FIN - 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
FIN - ART
NACE 46.833, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€201,267
2024 · -€110,254-€91,013
Equity
€14.3m
2024 · €14.5m-€201,267
Cash
€97,415
2024 · €116,075-€18,659
Balance sheet total
€22.9m
2024 · €23.7m-€810,969
Largest movements
Assets
- Receivables after one year -€375,000
down €375,000 (-100%), from €375,000 to €0
- Tangible fixed assets -€355,129
down €355,129 (-3.7%), from €9.7m to €9.3m
of which Land and buildings: -€220,350
Equity and liabilities
- Other debts -€441,778
down €441,778 (-24.0%), from €1.8m to €1.4m
- Short-term financial debts -€250,000
down €250,000 (-38.5%), from €650,000 to €400,000
Income statement
- Financial income -€49,312
down €49,312 (-49.3%), from €100,112 to €50,800
- Financial charges +€28,714
up €28,714 (+7.8%), from €368,904 to €397,618
of which Non-recurring financial charges: +€64,948
- Staff costs +€18,619
up €18,619 (+9.2%), from €202,273 to €220,892
- Depreciation -€15,415
down €15,415 (-3.9%), from €394,597 to €379,182
- Other operating charges +€10,243
up €10,243 (+8.7%), from €118,203 to €128,446
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
-€110,254
Gross operating margin
-€3,544
Staff costs
-€18,619
Depreciation
+€15,415
Other operating charges
-€10,243
Financial income
-€49,312
Financial charges
-€28,714
Taxes
+€4,004
Result 2025
-€201,267
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
+€155,702
Investment
-€24,053
Financing
-€150,308
Cash 2024
€116,075
From operations (derived)
+€155,702
Net result for the year
-€201,267
Depreciation
+€379,182
Receivables after one year
+€375,000
Receivables within one year
+€60,276
Deferred charges and accrued income
+€1,904
Provisions
-€41,342
Trade debts
+€13,017
Tax, wage and social debts
+€9,779
Other debts
-€441,778
Accrued charges and deferred income
+€932
Investment (derived)
-€24,053
Investment in fixed assets (net)
-€24,053
Financing
-€150,308
Debts after one year
+€132,942
Current portion of long-term debt
-€33,251
Short-term financial debts
-€250,000
Cash 2025
€97,415
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,670,697 | €22,859,728 | -€810,969 | -3.4% |
| Fixed assets | 21/28 | €20,773,652 | €20,418,523 | -€355,129 | -1.7% |
| Tangible fixed assets | 22/27 | €9,690,303 | €9,335,174 | -€355,129 | -3.7% |
| Land and buildings | 22 | €7,111,183 | €6,890,833 | -€220,350 | -3.1% |
| Furniture and vehicles | 24 | €47,953 | €42,311 | -€5,642 | -11.8% |
| Other tangible fixed assets | 26 | €2,531,167 | €2,402,030 | -€129,137 | -5.1% |
| Financial fixed assets | 28 | €11,083,349 | €11,083,349 | = | 0.0% |
| Current assets | 29/58 | €2,897,045 | €2,441,205 | -€455,840 | -15.7% |
| Amounts receivable after more than one year | 29 | €375,000 | €0 | -€375,000 | -100% |
| Other amounts receivable | 291 | €375,000 | €0 | -€375,000 | -100% |
| Amounts receivable within one year | 40/41 | €393,399 | €333,123 | -€60,276 | -15.3% |
| Trade receivables | 40 | €27,321 | €141,737 | +€114,416 | +419% |
| Other amounts receivable | 41 | €366,078 | €191,386 | -€174,693 | -47.7% |
| Current investments | 50/53 | €2,000,000 | €2,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,075 | €97,415 | -€18,659 | -16.1% |
