BEL ARTE: 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.
BEL ARTE
Largest movements
- Current investments +€30,000
new in 2025: €30,000
- Receivables within one year -€5,990
down €5,990 (-33.2%), from €18,029 to €12,040
- Tangible fixed assets +€3,818
up €3,818 (+23.5%), from €16,217 to €20,034
of which Furniture and vehicles: +€3,818
- Reserves +€24,040
up €24,040 (+61.3%), from €39,208 to €63,248
of which Distributable reserves: +€24,040
- Tax, wage and social debts +€5,432
up €5,432 (+58.9%), from €9,218 to €14,650
- Gross operating margin +€9,981
up €9,981 (+28.2%), from €35,399 to €45,380
- Taxes +€2,491
up €2,491 (+23.6%), from €10,544 to €13,036
- Depreciation +€1,831
up €1,831 (+68.8%), from €2,661 to €4,492
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 | €74,656 | €103,080 | +€28,423 | +38.1% |
| Fixed assets | 21/28 | €16,217 | €20,034 | +€3,818 | +23.5% |
| Tangible fixed assets | 22/27 | €16,217 | €20,034 | +€3,818 | +23.5% |
| Land and buildings | 22 | €7,437 | €7,437 | = | 0.0% |
| Furniture and vehicles | 24 | €8,780 | €12,597 | +€3,818 | +43.5% |
| Current assets | 29/58 | €58,440 | €83,046 | +€24,606 | +42.1% |
| Amounts receivable within one year | 40/41 | €18,029 | €12,040 | -€5,990 | -33.2% |
| Trade receivables | 40 | €18,029 | €12,040 | -€5,990 | -33.2% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €39,684 | €40,262 | +€577 | +1.5% |
| Deferred charges and accrued income | 490/1 | €726 | €744 | +€18 | +2.5% |
| Total equity and liabilities | 10/49 | €74,656 | €103,080 | +€28,423 | +38.1% |
| Equity | 10/15 | €57,805 | €81,847 | +€24,042 | +41.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €39,208 | €63,248 | +€24,040 | +61.3% |
| Non-distributable reserves | 130/1 | €3,938 | €3,938 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,938 | €3,938 | = | 0.0% |
| Distributable reserves | 133 | €35,271 | €59,311 | +€24,040 | +68.2% |
| Profit (loss) carried forward | 14 | €5 | €7 | +€2 | +39.7% |
| Amounts payable | 17/49 | €16,851 | €21,233 | +€4,382 | +26.0% |
| Amounts payable within one year | 42/48 | €16,851 | €21,233 | +€4,382 | +26.0% |
| Trade debts | 44 | €2,823 | €2,591 | -€232 | -8.2% |
| Suppliers | 440/4 | €2,823 | €2,591 | -€232 | -8.2% |
| Taxes, remuneration and social security | 45 | €9,218 | €14,650 | +€5,432 | +58.9% |
| Taxes | 450/3 | €9,218 | €14,650 | +€5,432 | +58.9% |
| Other amounts payable | 47/48 | €4,810 | €3,992 | -€819 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,661 | €4,492 | +€1,831 | +68.8% |
| Other operating charges | 640/8 | €2,464 | €2,498 | +€34 | +1.4% |
| Gross operating margin | 9900 | €35,399 | €45,380 | +€9,981 | +28.2% |
| Operating profit (loss) | 9901 | €30,274 | €38,390 | +€8,116 | +26.8% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €1,340 | €1,322 | -€18 | -1.3% |
| Recurring financial charges | 65 | €1,340 | €1,322 | -€18 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €28,934 | €37,078 | +€8,143 | +28.1% |
| Income taxes | 67/77 | €10,544 | €13,036 | +€2,491 | +23.6% |
| Profit (loss) for the period | 9904 | €18,390 | €24,042 | +€5,652 | +30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,390 | €24,042 | +€5,652 | +30.7% |
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 20 October 2026 via checked.be.