BART DE JAEGHER: 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 JAEGHER
Largest movements
- Cash +€107,792
up €107,792 (+63.0%), from €170,987 to €278,779
mainly Depreciation (+€113,404) and Net result for the year (+€85,405)
- Tangible fixed assets -€81,719
down €81,719 (-18.2%), from €448,657 to €366,938
of which Plant, machinery and equipment: -€96,156
- Receivables within one year -€42,142
down €42,142 (-35.8%), from €117,682 to €75,540
- Financial fixed assets +€11,400
up €11,400 (+475%), from €2,400 to €13,800
- Reserves +€85,405
up €85,405 (+65.1%), from €131,196 to €216,601
- Debts after one year -€78,655
down €78,655 (-28.0%), from €281,319 to €202,664
- Trade debts -€11,030
down €11,030 (-36.0%), from €30,610 to €19,580
- Gross operating margin -€40,304
down €40,304 (-14.6%), from €275,724 to €235,421
- Depreciation +€22,197
up €22,197 (+24.3%), from €91,206 to €113,404
- Taxes -€14,624
down €14,624 (-38.8%), from €37,683 to €23,059
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 | €756,934 | €751,000 | -€5,934 | -0.8% |
| Fixed assets | 21/28 | €460,174 | €388,855 | -€71,319 | -15.5% |
| Intangible fixed assets | 21 | €9,118 | €8,118 | -€1,000 | -11.0% |
| Tangible fixed assets | 22/27 | €448,657 | €366,938 | -€81,719 | -18.2% |
| Land and buildings | 22 | €2,472 | €1,852 | -€620 | -25.1% |
| Plant, machinery and equipment | 23 | €416,706 | €320,549 | -€96,156 | -23.1% |
| Furniture and vehicles | 24 | €29,480 | €44,537 | +€15,057 | +51.1% |
| Financial fixed assets | 28 | €2,400 | €13,800 | +€11,400 | +475% |
| Current assets | 29/58 | €296,759 | €362,144 | +€65,385 | +22.0% |
| Amounts receivable within one year | 40/41 | €117,682 | €75,540 | -€42,142 | -35.8% |
| Trade receivables | 40 | €117,682 | €75,540 | -€42,142 | -35.8% |
| Cash at bank and in hand | 54/58 | €170,987 | €278,779 | +€107,792 | +63.0% |
| Deferred charges and accrued income | 490/1 | €8,090 | €7,825 | -€265 | -3.3% |
| Total equity and liabilities | 10/49 | €756,934 | €751,000 | -€5,934 | -0.8% |
| Equity | 10/15 | €135,196 | €220,601 | +€85,405 | +63.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €131,196 | €216,601 | +€85,405 | +65.1% |
| Distributable reserves | 133 | €131,196 | €216,601 | +€85,405 | +65.1% |
| Amounts payable | 17/49 | €621,738 | €530,399 | -€91,338 | -14.7% |
| Amounts payable after more than one year | 17 | €281,319 | €202,664 | -€78,655 | -28.0% |
| Financial debts | 170/4 | €281,319 | €202,664 | -€78,655 | -28.0% |
| Amounts payable within one year | 42/48 | €340,238 | €327,735 | -€12,504 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €75,771 | €78,655 | +€2,884 | +3.8% |
| Trade debts | 44 | €30,610 | €19,580 | -€11,030 | -36.0% |
| Suppliers | 440/4 | €30,610 | €19,580 | -€11,030 | -36.0% |
| Taxes, remuneration and social security | 45 | €82,563 | €80,609 | -€1,954 | -2.4% |
| Taxes | 450/3 | €80,217 | €80,609 | +€393 | +0.5% |
| Remuneration and social security | 454/9 | €2,347 | - | -€2,347 | |
| Other amounts payable | 47/48 | €151,295 | €148,891 | -€2,404 | -1.6% |
| Accrued charges and deferred income | 492/3 | €180 | - | -€180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,206 | €113,404 | +€22,197 | +24.3% |
| Other operating charges | 640/8 | €2,349 | €1,587 | -€762 | -32.4% |
| Gross operating margin | 9900 | €275,724 | €235,421 | -€40,304 | -14.6% |
| Operating profit (loss) | 9901 | €182,169 | €120,430 | -€61,739 | -33.9% |
| Financial income | 75/76B | €0 | €315 | +€315 | +3,148,300% |
| Recurring financial income | 75 | €0 | €315 | +€315 | +3,148,300% |
| Financial charges | 65/66B | €13,290 | €12,281 | -€1,009 | -7.6% |
| Recurring financial charges | 65 | €13,290 | €12,281 | -€1,009 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €168,879 | €108,464 | -€60,415 | -35.8% |
| Income taxes | 67/77 | €37,683 | €23,059 | -€14,624 | -38.8% |
| Profit (loss) for the period | 9904 | €131,196 | €85,405 | -€45,791 | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €131,196 | €85,405 | -€45,791 | -34.9% |
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 27 October 2026 via checked.be.