PROJECT ARTS: what changed
Two fiscal 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.
PROJECT ARTS
Largest movements
- Cash -€179,034
down €179,034 (-58.4%), from €306,628 to €127,594
mainly Net result for the year (-€117,809) and Stocks and contracts (-€36,540)
- Stocks and contracts +€36,540
up €36,540 (+1.7%), from €2.2m to €2.2m
- Profit (loss) carried forward -€117,809
down €117,809 (-25.7%), from -€459,006 to -€576,815
- Trade debts -€33,679
down €33,679 (-81.9%), from €41,117 to €7,437
- Gross operating margin -€181,327
down €181,327 (-99.0%), from €183,161 to €1,834
- Financial charges +€10,227
up €10,227 (+9.8%), from €104,629 to €114,856
- Financial income -€5,248
down €5,248 (-87.0%), from €6,031 to €783
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 | €2,548,639 | €2,408,410 | -€140,229 | -5.5% |
| Fixed assets | 21/28 | €15,092 | €13,647 | -€1,445 | -9.6% |
| Tangible fixed assets | 22/27 | €15,092 | €13,647 | -€1,445 | -9.6% |
| Plant, machinery and equipment | 23 | €1,292 | €775 | -€517 | -40.0% |
| Furniture and vehicles | 24 | €13,800 | €12,872 | -€928 | -6.7% |
| Current assets | 29/58 | €2,533,547 | €2,394,763 | -€138,784 | -5.5% |
| Stocks and contracts in progress | 3 | €2,192,528 | €2,229,068 | +€36,540 | +1.7% |
| Stocks | 30/36 | €2,192,528 | €2,229,068 | +€36,540 | +1.7% |
| Amounts receivable within one year | 40/41 | €32,492 | €37,947 | +€5,455 | +16.8% |
| Trade receivables | 40 | €11,530 | €37,947 | +€26,416 | +229.1% |
| Other amounts receivable | 41 | €20,962 | - | -€20,962 | |
| Cash at bank and in hand | 54/58 | €306,628 | €127,594 | -€179,034 | -58.4% |
| Deferred charges and accrued income | 490/1 | €1,899 | €154 | -€1,745 | -91.9% |
| Total equity and liabilities | 10/49 | €2,548,639 | €2,408,410 | -€140,229 | -5.5% |
| Equity | 10/15 | -€440,406 | -€558,215 | -€117,809 | -26.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€459,006 | -€576,815 | -€117,809 | -25.7% |
| Amounts payable | 17/49 | €2,989,044 | €2,966,625 | -€22,419 | -0.8% |
| Amounts payable within one year | 42/48 | €2,989,044 | €2,966,625 | -€22,419 | -0.8% |
| Trade debts | 44 | €41,117 | €7,437 | -€33,679 | -81.9% |
| Suppliers | 440/4 | €41,117 | €7,437 | -€33,679 | -81.9% |
| Taxes, remuneration and social security | 45 | €74 | €11,306 | +€11,232 | +15153.5% |
| Taxes | 450/3 | €74 | €11,306 | +€11,232 | +15153.5% |
| Other amounts payable | 47/48 | €2,947,853 | €2,947,882 | +€28 | 0.0% |
| Remuneration, social security and pensions | 62 | €264 | - | -€264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,846 | €4,286 | +€440 | +11.4% |
| Other operating charges | 640/8 | €1,257 | €1,212 | -€45 | -3.6% |
| Gross operating margin | 9900 | €183,161 | €1,834 | -€181,327 | -99.0% |
| Operating profit (loss) | 9901 | €177,794 | -€3,664 | -€181,459 | |
| Financial income | 75/76B | €6,031 | €783 | -€5,248 | -87.0% |
| Recurring financial income | 75 | €6,031 | €783 | -€5,248 | -87.0% |
| Financial charges | 65/66B | €104,629 | €114,856 | +€10,227 | +9.8% |
| Recurring financial charges | 65 | €104,629 | €114,856 | +€10,227 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €79,196 | -€117,737 | -€196,933 | |
| Income taxes | 67/77 | €84 | €73 | -€12 | -13.9% |
| Profit (loss) for the period | 9904 | €79,112 | -€117,809 | -€196,921 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,112 | -€117,809 | -€196,921 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.