BO ARTE: 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.
BO ARTE
Largest movements
- Stocks and contracts +€2.1m
up €2.1m (+87.8%), from €2.4m to €4.6m
- Receivables within one year +€566,022
up €566,022 (+919.5%), from €61,558 to €627,580
of which Trade receivables: +€585,986
- Cash -€324,049
down €324,049 (-68.2%), from €475,110 to €151,061
mainly Stocks and contracts (-€2.1m) and Receivables within one year (-€566,022)
- Trade debts +€1.2m
up €1.2m (+399.7%), from €292,912 to €1.5m
- Short-term financial debts +€800,000
up €800,000 (+266.7%), from €300,000 to €1.1m
- Other debts +€190,987
up €190,987 (+31672.8%), from €603 to €191,590
- Debts after one year +€104,435
up €104,435 (+3.8%), from €2.8m to €2.9m
- Tax, wage and social debts +€66,308
up €66,308 (+1302.2%), from €5,092 to €71,400
of which Taxes: +€66,174
- Gross operating margin +€375,918
up €375,918 (+11433.0%), from €3,288 to €379,206
- Provisions +€122,603
no longer reported in 2025 (was -€122,603)
- Financial income +€16,629
up €16,629 (+831446.0%), from €2 to €16,631
- Financial charges -€12,906
down €12,906 (-20.1%), from €64,321 to €51,415
- Staff costs +€7,366
up €7,366 (+12.1%), from €60,857 to €68,223
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 | €3,982,396 | €6,340,200 | +€2.4m | +59.2% |
| Fixed assets | 21/28 | €1,019,144 | €1,004,819 | -€14,325 | -1.4% |
| Tangible fixed assets | 22/27 | €1,019,144 | €1,004,819 | -€14,325 | -1.4% |
| Land and buildings | 22 | €980,701 | €934,645 | -€46,056 | -4.7% |
| Plant, machinery and equipment | 23 | €19,573 | €16,032 | -€3,541 | -18.1% |
| Furniture and vehicles | 24 | €18,870 | €54,143 | +€35,273 | +186.9% |
| Current assets | 29/58 | €2,963,252 | €5,335,381 | +€2.4m | +80.1% |
| Stocks and contracts in progress | 3 | €2,425,493 | €4,554,404 | +€2.1m | +87.8% |
| Stocks | 30/36 | €2,425,493 | €4,554,404 | +€2.1m | +87.8% |
| Amounts receivable within one year | 40/41 | €61,558 | €627,580 | +€566,022 | +919.5% |
| Trade receivables | 40 | €41,156 | €627,142 | +€585,986 | +1423.8% |
| Other amounts receivable | 41 | €20,402 | €438 | -€19,964 | -97.9% |
| Cash at bank and in hand | 54/58 | €475,110 | €151,061 | -€324,049 | -68.2% |
| Deferred charges and accrued income | 490/1 | €1,091 | €2,337 | +€1,246 | +114.2% |
| Total equity and liabilities | 10/49 | €3,982,396 | €6,340,200 | +€2.4m | +59.2% |
| Equity | 10/15 | €505,365 | €531,650 | +€26,285 | +5.2% |
| Contributions | 10/11 | €24,992 | €24,992 | +€0 | 0.0% |
| Reserves | 13 | €372,447 | €357,740 | -€14,707 | -3.9% |
| Tax-exempt reserves | 132 | €258,387 | €243,680 | -€14,707 | -5.7% |
| Distributable reserves | 133 | €114,060 | €114,060 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €107,926 | €148,918 | +€40,992 | +38.0% |
| Provisions and deferred taxes | 16 | €86,129 | €81,227 | -€4,902 | -5.7% |
| Deferred taxes | 168 | €86,129 | €81,227 | -€4,902 | -5.7% |
| Amounts payable | 17/49 | €3,390,902 | €5,727,323 | +€2.3m | +68.9% |
| Amounts payable after more than one year | 17 | €2,757,148 | €2,861,583 | +€104,435 | +3.8% |
| Financial debts | 170/4 | €2,757,148 | €2,861,583 | +€104,435 | +3.8% |
| Amounts payable within one year | 42/48 | €633,753 | €2,865,741 | +€2.2m | +352.2% |
| Current portion of amounts payable after more than one year | 42 | €35,146 | €38,990 | +€3,844 | +10.9% |
| Financial debts | 43 | €300,000 | €1,100,000 | +€800,000 | +266.7% |
| Credit institutions | 430/8 | €300,000 | €1,100,000 | +€800,000 | +266.7% |
| Trade debts | 44 | €292,912 | €1,463,760 | +€1.2m | +399.7% |
| Suppliers | 440/4 | €292,912 | €1,463,760 | +€1.2m | +399.7% |
| Taxes, remuneration and social security | 45 | €5,092 | €71,400 | +€66,308 | +1302.2% |
| Taxes | 450/3 | €169 | €66,343 | +€66,174 | +39156.3% |
| Remuneration and social security | 454/9 | €4,923 | €5,057 | +€134 | +2.7% |
| Other amounts payable | 47/48 | €603 | €191,590 | +€190,987 | +31672.8% |
| Accrued charges and deferred income | 492/3 | €1 | - | -€1 | |
| Non-recurring operating income | 76A | - | €15,000 | +€15,000 | |
| Remuneration, social security and pensions | 62 | €60,857 | €68,223 | +€7,366 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,741 | €62,914 | +€1,173 | +1.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€122,603 | - | +€122,603 | |
| Other operating charges | 640/8 | €4,685 | €1,182 | -€3,503 | -74.8% |
| Gross operating margin | 9900 | €3,288 | €379,206 | +€375,918 | +11433.0% |
| Operating profit (loss) | 9901 | -€1,392 | €246,887 | +€248,279 | |
| Financial income | 75/76B | €2 | €16,631 | +€16,629 | +831446.0% |
| Recurring financial income | 75 | €2 | €16,631 | +€16,629 | +831446.0% |
| Financial charges | 65/66B | €64,321 | €51,415 | -€12,906 | -20.1% |
| Recurring financial charges | 65 | €64,321 | €51,415 | -€12,906 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€65,711 | €212,103 | +€277,814 | |
| Transfer from deferred taxes | 780 | €14,707 | €14,707 | +€0 | 0.0% |
| Income taxes | 67/77 | €169 | €720 | +€551 | +326.2% |
| Profit (loss) for the period | 9904 | -€51,173 | €226,090 | +€277,263 | |
| Transfer from tax-exempt reserves | 789 | €4,902 | €4,902 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,271 | €230,993 | +€277,264 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.