BART DE GRAEVE: 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 GRAEVE
Largest movements
- Tangible fixed assets -€8,863
down €8,863 (-33.8%), from €26,184 to €17,321
of which Furniture and vehicles: -€5,364
- Receivables within one year +€7,218
up €7,218 (+9.5%), from €75,732 to €82,950
of which Trade receivables: +€7,306
- Cash +€5,712
new in 2025: €5,712
mainly Trade debts (+€42,163) and Depreciation (+€9,863)
- Trade debts +€42,163
up €42,163 (+312%), from €13,512 to €55,675
- Short-term financial debts -€34,311
down €34,311 (-74.4%), from €46,097 to €11,786
- Debts after one year -€3,452
down €3,452 (-44.6%), from €7,742 to €4,290
- Current portion of long-term debt -€2,269
down €2,269 (-39.7%), from €5,721 to €3,452
- Staff costs -€79,366
down €79,366 (-85.7%), from €92,562 to €13,195
- Gross operating margin -€75,949
down €75,949 (-68.0%), from €111,765 to €35,816
- Financial income -€2,612
down €2,612 (-74.1%), from €3,523 to €911
- Other operating charges -€1,840
down €1,840 (-28.0%), from €6,571 to €4,731
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 | €150,964 | €152,880 | +€1,917 | +1.3% |
| Fixed assets | 21/28 | €26,384 | €17,521 | -€8,863 | -33.6% |
| Tangible fixed assets | 22/27 | €26,184 | €17,321 | -€8,863 | -33.8% |
| Plant, machinery and equipment | 23 | €8,934 | €5,870 | -€3,064 | -34.3% |
| Furniture and vehicles | 24 | €16,608 | €11,244 | -€5,364 | -32.3% |
| Other tangible fixed assets | 26 | €643 | €208 | -€434 | -67.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €124,580 | €135,359 | +€10,779 | +8.7% |
| Stocks and contracts in progress | 3 | €36,705 | €35,825 | -€880 | -2.4% |
| Stocks | 30/36 | €36,705 | €35,825 | -€880 | -2.4% |
| Amounts receivable within one year | 40/41 | €75,732 | €82,950 | +€7,218 | +9.5% |
| Trade receivables | 40 | €50,562 | €57,868 | +€7,306 | +14.4% |
| Other amounts receivable | 41 | €25,169 | €25,082 | -€88 | -0.3% |
| Cash at bank and in hand | 54/58 | - | €5,712 | +€5,712 | |
| Deferred charges and accrued income | 490/1 | €12,143 | €10,872 | -€1,271 | -10.5% |
| Total equity and liabilities | 10/49 | €150,964 | €152,880 | +€1,917 | +1.3% |
| Equity | 10/15 | €77,575 | €77,350 | -€225 | -0.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €98,750 | €98,750 | = | 0.0% |
| Distributable reserves | 133 | €98,750 | €98,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,575 | -€33,800 | -€225 | -0.7% |
| Amounts payable | 17/49 | €73,389 | €75,531 | +€2,142 | +2.9% |
| Amounts payable after more than one year | 17 | €7,742 | €4,290 | -€3,452 | -44.6% |
| Financial debts | 170/4 | €7,742 | €4,290 | -€3,452 | -44.6% |
| Amounts payable within one year | 42/48 | €65,647 | €71,241 | +€5,594 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €5,721 | €3,452 | -€2,269 | -39.7% |
| Financial debts | 43 | €46,097 | €11,786 | -€34,311 | -74.4% |
| Credit institutions | 430/8 | €46,097 | €11,786 | -€34,311 | -74.4% |
| Trade debts | 44 | €13,512 | €55,675 | +€42,163 | +312% |
| Suppliers | 440/4 | €13,512 | €55,675 | +€42,163 | +312% |
| Taxes, remuneration and social security | 45 | €140 | €150 | +€10 | +7.5% |
| Taxes | 450/3 | €140 | €150 | +€10 | +7.5% |
| Other amounts payable | 47/48 | €177 | €177 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €92,562 | €13,195 | -€79,366 | -85.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,363 | €9,863 | -€501 | -4.8% |
| Other operating charges | 640/8 | €6,571 | €4,731 | -€1,840 | -28.0% |
| Gross operating margin | 9900 | €111,765 | €35,816 | -€75,949 | -68.0% |
| Operating profit (loss) | 9901 | €2,268 | €8,027 | +€5,758 | +254% |
| Financial income | 75/76B | €3,523 | €911 | -€2,612 | -74.1% |
| Recurring financial income | 75 | €3,523 | €911 | -€2,612 | -74.1% |
| Financial charges | 65/66B | €7,929 | €9,013 | +€1,085 | +13.7% |
| Recurring financial charges | 65 | €7,929 | €9,013 | +€1,085 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,137 | -€75 | +€2,062 | +96.5% |
| Income taxes | 67/77 | €140 | €150 | +€10 | +7.5% |
| Profit (loss) for the period | 9904 | -€2,276 | -€225 | +€2,051 | +90.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,276 | -€225 | +€2,051 | +90.1% |
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 25 October 2026 via checked.be.