L.E. ART: what changed
L.E. ART
Largest movements
- Receivables within one year +€55,623
up €55,623 (+94.4%), from €58,928 to €114,551
of which Trade receivables: +€78,317
- Financial fixed assets -€43,610
down €43,610 (-98.2%), from €44,400 to €790
- Cash +€13,417
up €13,417 (+928%), from €1,446 to €14,863
mainly Investment in fixed assets (net) (+€43,630) and Net result for the year (+€40,501)
- Tangible fixed assets -€11,262
down €11,262 (-3.2%), from €348,774 to €337,512
of which Land and buildings: -€8,242
- Current investments -€8,676
down €8,676 (-66.4%), from €13,070 to €4,394
- Profit (loss) carried forward +€40,501
up €40,501 (+38.2%), from -€105,933 to -€65,432
- Other debts -€33,494
down €33,494 (-94.5%), from €35,460 to €1,966
- Debts after one year -€13,092
down €13,092 (-3.8%), from €346,325 to €333,234
- Tax, wage and social debts +€9,975
up €9,975 (+200%), from €4,983 to €14,957
- Gross operating margin +€78,806
up €78,806, from -€12,853 to €65,953
- Other operating charges -€67,504
down €67,504 (-96.2%), from €70,188 to €2,684
- Financial income +€2,942
up €2,942 (+702%), from €419 to €3,361
- Financial charges +€2,447
up €2,447 (+20.3%), from €12,051 to €14,498
- Depreciation -€2,402
down €2,402 (-17.6%), from €13,644 to €11,242
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 | €468,914 | €473,098 | +€4,184 | +0.9% |
| Fixed assets | 21/28 | €393,174 | €338,302 | -€54,872 | -14.0% |
| Tangible fixed assets | 22/27 | €348,774 | €337,512 | -€11,262 | -3.2% |
| Land and buildings | 22 | €333,406 | €325,164 | -€8,242 | -2.5% |
| Furniture and vehicles | 24 | €4,505 | €1,833 | -€2,672 | -59.3% |
| Other tangible fixed assets | 26 | €10,863 | €10,516 | -€347 | -3.2% |
| Financial fixed assets | 28 | €44,400 | €790 | -€43,610 | -98.2% |
| Current assets | 29/58 | €75,740 | €134,796 | +€59,056 | +78.0% |
| Amounts receivable within one year | 40/41 | €58,928 | €114,551 | +€55,623 | +94.4% |
| Trade receivables | 40 | - | €78,317 | +€78,317 | |
| Other amounts receivable | 41 | €58,928 | €36,234 | -€22,695 | -38.5% |
| Current investments | 50/53 | €13,070 | €4,394 | -€8,676 | -66.4% |
| Cash at bank and in hand | 54/58 | €1,446 | €14,863 | +€13,417 | +928% |
| Deferred charges and accrued income | 490/1 | €2,296 | €988 | -€1,308 | -57.0% |
| Total equity and liabilities | 10/49 | €468,914 | €473,098 | +€4,184 | +0.9% |
| Equity | 10/15 | €67,327 | €107,828 | +€40,501 | +60.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €173,160 | €173,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10 | €10 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10 | €10 | = | 0.0% |
| Distributable reserves | 133 | €173,150 | €173,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,933 | -€65,432 | +€40,501 | +38.2% |
| Amounts payable | 17/49 | €401,587 | €365,270 | -€36,317 | -9.0% |
| Amounts payable after more than one year | 17 | €346,325 | €333,234 | -€13,092 | -3.8% |
| Financial debts | 170/4 | €346,325 | €333,234 | -€13,092 | -3.8% |
| Amounts payable within one year | 42/48 | €55,261 | €32,030 | -€23,232 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €12,573 | €13,092 | +€519 | +4.1% |
| Financial debts | 43 | €45 | €51 | +€6 | +12.5% |
| Credit institutions | 430/8 | €45 | €51 | +€6 | +12.5% |
| Trade debts | 44 | €2,201 | €1,964 | -€237 | -10.8% |
| Suppliers | 440/4 | €2,201 | €1,964 | -€237 | -10.8% |
| Taxes, remuneration and social security | 45 | €4,983 | €14,957 | +€9,975 | +200% |
| Taxes | 450/3 | €4,983 | €14,957 | +€9,975 | +200% |
| Other amounts payable | 47/48 | €35,460 | €1,966 | -€33,494 | -94.5% |
| Accrued charges and deferred income | 492/3 | - | €7 | +€7 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,644 | €11,242 | -€2,402 | -17.6% |
| Other operating charges | 640/8 | €70,188 | €2,684 | -€67,504 | -96.2% |
| Gross operating margin | 9900 | -€12,853 | €65,953 | +€78,806 | |
| Operating profit (loss) | 9901 | -€96,685 | €52,027 | +€148,713 | |
| Financial income | 75/76B | €419 | €3,361 | +€2,942 | +702% |
| Recurring financial income | 75 | €419 | €3,361 | +€2,942 | +702% |
| Financial charges | 65/66B | €12,051 | €14,498 | +€2,447 | +20.3% |
| Recurring financial charges | 65 | €12,051 | €14,498 | +€2,447 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | -€108,317 | €40,891 | +€149,208 | |
| Income taxes | 67/77 | -€326 | €390 | +€716 | |
| Profit (loss) for the period | 9904 | -€107,991 | €40,501 | +€148,492 | |
| Profit (loss) for the period to be appropriated | 9905 | -€107,991 | €40,501 | +€148,492 |
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 6 November 2026 via checked.be.