amounts receivable | 41 | €5,229,368 | €6,028,822 | +€799,454 | +15.3% |
| Current investments | 50/53 | €72,221 | €57,525 | -€14,696 | -20.3% |
| Cash at bank and in hand | 54/58 | €18,672 | €171,383 | +€152,710 | +818% |
| Deferred charges and accrued income | 490/1 | €9,710 | €10,325 | +€614 | +6.3% |
| Total equity and liabilities | 10/49 | €29,377,553 | €31,923,587 | +€2.5m | +8.7% |
| Equity | 10/15 | €25,212,864 | €27,193,820 | +€2.0m | +7.9% |
| 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 | €17,783,419 | €19,764,375 | +€2.0m | +11.1% |
| Non-distributable reserves | 130/1 | €279,631 | €279,631 | = | 0.0% |
| Legal reserve | 130 | €279,631 | €279,631 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,618 | €1,618 | = | 0.0% |
| Distributable reserves | 133 | €17,502,170 | €19,483,126 | +€2.0m | +11.3% |
| Profit (loss) carried forward | 14 | €7,367,445 | €7,367,445 | = | 0.0% |
| Amounts payable | 17/49 | €4,164,689 | €4,729,767 | +€565,078 | +13.6% |
| Amounts payable within one year | 42/48 | €4,159,682 | €4,727,130 | +€567,448 | +13.6% |
| Financial debts | 43 | €3,136,861 | €3,661,658 | +€524,797 | +16.7% |
| Credit institutions | 430/8 | €3,136,861 | €3,661,658 | +€524,797 | +16.7% |
| Trade debts | 44 | €15,422 | €42,749 | +€27,328 | +177% |
| Suppliers | 440/4 | €15,422 | €42,749 | +€27,328 | +177% |
| Taxes, remuneration and social security | 45 | €229,475 | €362,270 | +€132,795 | +57.9% |
| Taxes | 450/3 | €212,223 | €338,239 | +€126,016 | +59.4% |
| Remuneration and social security | 454/9 | €17,252 | €24,031 | +€6,779 | +39.3% |
| Other amounts payable | 47/48 | €777,924 | €660,453 | -€117,471 | -15.1% |
| Accrued charges and deferred income | 492/3 | €5,007 | €2,637 | -€2,370 | -47.3% |
| Remuneration, social security and pensions | 62 | €72,827 | €78,070 | +€5,243 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,606 | €176,285 | -€26,322 | -13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,000 | €390 | -€1,610 | -80.5% |
| Other operating charges | 640/8 | €18,241 | €19,824 | +€1,583 | +8.7% |
| Non-recurring operating charges | 66A | €30 | €1 | -€29 | -97.7% |
| Gross operating margin | 9900 | -€297,839 | -€167,839 | +€130,000 | +43.6% |
| Operating profit (loss) | 9901 | -€593,543 | -€442,408 | +€151,135 | +25.5% |
| Financial income | 75/76B | €3,986,846 | €3,799,191 | -€187,655 | -4.7% |
| Recurring financial income | 75 | €3,986,846 | €3,082,153 | -€904,693 | -22.7% |
| Non-recurring financial income | 76B | - | €717,038 | +€717,038 | |
| Financial charges | 65/66B | €557,978 | €1,166,531 | +€608,553 | +109% |
| Recurring financial charges | 65 | €156,773 | €112,254 | -€44,519 | -28.4% |
| Non-recurring financial charges | 66B | €401,205 | €1,054,278 | +€653,072 | +163% |
| Profit (loss) for the period before taxes | 9903 | €2,835,324 | €2,190,252 | -€645,073 | -22.8% |
| Income taxes | 67/77 | €263,154 | €209,296 | -€53,858 | -20.5% |
| Profit (loss) for the period | 9904 | €2,572,170 | €1,980,956 | -€591,214 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,572,170 | €1,980,956 | -€591,214 | -23.0% |
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 14 October 2026 via checked.be.