FINARTE: 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.
FINARTE
Largest movements
- Receivables within one year -€30,409
down €30,409 (-91.5%), from €33,247 to €2,838
- Tangible fixed assets -€24,772
down €24,772 (-18.9%), from €131,296 to €106,524
of which Furniture and vehicles: -€18,114
- Cash +€23,815
up €23,815 (+62.3%), from €38,222 to €62,037
mainly Receivables within one year (+€30,409) and Depreciation (+€24,772)
- Reserves -€13,009
down €13,009 (-6.4%), from €203,795 to €190,786
of which Distributable reserves: -€13,009
- Current portion of long-term debt -€11,715
down €11,715 (-68.7%), from €17,058 to €5,343
- Debts after one year -€5,343
down €5,343 (-51.6%), from €10,361 to €5,019
- Profit (loss) carried forward +€4,358
up €4,358 (+25.1%), from -€17,359 to -€13,001
- Trade debts -€3,323
down €3,323 (-88.5%), from €3,753 to €431
- Gross operating margin -€10,039
down €10,039 (-23.5%), from €42,803 to €32,765
- Financial charges +€2,005
up €2,005 (+185%), from €1,085 to €3,090
- Financial income -€1,528
down €1,528 (-31.7%), from €4,825 to €3,297
- Depreciation -€1,268
down €1,268 (-4.9%), from €26,040 to €24,772
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 | €282,715 | €253,588 | -€29,126 | -10.3% |
| Fixed assets | 21/28 | €131,482 | €106,710 | -€24,772 | -18.8% |
| Tangible fixed assets | 22/27 | €131,296 | €106,524 | -€24,772 | -18.9% |
| Land and buildings | 22 | €65,428 | €59,340 | -€6,088 | -9.3% |
| Plant, machinery and equipment | 23 | €2,053 | €1,484 | -€570 | -27.7% |
| Furniture and vehicles | 24 | €63,815 | €45,701 | -€18,114 | -28.4% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €151,233 | €146,878 | -€4,355 | -2.9% |
| Amounts receivable within one year | 40/41 | €33,247 | €2,838 | -€30,409 | -91.5% |
| Other amounts receivable | 41 | €33,247 | €2,838 | -€30,409 | -91.5% |
| Current investments | 50/53 | €78,721 | €78,396 | -€325 | -0.4% |
| Cash at bank and in hand | 54/58 | €38,222 | €62,037 | +€23,815 | +62.3% |
| Deferred charges and accrued income | 490/1 | €1,043 | €3,607 | +€2,564 | +246% |
| Total equity and liabilities | 10/49 | €282,715 | €253,588 | -€29,126 | -10.3% |
| Equity | 10/15 | €251,436 | €242,784 | -€8,652 | -3.4% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €203,795 | €190,786 | -€13,009 | -6.4% |
| Non-distributable reserves | 130/1 | €49,762 | €49,762 | = | 0.0% |
| Reserves not available under the articles | 1311 | €49,762 | €49,762 | = | 0.0% |
| Tax-exempt reserves | 132 | €517 | €517 | = | 0.0% |
| Distributable reserves | 133 | €153,515 | €140,506 | -€13,009 | -8.5% |
| Profit (loss) carried forward | 14 | -€17,359 | -€13,001 | +€4,358 | +25.1% |
| Amounts payable | 17/49 | €31,279 | €10,804 | -€20,475 | -65.5% |
| Amounts payable after more than one year | 17 | €10,361 | €5,019 | -€5,343 | -51.6% |
| Financial debts | 170/4 | €10,361 | €5,019 | -€5,343 | -51.6% |
| Amounts payable within one year | 42/48 | €20,905 | €5,773 | -€15,132 | -72.4% |
| Current portion of amounts payable after more than one year | 42 | €17,058 | €5,343 | -€11,715 | -68.7% |
| Trade debts | 44 | €3,753 | €431 | -€3,323 | -88.5% |
| Suppliers | 440/4 | €3,753 | €431 | -€3,323 | -88.5% |
| Other amounts payable | 47/48 | €94 | - | -€94 | |
| Accrued charges and deferred income | 492/3 | €12 | €12 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,040 | €24,772 | -€1,268 | -4.9% |
| Other operating charges | 640/8 | €3,504 | €3,710 | +€207 | +5.9% |
| Gross operating margin | 9900 | €42,803 | €32,765 | -€10,039 | -23.5% |
| Operating profit (loss) | 9901 | €13,260 | €4,282 | -€8,977 | -67.7% |
| Financial income | 75/76B | €4,825 | €3,297 | -€1,528 | -31.7% |
| Recurring financial income | 75 | €4,825 | €3,297 | -€1,528 | -31.7% |
| Financial charges | 65/66B | €1,085 | €3,090 | +€2,005 | +185% |
| Recurring financial charges | 65 | €1,085 | €3,090 | +€2,005 | +185% |
| Profit (loss) for the period before taxes | 9903 | €17,000 | €4,490 | -€12,510 | -73.6% |
| Income taxes | 67/77 | €130 | €132 | +€2 | +1.3% |
| Profit (loss) for the period | 9904 | €16,869 | €4,358 | -€12,511 | -74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,869 | €4,358 | -€12,511 | -74.2% |
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 19 October 2026 via checked.be.