| Deferred charges and accrued income | 490/1 | €12,571 | €10,667 | -€1,904 | -15.1% |
| Total equity and liabilities | 10/49 | €23,670,697 | €22,859,728 | -€810,969 | -3.4% |
| Equity | 10/15 | €14,548,332 | €14,347,065 | -€201,267 | -1.4% |
| Contributions | 10/11 | €8,127,407 | €8,127,407 | = | 0.0% |
| Capital | 10 | €8,127,407 | €8,127,407 | = | 0.0% |
| Issued capital | 100 | €8,127,407 | €8,127,407 | = | 0.0% |
| Reserves | 13 | €6,420,483 | €6,219,215 | -€201,267 | -3.1% |
| Non-distributable reserves | 130/1 | €422,164 | €422,164 | = | 0.0% |
| Legal reserve | 130 | €422,164 | €422,164 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,676 | €9,676 | = | 0.0% |
| Distributable reserves | 133 | €5,988,643 | €5,787,375 | -€201,267 | -3.4% |
| Investment grants | 15 | €442 | €442 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,066,959 | €1,025,617 | -€41,342 | -3.9% |
| Provisions for liabilities and charges | 160/5 | €1,066,959 | €1,025,617 | -€41,342 | -3.9% |
| Other liabilities and charges | 164/5 | €1,066,959 | €1,025,617 | -€41,342 | -3.9% |
| Amounts payable | 17/49 | €8,055,406 | €7,487,047 | -€568,359 | -7.1% |
| Amounts payable after more than one year | 17 | €5,208,711 | €5,341,653 | +€132,942 | +2.6% |
| Financial debts | 170/4 | €5,208,711 | €5,341,653 | +€132,942 | +2.6% |
| Amounts payable within one year | 42/48 | €2,755,220 | €2,052,987 | -€702,233 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €215,212 | €181,961 | -€33,251 | -15.5% |
| Financial debts | 43 | €650,000 | €400,000 | -€250,000 | -38.5% |
| Credit institutions | 430/8 | €650,000 | €400,000 | -€250,000 | -38.5% |
| Trade debts | 44 | €9,203 | €22,219 | +€13,017 | +141% |
| Suppliers | 440/4 | €9,203 | €22,219 | +€13,017 | +141% |
| Taxes, remuneration and social security | 45 | €37,183 | €46,962 | +€9,779 | +26.3% |
| Taxes | 450/3 | €3,083 | €8,872 | +€5,790 | +188% |
| Remuneration and social security | 454/9 | €34,100 | €38,090 | +€3,989 | +11.7% |
| Other amounts payable | 47/48 | €1,843,623 | €1,401,845 | -€441,778 | -24.0% |
| Accrued charges and deferred income | 492/3 | €91,476 | €92,407 | +€932 | +1.0% |
| Remuneration, social security and pensions | 62 | €202,273 | €220,892 | +€18,619 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €394,597 | €379,182 | -€15,415 | -3.9% |
| Other operating charges | 640/8 | €118,203 | €128,446 | +€10,243 | +8.7% |
| Gross operating margin | 9900 | €879,272 | €875,728 | -€3,544 | -0.4% |
| Operating profit (loss) | 9901 | €164,199 | €147,208 | -€16,991 | -10.3% |
| Financial income | 75/76B | €100,112 | €50,800 | -€49,312 | -49.3% |
| Recurring financial income | 75 | €100,112 | €50,800 | -€49,312 | -49.3% |
| Financial charges | 65/66B | €368,904 | €397,618 | +€28,714 | +7.8% |
| Recurring financial charges | 65 | €368,904 | €332,670 | -€36,234 | -9.8% |
| Non-recurring financial charges | 66B | - | €64,948 | +€64,948 | |
| Profit (loss) for the period before taxes | 9903 | -€104,593 | -€199,610 | -€95,017 | -90.8% |
| Income taxes | 67/77 | €5,661 | €1,657 | -€4,004 | -70.7% |
| Profit (loss) for the period | 9904 | -€110,254 | -€201,267 | -€91,013 | -82.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€110,254 | -€201,267 | -€91,013 | -82.5% |
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.