D.ART: 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.
What changed
D.ART
NACE 73.200, Market research and public opinion polling
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€145,315
2024 · -€135,501-€9,815
Equity
€13.4m
2024 · €13.5m-€145,315
Cash
€196,506
2024 · €162,186+€34,320
Balance sheet total
€13.5m
2024 · €13.7m-€189,007
Largest movements
Assets
- Tangible fixed assets -€275,182
down €275,182 (-3.0%), from €9.2m to €8.9m
of which Land and buildings: -€173,056
- Receivables within one year +€154,765
up €154,765 (+16.3%), from €948,290 to €1.1m
of which Trade receivables: +€117,082
- Current investments -€144,898
down €144,898 (-6.3%), from €2.3m to €2.2m
Equity and liabilities
- Reserves -€145,315
down €145,315 (-1.1%), from €13.5m to €13.4m
of which Distributable reserves: -€137,816
Income statement
- Financial income -€50,800
down €50,800 (-39.4%), from €128,975 to €78,176
- Depreciation -€34,787
down €34,787 (-9.4%), from €371,736 to €336,949
- Gross operating margin +€32,605
up €32,605 (+16.3%), from €200,131 to €232,737
- Staff costs +€22,758
up €22,758 (+39.5%), from €57,648 to €80,406
- Financial charges -€18,880
down €18,880 (-78.2%), from €24,133 to €5,253
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.
Result 2024
-€135,501
Gross operating margin
+€32,605
Staff costs
-€22,758
Depreciation
+€34,787
Other operating charges
-€6,403
Financial income
-€50,800
Financial charges
+€18,880
Taxes
-€16,126
Result 2025
-€145,315
raises the resultlowers the result
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.
From operations
-€48,810
Investment
+€83,131
Financing
€0
Cash 2024
€162,186
From operations (derived)
-€48,810
Net result for the year
-€145,315
Depreciation
+€336,949
Receivables after one year
-€1,997
Stocks and contracts
-€38,114
Receivables within one year
-€154,765
Deferred charges and accrued income
-€1,876
Provisions
-€3,862
Trade debts
+€18,292
Tax, wage and social debts
+€2,528
Other debts
-€69,295
Accrued charges and deferred income
+€8,646
Investment (derived)
+€83,131
Investment in fixed assets (net)
-€61,767
Current investments
+€144,898
Cash 2025
€196,506
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,677,692 | €13,488,685 | -€189,007 | -1.4% |
| Fixed assets | 21/28 | €9,168,567 | €8,893,385 | -€275,182 | -3.0% |
| Tangible fixed assets | 22/27 | €9,159,503 | €8,884,321 | -€275,182 | -3.0% |
| Land and buildings | 22 | €7,118,875 | €6,945,819 | -€173,056 | -2.4% |
| Plant, machinery and equipment | 23 | €246,692 | €287,944 | +€41,252 | +16.7% |
| Furniture and vehicles | 24 | €498,887 | €407,464 | -€91,424 | -18.3% |
| Other tangible fixed assets | 26 | €1,295,049 | €1,243,095 | -€51,954 | -4.0% |
| Financial fixed assets | 28 | €9,063 | €9,063 | = | 0.0% |
| Current assets | 29/58 | €4,509,125 | €4,595,301 | +€86,175 | +1.9% |
| Amounts receivable after more than one year | 29 | €884,439 | €886,436 | +€1,997 | +0.2% |
| Other amounts receivable | 291 | €884,439 | €886,436 | +€1,997 | +0.2% |
| Stocks and contracts in progress | 3 | €171,912 | €210,027 | +€38,114 | +22.2% |
| Stocks | 30/36 | €171,912 | €210,027 | +€38,114 | +22.2% |
| Amounts receivable within one year | 40/41 | €948,290 | €1,103,055 | +€154,765 | +16.3% |
| Trade receivables | 40 | €181,975 | €299,058 | +€117,082 | +64.3% |
| Other amounts receivable | 41 | €766,314 | €803,997 | +€37,683 | +4.9% |
| Current investments | 50/53 | €2,316,809 | €2,171,911 | -€144,898 | -6.3% |
| Cash at bank and in hand | 54/58 | €162,186 | €196,506 | +€34,320 | +21.2% |
| Deferred charges and accrued income | 490/1 | €25,490 | €27,366 | +€1,876 | +7.4% |
| Total equity and liabilities | 10/49 | €13,677,692 | €13,488,685 | -€189,007 | -1.4% |
| Equity | 10/15 | €13,547,377 | €13,402,062 | -€145,315 | -1.1% |
| Contributions | 10/11 | €29,750 | €29,750 | = | 0.0% |
| Reserves | 13 | €13,517,627 | €13,372,312 | -€145,315 | -1.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Tax-exempt reserves | 132 | €80,743 | €73,244 | -€7,500 | -9.3% |
| Distributable reserves | 133 | €13,436,884 | €13,299,068 | -€137,816 | -1.0% |
| Provisions and deferred taxes | 16 | €41,577 | €37,715 | -€3,862 | -9.3% |
| Deferred taxes | 168 | €41,577 | €37,715 | -€3,862 | -9.3% |
| Amounts payable | 17/49 | €88,738 | €48,909 | -€39,830 | -44.9% |
| Amounts payable after more than one year | 17 | €9,180 | €9,180 | = | 0.0% |
| Financial debts | 170/4 | €9,180 | €9,180 | = | 0.0% |
| Amounts payable within one year | 42/48 | €79,558 | €31,083 | -€48,476 | -60.9% |
| Trade debts | 44 | €1,816 | €20,107 | +€18,292 | +1,008% |
| Suppliers | 440/4 | €1,816 | €20,107 | +€18,292 | +1,008% |
| Taxes, remuneration and social security | 45 | €6,535 | €9,063 | +€2,528 | +38.7% |
| Remuneration and social security | 454/9 | €6,535 | €9,063 | +€2,528 | +38.7% |
| Other amounts payable | 47/48 | €71,208 | €1,913 | -€69,295 | -97.3% |
| Accrued charges and deferred income | 492/3 | - | €8,646 | +€8,646 | |
| Remuneration, social security and pensions | 62 | €57,648 | €80,406 | +€22,758 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €371,736 | €336,949 | -€34,787 | -9.4% |
| Other operating charges | 640/8 | €18,194 | €24,597 | +€6,403 | +35.2% |
| Gross operating margin | 9900 | €200,131 | €232,737 | +€32,605 | +16.3% |
| Operating profit (loss) | 9901 | -€247,446 | -€209,216 | +€38,230 | +15.4% |
| Financial income | 75/76B | €128,975 | €78,176 | -€50,800 | -39.4% |
| Recurring financial income | 75 | €128,975 | €78,176 | -€50,800 | -39.4% |
| Financial charges | 65/66B | €24,133 | €5,253 | -€18,880 | -78.2% |
| Recurring financial charges | 65 | €24,133 | €5,253 | -€18,880 | -78.2% |
| Profit (loss) for the period before taxes | 9903 | -€142,604 | -€136,293 | +€6,311 | +4.4% |
| Transfer from deferred taxes | 780 | €3,862 | €3,862 | = | 0.0% |
| Income taxes | 67/77 | -€3,241 | €12,884 | +€16,126 | |
| Profit (loss) for the period | 9904 | -€135,501 | -€145,315 | -€9,815 | -7.2% |
| Transfer from tax-exempt reserves | 789 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€128,001 | -€137,816 | -€9,815 | -7.7% |
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 13 October 2026 via checked.be.