ARTWHERE: what changed
Two fiscal 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.
ARTWHERE
Largest movements
- Receivables within one year +€25,321
up €25,321 (+61.5%), from €41,192 to €66,513
of which Trade receivables: +€23,825
- Tangible fixed assets -€8,924
no longer reported in 2025 (was €8,924)
- Intangible fixed assets -€6,814
no longer reported in 2025 (was €6,814)
- Trade debts -€22,706
down €22,706 (-31.8%), from €71,451 to €48,744
- Current portion of long-term debt +€21,651
up €21,651 (+293.1%), from €7,386 to €29,037
- Profit (loss) carried forward +€11,110
up €11,110 (+3.3%), from -€336,146 to -€325,036
- Short-term financial debts -€9,337
down €9,337 (-6.7%), from €139,892 to €130,555
- Other debts +€5,381
up €5,381 (+19.1%), from €28,129 to €33,510
- Staff costs -€37,325
down €37,325 (-20.8%), from €179,410 to €142,085
- Financial charges -€8,102
down €8,102 (-34.0%), from €23,861 to €15,759
- Gross operating margin +€5,958
up €5,958 (+3.3%), from €181,383 to €187,341
- Depreciation -€5,340
down €5,340 (-25.3%), from €21,079 to €15,739
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 | €57,484 | €66,955 | +€9,471 | +16.5% |
| Fixed assets | 21/28 | €16,278 | €397 | -€15,881 | -97.6% |
| Intangible fixed assets | 21 | €6,814 | - | -€6,814 | |
| Tangible fixed assets | 22/27 | €8,924 | - | -€8,924 | |
| Furniture and vehicles | 24 | €8,924 | - | -€8,924 | |
| Financial fixed assets | 28 | €539 | €397 | -€142 | -26.3% |
| Current assets | 29/58 | €41,206 | €66,558 | +€25,352 | +61.5% |
| Amounts receivable within one year | 40/41 | €41,192 | €66,513 | +€25,321 | +61.5% |
| Trade receivables | 40 | €41,192 | €65,017 | +€23,825 | +57.8% |
| Other amounts receivable | 41 | - | €1,496 | +€1,496 | |
| Cash at bank and in hand | 54/58 | €14 | €44 | +€31 | +225.4% |
| Total equity and liabilities | 10/49 | €57,484 | €66,955 | +€9,471 | +16.5% |
| Equity | 10/15 | -€274,146 | -€263,036 | +€11,110 | +4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | - | -€62,000 | |
| Issued capital | 100 | €62,000 | - | -€62,000 | |
| Outside capital | 11 | - | €62,000 | +€62,000 | |
| Other | 1109/19 | - | €62,000 | +€62,000 | |
| Profit (loss) carried forward | 14 | -€336,146 | -€325,036 | +€11,110 | +3.3% |
| Amounts payable | 17/49 | €331,630 | €329,991 | -€1,639 | -0.5% |
| Amounts payable within one year | 42/48 | €331,630 | €329,991 | -€1,639 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €7,386 | €29,037 | +€21,651 | +293.1% |
| Financial debts | 43 | €139,892 | €130,555 | -€9,337 | -6.7% |
| Credit institutions | 430/8 | €139,892 | €130,555 | -€9,337 | -6.7% |
| Trade debts | 44 | €71,451 | €48,744 | -€22,706 | -31.8% |
| Suppliers | 440/4 | €71,451 | €48,744 | -€22,706 | -31.8% |
| Taxes, remuneration and social security | 45 | €84,772 | €88,145 | +€3,373 | +4.0% |
| Taxes | 450/3 | €70,229 | €64,098 | -€6,132 | -8.7% |
| Remuneration and social security | 454/9 | €14,543 | €24,047 | +€9,504 | +65.4% |
| Other amounts payable | 47/48 | €28,129 | €33,510 | +€5,381 | +19.1% |
| Remuneration, social security and pensions | 62 | €179,410 | €142,085 | -€37,325 | -20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,079 | €15,739 | -€5,340 | -25.3% |
| Other operating charges | 640/8 | €987 | €2,474 | +€1,487 | +150.7% |
| Gross operating margin | 9900 | €181,383 | €187,341 | +€5,958 | +3.3% |
| Operating profit (loss) | 9901 | -€20,092 | €27,043 | +€47,135 | |
| Financial income | 75/76B | €84 | €0 | -€84 | -99.9% |
| Recurring financial income | 75 | €84 | €0 | -€84 | -99.9% |
| Financial charges | 65/66B | €23,861 | €15,759 | -€8,102 | -34.0% |
| Recurring financial charges | 65 | €23,861 | €15,759 | -€8,102 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | -€43,869 | €11,284 | +€55,153 | |
| Income taxes | 67/77 | - | €174 | +€174 | |
| Profit (loss) for the period | 9904 | -€43,869 | €11,110 | +€54,979 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,869 | €11,110 | +€54,979 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.