NEW ART SELECTION: 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.
NEW ART SELECTION
Largest movements
- Tangible fixed assets -€21,540
down €21,540 (-3.3%), from €650,018 to €628,478
- Cash -€8,116
down €8,116 (-8.9%), from €91,429 to €83,313
mainly Debts after one year (-€40,315) and Other debts (-€18,744)
- Debts after one year -€40,315
down €40,315 (-9.7%), from €417,331 to €377,016
- Trade debts +€20,075
up €20,075, from €0 to €20,075
- Other debts -€18,744
down €18,744 (-41.0%), from €45,708 to €26,964
- Reserves +€8,984
up €8,984 (+4.1%), from €221,247 to €230,231
of which Distributable reserves: +€11,426
- Gross operating margin -€7,557
down €7,557 (-12.3%), from €61,431 to €53,874
- Taxes -€1,661
down €1,661 (-17.5%), from €9,474 to €7,813
- Financial charges -€815
down €815 (-9.6%), from €8,449 to €7,633
- Depreciation +€673
up €673 (+3.2%), from €20,867 to €21,540
- Other operating charges -€659
down €659 (-9.5%), from €6,975 to €6,316
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.
Cash bridge derived
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 | €772,551 | €742,894 | -€29,657 | -3.8% |
| Fixed assets | 21/28 | €650,018 | €628,478 | -€21,540 | -3.3% |
| Tangible fixed assets | 22/27 | €650,018 | €628,478 | -€21,540 | -3.3% |
| Land and buildings | 22 | €650,018 | €628,478 | -€21,540 | -3.3% |
| Current assets | 29/58 | €122,533 | €114,416 | -€8,116 | -6.6% |
| Amounts receivable within one year | 40/41 | €1,003 | €1,003 | = | 0.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,003 | €1,003 | = | 0.0% |
| Current investments | 50/53 | €30,100 | €30,100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €91,429 | €83,313 | -€8,116 | -8.9% |
| Total equity and liabilities | 10/49 | €772,551 | €742,894 | -€29,657 | -3.8% |
| Equity | 10/15 | €228,255 | €237,240 | +€8,984 | +3.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €221,247 | €230,231 | +€8,984 | +4.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €72,423 | €69,981 | -€2,442 | -3.4% |
| Distributable reserves | 133 | €142,627 | €154,053 | +€11,426 | +8.0% |
| Profit (loss) carried forward | 14 | -€54,965 | -€54,965 | = | 0.0% |
| Provisions and deferred taxes | 16 | €24,141 | €23,327 | -€814 | -3.4% |
| Deferred taxes | 168 | €24,141 | €23,327 | -€814 | -3.4% |
| Amounts payable | 17/49 | €520,155 | €482,328 | -€37,827 | -7.3% |
| Amounts payable after more than one year | 17 | €417,331 | €377,016 | -€40,315 | -9.7% |
| Financial debts | 170/4 | €417,331 | €377,016 | -€40,315 | -9.7% |
| Amounts payable within one year | 42/48 | €100,224 | €102,712 | +€2,488 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €40,593 | €43,609 | +€3,016 | +7.4% |
| Trade debts | 44 | €0 | €20,075 | +€20,075 | |
| Suppliers | 440/4 | €0 | €20,075 | +€20,075 | |
| Taxes, remuneration and social security | 45 | €13,922 | €12,063 | -€1,859 | -13.4% |
| Taxes | 450/3 | €13,922 | €12,063 | -€1,859 | -13.4% |
| Other amounts payable | 47/48 | €45,708 | €26,964 | -€18,744 | -41.0% |
| Accrued charges and deferred income | 492/3 | €2,600 | €2,600 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,867 | €21,540 | +€673 | +3.2% |
| Other operating charges | 640/8 | €6,975 | €6,316 | -€659 | -9.5% |
| Gross operating margin | 9900 | €61,431 | €53,874 | -€7,557 | -12.3% |
| Operating profit (loss) | 9901 | €33,588 | €26,018 | -€7,571 | -22.5% |
| Financial income | 75/76B | €812 | €659 | -€154 | -18.9% |
| Recurring financial income | 75 | €812 | €659 | -€154 | -18.9% |
| Financial charges | 65/66B | €8,449 | €7,633 | -€815 | -9.6% |
| Recurring financial charges | 65 | €8,449 | €7,633 | -€815 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €25,952 | €19,043 | -€6,909 | -26.6% |
| Transfer from deferred taxes | 780 | €814 | €814 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €9,474 | €7,813 | -€1,661 | -17.5% |
| Profit (loss) for the period | 9904 | €17,292 | €12,044 | -€5,248 | -30.3% |
| Transfer from tax-exempt reserves | 789 | €2,442 | €2,442 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €19,734 | €14,486 | -€5,248 | -26.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.