ANDREAS BARTOSCH: 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.
ANDREAS BARTOSCH
Largest movements
- Receivables after one year -€160,521
down €160,521 (-33.3%), from €482,748 to €322,227
- Receivables within one year -€29,722
down €29,722 (-57.8%), from €51,422 to €21,701
of which Trade receivables: -€25,881
- Cash +€24,145
up €24,145 (+19.5%), from €123,782 to €147,927
mainly Receivables after one year (+€160,521) and Trade debts (+€82,771)
- Other debts -€199,153
down €199,153 (-99.6%), from €200,000 to €847
- Trade debts +€82,771
up €82,771 (+164%), from €50,413 to €133,184
- Current portion of long-term debt -€26,973
down €26,973 (-60.9%), from €44,261 to €17,288
- Profit (loss) carried forward -€22,590
down €22,590 (-7.0%), from €320,813 to €298,223
- Debts after one year -€17,288
down €17,288 (-23.7%), from €73,046 to €55,757
- Gross operating margin -€40,423
down €40,423, from €17,403 to -€23,019
- Write-downs -€10,000
no longer reported in 2025 (was €10,000)
- Taxes -€4,240
down €4,240 (-79.7%), from €5,319 to €1,079
- Depreciation -€3,510
no longer reported in 2025 (was €3,510)
- Other operating charges +€2,434
up €2,434 (+299%), from €815 to €3,249
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 | €717,650 | €550,834 | -€166,816 | -23.2% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €58,979 | €58,979 | = | 0.0% |
| Tangible fixed assets | 22/27 | €54,861 | €54,861 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €0 | = | |
| Other tangible fixed assets | 26 | €54,861 | €54,861 | = | 0.0% |
| Financial fixed assets | 28 | €4,118 | €4,118 | = | 0.0% |
| Current assets | 29/58 | €658,671 | €491,855 | -€166,816 | -25.3% |
| Amounts receivable after more than one year | 29 | €482,748 | €322,227 | -€160,521 | -33.3% |
| Other amounts receivable | 291 | €482,748 | €322,227 | -€160,521 | -33.3% |
| Amounts receivable within one year | 40/41 | €51,422 | €21,701 | -€29,722 | -57.8% |
| Trade receivables | 40 | €27,061 | €1,180 | -€25,881 | -95.6% |
| Other amounts receivable | 41 | €24,362 | €20,521 | -€3,841 | -15.8% |
| Cash at bank and in hand | 54/58 | €123,782 | €147,927 | +€24,145 | +19.5% |
| Deferred charges and accrued income | 490/1 | €718 | - | -€718 | |
| Total equity and liabilities | 10/49 | €717,650 | €550,834 | -€166,816 | -23.2% |
| Equity | 10/15 | €335,668 | €313,078 | -€22,590 | -6.7% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €320,813 | €298,223 | -€22,590 | -7.0% |
| Amounts payable | 17/49 | €381,982 | €237,756 | -€144,226 | -37.8% |
| Amounts payable after more than one year | 17 | €73,046 | €55,757 | -€17,288 | -23.7% |
| Financial debts | 170/4 | €73,046 | €55,757 | -€17,288 | -23.7% |
| Amounts payable within one year | 42/48 | €308,936 | €181,998 | -€126,938 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €44,261 | €17,288 | -€26,973 | -60.9% |
| Trade debts | 44 | €50,413 | €133,184 | +€82,771 | +164% |
| Suppliers | 440/4 | €50,413 | €133,184 | +€82,771 | +164% |
| Taxes, remuneration and social security | 45 | €14,262 | €30,679 | +€16,417 | +115% |
| Taxes | 450/3 | €14,262 | €30,679 | +€16,417 | +115% |
| Other amounts payable | 47/48 | €200,000 | €847 | -€199,153 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,510 | - | -€3,510 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,000 | - | -€10,000 | |
| Other operating charges | 640/8 | €815 | €3,249 | +€2,434 | +299% |
| Non-recurring operating charges | 66A | €405 | - | -€405 | |
| Gross operating margin | 9900 | €17,403 | -€23,019 | -€40,423 | |
| Operating profit (loss) | 9901 | €2,674 | -€26,269 | -€28,942 | |
| Financial income | 75/76B | €9,974 | €8,602 | -€1,372 | -13.8% |
| Recurring financial income | 75 | €9,974 | €8,602 | -€1,372 | -13.8% |
| Financial charges | 65/66B | €3,544 | €3,844 | +€300 | +8.5% |
| Recurring financial charges | 65 | €3,544 | €3,844 | +€300 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €9,104 | -€21,511 | -€30,614 | |
| Income taxes | 67/77 | €5,319 | €1,079 | -€4,240 | -79.7% |
| Profit (loss) for the period | 9904 | €3,785 | -€22,590 | -€26,375 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,785 | -€22,590 | -€26,375 |
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 29 October 2026 via checked.be.