BART DE WINTER: what changed
Two fiscal 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 WINTER
Largest movements
- Cash +€48,748
up €48,748 (+44.6%), from €109,404 to €158,152
mainly Net result for the year (+€40,909) and Depreciation (+€11,681)
- Receivables within one year -€9,212
down €9,212 (-35.1%), from €26,258 to €17,046
of which Trade receivables: -€9,159
- Tangible fixed assets -€7,803
down €7,803 (-14.5%), from €53,935 to €46,132
of which Furniture and vehicles: -€5,700
- Reserves +€40,909
up €40,909 (+28.6%), from €142,988 to €183,897
of which Distributable reserves: +€40,909
- Debts after one year -€8,370
down €8,370 (-53.6%), from €15,605 to €7,235
- Gross operating margin +€10,952
up €10,952 (+18.5%), from €59,042 to €69,994
- Taxes +€3,607
up €3,607 (+28.5%), from €12,650 to €16,257
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 | €191,376 | €222,948 | +€31,572 | +16.5% |
| Fixed assets | 21/28 | €53,935 | €46,132 | -€7,803 | -14.5% |
| Tangible fixed assets | 22/27 | €53,935 | €46,132 | -€7,803 | -14.5% |
| Land and buildings | 22 | €24,639 | €22,536 | -€2,103 | -8.5% |
| Furniture and vehicles | 24 | €29,296 | €23,596 | -€5,700 | -19.5% |
| Current assets | 29/58 | €137,441 | €176,816 | +€39,375 | +28.6% |
| Amounts receivable within one year | 40/41 | €26,258 | €17,046 | -€9,212 | -35.1% |
| Trade receivables | 40 | €24,575 | €15,416 | -€9,159 | -37.3% |
| Other amounts receivable | 41 | €1,683 | €1,630 | -€53 | -3.1% |
| Cash at bank and in hand | 54/58 | €109,404 | €158,152 | +€48,748 | +44.6% |
| Deferred charges and accrued income | 490/1 | €1,779 | €1,618 | -€161 | -9.1% |
| Total equity and liabilities | 10/49 | €191,376 | €222,948 | +€31,572 | +16.5% |
| Equity | 10/15 | €155,388 | €196,297 | +€40,909 | +26.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €142,988 | €183,897 | +€40,909 | +28.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €141,129 | €182,038 | +€40,909 | +29.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,988 | €26,651 | -€9,337 | -25.9% |
| Amounts payable after more than one year | 17 | €15,605 | €7,235 | -€8,370 | -53.6% |
| Financial debts | 170/4 | €15,605 | €7,235 | -€8,370 | -53.6% |
| Amounts payable within one year | 42/48 | €20,383 | €19,416 | -€967 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €8,041 | €8,370 | +€329 | +4.1% |
| Trade debts | 44 | €711 | €211 | -€500 | -70.3% |
| Suppliers | 440/4 | €711 | €211 | -€500 | -70.3% |
| Taxes, remuneration and social security | 45 | €11,631 | €10,835 | -€796 | -6.8% |
| Taxes | 450/3 | €11,631 | €10,835 | -€796 | -6.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,200 | €11,681 | +€481 | +4.3% |
| Other operating charges | 640/8 | €588 | €172 | -€416 | -70.7% |
| Gross operating margin | 9900 | €59,042 | €69,994 | +€10,952 | +18.5% |
| Operating profit (loss) | 9901 | €47,254 | €58,141 | +€10,887 | +23.0% |
| Financial income | 75/76B | €0 | €0 | = | |
| Recurring financial income | 75 | €0 | €0 | = | |
| Financial charges | 65/66B | €1,344 | €975 | -€369 | -27.5% |
| Recurring financial charges | 65 | €1,344 | €975 | -€369 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €45,910 | €57,166 | +€11,256 | +24.5% |
| Income taxes | 67/77 | €12,650 | €16,257 | +€3,607 | +28.5% |
| Profit (loss) for the period | 9904 | €33,260 | €40,909 | +€7,649 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,260 | €40,909 | +€7,649 | +23.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.