H.ART.EL: what changed
H.ART.EL
Largest movements
- Receivables within one year +€11,706
up €11,706 (+101%), from €11,545 to €23,251
of which Other amounts receivable: +€15,434
- Cash +€3,972
up €3,972 (+80.8%), from €4,919 to €8,891
mainly Net result for the year (+€16,347) and Other debts (+€13,634)
- Other debts +€13,634
up €13,634 (+998%), from €1,366 to €15,000
- Profit (loss) carried forward +€1,347
up €1,347, from -€837 to €510
- Tax, wage and social debts +€1,082
up €1,082 (+49.0%), from €2,208 to €3,290
of which Taxes: +€3,290
- Trade debts -€783
down €783 (-23.5%), from €3,340 to €2,556
- Accrued charges and deferred income +€399
up €399 (+103%), from €387 to €786
- Gross operating margin +€13,645
up €13,645 (+189%), from €7,236 to €20,882
- Taxes +€4,134
new in 2025: €4,134
- Other operating charges -€284
down €284 (-41.6%), from €683 to €399
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,464 | €32,142 | +€15,679 | +95.2% |
| Current assets | 29/58 | €16,464 | €32,142 | +€15,679 | +95.2% |
| Amounts receivable within one year | 40/41 | €11,545 | €23,251 | +€11,706 | +101% |
| Trade receivables | 40 | €3,728 | - | -€3,728 | |
| Other amounts receivable | 41 | €7,817 | €23,251 | +€15,434 | +197% |
| Cash at bank and in hand | 54/58 | €4,919 | €8,891 | +€3,972 | +80.8% |
| Total equity and liabilities | 10/49 | €16,464 | €32,142 | +€15,679 | +95.2% |
| Equity | 10/15 | €9,163 | €10,510 | +€1,347 | +14.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€837 | €510 | +€1,347 | |
| Amounts payable | 17/49 | €7,301 | €21,632 | +€14,331 | +196% |
| Amounts payable within one year | 42/48 | €6,914 | €20,846 | +€13,932 | +202% |
| Trade debts | 44 | €3,340 | €2,556 | -€783 | -23.5% |
| Suppliers | 440/4 | €3,340 | €2,556 | -€783 | -23.5% |
| Taxes, remuneration and social security | 45 | €2,208 | €3,290 | +€1,082 | +49.0% |
| Taxes | 450/3 | - | €3,290 | +€3,290 | |
| Remuneration and social security | 454/9 | €2,208 | - | -€2,208 | |
| Other amounts payable | 47/48 | €1,366 | €15,000 | +€13,634 | +998% |
| Accrued charges and deferred income | 492/3 | €387 | €786 | +€399 | +103% |
| Other operating charges | 640/8 | €683 | €399 | -€284 | -41.6% |
| Gross operating margin | 9900 | €7,236 | €20,882 | +€13,645 | +189% |
| Operating profit (loss) | 9901 | €6,553 | €20,483 | +€13,929 | +213% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €157 | €11 | -€146 | -93.0% |
| Recurring financial charges | 65 | €157 | €11 | -€146 | -93.0% |
| Profit (loss) for the period before taxes | 9903 | €6,396 | €20,481 | +€14,085 | +220% |
| Income taxes | 67/77 | - | €4,134 | +€4,134 | |
| Profit (loss) for the period | 9904 | €6,396 | €16,347 | +€9,951 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €6,396 | €16,347 | +€9,951 | +156% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.