Bart Dellobel: 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 Dellobel
Largest movements
- Receivables within one year -€45,587
down €45,587 (-16.7%), from €272,774 to €227,188
of which Other amounts receivable: -€26,707
- Tangible fixed assets +€23,126
up €23,126 (+13.3%), from €174,242 to €197,368
of which Furniture and vehicles: +€31,859
- Stocks and contracts +€17,197
new in 2025: €17,197
- Cash -€7,656
down €7,656 (-66.5%), from €11,514 to €3,858
mainly Other debts (-€82,500) and Investment in fixed assets (net) (-€74,828)
- Other debts -€82,500
down €82,500 (-100%), from €82,500 to €0
- Profit (loss) carried forward +€32,310
up €32,310 (+14.5%), from €223,127 to €255,437
- Current portion of long-term debt +€16,178
up €16,178 (+59.0%), from €27,440 to €43,618
- Debts after one year +€13,918
up €13,918 (+14.1%), from €98,873 to €112,790
- Trade debts +€9,423
up €9,423 (+106%), from €8,889 to €18,312
- Depreciation +€12,047
up €12,047 (+30.4%), from €39,655 to €51,701
- Staff costs +€3,849
up €3,849 (+4.3%), from €89,551 to €93,400
- Gross operating margin -€2,729
down €2,729 (-1.4%), from €200,803 to €198,074
- Taxes -€2,700
down €2,700 (-21.2%), from €12,750 to €10,051
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 | €465,254 | €453,769 | -€11,485 | -2.5% |
| Fixed assets | 21/28 | €174,524 | €197,650 | +€23,126 | +13.3% |
| Tangible fixed assets | 22/27 | €174,242 | €197,368 | +€23,126 | +13.3% |
| Plant, machinery and equipment | 23 | €80,761 | €66,317 | -€14,445 | -17.9% |
| Furniture and vehicles | 24 | €86,846 | €118,705 | +€31,859 | +36.7% |
| Other tangible fixed assets | 26 | €6,635 | €12,346 | +€5,712 | +86.1% |
| Financial fixed assets | 28 | €283 | €283 | = | 0.0% |
| Current assets | 29/58 | €290,730 | €256,118 | -€34,611 | -11.9% |
| Stocks and contracts in progress | 3 | - | €17,197 | +€17,197 | |
| Contracts in progress | 37 | - | €17,197 | +€17,197 | |
| Amounts receivable within one year | 40/41 | €272,774 | €227,188 | -€45,587 | -16.7% |
| Trade receivables | 40 | €24,467 | €5,587 | -€18,879 | -77.2% |
| Other amounts receivable | 41 | €248,307 | €221,600 | -€26,707 | -10.8% |
| Cash at bank and in hand | 54/58 | €11,514 | €3,858 | -€7,656 | -66.5% |
| Deferred charges and accrued income | 490/1 | €6,442 | €7,876 | +€1,434 | +22.3% |
| Total equity and liabilities | 10/49 | €465,254 | €453,769 | -€11,485 | -2.5% |
| Equity | 10/15 | €241,727 | €274,037 | +€32,310 | +13.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €223,127 | €255,437 | +€32,310 | +14.5% |
| Amounts payable | 17/49 | €223,527 | €179,732 | -€43,795 | -19.6% |
| Amounts payable after more than one year | 17 | €98,873 | €112,790 | +€13,918 | +14.1% |
| Financial debts | 170/4 | €98,873 | €112,790 | +€13,918 | +14.1% |
| Amounts payable within one year | 42/48 | €124,655 | €66,942 | -€57,713 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €27,440 | €43,618 | +€16,178 | +59.0% |
| Trade debts | 44 | €8,889 | €18,312 | +€9,423 | +106% |
| Suppliers | 440/4 | €8,889 | €18,312 | +€9,423 | +106% |
| Taxes, remuneration and social security | 45 | €5,826 | €5,012 | -€814 | -14.0% |
| Taxes | 450/3 | €1,001 | €0 | -€1,001 | -100% |
| Remuneration and social security | 454/9 | €4,825 | €5,012 | +€187 | +3.9% |
| Other amounts payable | 47/48 | €82,500 | €0 | -€82,500 | -100% |
| Non-recurring operating income | 76A | €18,500 | €0 | -€18,500 | -100% |
| Remuneration, social security and pensions | 62 | €89,551 | €93,400 | +€3,849 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,655 | €51,701 | +€12,047 | +30.4% |
| Other operating charges | 640/8 | €2,979 | €4,715 | +€1,736 | +58.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €200,803 | €198,074 | -€2,729 | -1.4% |
| Operating profit (loss) | 9901 | €68,619 | €48,258 | -€20,361 | -29.7% |
| Financial income | 75/76B | €114 | €27 | -€87 | -76.0% |
| Recurring financial income | 75 | €114 | €27 | -€87 | -76.0% |
| Financial charges | 65/66B | €4,652 | €5,925 | +€1,272 | +27.4% |
| Recurring financial charges | 65 | €4,652 | €5,925 | +€1,272 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | €64,081 | €42,361 | -€21,720 | -33.9% |
| Income taxes | 67/77 | €12,750 | €10,051 | -€2,700 | -21.2% |
| Profit (loss) for the period | 9904 | €51,330 | €32,310 | -€19,020 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €51,330 | €32,310 | -€19,020 | -37.1% |
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 19 October 2026 via checked.be.