N'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.
N'ART
Largest movements
- Receivables within one year -€47,447
down €47,447 (-50.4%), from €94,189 to €46,741
of which Trade receivables: -€57,972
- Tangible fixed assets -€2,817
down €2,817 (-21.8%), from €12,943 to €10,126
- Cash -€1,766
down €1,766 (-74.1%), from €2,382 to €616
mainly Trade debts (-€33,647) and Net result for the year (-€17,603)
- Trade debts -€33,647
down €33,647 (-95.4%), from €35,269 to €1,622
- Profit (loss) carried forward -€17,603
down €17,603 (-26.8%), from €65,629 to €48,026
- Other operating charges +€13,057
up €13,057 (+875%), from €1,492 to €14,549
- Depreciation +€2,394
up €2,394 (+113%), from €2,121 to €4,516
- Gross operating margin -€2,268
down €2,268 (-55.8%), from €4,062 to €1,794
- Taxes -€191
no longer reported in 2025 (was €191)
- Financial charges +€118
up €118 (+52.0%), from €226 to €344
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 | €109,514 | €57,708 | -€51,805 | -47.3% |
| Fixed assets | 21/28 | €12,943 | €10,126 | -€2,817 | -21.8% |
| Tangible fixed assets | 22/27 | €12,943 | €10,126 | -€2,817 | -21.8% |
| Furniture and vehicles | 24 | €12,943 | €10,126 | -€2,817 | -21.8% |
| Current assets | 29/58 | €96,571 | €47,583 | -€48,988 | -50.7% |
| Amounts receivable within one year | 40/41 | €94,189 | €46,741 | -€47,447 | -50.4% |
| Trade receivables | 40 | €92,276 | €34,304 | -€57,972 | -62.8% |
| Other amounts receivable | 41 | €1,913 | €12,438 | +€10,525 | +550% |
| Cash at bank and in hand | 54/58 | €2,382 | €616 | -€1,766 | -74.1% |
| Deferred charges and accrued income | 490/1 | - | €225 | +€225 | |
| Total equity and liabilities | 10/49 | €109,514 | €57,708 | -€51,805 | -47.3% |
| Equity | 10/15 | €73,689 | €56,086 | -€17,603 | -23.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,629 | €48,026 | -€17,603 | -26.8% |
| Amounts payable | 17/49 | €35,824 | €1,622 | -€34,202 | -95.5% |
| Amounts payable within one year | 42/48 | €35,534 | €1,622 | -€33,912 | -95.4% |
| Trade debts | 44 | €35,269 | €1,622 | -€33,647 | -95.4% |
| Suppliers | 440/4 | €35,269 | €1,622 | -€33,647 | -95.4% |
| Taxes, remuneration and social security | 45 | €148 | - | -€148 | |
| Taxes | 450/3 | €148 | - | -€148 | |
| Other amounts payable | 47/48 | €118 | - | -€118 | |
| Accrued charges and deferred income | 492/3 | €291 | - | -€291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,121 | €4,516 | +€2,394 | +113% |
| Other operating charges | 640/8 | €1,492 | €14,549 | +€13,057 | +875% |
| Gross operating margin | 9900 | €4,062 | €1,794 | -€2,268 | -55.8% |
| Operating profit (loss) | 9901 | €449 | -€17,271 | -€17,719 | |
| Financial income | 75/76B | €58 | €12 | -€46 | -80.1% |
| Recurring financial income | 75 | €58 | €12 | -€46 | -80.1% |
| Financial charges | 65/66B | €226 | €344 | +€118 | +52.0% |
| Recurring financial charges | 65 | €226 | €344 | +€118 | +52.0% |
| Profit (loss) for the period before taxes | 9903 | €280 | -€17,603 | -€17,883 | |
| Income taxes | 67/77 | €191 | - | -€191 | |
| Profit (loss) for the period | 9904 | €89 | -€17,603 | -€17,692 | |
| Profit (loss) for the period to be appropriated | 9905 | €89 | -€17,603 | -€17,692 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.