Andrew Barrett: 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.
Andrew Barrett
Largest movements
- Deferred charges and accrued income +€56,352
up €56,352 (+460%), from €12,250 to €68,602
- Receivables within one year -€52,829
down €52,829 (-6.7%), from €784,116 to €731,287
of which Trade receivables: -€59,687
- Reserves +€17,460
up €17,460 (+2.3%), from €773,963 to €791,423
of which Distributable reserves: +€19,315
- Provisions -€9,930
no longer reported in 2025 (was €9,930)
- Gross operating margin -€44,476
down €44,476, from €41,977 to -€2,499
- Taxes -€10,770
down €10,770 (-54.9%), from €19,606 to €8,837
- Provisions -€9,930
new in 2025: -€9,930
- Other operating charges -€857
down €857 (-64.8%), from €1,323 to €465
- Financial charges -€834
down €834 (-78.1%), from €1,068 to €233
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 | €796,776 | €806,460 | +€9,684 | +1.2% |
| Fixed assets | 21/28 | €159 | - | -€159 | |
| Tangible fixed assets | 22/27 | €159 | - | -€159 | |
| Plant, machinery and equipment | 23 | €159 | - | -€159 | |
| Current assets | 29/58 | €796,617 | €806,460 | +€9,843 | +1.2% |
| Amounts receivable within one year | 40/41 | €784,116 | €731,287 | -€52,829 | -6.7% |
| Trade receivables | 40 | €59,687 | - | -€59,687 | |
| Other amounts receivable | 41 | €724,429 | €731,287 | +€6,858 | +0.9% |
| Cash at bank and in hand | 54/58 | €251 | €6,571 | +€6,320 | +2,519% |
| Deferred charges and accrued income | 490/1 | €12,250 | €68,602 | +€56,352 | +460% |
| Total equity and liabilities | 10/49 | €796,776 | €806,460 | +€9,684 | +1.2% |
| Equity | 10/15 | €780,163 | €797,623 | +€17,460 | +2.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €773,963 | €791,423 | +€17,460 | +2.3% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Reserves not available under the articles | 1311 | €1,855 | - | -€1,855 | |
| Distributable reserves | 133 | €772,108 | €791,423 | +€19,315 | +2.5% |
| Provisions and deferred taxes | 16 | €9,930 | - | -€9,930 | |
| Provisions for liabilities and charges | 160/5 | €9,930 | - | -€9,930 | |
| Pensions and similar obligations | 160 | €9,930 | - | -€9,930 | |
| Amounts payable | 17/49 | €6,683 | €8,837 | +€2,154 | +32.2% |
| Amounts payable within one year | 42/48 | €6,683 | €8,837 | +€2,154 | +32.2% |
| Taxes, remuneration and social security | 45 | €6,683 | €8,837 | +€2,154 | +32.2% |
| Taxes | 450/3 | €6,683 | €8,837 | +€2,154 | +32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €529 | €159 | -€369 | -69.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€9,930 | -€9,930 | |
| Other operating charges | 640/8 | €1,323 | €465 | -€857 | -64.8% |
| Non-recurring operating charges | 66A | - | €756 | +€756 | |
| Gross operating margin | 9900 | €41,977 | -€2,499 | -€44,476 | |
| Operating profit (loss) | 9901 | €40,125 | €6,050 | -€34,075 | -84.9% |
| Financial income | 75/76B | €20,283 | €20,479 | +€197 | +1.0% |
| Recurring financial income | 75 | €20,283 | €20,479 | +€197 | +1.0% |
| Financial charges | 65/66B | €1,068 | €233 | -€834 | -78.1% |
| Recurring financial charges | 65 | €1,068 | €233 | -€834 | -78.1% |
| Profit (loss) for the period before taxes | 9903 | €59,341 | €26,296 | -€33,044 | -55.7% |
| Income taxes | 67/77 | €19,606 | €8,837 | -€10,770 | -54.9% |
| Profit (loss) for the period | 9904 | €39,734 | €17,460 | -€22,275 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,734 | €17,460 | -€22,275 | -56.1% |
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 26 October 2026 via checked.be.