Bart Cosemans: 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 Cosemans
Largest movements
- Cash +€52,711
up €52,711 (+65.7%), from €80,263 to €132,974
mainly Other debts (+€133,768) and Net result for the year (+€31,112)
- Tangible fixed assets -€12,679
down €12,679 (-29.5%), from €42,920 to €30,241
- Receivables within one year +€6,102
new in 2025: €6,102
- Other debts +€133,768
up €133,768 (+1395.9%), from €9,583 to €143,351
- Reserves -€100,609
no longer reported in 2025 (was €100,609)
- Advances received +€16,000
new in 2025: €16,000
- Debts after one year -€10,166
down €10,166 (-38.9%), from €26,104 to €15,939
- Short-term financial debts +€3,366
new in 2025: €3,366
- Gross operating margin -€32,361
down €32,361 (-37.0%), from €87,397 to €55,036
- Taxes -€6,613
down €6,613 (-44.1%), from €15,011 to €8,398
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 | €165,299 | €211,472 | +€46,173 | +27.9% |
| Fixed assets | 21/28 | €53,708 | €41,029 | -€12,679 | -23.6% |
| Tangible fixed assets | 22/27 | €42,920 | €30,241 | -€12,679 | -29.5% |
| Furniture and vehicles | 24 | €42,920 | €30,241 | -€12,679 | -29.5% |
| Financial fixed assets | 28 | €10,788 | €10,788 | = | 0.0% |
| Current assets | 29/58 | €111,591 | €170,443 | +€58,852 | +52.7% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Trade receivables | 290 | €30,000 | €30,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €6,102 | +€6,102 | |
| Other amounts receivable | 41 | - | €6,102 | +€6,102 | |
| Cash at bank and in hand | 54/58 | €80,263 | €132,974 | +€52,711 | +65.7% |
| Deferred charges and accrued income | 490/1 | €1,328 | €1,367 | +€39 | +3.0% |
| Total equity and liabilities | 10/49 | €165,299 | €211,472 | +€46,173 | +27.9% |
| Equity | 10/15 | €103,650 | €3,000 | -€100,650 | -97.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €100,609 | - | -€100,609 | |
| Distributable reserves | 133 | €100,609 | - | -€100,609 | |
| Profit (loss) carried forward | 14 | €41 | - | -€41 | |
| Amounts payable | 17/49 | €61,649 | €208,472 | +€146,823 | +238.2% |
| Amounts payable after more than one year | 17 | €26,104 | €15,939 | -€10,166 | -38.9% |
| Financial debts | 170/4 | €26,104 | €15,939 | -€10,166 | -38.9% |
| Amounts payable within one year | 42/48 | €35,545 | €192,064 | +€156,519 | +440.3% |
| Current portion of amounts payable after more than one year | 42 | €9,812 | €10,166 | +€353 | +3.6% |
| Financial debts | 43 | - | €3,366 | +€3,366 | |
| Credit institutions | 430/8 | - | €3,366 | +€3,366 | |
| Trade debts | 44 | €944 | €1,475 | +€531 | +56.2% |
| Suppliers | 440/4 | €944 | €1,475 | +€531 | +56.2% |
| Advances received on contracts in progress | 46 | - | €16,000 | +€16,000 | |
| Taxes, remuneration and social security | 45 | €15,206 | €17,707 | +€2,501 | +16.4% |
| Taxes | 450/3 | €15,206 | €15,231 | +€25 | +0.2% |
| Remuneration and social security | 454/9 | - | €2,476 | +€2,476 | |
| Other amounts payable | 47/48 | €9,583 | €143,351 | +€133,768 | +1395.9% |
| Accrued charges and deferred income | 492/3 | - | €470 | +€470 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,280 | €12,679 | +€399 | +3.2% |
| Other operating charges | 640/8 | €794 | €805 | +€11 | +1.4% |
| Gross operating margin | 9900 | €87,397 | €55,036 | -€32,361 | -37.0% |
| Operating profit (loss) | 9901 | €74,323 | €41,552 | -€32,771 | -44.1% |
| Financial charges | 65/66B | €2,157 | €2,042 | -€116 | -5.4% |
| Recurring financial charges | 65 | €2,157 | €2,042 | -€116 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €72,166 | €39,510 | -€32,656 | -45.3% |
| Income taxes | 67/77 | €15,011 | €8,398 | -€6,613 | -44.1% |
| Profit (loss) for the period | 9904 | €57,155 | €31,112 | -€26,042 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €57,155 | €31,112 | -€26,042 | -45.6% |
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 12 October 2026 via checked.be.