Bart De Geest: 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 Geest
Largest movements
- Receivables within one year +€19,194
up €19,194 (+4,872%), from €394 to €19,588
of which Trade receivables: +€19,588
- Current investments +€11,931
up €11,931 (+2.4%), from €503,645 to €515,576
- Cash +€8,603
up €8,603 (+72.3%), from €11,906 to €20,509
mainly Net result for the year (+€75,536) and Depreciation (+€5,408)
- Reserves +€75,536
up €75,536 (+17.4%), from €434,261 to €509,797
of which Tax-exempt reserves: +€75,536
- Other debts -€23,100
down €23,100 (-68.1%), from €33,934 to €10,834
- Trade debts -€22,345
down €22,345 (-98.6%), from €22,652 to €307
- Gross operating margin -€21,981
down €21,981 (-16.9%), from €129,935 to €107,954
- Financial income +€13,831
up €13,831 (+428%), from €3,228 to €17,059
- Taxes -€4,298
down €4,298 (-13.6%), from €31,570 to €27,272
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 | €539,283 | €576,469 | +€37,186 | +6.9% |
| Fixed assets | 21/28 | €23,338 | €20,796 | -€2,542 | -10.9% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €23,226 | €20,684 | -€2,542 | -10.9% |
| Land and buildings | 22 | €20,240 | €17,710 | -€2,530 | -12.5% |
| Furniture and vehicles | 24 | €2,986 | €2,974 | -€12 | -0.4% |
| Financial fixed assets | 28 | €112 | €112 | = | 0.0% |
| Current assets | 29/58 | €515,945 | €555,673 | +€39,728 | +7.7% |
| Amounts receivable within one year | 40/41 | €394 | €19,588 | +€19,194 | +4,872% |
| Trade receivables | 40 | - | €19,588 | +€19,588 | |
| Other amounts receivable | 41 | €394 | - | -€394 | |
| Current investments | 50/53 | €503,645 | €515,576 | +€11,931 | +2.4% |
| Cash at bank and in hand | 54/58 | €11,906 | €20,509 | +€8,603 | +72.3% |
| Total equity and liabilities | 10/49 | €539,283 | €576,469 | +€37,186 | +6.9% |
| Equity | 10/15 | €452,861 | €528,397 | +€75,536 | +16.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €434,261 | €509,797 | +€75,536 | +17.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €432,401 | €507,937 | +€75,536 | +17.5% |
| Provisions and deferred taxes | 16 | €14,400 | €16,800 | +€2,400 | +16.7% |
| Provisions for liabilities and charges | 160/5 | €14,400 | €16,800 | +€2,400 | +16.7% |
| Other liabilities and charges | 164/5 | €14,400 | €16,800 | +€2,400 | +16.7% |
| Amounts payable | 17/49 | €72,022 | €31,272 | -€40,750 | -56.6% |
| Amounts payable within one year | 42/48 | €72,022 | €26,272 | -€45,750 | -63.5% |
| Trade debts | 44 | €22,652 | €307 | -€22,345 | -98.6% |
| Suppliers | 440/4 | €22,652 | €307 | -€22,345 | -98.6% |
| Taxes, remuneration and social security | 45 | €15,436 | €15,131 | -€305 | -2.0% |
| Taxes | 450/3 | €15,436 | €15,022 | -€414 | -2.7% |
| Remuneration and social security | 454/9 | - | €109 | +€109 | |
| Other amounts payable | 47/48 | €33,934 | €10,834 | -€23,100 | -68.1% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €16,243 | €16,601 | +€358 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,146 | €5,408 | +€1,262 | +30.4% |
| Gross operating margin | 9900 | €129,935 | €107,954 | -€21,981 | -16.9% |
| Operating profit (loss) | 9901 | €109,546 | €85,945 | -€23,601 | -21.5% |
| Financial income | 75/76B | €3,228 | €17,059 | +€13,831 | +428% |
| Recurring financial income | 75 | €3,228 | €17,059 | +€13,831 | +428% |
| Financial charges | 65/66B | €282 | €196 | -€86 | -30.5% |
| Recurring financial charges | 65 | €282 | €196 | -€86 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €112,492 | €102,808 | -€9,684 | -8.6% |
| Income taxes | 67/77 | €31,570 | €27,272 | -€4,298 | -13.6% |
| Profit (loss) for the period | 9904 | €80,922 | €75,536 | -€5,386 | -6.7% |
| Transfer from tax-exempt reserves | 789 | €69,636 | - | -€69,636 | |
| Transfer to tax-exempt reserves | 689 | €80,922 | €75,536 | -€5,386 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €69,636 | €0 | -€69,636 | -100% |
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 15 October 2026 via checked.be.