Bart De Ceuster: 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 De Ceuster
Largest movements
- Cash -€14,410
down €14,410 (-61.6%), from €23,400 to €8,989
mainly Contributions, distributions and other (-€109,592) and Debts after one year (-€17,888)
- Tangible fixed assets -€13,165
down €13,165 (-10.1%), from €130,676 to €117,511
of which Land and buildings: -€11,667
- Receivables within one year -€3,992
down €3,992 (-19.0%), from €21,015 to €17,024
of which Trade receivables: -€8,868
- Stocks and contracts -€2,593
down €2,593 (-18.4%), from €14,093 to €11,500
- Profit (loss) carried forward -€20,942
down €20,942 (-100%), from €20,942 to €0
- Debts after one year -€17,888
down €17,888 (-20.7%), from €86,403 to €68,515
- Other debts +€14,536
up €14,536 (+72.5%), from €20,057 to €34,592
- Tax, wage and social debts -€9,916
down €9,916 (-44.8%), from €22,112 to €12,196
- Gross operating margin +€67,826
up €67,826 (+97.3%), from €69,683 to €137,509
- Taxes +€15,376
up €15,376 (+146%), from €10,518 to €25,895
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 | €189,772 | €156,405 | -€33,367 | -17.6% |
| Fixed assets | 21/28 | €130,676 | €117,511 | -€13,165 | -10.1% |
| Tangible fixed assets | 22/27 | €130,676 | €117,511 | -€13,165 | -10.1% |
| Land and buildings | 22 | €125,417 | €113,750 | -€11,667 | -9.3% |
| Plant, machinery and equipment | 23 | €3,008 | €2,370 | -€638 | -21.2% |
| Furniture and vehicles | 24 | €2,251 | €1,391 | -€860 | -38.2% |
| Current assets | 29/58 | €59,096 | €38,894 | -€20,202 | -34.2% |
| Stocks and contracts in progress | 3 | €14,093 | €11,500 | -€2,593 | -18.4% |
| Stocks | 30/36 | €14,093 | €11,500 | -€2,593 | -18.4% |
| Amounts receivable within one year | 40/41 | €21,015 | €17,024 | -€3,992 | -19.0% |
| Trade receivables | 40 | €18,720 | €9,852 | -€8,868 | -47.4% |
| Other amounts receivable | 41 | €2,296 | €7,172 | +€4,876 | +212% |
| Cash at bank and in hand | 54/58 | €23,400 | €8,989 | -€14,410 | -61.6% |
| Deferred charges and accrued income | 490/1 | €587 | €1,381 | +€794 | +135% |
| Total equity and liabilities | 10/49 | €189,772 | €156,405 | -€33,367 | -17.6% |
| Equity | 10/15 | €41,352 | €20,410 | -€20,942 | -50.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,942 | €0 | -€20,942 | -100% |
| Amounts payable | 17/49 | €148,421 | €135,995 | -€12,425 | -8.4% |
| Amounts payable after more than one year | 17 | €86,403 | €68,515 | -€17,888 | -20.7% |
| Financial debts | 170/4 | €86,403 | €68,515 | -€17,888 | -20.7% |
| Amounts payable within one year | 42/48 | €62,017 | €67,480 | +€5,463 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €17,379 | €17,888 | +€509 | +2.9% |
| Financial debts | 43 | €160 | €0 | -€160 | -100% |
| Credit institutions | 430/8 | €160 | €0 | -€160 | -100% |
| Trade debts | 44 | €2,310 | €2,804 | +€494 | +21.4% |
| Suppliers | 440/4 | €2,310 | €2,804 | +€494 | +21.4% |
| Taxes, remuneration and social security | 45 | €22,112 | €12,196 | -€9,916 | -44.8% |
| Taxes | 450/3 | €22,112 | €12,196 | -€9,916 | -44.8% |
| Other amounts payable | 47/48 | €20,057 | €34,592 | +€14,536 | +72.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,814 | €13,165 | +€351 | +2.7% |
| Other operating charges | 640/8 | €2,408 | €2,299 | -€109 | -4.5% |
| Gross operating margin | 9900 | €69,683 | €137,509 | +€67,826 | +97.3% |
| Operating profit (loss) | 9901 | €54,461 | €122,045 | +€67,584 | +124% |
| Financial income | 75/76B | €106 | €234 | +€128 | +121% |
| Recurring financial income | 75 | €106 | €234 | +€128 | +121% |
| Financial charges | 65/66B | €8,170 | €7,733 | -€436 | -5.3% |
| Recurring financial charges | 65 | €8,170 | €7,733 | -€436 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €46,397 | €114,545 | +€68,148 | +147% |
| Income taxes | 67/77 | €10,518 | €25,895 | +€15,376 | +146% |
| Profit (loss) for the period | 9904 | €35,879 | €88,651 | +€52,772 | +147% |
| Profit (loss) for the period to be appropriated | 9905 | €35,879 | €88,651 | +€52,772 | +147% |
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 14 October 2026 via checked.be.