Bard Greenman: 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.
Bard Greenman
Largest movements
- Tangible fixed assets -€17,140
down €17,140 (-25.0%), from €68,510 to €51,369
of which Other tangible fixed assets: -€16,728
- Stocks and contracts +€7,275
new in 2025: €7,275
- Receivables within one year +€6,831
up €6,831 (+14.4%), from €47,595 to €54,426
of which Other amounts receivable: +€54,426
- Cash +€2,606
up €2,606 (+79.9%), from €3,260 to €5,866
mainly Depreciation (+€17,140) and Other debts (+€7,884)
- Profit (loss) carried forward -€11,783
down €11,783 (-30.7%), from -€38,439 to -€50,222
- Other debts +€7,884
up €7,884 (+5.0%), from €157,575 to €165,459
- Tax, wage and social debts +€5,882
up €5,882 (+140%), from €4,189 to €10,071
- Trade debts -€2,068
down €2,068 (-30.7%), from €6,739 to €4,671
- Gross operating margin -€11,624
down €11,624 (-64.3%), from €18,090 to €6,467
- Other operating charges -€3,737
down €3,737 (-85.6%), from €4,366 to €629
- Depreciation +€773
up €773 (+4.7%), from €16,368 to €17,140
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 | €131,064 | €130,979 | -€85 | -0.1% |
| Fixed assets | 21/28 | €80,210 | €63,069 | -€17,140 | -21.4% |
| Tangible fixed assets | 22/27 | €68,510 | €51,369 | -€17,140 | -25.0% |
| Plant, machinery and equipment | 23 | €825 | €412 | -€412 | -50.0% |
| Other tangible fixed assets | 26 | €67,685 | €50,957 | -€16,728 | -24.7% |
| Financial fixed assets | 28 | €11,700 | €11,700 | = | 0.0% |
| Current assets | 29/58 | €50,855 | €67,910 | +€17,056 | +33.5% |
| Stocks and contracts in progress | 3 | - | €7,275 | +€7,275 | |
| Stocks | 30/36 | - | €7,275 | +€7,275 | |
| Amounts receivable within one year | 40/41 | €47,595 | €54,426 | +€6,831 | +14.4% |
| Trade receivables | 40 | €47,595 | - | -€47,595 | |
| Other amounts receivable | 41 | - | €54,426 | +€54,426 | |
| Cash at bank and in hand | 54/58 | €3,260 | €5,866 | +€2,606 | +79.9% |
| Deferred charges and accrued income | 490/1 | - | €344 | +€344 | |
| Total equity and liabilities | 10/49 | €131,064 | €130,979 | -€85 | -0.1% |
| Equity | 10/15 | -€37,439 | -€49,222 | -€11,783 | -31.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,439 | -€50,222 | -€11,783 | -30.7% |
| Amounts payable | 17/49 | €168,503 | €180,202 | +€11,698 | +6.9% |
| Amounts payable within one year | 42/48 | €168,503 | €180,202 | +€11,698 | +6.9% |
| Trade debts | 44 | €6,739 | €4,671 | -€2,068 | -30.7% |
| Suppliers | 440/4 | €6,739 | €4,671 | -€2,068 | -30.7% |
| Taxes, remuneration and social security | 45 | €4,189 | €10,071 | +€5,882 | +140% |
| Taxes | 450/3 | €4,189 | €10,071 | +€5,882 | +140% |
| Other amounts payable | 47/48 | €157,575 | €165,459 | +€7,884 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,368 | €17,140 | +€773 | +4.7% |
| Other operating charges | 640/8 | €4,366 | €629 | -€3,737 | -85.6% |
| Gross operating margin | 9900 | €18,090 | €6,467 | -€11,624 | -64.3% |
| Operating profit (loss) | 9901 | -€2,644 | -€11,303 | -€8,659 | -328% |
| Financial charges | 65/66B | €608 | €480 | -€127 | -20.9% |
| Recurring financial charges | 65 | €608 | €480 | -€127 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,251 | -€11,783 | -€8,532 | -262% |
| Profit (loss) for the period | 9904 | -€3,251 | -€11,783 | -€8,532 | -262% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,251 | -€11,783 | -€8,532 | -262% |
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 14 October 2026 via checked.be.