Bart Bongaerts: 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 Bongaerts
Largest movements
- Tangible fixed assets -€59,204
down €59,204 (-5.1%), from €1.2m to €1.1m
of which Land and buildings: -€35,208
- Cash +€36,205
up €36,205 (+101%), from €36,009 to €72,213
mainly Depreciation (+€69,951) and Other debts (+€20,658)
- Receivables within one year +€13,822
up €13,822 (+47.1%), from €29,360 to €43,183
of which Trade receivables: +€13,818
- Reserves -€26,181
down €26,181 (-13.4%), from €194,945 to €168,764
of which Distributable reserves: -€26,181
- Other debts +€20,658
up €20,658 (+24.1%), from €85,678 to €106,336
- Gross operating margin -€12,662
down €12,662 (-11.2%), from €112,621 to €99,958
- Taxes -€3,942
down €3,942 (-89.1%), from €4,422 to €480
- Financial charges -€1,885
down €1,885 (-3.6%), from €52,315 to €50,429
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 | €1,219,859 | €1,211,892 | -€7,967 | -0.7% |
| Fixed assets | 21/28 | €1,150,731 | €1,091,527 | -€59,204 | -5.1% |
| Tangible fixed assets | 22/27 | €1,150,731 | €1,091,527 | -€59,204 | -5.1% |
| Land and buildings | 22 | €1,016,262 | €981,054 | -€35,208 | -3.5% |
| Furniture and vehicles | 24 | €134,469 | €110,473 | -€23,996 | -17.8% |
| Current assets | 29/58 | €69,128 | €120,365 | +€51,237 | +74.1% |
| Amounts receivable within one year | 40/41 | €29,360 | €43,183 | +€13,822 | +47.1% |
| Trade receivables | 40 | €29,360 | €43,179 | +€13,818 | +47.1% |
| Other amounts receivable | 41 | - | €4 | +€4 | |
| Cash at bank and in hand | 54/58 | €36,009 | €72,213 | +€36,205 | +101% |
| Deferred charges and accrued income | 490/1 | €3,759 | €4,969 | +€1,210 | +32.2% |
| Total equity and liabilities | 10/49 | €1,219,859 | €1,211,892 | -€7,967 | -0.7% |
| Equity | 10/15 | €214,945 | €188,764 | -€26,181 | -12.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €194,945 | €168,764 | -€26,181 | -13.4% |
| Tax-exempt reserves | 132 | €22,817 | €22,817 | = | 0.0% |
| Distributable reserves | 133 | €172,128 | €145,947 | -€26,181 | -15.2% |
| Provisions and deferred taxes | 16 | €907,552 | €906,069 | -€1,482 | -0.2% |
| Provisions for liabilities and charges | 160/5 | €907,552 | €906,069 | -€1,482 | -0.2% |
| Environmental obligations | 163 | - | €906,069 | +€906,069 | |
| Other liabilities and charges | 164/5 | €907,552 | - | -€907,552 | |
| Amounts payable | 17/49 | €97,362 | €117,058 | +€19,696 | +20.2% |
| Amounts payable within one year | 42/48 | €97,362 | €117,058 | +€19,696 | +20.2% |
| Trade debts | 44 | €2,884 | €3,772 | +€888 | +30.8% |
| Suppliers | 440/4 | €2,884 | €3,772 | +€888 | +30.8% |
| Taxes, remuneration and social security | 45 | €8,800 | €6,950 | -€1,849 | -21.0% |
| Taxes | 450/3 | €8,800 | €6,950 | -€1,849 | -21.0% |
| Other amounts payable | 47/48 | €85,678 | €106,336 | +€20,658 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,946 | €69,951 | +€1,005 | +1.5% |
| Other operating charges | 640/8 | €5,650 | €5,279 | -€371 | -6.6% |
| Gross operating margin | 9900 | €112,621 | €99,958 | -€12,662 | -11.2% |
| Operating profit (loss) | 9901 | €38,024 | €24,728 | -€13,297 | -35.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €52,315 | €50,429 | -€1,885 | -3.6% |
| Recurring financial charges | 65 | €52,315 | €50,429 | -€1,885 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | -€14,290 | -€25,701 | -€11,411 | -79.8% |
| Income taxes | 67/77 | €4,422 | €480 | -€3,942 | -89.1% |
| Profit (loss) for the period | 9904 | -€18,712 | -€26,181 | -€7,469 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,712 | -€26,181 | -€7,469 | -39.9% |
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 23 October 2026 via checked.be.