BART DE BEULE: 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 DE BEULE
Largest movements
- Cash +€39,834
up €39,834 (+403.3%), from €9,878 to €49,711
mainly Tax, wage and social debts (+€16,387) and Depreciation (+€16,273)
- Receivables within one year -€15,066
down €15,066 (-1.7%), from €883,453 to €868,387
of which Other amounts receivable: -€36,001
- Tax, wage and social debts +€16,387
up €16,387 (+68.5%), from €23,938 to €40,324
- Accrued charges and deferred income +€14,923
up €14,923 (+89.1%), from €16,742 to €31,665
- Write-downs +€150,000
new in 2025: €150,000
- Gross operating margin +€75,793
up €75,793 (+68.5%), from €110,573 to €186,366
- Taxes -€14,400
down €14,400 (-98.5%), from €14,615 to €215
- Financial charges -€9,009
down €9,009 (-22.8%), from €39,432 to €30,423
- Other operating charges -€3,919
down €3,919 (-78.5%), from €4,990 to €1,071
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 | €1,282,842 | €1,295,679 | +€12,838 | +1.0% |
| Fixed assets | 21/28 | €389,165 | €376,317 | -€12,848 | -3.3% |
| Tangible fixed assets | 22/27 | €389,165 | €376,317 | -€12,848 | -3.3% |
| Plant, machinery and equipment | 23 | €2,825 | €680 | -€2,145 | -75.9% |
| Furniture and vehicles | 24 | €470 | €0 | -€470 | -100.0% |
| Other tangible fixed assets | 26 | €22,630 | €12,396 | -€10,234 | -45.2% |
| Assets under construction and advance payments | 27 | €363,241 | €363,241 | = | 0.0% |
| Current assets | 29/58 | €893,676 | €919,362 | +€25,686 | +2.9% |
| Amounts receivable within one year | 40/41 | €883,453 | €868,387 | -€15,066 | -1.7% |
| Trade receivables | 40 | €61,446 | €82,380 | +€20,934 | +34.1% |
| Other amounts receivable | 41 | €822,008 | €786,007 | -€36,001 | -4.4% |
| Cash at bank and in hand | 54/58 | €9,878 | €49,711 | +€39,834 | +403.3% |
| Deferred charges and accrued income | 490/1 | €346 | €1,264 | +€918 | +265.8% |
| Total equity and liabilities | 10/49 | €1,282,842 | €1,295,679 | +€12,838 | +1.0% |
| Equity | 10/15 | €465,857 | €454,244 | -€11,613 | -2.5% |
| Contributions | 10/11 | €187,400 | €187,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €276,597 | €264,984 | -€11,613 | -4.2% |
| Amounts payable | 17/49 | €816,984 | €841,435 | +€24,450 | +3.0% |
| Amounts payable after more than one year | 17 | €300,000 | €300,000 | = | 0.0% |
| Financial debts | 170/4 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €500,242 | €509,770 | +€9,527 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €245,000 | €232,500 | -€12,500 | -5.1% |
| Credit institutions | 430/8 | €245,000 | €232,500 | -€12,500 | -5.1% |
| Trade debts | 44 | €20,268 | €23,379 | +€3,111 | +15.3% |
| Suppliers | 440/4 | €20,268 | €23,379 | +€3,111 | +15.3% |
| Taxes, remuneration and social security | 45 | €23,938 | €40,324 | +€16,387 | +68.5% |
| Taxes | 450/3 | €23,938 | €40,324 | +€16,387 | +68.5% |
| Other amounts payable | 47/48 | €211,036 | €213,566 | +€2,530 | +1.2% |
| Accrued charges and deferred income | 492/3 | €16,742 | €31,665 | +€14,923 | +89.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,414 | €16,273 | -€141 | -0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €150,000 | +€150,000 | |
| Other operating charges | 640/8 | €4,990 | €1,071 | -€3,919 | -78.5% |
| Non-recurring operating charges | 66A | €1,820 | €0 | -€1,820 | -100.0% |
| Gross operating margin | 9900 | €110,573 | €186,366 | +€75,793 | +68.5% |
| Operating profit (loss) | 9901 | €87,350 | €19,022 | -€68,328 | -78.2% |
| Financial income | 75/76B | €2,738 | €3 | -€2,735 | -99.9% |
| Recurring financial income | 75 | €2,738 | €3 | -€2,735 | -99.9% |
| Financial charges | 65/66B | €39,432 | €30,423 | -€9,009 | -22.8% |
| Recurring financial charges | 65 | €39,432 | €30,423 | -€9,009 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €50,655 | -€11,398 | -€62,053 | |
| Income taxes | 67/77 | €14,615 | €215 | -€14,400 | -98.5% |
| Profit (loss) for the period | 9904 | €36,041 | -€11,613 | -€47,653 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,041 | -€11,613 | -€47,653 |
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.