BART CEULEMANS: 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 CEULEMANS
Largest movements
- Tangible fixed assets -€35,121
down €35,121 (-39.1%), from €89,745 to €54,624
of which Leasing and similar rights: -€20,424
- Receivables within one year -€34,046
down €34,046 (-58.9%), from €57,763 to €23,717
- Cash +€4,166
up €4,166 (+19.8%), from €20,996 to €25,162
mainly Depreciation (+€35,121) and Receivables within one year (+€34,046)
- Receivables after one year +€3,900
new in 2025: €3,900
- Reserves -€41,684
down €41,684 (-41.9%), from €99,370 to €57,686
- Debts after one year -€13,347
down €13,347 (-27.8%), from €47,958 to €34,611
- Profit (loss) carried forward -€7,246
down €7,246 (-450.6%), from -€1,608 to -€8,854
- Other debts +€4,242
up €4,242 (+442.1%), from €960 to €5,202
- Trade debts -€3,628
down €3,628 (-71.8%), from €5,056 to €1,428
- Gross operating margin -€1,743
down €1,743 (-5.4%), from €32,448 to €30,705
- Financial charges -€1,265
down €1,265 (-29.7%), from €4,261 to €2,996
- Financial income -€756
down €756 (-45.6%), from €1,657 to €901
- Depreciation -€629
down €629 (-1.8%), from €35,750 to €35,121
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 | €181,677 | €119,960 | -€61,717 | -34.0% |
| Fixed assets | 21/28 | €89,745 | €54,624 | -€35,121 | -39.1% |
| Tangible fixed assets | 22/27 | €89,745 | €54,624 | -€35,121 | -39.1% |
| Land and buildings | 22 | €22,617 | €10,118 | -€12,499 | -55.3% |
| Plant, machinery and equipment | 23 | €341 | - | -€341 | |
| Furniture and vehicles | 24 | €4,844 | €2,987 | -€1,857 | -38.3% |
| Leasing and similar rights | 25 | €61,942 | €41,519 | -€20,424 | -33.0% |
| Current assets | 29/58 | €91,932 | €65,336 | -€26,596 | -28.9% |
| Amounts receivable after more than one year | 29 | - | €3,900 | +€3,900 | |
| Other amounts receivable | 291 | - | €3,900 | +€3,900 | |
| Amounts receivable within one year | 40/41 | €57,763 | €23,717 | -€34,046 | -58.9% |
| Other amounts receivable | 41 | €57,763 | €23,717 | -€34,046 | -58.9% |
| Cash at bank and in hand | 54/58 | €20,996 | €25,162 | +€4,166 | +19.8% |
| Deferred charges and accrued income | 490/1 | €13,173 | €12,558 | -€616 | -4.7% |
| Total equity and liabilities | 10/49 | €181,677 | €119,960 | -€61,717 | -34.0% |
| Equity | 10/15 | €112,022 | €63,092 | -€48,930 | -43.7% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €99,370 | €57,686 | -€41,684 | -41.9% |
| Distributable reserves | 133 | €99,370 | €57,686 | -€41,684 | -41.9% |
| Profit (loss) carried forward | 14 | -€1,608 | -€8,854 | -€7,246 | -450.6% |
| Amounts payable | 17/49 | €69,655 | €56,868 | -€12,787 | -18.4% |
| Amounts payable after more than one year | 17 | €47,958 | €34,611 | -€13,347 | -27.8% |
| Financial debts | 170/4 | €47,958 | €34,611 | -€13,347 | -27.8% |
| Amounts payable within one year | 42/48 | €21,697 | €22,257 | +€560 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €11,236 | €12,027 | +€791 | +7.0% |
| Trade debts | 44 | €5,056 | €1,428 | -€3,628 | -71.8% |
| Suppliers | 440/4 | €5,056 | €1,428 | -€3,628 | -71.8% |
| Taxes, remuneration and social security | 45 | €4,445 | €3,600 | -€845 | -19.0% |
| Taxes | 450/3 | €4,445 | €3,600 | -€845 | -19.0% |
| Other amounts payable | 47/48 | €960 | €5,202 | +€4,242 | +442.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,750 | €35,121 | -€629 | -1.8% |
| Other operating charges | 640/8 | €476 | €488 | +€12 | +2.6% |
| Gross operating margin | 9900 | €32,448 | €30,705 | -€1,743 | -5.4% |
| Operating profit (loss) | 9901 | -€3,778 | -€4,904 | -€1,126 | -29.8% |
| Financial income | 75/76B | €1,657 | €901 | -€756 | -45.6% |
| Recurring financial income | 75 | €1,657 | €901 | -€756 | -45.6% |
| Financial charges | 65/66B | €4,261 | €2,996 | -€1,265 | -29.7% |
| Recurring financial charges | 65 | €4,261 | €2,996 | -€1,265 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,382 | -€6,999 | -€618 | -9.7% |
| Income taxes | 67/77 | €263 | €246 | -€17 | -6.4% |
| Profit (loss) for the period | 9904 | -€6,645 | -€7,246 | -€601 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,645 | -€7,246 | -€601 | -9.0% |
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 7 October 2026 via checked.be.