BART BOGAERTS: what changed
Two fiscal 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 BOGAERTS
Largest movements
- Cash +€33,516
up €33,516 (+12.3%), from €271,413 to €304,929
mainly Net result for the year (+€48,881) and Trade debts (+€6,289)
- Receivables within one year +€6,239
up €6,239 (+12.0%), from €51,790 to €58,029
of which Trade receivables: +€5,538
- Reserves +€48,881
up €48,881 (+24.4%), from €200,032 to €248,913
of which Distributable reserves: +€48,881
- Tax, wage and social debts -€8,662
down €8,662 (-43.5%), from €19,935 to €11,273
of which Remuneration and social security: -€7,610
- Trade debts +€6,289
up €6,289 (+45.7%), from €13,771 to €20,060
- Other debts -€3,896
down €3,896 (-4.4%), from €87,862 to €83,966
- Staff costs -€26,478
down €26,478 (-28.7%), from €92,120 to €65,642
- Gross operating margin -€9,528
down €9,528 (-5.9%), from €160,252 to €150,724
- Taxes +€8,686
up €8,686 (+79.5%), from €10,926 to €19,612
- Financial charges -€6,317
down €6,317 (-97.2%), from €6,495 to €179
- Other operating charges +€3,113
up €3,113 (+35.1%), from €8,876 to €11,988
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 | €334,000 | €376,612 | +€42,612 | +12.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €10,796 | €13,654 | +€2,858 | +26.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €10,796 | €13,654 | +€2,858 | +26.5% |
| Plant, machinery and equipment | 23 | €6,808 | €5,329 | -€1,479 | -21.7% |
| Furniture and vehicles | 24 | €3,989 | €8,325 | +€4,336 | +108.7% |
| Current assets | 29/58 | €323,203 | €362,957 | +€39,754 | +12.3% |
| Amounts receivable within one year | 40/41 | €51,790 | €58,029 | +€6,239 | +12.0% |
| Trade receivables | 40 | €50,836 | €56,374 | +€5,538 | +10.9% |
| Other amounts receivable | 41 | €954 | €1,655 | +€701 | +73.5% |
| Cash at bank and in hand | 54/58 | €271,413 | €304,929 | +€33,516 | +12.3% |
| Total equity and liabilities | 10/49 | €334,000 | €376,612 | +€42,612 | +12.8% |
| Equity | 10/15 | €212,432 | €261,313 | +€48,881 | +23.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €200,032 | €248,913 | +€48,881 | +24.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €198,172 | €247,053 | +€48,881 | +24.7% |
| Amounts payable | 17/49 | €121,568 | €115,299 | -€6,269 | -5.2% |
| Amounts payable within one year | 42/48 | €121,568 | €115,299 | -€6,269 | -5.2% |
| Trade debts | 44 | €13,771 | €20,060 | +€6,289 | +45.7% |
| Suppliers | 440/4 | €13,771 | €20,060 | +€6,289 | +45.7% |
| Taxes, remuneration and social security | 45 | €19,935 | €11,273 | -€8,662 | -43.5% |
| Taxes | 450/3 | €6,789 | €5,738 | -€1,052 | -15.5% |
| Remuneration and social security | 454/9 | €13,146 | €5,536 | -€7,610 | -57.9% |
| Other amounts payable | 47/48 | €87,862 | €83,966 | -€3,896 | -4.4% |
| Remuneration, social security and pensions | 62 | €92,120 | €65,642 | -€26,478 | -28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,833 | €4,423 | +€590 | +15.4% |
| Other operating charges | 640/8 | €8,876 | €11,988 | +€3,113 | +35.1% |
| Gross operating margin | 9900 | €160,252 | €150,724 | -€9,528 | -5.9% |
| Operating profit (loss) | 9901 | €55,424 | €68,672 | +€13,248 | +23.9% |
| Financial income | 75/76B | €91 | €0 | -€91 | -99.9% |
| Recurring financial income | 75 | €91 | €0 | -€91 | -99.9% |
| Financial charges | 65/66B | €6,495 | €179 | -€6,317 | -97.2% |
| Recurring financial charges | 65 | €6,495 | €179 | -€6,317 | -97.2% |
| Profit (loss) for the period before taxes | 9903 | €49,019 | €68,493 | +€19,474 | +39.7% |
| Income taxes | 67/77 | €10,926 | €19,612 | +€8,686 | +79.5% |
| Profit (loss) for the period | 9904 | €38,093 | €48,881 | +€10,787 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,093 | €48,881 | +€10,787 | +28.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.