Bart Connect: what changed
What changed
Bart Connect
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€97,197
2024 · €47,683+€49,514
Equity
€150,046
2024 · €197,729-€47,683
Cash
€169,330
2024 · €162,688+€6,642
Balance sheet total
€273,815
2024 · €247,503+€26,312
Largest movements
Assets
- Receivables within one year +€18,742
up €18,742 (+46.2%), from €40,535 to €59,277
of which Other amounts receivable: +€10,475
- Cash +€6,642
up €6,642 (+4.1%), from €162,688 to €169,330
mainly Net result for the year (+€97,197) and Other debts (+€97,197)
Equity and liabilities
- Other debts +€97,197
new in 2025: €97,197
- Profit (loss) carried forward -€47,683
no longer reported in 2025 (was €47,683)
- Tax, wage and social debts -€21,890
down €21,890 (-55.7%), from €39,322 to €17,432
Income statement
- Gross operating margin +€45,445
up €45,445 (+53.1%), from €85,565 to €131,010
- Taxes -€4,736
down €4,736 (-24.6%), from €19,262 to €14,525
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€47,683
Gross operating margin
+€45,445
Depreciation
-€648
Other operating charges
-€249
Financial income
-€261
Financial charges
+€490
Taxes
+€4,736
Result 2025
€97,197
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€163,208
Investment
-€11,687
Financing
-€144,879
Cash 2024
€162,688
From operations (derived)
+€163,208
Net result for the year
+€97,197
Depreciation
+€13,352
Receivables within one year
-€18,742
Deferred charges and accrued income
-€2,594
Trade debts
-€1,312
Tax, wage and social debts
-€21,890
Other debts
+€97,197
Investment (derived)
-€11,687
Investment in fixed assets (net)
-€11,687
Financing
-€144,879
Contributions, distributions and other
-€144,879
Cash 2025
€169,330
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €247,503 | €273,815 | +€26,312 | +10.6% |
| Fixed assets | 21/28 | €43,742 | €42,077 | -€1,665 | -3.8% |
| Tangible fixed assets | 22/27 | €43,379 | €41,714 | -€1,665 | -3.8% |
| Plant, machinery and equipment | 23 | - | €3,636 | +€3,636 | |
| Furniture and vehicles | 24 | €2,269 | €8,696 | +€6,427 | +283% |
| Other tangible fixed assets | 26 | €41,110 | €29,382 | -€11,728 | -28.5% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €203,761 | €231,738 | +€27,977 | +13.7% |
| Amounts receivable within one year | 40/41 | €40,535 | €59,277 | +€18,742 | +46.2% |
| Trade receivables | 40 | €40,535 | €48,802 | +€8,267 | +20.4% |
| Other amounts receivable | 41 | - | €10,475 | +€10,475 | |
| Cash at bank and in hand | 54/58 | €162,688 | €169,330 | +€6,642 | +4.1% |
| Deferred charges and accrued income | 490/1 | €537 | €3,131 | +€2,594 | +483% |
| Total equity and liabilities | 10/49 | €247,503 | €273,815 | +€26,312 | +10.6% |
| Equity | 10/15 | €197,729 | €150,046 | -€47,683 | -24.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €145,046 | €145,046 | = | 0.0% |
| Distributable reserves | 133 | €145,046 | €145,046 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,683 | - | -€47,683 | |
| Amounts payable | 17/49 | €49,774 | €123,769 | +€73,995 | +149% |
| Amounts payable within one year | 42/48 | €49,774 | €123,769 | +€73,995 | +149% |
| Trade debts | 44 | €10,452 | €9,140 | -€1,312 | -12.5% |
| Suppliers | 440/4 | €10,452 | €9,140 | -€1,312 | -12.5% |
| Taxes, remuneration and social security | 45 | €39,322 | €17,432 | -€21,890 | -55.7% |
| Taxes | 450/3 | €39,322 | €17,432 | -€21,890 | -55.7% |
| Other amounts payable | 47/48 | - | €97,197 | +€97,197 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,705 | €13,352 | +€648 | +5.1% |
| Other operating charges | 640/8 | €475 | €724 | +€249 | +52.3% |
| Gross operating margin | 9900 | €85,565 | €131,010 | +€45,445 | +53.1% |
| Operating profit (loss) | 9901 | €72,385 | €116,934 | +€44,549 | +61.5% |
| Financial income | 75/76B | €261 | - | -€261 | |
| Recurring financial income | 75 | €261 | - | -€261 | |
| Financial charges | 65/66B | €5,702 | €5,212 | -€490 | -8.6% |
| Recurring financial charges | 65 | €5,702 | €5,212 | -€490 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €66,945 | €111,722 | +€44,777 | +66.9% |
| Income taxes | 67/77 | €19,262 | €14,525 | -€4,736 | -24.6% |
| Profit (loss) for the period | 9904 | €47,683 | €97,197 | +€49,514 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €47,683 | €97,197 | +€49,514 | +104% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.