Bart De Wit: 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 Wit
Largest movements
- Stocks and contracts +€48,795
up €48,795 (+571.6%), from €8,537 to €57,332
- Tangible fixed assets -€23,754
down €23,754 (-7.1%), from €334,650 to €310,896
of which Plant, machinery and equipment: -€16,514
- Cash +€7,044
up €7,044 (+5821.5%), from €121 to €7,165
mainly Net result for the year (+€114,888) and Depreciation (+€59,958)
- Other debts +€43,379
up €43,379 (+25.4%), from €170,939 to €214,318
- Debts after one year -€26,574
down €26,574 (-19.8%), from €133,993 to €107,420
- Trade debts +€7,763
up €7,763 (+56.2%), from €13,821 to €21,584
- Tax, wage and social debts +€6,041
up €6,041 (+40.6%), from €14,865 to €20,906
of which Taxes: +€3,675
- Gross operating margin +€37,298
up €37,298 (+19.6%), from €190,629 to €227,928
- Taxes +€12,549
up €12,549 (+48.3%), from €25,971 to €38,520
- Depreciation +€11,416
up €11,416 (+23.5%), from €48,542 to €59,958
- Staff costs -€5,411
down €5,411 (-34.1%), from €15,856 to €10,445
- Financial income +€2,413
up €2,413 (+281.7%), from €857 to €3,270
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 | €390,743 | €421,241 | +€30,498 | +7.8% |
| Fixed assets | 21/28 | €334,650 | €310,896 | -€23,754 | -7.1% |
| Tangible fixed assets | 22/27 | €334,650 | €310,896 | -€23,754 | -7.1% |
| Plant, machinery and equipment | 23 | €255,500 | €238,986 | -€16,514 | -6.5% |
| Furniture and vehicles | 24 | €55,309 | €44,434 | -€10,874 | -19.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €23,842 | €27,476 | +€3,635 | +15.2% |
| Current assets | 29/58 | €56,093 | €110,345 | +€54,252 | +96.7% |
| Stocks and contracts in progress | 3 | €8,537 | €57,332 | +€48,795 | +571.6% |
| Stocks | 30/36 | €8,537 | €57,332 | +€48,795 | +571.6% |
| Amounts receivable within one year | 40/41 | €42,169 | €40,544 | -€1,626 | -3.9% |
| Trade receivables | 40 | €29,088 | €26,726 | -€2,362 | -8.1% |
| Other amounts receivable | 41 | €13,081 | €13,818 | +€737 | +5.6% |
| Cash at bank and in hand | 54/58 | €121 | €7,165 | +€7,044 | +5821.5% |
| Deferred charges and accrued income | 490/1 | €5,265 | €5,304 | +€39 | +0.7% |
| Total equity and liabilities | 10/49 | €390,743 | €421,241 | +€30,498 | +7.8% |
| Equity | 10/15 | €31,505 | €31,505 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €26,505 | €26,505 | = | 0.0% |
| Distributable reserves | 133 | €26,505 | €26,505 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €359,238 | €389,736 | +€30,498 | +8.5% |
| Amounts payable after more than one year | 17 | €133,993 | €107,420 | -€26,574 | -19.8% |
| Financial debts | 170/4 | €133,993 | €107,420 | -€26,574 | -19.8% |
| Amounts payable within one year | 42/48 | €224,166 | €282,316 | +€58,151 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €24,540 | €25,508 | +€969 | +3.9% |
| Trade debts | 44 | €13,821 | €21,584 | +€7,763 | +56.2% |
| Suppliers | 440/4 | €13,821 | €21,584 | +€7,763 | +56.2% |
| Taxes, remuneration and social security | 45 | €14,865 | €20,906 | +€6,041 | +40.6% |
| Taxes | 450/3 | €13,883 | €17,557 | +€3,675 | +26.5% |
| Remuneration and social security | 454/9 | €982 | €3,348 | +€2,366 | +240.9% |
| Other amounts payable | 47/48 | €170,939 | €214,318 | +€43,379 | +25.4% |
| Accrued charges and deferred income | 492/3 | €1,079 | €0 | -€1,079 | -100.0% |
| Non-recurring operating income | 76A | €826 | €0 | -€826 | -100.0% |
| Remuneration, social security and pensions | 62 | €15,856 | €10,445 | -€5,411 | -34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,542 | €59,958 | +€11,416 | +23.5% |
| Other operating charges | 640/8 | €2,130 | €1,368 | -€762 | -35.8% |
| Gross operating margin | 9900 | €190,629 | €227,928 | +€37,298 | +19.6% |
| Operating profit (loss) | 9901 | €124,102 | €156,157 | +€32,054 | +25.8% |
| Financial income | 75/76B | €857 | €3,270 | +€2,413 | +281.7% |
| Recurring financial income | 75 | €857 | €3,270 | +€2,413 | +281.7% |
| Financial charges | 65/66B | €6,436 | €6,019 | -€417 | -6.5% |
| Recurring financial charges | 65 | €6,436 | €6,019 | -€417 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €118,523 | €153,408 | +€34,885 | +29.4% |
| Income taxes | 67/77 | €25,971 | €38,520 | +€12,549 | +48.3% |
| Profit (loss) for the period | 9904 | €92,552 | €114,888 | +€22,335 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €92,552 | €114,888 | +€22,335 | +24.1% |
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 10 October 2026 via checked.be.