BART DEFERM: 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 DEFERM
Largest movements
- Tangible fixed assets +€43,560
new in 2025: €43,560
- Cash -€16,092
down €16,092 (-66.6%), from €24,152 to €8,060
mainly Investment in fixed assets (net) (-€45,532) and Trade debts (-€31,883)
- Stocks and contracts -€7,000
down €7,000 (-7.5%), from €93,125 to €86,125
- Debts after one year +€35,000
up €35,000 (+44.9%), from €78,000 to €113,000
- Trade debts -€31,883
down €31,883 (-68.9%), from €46,295 to €14,411
- Profit (loss) carried forward +€20,589
up €20,589 (+36.2%), from -€56,883 to -€36,294
- Short-term financial debts -€2,481
down €2,481 (-9.5%), from €26,107 to €23,626
- Gross operating margin +€19,848
up €19,848 (+198.3%), from €10,007 to €29,854
- Staff costs +€2,293
up €2,293 (+1938.1%), from €118 to €2,412
- Depreciation +€556
up €556 (+39.3%), from €1,415 to €1,971
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 | €167,448 | €185,654 | +€18,206 | +10.9% |
| Fixed assets | 21/28 | - | €43,560 | +€43,560 | |
| Tangible fixed assets | 22/27 | - | €43,560 | +€43,560 | |
| Furniture and vehicles | 24 | - | €43,560 | +€43,560 | |
| Current assets | 29/58 | €167,448 | €142,094 | -€25,355 | -15.1% |
| Stocks and contracts in progress | 3 | €93,125 | €86,125 | -€7,000 | -7.5% |
| Stocks | 30/36 | €93,125 | €86,125 | -€7,000 | -7.5% |
| Amounts receivable within one year | 40/41 | €48,275 | €47,723 | -€552 | -1.1% |
| Trade receivables | 40 | €48,051 | €43,599 | -€4,452 | -9.3% |
| Other amounts receivable | 41 | €223 | €4,124 | +€3,900 | +1746.2% |
| Cash at bank and in hand | 54/58 | €24,152 | €8,060 | -€16,092 | -66.6% |
| Deferred charges and accrued income | 490/1 | €1,897 | €186 | -€1,710 | -90.2% |
| Total equity and liabilities | 10/49 | €167,448 | €185,654 | +€18,206 | +10.9% |
| Equity | 10/15 | -€49,864 | -€29,274 | +€20,589 | +41.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €820 | €820 | = | 0.0% |
| Non-distributable reserves | 130/1 | €820 | €820 | = | 0.0% |
| Reserves not available under the articles | 1311 | €820 | €820 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,883 | -€36,294 | +€20,589 | +36.2% |
| Amounts payable | 17/49 | €217,312 | €214,928 | -€2,384 | -1.1% |
| Amounts payable after more than one year | 17 | €78,000 | €113,000 | +€35,000 | +44.9% |
| Financial debts | 170/4 | €78,000 | €113,000 | +€35,000 | +44.9% |
| Amounts payable within one year | 42/48 | €139,312 | €101,928 | -€37,384 | -26.8% |
| Financial debts | 43 | €26,107 | €23,626 | -€2,481 | -9.5% |
| Credit institutions | 430/8 | €26,107 | €23,626 | -€2,481 | -9.5% |
| Trade debts | 44 | €46,295 | €14,411 | -€31,883 | -68.9% |
| Suppliers | 440/4 | €46,295 | €14,411 | -€31,883 | -68.9% |
| Advances received on contracts in progress | 46 | €822 | - | -€822 | |
| Taxes, remuneration and social security | 45 | €3,318 | €1,989 | -€1,328 | -40.0% |
| Taxes | 450/3 | €3,318 | €1,292 | -€2,026 | -61.1% |
| Remuneration and social security | 454/9 | - | €697 | +€697 | |
| Other amounts payable | 47/48 | €62,771 | €61,902 | -€869 | -1.4% |
| Non-recurring operating income | 76A | €919 | - | -€919 | |
| Remuneration, social security and pensions | 62 | €118 | €2,412 | +€2,293 | +1938.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,415 | €1,971 | +€556 | +39.3% |
| Other operating charges | 640/8 | €2,402 | €2,211 | -€191 | -8.0% |
| Gross operating margin | 9900 | €10,007 | €29,854 | +€19,848 | +198.3% |
| Operating profit (loss) | 9901 | €6,071 | €23,260 | +€17,189 | +283.1% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €2,916 | €2,681 | -€235 | -8.0% |
| Recurring financial charges | 65 | €2,916 | €2,681 | -€235 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €3,155 | €20,589 | +€17,434 | +552.5% |
| Profit (loss) for the period | 9904 | €3,155 | €20,589 | +€17,434 | +552.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,155 | €20,589 | +€17,434 | +552.5% |
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.