BART ADRIAENS: 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.
BART ADRIAENS
Largest movements
- Cash +€342,671
up €342,671 (+165%), from €207,251 to €549,923
mainly Current investments (+€300,000) and Net result for the year (+€204,427)
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Tangible fixed assets -€61,581
down €61,581 (-3.8%), from €1.6m to €1.6m
of which Land and buildings: -€42,592
- Financial fixed assets +€59,303
up €59,303 (+11.9%), from €499,646 to €558,950
- Receivables within one year -€28,450
down €28,450 (-71.3%), from €39,880 to €11,431
of which Other amounts receivable: -€35,719
- Reserves +€204,427
up €204,427 (+8.7%), from €2.4m to €2.6m
- Other debts -€185,000
down €185,000 (-88.2%), from €209,691 to €24,691
- Gross operating margin -€38,648
down €38,648 (-9.7%), from €400,064 to €361,416
- Financial income +€8,892
up €8,892 (+103%), from €8,631 to €17,522
of which Non-recurring financial income: +€10,804
- Taxes +€7,240
up €7,240 (+8.1%), from €89,317 to €96,557
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 | €2,665,587 | €2,677,543 | +€11,956 | +0.4% |
| Fixed assets | 21/28 | €2,113,706 | €2,111,428 | -€2,277 | -0.1% |
| Tangible fixed assets | 22/27 | €1,614,059 | €1,552,479 | -€61,581 | -3.8% |
| Land and buildings | 22 | €1,571,552 | €1,528,960 | -€42,592 | -2.7% |
| Plant, machinery and equipment | 23 | €17,332 | €12,158 | -€5,174 | -29.9% |
| Furniture and vehicles | 24 | €25,175 | €11,361 | -€13,815 | -54.9% |
| Financial fixed assets | 28 | €499,646 | €558,950 | +€59,303 | +11.9% |
| Current assets | 29/58 | €551,881 | €566,115 | +€14,234 | +2.6% |
| Amounts receivable within one year | 40/41 | €39,880 | €11,431 | -€28,450 | -71.3% |
| Trade receivables | 40 | €4,162 | €11,431 | +€7,269 | +175% |
| Other amounts receivable | 41 | €35,719 | - | -€35,719 | |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €207,251 | €549,923 | +€342,671 | +165% |
| Deferred charges and accrued income | 490/1 | €4,749 | €4,761 | +€12 | +0.3% |
| Total equity and liabilities | 10/49 | €2,665,587 | €2,677,543 | +€11,956 | +0.4% |
| Equity | 10/15 | €2,385,488 | €2,589,916 | +€204,427 | +8.6% |
| Contributions | 10/11 | €25,600 | €25,600 | = | 0.0% |
| Reserves | 13 | €2,359,888 | €2,564,316 | +€204,427 | +8.7% |
| Distributable reserves | 133 | €2,359,888 | €2,564,316 | +€204,427 | +8.7% |
| Amounts payable | 17/49 | €280,098 | €87,628 | -€192,471 | -68.7% |
| Amounts payable within one year | 42/48 | €277,839 | €84,650 | -€193,189 | -69.5% |
| Financial debts | 43 | €30,371 | €30,286 | -€85 | -0.3% |
| Credit institutions | 430/8 | €30,371 | €30,286 | -€85 | -0.3% |
| Trade debts | 44 | €20,787 | €17,442 | -€3,345 | -16.1% |
| Suppliers | 440/4 | €20,787 | €17,442 | -€3,345 | -16.1% |
| Taxes, remuneration and social security | 45 | €16,990 | €12,232 | -€4,758 | -28.0% |
| Taxes | 450/3 | €16,990 | €12,232 | -€4,758 | -28.0% |
| Other amounts payable | 47/48 | €209,691 | €24,691 | -€185,000 | -88.2% |
| Accrued charges and deferred income | 492/3 | €2,259 | €2,977 | +€718 | +31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,402 | €61,581 | +€179 | +0.3% |
| Other operating charges | 640/8 | €11,726 | €11,510 | -€217 | -1.8% |
| Gross operating margin | 9900 | €400,064 | €361,416 | -€38,648 | -9.7% |
| Operating profit (loss) | 9901 | €326,936 | €288,326 | -€38,610 | -11.8% |
| Financial income | 75/76B | €8,631 | €17,522 | +€8,892 | +103% |
| Recurring financial income | 75 | €8,631 | €6,719 | -€1,912 | -22.2% |
| Non-recurring financial income | 76B | - | €10,804 | +€10,804 | |
| Financial charges | 65/66B | €4,789 | €4,863 | +€74 | +1.6% |
| Recurring financial charges | 65 | €4,789 | €4,863 | +€74 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €330,777 | €300,984 | -€29,793 | -9.0% |
| Income taxes | 67/77 | €89,317 | €96,557 | +€7,240 | +8.1% |
| Profit (loss) for the period | 9904 | €241,460 | €204,427 | -€37,033 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €241,460 | €204,427 | -€37,033 | -15.3% |
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 22 October 2026 via checked.be.