BART BELIS: 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 BELIS
Largest movements
- Receivables within one year +€158,861
up €158,861 (+53.0%), from €299,921 to €458,782
of which Other amounts receivable: +€206,701
- Tangible fixed assets -€74,988
no longer reported in 2025 (was €74,988)
- Cash -€72,507
down €72,507 (-14.1%), from €515,181 to €442,674
mainly Receivables within one year (-€158,861) and Tax, wage and social debts (-€462)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€59,238
down €59,238, from €46,971 to -€12,266
- Depreciation -€25,566
no longer reported in 2025 (was €25,566)
- Other operating charges -€2,991
down €2,991 (-92.4%), from €3,238 to €248
- Taxes -€1,344
down €1,344 (-15.4%), from €8,745 to €7,401
- Financial income -€868
down €868 (-3.6%), from €24,218 to €23,350
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 | €992,574 | €1,003,940 | +€11,366 | +1.1% |
| Fixed assets | 21/28 | €74,988 | - | -€74,988 | |
| Tangible fixed assets | 22/27 | €74,988 | - | -€74,988 | |
| Furniture and vehicles | 24 | €74,988 | - | -€74,988 | |
| Current assets | 29/58 | €917,586 | €1,003,940 | +€86,354 | +9.4% |
| Amounts receivable within one year | 40/41 | €299,921 | €458,782 | +€158,861 | +53.0% |
| Trade receivables | 40 | €47,840 | - | -€47,840 | |
| Other amounts receivable | 41 | €252,081 | €458,782 | +€206,701 | +82.0% |
| Current investments | 50/53 | €102,484 | €102,484 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €515,181 | €442,674 | -€72,507 | -14.1% |
| Total equity and liabilities | 10/49 | €992,574 | €1,003,940 | +€11,366 | +1.1% |
| Equity | 10/15 | €986,593 | €989,919 | +€3,326 | +0.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €974,093 | €977,419 | +€3,326 | +0.3% |
| Tax-exempt reserves | 132 | €11,500 | - | -€11,500 | |
| Distributable reserves | 133 | €962,593 | €977,419 | +€14,826 | +1.5% |
| Amounts payable | 17/49 | €5,982 | €14,022 | +€8,040 | +134.4% |
| Amounts payable within one year | 42/48 | €5,982 | €14,022 | +€8,040 | +134.4% |
| Trade debts | 44 | €557 | €9,060 | +€8,503 | +1526.2% |
| Suppliers | 440/4 | €557 | €9,060 | +€8,503 | +1526.2% |
| Taxes, remuneration and social security | 45 | €5,425 | €4,962 | -€462 | -8.5% |
| Taxes | 450/3 | €5,425 | €4,962 | -€462 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,566 | - | -€25,566 | |
| Other operating charges | 640/8 | €3,238 | €248 | -€2,991 | -92.4% |
| Gross operating margin | 9900 | €46,971 | -€12,266 | -€59,238 | |
| Operating profit (loss) | 9901 | €18,167 | -€12,514 | -€30,681 | |
| Financial income | 75/76B | €24,218 | €23,350 | -€868 | -3.6% |
| Recurring financial income | 75 | €24,218 | €23,350 | -€868 | -3.6% |
| Financial charges | 65/66B | €582 | €109 | -€473 | -81.3% |
| Recurring financial charges | 65 | €582 | €109 | -€473 | -81.3% |
| Profit (loss) for the period before taxes | 9903 | €41,802 | €10,727 | -€31,075 | -74.3% |
| Income taxes | 67/77 | €8,745 | €7,401 | -€1,344 | -15.4% |
| Profit (loss) for the period | 9904 | €33,058 | €3,326 | -€29,732 | -89.9% |
| Transfer from tax-exempt reserves | 789 | - | €11,500 | +€11,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,058 | €14,826 | -€18,232 | -55.2% |
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 10 October 2026 via checked.be.