Bart Adriaenssen: 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 Adriaenssen
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Cash -€139,407
down €139,407 (-66.5%), from €209,770 to €70,364
mainly Contributions, distributions and other (-€170,665) and Current investments (-€150,000)
- Receivables within one year +€11,399
up €11,399 (+1632.4%), from €698 to €12,097
- Other debts +€170,807
up €170,807 (+1311.8%), from €13,021 to €183,828
- Reserves -€102,960
down €102,960 (-68.2%), from €151,030 to €48,070
- Trade debts -€41,382
down €41,382 (-93.1%), from €44,433 to €3,051
- Tax, wage and social debts -€7,518
down €7,518 (-20.7%), from €36,380 to €28,861
of which Taxes: -€7,518
- Gross operating margin +€5,050
up €5,050 (+6.1%), from €83,443 to €88,493
- Depreciation +€3,295
up €3,295 (+1032.3%), from €319 to €3,614
- Financial income +€1,319
up €1,319 (+345.9%), from €381 to €1,700
- Taxes +€1,045
up €1,045 (+6.6%), from €15,914 to €16,959
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.
Cash bridge derived
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 | €248,563 | €268,220 | +€19,657 | +7.9% |
| Fixed assets | 21/28 | €35,081 | €34,020 | -€1,060 | -3.0% |
| Tangible fixed assets | 22/27 | €35,081 | €34,020 | -€1,060 | -3.0% |
| Plant, machinery and equipment | 23 | €35,081 | €31,541 | -€3,540 | -10.1% |
| Furniture and vehicles | 24 | - | €2,480 | +€2,480 | |
| Current assets | 29/58 | €213,482 | €234,199 | +€20,717 | +9.7% |
| Amounts receivable within one year | 40/41 | €698 | €12,097 | +€11,399 | +1632.4% |
| Trade receivables | 40 | €698 | €12,097 | +€11,399 | +1632.4% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €209,770 | €70,364 | -€139,407 | -66.5% |
| Deferred charges and accrued income | 490/1 | €3,014 | €1,739 | -€1,275 | -42.3% |
| Total equity and liabilities | 10/49 | €248,563 | €268,220 | +€19,657 | +7.9% |
| Equity | 10/15 | €153,030 | €50,070 | -€102,960 | -67.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €151,030 | €48,070 | -€102,960 | -68.2% |
| Distributable reserves | 133 | €151,030 | €48,070 | -€102,960 | -68.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €95,533 | €218,150 | +€122,617 | +128.3% |
| Amounts payable within one year | 42/48 | €95,533 | €218,150 | +€122,617 | +128.3% |
| Trade debts | 44 | €44,433 | €3,051 | -€41,382 | -93.1% |
| Suppliers | 440/4 | €44,433 | €3,051 | -€41,382 | -93.1% |
| Advances received on contracts in progress | 46 | €1,700 | €2,410 | +€710 | +41.8% |
| Taxes, remuneration and social security | 45 | €36,380 | €28,861 | -€7,518 | -20.7% |
| Taxes | 450/3 | €36,380 | €28,861 | -€7,518 | -20.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €13,021 | €183,828 | +€170,807 | +1311.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €12,336 | +€12,336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319 | €3,614 | +€3,295 | +1032.3% |
| Other operating charges | 640/8 | €67 | €465 | +€399 | +597.8% |
| Gross operating margin | 9900 | €83,443 | €88,493 | +€5,050 | +6.1% |
| Operating profit (loss) | 9901 | €83,057 | €84,413 | +€1,356 | +1.6% |
| Financial income | 75/76B | €381 | €1,700 | +€1,319 | +345.9% |
| Recurring financial income | 75 | €381 | €1,700 | +€1,319 | +345.9% |
| Financial charges | 65/66B | €1,292 | €1,449 | +€158 | +12.2% |
| Recurring financial charges | 65 | €1,292 | €1,449 | +€158 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €82,146 | €84,664 | +€2,517 | +3.1% |
| Income taxes | 67/77 | €15,914 | €16,959 | +€1,045 | +6.6% |
| Profit (loss) for the period | 9904 | €66,233 | €67,705 | +€1,472 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,233 | €67,705 | +€1,472 | +2.2% |
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 9 October 2026 via checked.be.