BELARTISAN: 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.
BELARTISAN
Largest movements
- Stocks and contracts -€18,118
down €18,118 (-19.6%), from €92,504 to €74,386
- Receivables within one year -€15,768
down €15,768 (-14.7%), from €107,164 to €91,396
of which Trade receivables: -€16,400
- Current investments -€12,023
down €12,023 (-9.5%), from €126,016 to €113,993
- Deferred charges and accrued income +€10,234
up €10,234 (+59.4%), from €17,224 to €27,458
- Profit (loss) carried forward -€24,169
down €24,169 (-20.6%), from -€117,568 to -€141,737
- Trade debts -€12,846
down €12,846 (-11.6%), from €110,819 to €97,973
- Staff costs -€21,311
down €21,311 (-21.9%), from €97,111 to €75,799
- Gross operating margin -€16,831
down €16,831 (-26.3%), from €63,924 to €47,094
- Financial charges -€2,817
down €2,817, from €2,729 to -€88
- Financial income +€1,094
up €1,094 (+13.5%), from €8,102 to €9,196
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 | €518,875 | €480,201 | -€38,674 | -7.5% |
| Fixed assets | 21/28 | €20,587 | €17,013 | -€3,575 | -17.4% |
| Tangible fixed assets | 22/27 | €20,087 | €16,513 | -€3,575 | -17.8% |
| Furniture and vehicles | 24 | €16,266 | €14,104 | -€2,162 | -13.3% |
| Other tangible fixed assets | 26 | €3,821 | €2,409 | -€1,413 | -37.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €498,288 | €463,189 | -€35,099 | -7.0% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €92,504 | €74,386 | -€18,118 | -19.6% |
| Stocks | 30/36 | €92,504 | €74,386 | -€18,118 | -19.6% |
| Amounts receivable within one year | 40/41 | €107,164 | €91,396 | -€15,768 | -14.7% |
| Trade receivables | 40 | €103,589 | €87,190 | -€16,400 | -15.8% |
| Other amounts receivable | 41 | €3,575 | €4,206 | +€631 | +17.7% |
| Current investments | 50/53 | €126,016 | €113,993 | -€12,023 | -9.5% |
| Cash at bank and in hand | 54/58 | €55,380 | €55,956 | +€576 | +1.0% |
| Deferred charges and accrued income | 490/1 | €17,224 | €27,458 | +€10,234 | +59.4% |
| Total equity and liabilities | 10/49 | €518,875 | €480,201 | -€38,674 | -7.5% |
| Equity | 10/15 | €390,432 | €366,263 | -€24,169 | -6.2% |
| Contributions | 10/11 | €508,000 | €508,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,568 | -€141,737 | -€24,169 | -20.6% |
| Amounts payable | 17/49 | €128,443 | €113,938 | -€14,505 | -11.3% |
| Amounts payable within one year | 42/48 | €126,939 | €112,434 | -€14,505 | -11.4% |
| Trade debts | 44 | €110,819 | €97,973 | -€12,846 | -11.6% |
| Suppliers | 440/4 | €110,819 | €97,973 | -€12,846 | -11.6% |
| Taxes, remuneration and social security | 45 | €15,207 | €12,940 | -€2,267 | -14.9% |
| Taxes | 450/3 | €27 | €2,512 | +€2,485 | +9247.9% |
| Remuneration and social security | 454/9 | €15,180 | €10,428 | -€4,752 | -31.3% |
| Other amounts payable | 47/48 | €914 | €1,522 | +€608 | +66.5% |
| Accrued charges and deferred income | 492/3 | €1,504 | €1,504 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €97,111 | €75,799 | -€21,311 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,673 | €3,575 | -€98 | -2.7% |
| Other operating charges | 640/8 | €1,095 | €1,172 | +€77 | +7.0% |
| Gross operating margin | 9900 | €63,924 | €47,094 | -€16,831 | -26.3% |
| Operating profit (loss) | 9901 | -€37,955 | -€33,453 | +€4,502 | +11.9% |
| Financial income | 75/76B | €8,102 | €9,196 | +€1,094 | +13.5% |
| Recurring financial income | 75 | €8,102 | €9,196 | +€1,094 | +13.5% |
| Financial charges | 65/66B | €2,729 | -€88 | -€2,817 | |
| Recurring financial charges | 65 | €2,729 | -€88 | -€2,817 | |
| Profit (loss) for the period before taxes | 9903 | -€32,582 | -€24,169 | +€8,413 | +25.8% |
| Profit (loss) for the period | 9904 | -€32,582 | -€24,169 | +€8,413 | +25.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,582 | -€24,169 | +€8,413 | +25.8% |
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 6 October 2026 via checked.be.