Bart De Coninck: 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 Coninck
Largest movements
- Tangible fixed assets +€21,313
up €21,313 (+133.6%), from €15,952 to €37,265
of which Leasing and similar rights: +€27,105
- Receivables within one year +€6,071
up €6,071 (+106.3%), from €5,708 to €11,779
- Cash -€2,664
down €2,664 (-42.3%), from €6,304 to €3,640
mainly Investment in fixed assets (net) (-€33,537) and Receivables within one year (-€6,071)
- Debts after one year +€14,239
up €14,239 (+67.9%), from €20,980 to €35,219
- Profit (loss) carried forward +€6,488
up €6,488 (+13.8%), from -€47,040 to -€40,552
- Other debts +€4,002
up €4,002 (+36.9%), from €10,851 to €14,854
- Tax, wage and social debts -€1,085
down €1,085 (-56.4%), from €1,925 to €840
- Current portion of long-term debt +€1,005
up €1,005 (+5.9%), from €16,900 to €17,905
- Gross operating margin +€9,199
up €9,199 (+52.0%), from €17,682 to €26,881
- Depreciation +€6,649
up €6,649 (+109.4%), from €6,076 to €12,725
- Financial charges +€2,877
up €2,877 (+107.4%), from €2,679 to €5,556
- Other operating charges +€1,389
up €1,389 (+159.6%), from €870 to €2,259
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 | €29,187 | €52,976 | +€23,789 | +81.5% |
| Fixed assets | 21/28 | €16,744 | €37,557 | +€20,813 | +124.3% |
| Intangible fixed assets | 21 | €792 | €292 | -€500 | -63.1% |
| Tangible fixed assets | 22/27 | €15,952 | €37,265 | +€21,313 | +133.6% |
| Plant, machinery and equipment | 23 | €2,308 | €1,785 | -€523 | -22.7% |
| Furniture and vehicles | 24 | €13,644 | €8,374 | -€5,270 | -38.6% |
| Leasing and similar rights | 25 | - | €27,105 | +€27,105 | |
| Current assets | 29/58 | €12,443 | €15,419 | +€2,976 | +23.9% |
| Amounts receivable within one year | 40/41 | €5,708 | €11,779 | +€6,071 | +106.3% |
| Trade receivables | 40 | €5,708 | €11,779 | +€6,071 | +106.3% |
| Cash at bank and in hand | 54/58 | €6,304 | €3,640 | -€2,664 | -42.3% |
| Deferred charges and accrued income | 490/1 | €431 | - | -€431 | |
| Total equity and liabilities | 10/49 | €29,187 | €52,976 | +€23,789 | +81.5% |
| Equity | 10/15 | -€28,433 | -€21,944 | +€6,488 | +22.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €15 | €15 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15 | €15 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15 | €15 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,040 | -€40,552 | +€6,488 | +13.8% |
| Amounts payable | 17/49 | €57,620 | €74,920 | +€17,300 | +30.0% |
| Amounts payable after more than one year | 17 | €20,980 | €35,219 | +€14,239 | +67.9% |
| Financial debts | 170/4 | €20,980 | €35,219 | +€14,239 | +67.9% |
| Amounts payable within one year | 42/48 | €36,640 | €39,701 | +€3,061 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €16,900 | €17,905 | +€1,005 | +5.9% |
| Trade debts | 44 | €6,964 | €6,102 | -€862 | -12.4% |
| Suppliers | 440/4 | €6,964 | €6,102 | -€862 | -12.4% |
| Taxes, remuneration and social security | 45 | €1,925 | €840 | -€1,085 | -56.4% |
| Taxes | 450/3 | €1,925 | €840 | -€1,085 | -56.4% |
| Other amounts payable | 47/48 | €10,851 | €14,854 | +€4,002 | +36.9% |
| Non-recurring operating income | 76A | - | €9,091 | +€9,091 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,076 | €12,725 | +€6,649 | +109.4% |
| Other operating charges | 640/8 | €870 | €2,259 | +€1,389 | +159.6% |
| Gross operating margin | 9900 | €17,682 | €26,881 | +€9,199 | +52.0% |
| Operating profit (loss) | 9901 | €10,735 | €11,897 | +€1,162 | +10.8% |
| Financial charges | 65/66B | €2,679 | €5,556 | +€2,877 | +107.4% |
| Recurring financial charges | 65 | €2,679 | €5,556 | +€2,877 | +107.4% |
| Profit (loss) for the period before taxes | 9903 | €8,056 | €6,341 | -€1,715 | -21.3% |
| Income taxes | 67/77 | - | -€147 | -€147 | |
| Profit (loss) for the period | 9904 | €8,056 | €6,488 | -€1,568 | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,056 | €6,488 | -€1,568 | -19.5% |
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 9 October 2026 via checked.be.