Bart De Fré: 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 Fré
Largest movements
- Receivables within one year -€14,722
down €14,722 (-75.4%), from €19,521 to €4,799
of which Other amounts receivable: -€7,500
- Cash +€11,743
up €11,743 (+23.8%), from €49,294 to €61,037
mainly Net result for the year (+€52,709) and Receivables within one year (+€14,722)
- Reserves +€18,592
up €18,592 (+119%), from €15,572 to €34,164
- Other debts -€17,625
down €17,625 (-40.7%), from €43,277 to €25,651
- Tax, wage and social debts -€3,860
down €3,860 (-36.5%), from €10,576 to €6,717
- Gross operating margin +€38,844
up €38,844 (+212%), from €18,293 to €57,137
- Taxes +€1,515
up €1,515 (+76.5%), from €1,981 to €3,495
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 | €69,807 | €66,866 | -€2,941 | -4.2% |
| Current assets | 29/58 | €69,807 | €66,866 | -€2,941 | -4.2% |
| Amounts receivable within one year | 40/41 | €19,521 | €4,799 | -€14,722 | -75.4% |
| Trade receivables | 40 | €12,021 | €4,799 | -€7,222 | -60.1% |
| Other amounts receivable | 41 | €7,500 | €0 | -€7,500 | -100% |
| Cash at bank and in hand | 54/58 | €49,294 | €61,037 | +€11,743 | +23.8% |
| Deferred charges and accrued income | 490/1 | €992 | €1,030 | +€38 | +3.9% |
| Total equity and liabilities | 10/49 | €69,807 | €66,866 | -€2,941 | -4.2% |
| Equity | 10/15 | €15,572 | €34,164 | +€18,592 | +119% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €15,572 | €34,164 | +€18,592 | +119% |
| Distributable reserves | 133 | €15,572 | €34,164 | +€18,592 | +119% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,235 | €32,702 | -€21,533 | -39.7% |
| Amounts payable within one year | 42/48 | €54,235 | €32,702 | -€21,533 | -39.7% |
| Trade debts | 44 | €382 | €334 | -€48 | -12.6% |
| Suppliers | 440/4 | €382 | €334 | -€48 | -12.6% |
| Taxes, remuneration and social security | 45 | €10,576 | €6,717 | -€3,860 | -36.5% |
| Taxes | 450/3 | €10,576 | €6,717 | -€3,860 | -36.5% |
| Other amounts payable | 47/48 | €43,277 | €25,651 | -€17,625 | -40.7% |
| Other operating charges | 640/8 | €701 | €892 | +€191 | +27.2% |
| Gross operating margin | 9900 | €18,293 | €57,137 | +€38,844 | +212% |
| Operating profit (loss) | 9901 | €17,592 | €56,245 | +€38,653 | +220% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.5% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €17,553 | €56,205 | +€38,652 | +220% |
| Income taxes | 67/77 | €1,981 | €3,495 | +€1,515 | +76.5% |
| Profit (loss) for the period | 9904 | €15,572 | €52,709 | +€37,137 | +238% |
| Profit (loss) for the period to be appropriated | 9905 | €15,572 | €52,709 | +€37,137 | +238% |
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 13 October 2026 via checked.be.