ARTWOOD: 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.
ARTWOOD
Largest movements
- Cash +€99,857
up €99,857 (+95.1%), from €105,039 to €204,896
mainly Net result for the year (+€80,978) and Receivables within one year (+€50,024)
- Receivables within one year -€50,024
down €50,024 (-50.2%), from €99,629 to €49,606
of which Other amounts receivable: -€29,299
- Tangible fixed assets +€42,422
up €42,422 (+35.2%), from €120,508 to €162,930
of which Furniture and vehicles: +€87,628
- Current investments +€6,311
up €6,311 (+15.8%), from €39,862 to €46,172
- Deferred charges and accrued income +€5,734
new in 2025: €5,734
- Reserves +€80,978
up €80,978 (+74.5%), from €108,675 to €189,653
of which Distributable reserves: +€80,978
- Trade debts -€39,837
down €39,837 (-96.1%), from €41,455 to €1,618
- Debts after one year +€30,449
up €30,449 (+52.6%), from €57,886 to €88,336
- Current portion of long-term debt +€22,903
up €22,903 (+311.1%), from €7,362 to €30,265
- Tax, wage and social debts +€13,901
up €13,901 (+37.4%), from €37,171 to €51,072
of which Taxes: +€32,772
- Gross operating margin -€28,343
down €28,343 (-8.1%), from €349,894 to €321,550
- Other operating charges -€19,020
down €19,020 (-89.4%), from €21,270 to €2,251
- Write-downs -€17,410
no longer reported in 2025 (was €17,410)
- Staff costs -€13,379
down €13,379 (-6.9%), from €195,126 to €181,747
- Depreciation +€7,450
up €7,450 (+59.7%), from €12,475 to €19,925
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 | €367,473 | €471,573 | +€104,100 | +28.3% |
| Fixed assets | 21/28 | €121,343 | €163,565 | +€42,222 | +34.8% |
| Tangible fixed assets | 22/27 | €120,508 | €162,930 | +€42,422 | +35.2% |
| Plant, machinery and equipment | 23 | €39,733 | €35,521 | -€4,212 | -10.6% |
| Furniture and vehicles | 24 | €39,782 | €127,409 | +€87,628 | +220.3% |
| Other tangible fixed assets | 26 | €40,994 | - | -€40,994 | |
| Financial fixed assets | 28 | €835 | €635 | -€200 | -23.9% |
| Current assets | 29/58 | €246,129 | €308,008 | +€61,878 | +25.1% |
| Stocks and contracts in progress | 3 | €1,600 | €1,600 | = | 0.0% |
| Stocks | 30/36 | €1,600 | €1,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €99,629 | €49,606 | -€50,024 | -50.2% |
| Trade receivables | 40 | €66,927 | €46,203 | -€20,724 | -31.0% |
| Other amounts receivable | 41 | €32,702 | €3,403 | -€29,299 | -89.6% |
| Current investments | 50/53 | €39,862 | €46,172 | +€6,311 | +15.8% |
| Cash at bank and in hand | 54/58 | €105,039 | €204,896 | +€99,857 | +95.1% |
| Deferred charges and accrued income | 490/1 | - | €5,734 | +€5,734 | |
| Total equity and liabilities | 10/49 | €367,473 | €471,573 | +€104,100 | +28.3% |
| Equity | 10/15 | €173,989 | €254,968 | +€80,978 | +46.5% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €108,675 | €189,653 | +€80,978 | +74.5% |
| Non-distributable reserves | 130/1 | €11,675 | €11,675 | = | 0.0% |
| Legal reserve | 130 | €11,675 | €11,675 | = | 0.0% |
| Distributable reserves | 133 | €97,000 | €177,978 | +€80,978 | +83.5% |
| Profit (loss) carried forward | 14 | €2,814 | €2,814 | = | 0.0% |
| Amounts payable | 17/49 | €193,483 | €216,605 | +€23,122 | +12.0% |
| Amounts payable after more than one year | 17 | €57,886 | €88,336 | +€30,449 | +52.6% |
| Financial debts | 170/4 | €57,886 | €88,336 | +€30,449 | +52.6% |
| Amounts payable within one year | 42/48 | €135,597 | €128,117 | -€7,480 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €7,362 | €30,265 | +€22,903 | +311.1% |
| Trade debts | 44 | €41,455 | €1,618 | -€39,837 | -96.1% |
| Suppliers | 440/4 | €41,455 | €1,618 | -€39,837 | -96.1% |
| Advances received on contracts in progress | 46 | - | €2,146 | +€2,146 | |
| Taxes, remuneration and social security | 45 | €37,171 | €51,072 | +€13,901 | +37.4% |
| Taxes | 450/3 | €16,794 | €49,567 | +€32,772 | +195.1% |
| Remuneration and social security | 454/9 | €20,377 | €1,505 | -€18,872 | -92.6% |
| Other amounts payable | 47/48 | €49,609 | €43,016 | -€6,593 | -13.3% |
| Accrued charges and deferred income | 492/3 | - | €152 | +€152 | |
| Remuneration, social security and pensions | 62 | €195,126 | €181,747 | -€13,379 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,475 | €19,925 | +€7,450 | +59.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,410 | - | -€17,410 | |
| Other operating charges | 640/8 | €21,270 | €2,251 | -€19,020 | -89.4% |
| Non-recurring operating charges | 66A | - | €705 | +€705 | |
| Gross operating margin | 9900 | €349,894 | €321,550 | -€28,343 | -8.1% |
| Operating profit (loss) | 9901 | €103,613 | €116,924 | +€13,311 | +12.8% |
| Financial income | 75/76B | €805 | €1,462 | +€656 | +81.5% |
| Recurring financial income | 75 | €805 | €1,462 | +€656 | +81.5% |
| Financial charges | 65/66B | €1,683 | €4,279 | +€2,596 | +154.2% |
| Recurring financial charges | 65 | €1,683 | €4,279 | +€2,596 | +154.2% |
| Profit (loss) for the period before taxes | 9903 | €102,735 | €114,106 | +€11,371 | +11.1% |
| Income taxes | 67/77 | €28,036 | €33,128 | +€5,092 | +18.2% |
| Profit (loss) for the period | 9904 | €74,699 | €80,978 | +€6,279 | +8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,699 | €80,978 | +€6,279 | +8.4% |
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 10 October 2026 via checked.be.