SA Artsen: 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.
What changed
SA Artsen
NACE 86.220, Specialist medical practice
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€369,476
2024 · €381,900-€12,424
Equity
€2.0m
2024 · €2.0m-€1,688
Cash
€80,493
2024 · €132,860-€52,367
Balance sheet total
€3.7m
2024 · €3.5m+€231,034
Largest movements
Assets
- Tangible fixed assets +€257,636
up €257,636 (+9.5%), from €2.7m to €3.0m
of which Land and buildings: +€272,322
- Current investments +€195,140
up €195,140 (+76.5%), from €255,177 to €450,317
- Receivables after one year -€180,000
down €180,000 (-100%), from €180,000 to €0
- Cash -€52,367
down €52,367 (-39.4%), from €132,860 to €80,493
mainly Investment in fixed assets (net) (-€442,431) and Contributions, distributions and other (-€371,165)
Equity and liabilities
- Debts after one year +€205,789
up €205,789 (+17.8%), from €1.2m to €1.4m
Income statement
- Depreciation +€38,430
up €38,430 (+26.3%), from €146,364 to €184,795
- Gross operating margin +€33,618
up €33,618 (+4.6%), from €724,324 to €757,942
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.
Result 2024
€381,900
Gross operating margin
+€33,618
Depreciation
-€38,430
Other operating charges
-€192
Financial income
-€5,461
Financial charges
+€2,022
Taxes
-€3,979
Result 2025
€369,476
raises the resultlowers the result
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.
From operations
+€739,512
Investment
-€637,571
Financing
-€154,308
Cash 2024
€132,860
From operations (derived)
+€739,512
Net result for the year
+€369,476
Depreciation
+€184,795
Receivables after one year
+€180,000
Receivables within one year
-€2,447
Deferred charges and accrued income
-€8,177
Trade debts
-€16,193
Tax, wage and social debts
-€3,727
Other debts
+€35,868
Accrued charges and deferred income
-€83
Investment (derived)
-€637,571
Investment in fixed assets (net)
-€442,431
Current investments
-€195,140
Financing
-€154,308
Debts after one year
+€205,789
Current portion of long-term debt
+€11,068
Contributions, distributions and other
-€371,165
Cash 2025
€80,493
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,493,285 | €3,724,319 | +€231,034 | +6.6% |
| Fixed assets | 21/28 | €2,723,631 | €2,981,267 | +€257,636 | +9.5% |
| Tangible fixed assets | 22/27 | €2,722,861 | €2,980,497 | +€257,636 | +9.5% |
| Land and buildings | 22 | €2,638,348 | €2,910,670 | +€272,322 | +10.3% |
| Plant, machinery and equipment | 23 | €322 | €1,883 | +€1,561 | +485% |
| Furniture and vehicles | 24 | €84,191 | €67,945 | -€16,246 | -19.3% |
| Financial fixed assets | 28 | €770 | €770 | = | 0.0% |
| Current assets | 29/58 | €769,654 | €743,051 | -€26,603 | -3.5% |
| Amounts receivable after more than one year | 29 | €180,000 | €0 | -€180,000 | -100% |
| Other amounts receivable | 291 | €180,000 | €0 | -€180,000 | -100% |
| Amounts receivable within one year | 40/41 | €49,809 | €52,256 | +€2,447 | +4.9% |
| Trade receivables | 40 | €18,310 | €20,757 | +€2,447 | +13.4% |
| Other amounts receivable | 41 | €31,499 | €31,499 | = | 0.0% |
| Current investments | 50/53 | €255,177 | €450,317 | +€195,140 | +76.5% |
| Cash at bank and in hand | 54/58 | €132,860 | €80,493 | -€52,367 | -39.4% |
| Deferred charges and accrued income | 490/1 | €151,808 | €159,986 | +€8,177 | +5.4% |
| Total equity and liabilities | 10/49 | €3,493,285 | €3,724,319 | +€231,034 | +6.6% |
| Equity | 10/15 | €2,011,158 | €2,009,470 | -€1,688 | -0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,998,758 | €1,997,070 | -€1,688 | -0.1% |
| Tax-exempt reserves | 132 | €147,939 | €147,939 | = | 0.0% |
| Distributable reserves | 133 | €1,850,819 | €1,849,131 | -€1,688 | -0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €10,000 | €10,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,472,126 | €1,704,849 | +€232,722 | +15.8% |
| Amounts payable after more than one year | 17 | €1,157,463 | €1,363,252 | +€205,789 | +17.8% |
| Financial debts | 170/4 | €1,157,463 | €1,363,252 | +€205,789 | +17.8% |
| Amounts payable within one year | 42/48 | €308,318 | €335,334 | +€27,016 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €183,143 | €194,211 | +€11,068 | +6.0% |
| Trade debts | 44 | €19,969 | €3,776 | -€16,193 | -81.1% |
| Suppliers | 440/4 | €19,969 | €3,776 | -€16,193 | -81.1% |
| Taxes, remuneration and social security | 45 | €104,871 | €101,144 | -€3,727 | -3.6% |
| Taxes | 450/3 | €104,871 | €101,144 | -€3,727 | -3.6% |
| Other amounts payable | 47/48 | €335 | €36,203 | +€35,868 | +10,708% |
| Accrued charges and deferred income | 492/3 | €6,345 | €6,262 | -€83 | -1.3% |
| Non-recurring operating income | 76A | €17,661 | €0 | -€17,661 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,364 | €184,795 | +€38,430 | +26.3% |
| Other operating charges | 640/8 | €12,066 | €12,259 | +€192 | +1.6% |
| Gross operating margin | 9900 | €724,324 | €757,942 | +€33,618 | +4.6% |
| Operating profit (loss) | 9901 | €565,893 | €560,889 | -€5,005 | -0.9% |
| Financial income | 75/76B | €10,524 | €5,062 | -€5,461 | -51.9% |
| Recurring financial income | 75 | €10,524 | €5,062 | -€5,461 | -51.9% |
| Financial charges | 65/66B | €28,151 | €26,130 | -€2,022 | -7.2% |
| Recurring financial charges | 65 | €28,151 | €26,130 | -€2,022 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €548,265 | €539,821 | -€8,444 | -1.5% |
| Income taxes | 67/77 | €166,366 | €170,345 | +€3,979 | +2.4% |
| Profit (loss) for the period | 9904 | €381,900 | €369,476 | -€12,424 | -3.3% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €0 | -€126,300 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €255,600 | €369,476 | +€113,876 | +44.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.