BART DEMEULENAERE: 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 DEMEULENAERE
Largest movements
- Cash -€158,967
down €158,967 (-73.3%), from €216,820 to €57,852
mainly Investment in fixed assets (net) (-€189,298) and Receivables within one year (-€48,309)
- Tangible fixed assets +€137,351
up €137,351 (+24.7%), from €555,003 to €692,354
of which Land and buildings: +€126,120
- Receivables within one year +€48,309
up €48,309 (+105%), from €46,125 to €94,434
of which Other amounts receivable: +€43,342
- Current investments +€32,083
up €32,083 (+50.0%), from €64,141 to €96,225
- Reserves +€115,325
up €115,325 (+16.3%), from €709,481 to €824,806
of which Distributable reserves: +€115,325
- Debts after one year -€30,000
down €30,000 (-40.0%), from €75,000 to €45,000
- Other debts -€17,448
down €17,448 (-95.2%), from €18,331 to €883
- Gross operating margin -€49,702
down €49,702 (-18.7%), from €266,404 to €216,702
- Taxes -€21,314
down €21,314 (-32.2%), from €66,258 to €44,945
- Depreciation +€15,562
up €15,562 (+42.8%), from €36,386 to €51,947
- Financial income +€9,809
up €9,809 (+412,153%), from €2 to €9,812
- Staff costs +€8,511
new in 2025: €8,511
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 | €909,037 | €968,376 | +€59,339 | +6.5% |
| Fixed assets | 21/28 | €555,033 | €692,384 | +€137,351 | +24.7% |
| Tangible fixed assets | 22/27 | €555,003 | €692,354 | +€137,351 | +24.7% |
| Land and buildings | 22 | €546,246 | €672,366 | +€126,120 | +23.1% |
| Plant, machinery and equipment | 23 | €4,150 | €2,936 | -€1,214 | -29.3% |
| Furniture and vehicles | 24 | €4,607 | €17,052 | +€12,445 | +270% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €354,003 | €275,992 | -€78,012 | -22.0% |
| Amounts receivable within one year | 40/41 | €46,125 | €94,434 | +€48,309 | +105% |
| Trade receivables | 40 | €42,427 | €47,395 | +€4,967 | +11.7% |
| Other amounts receivable | 41 | €3,697 | €47,039 | +€43,342 | +1,172% |
| Current investments | 50/53 | €64,141 | €96,225 | +€32,083 | +50.0% |
| Cash at bank and in hand | 54/58 | €216,820 | €57,852 | -€158,967 | -73.3% |
| Deferred charges and accrued income | 490/1 | €26,918 | €27,481 | +€563 | +2.1% |
| Total equity and liabilities | 10/49 | €909,037 | €968,376 | +€59,339 | +6.5% |
| Equity | 10/15 | €785,631 | €900,956 | +€115,325 | +14.7% |
| Contributions | 10/11 | €76,150 | €76,150 | = | 0.0% |
| Reserves | 13 | €709,481 | €824,806 | +€115,325 | +16.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €709,481 | €824,806 | +€115,325 | +16.3% |
| Amounts payable | 17/49 | €123,405 | €67,420 | -€55,986 | -45.4% |
| Amounts payable after more than one year | 17 | €75,000 | €45,000 | -€30,000 | -40.0% |
| Financial debts | 170/4 | €75,000 | €45,000 | -€30,000 | -40.0% |
| Amounts payable within one year | 42/48 | €41,240 | €19,232 | -€22,008 | -53.4% |
| Financial debts | 43 | €194 | €671 | +€478 | +247% |
| Credit institutions | 430/8 | €194 | €671 | +€478 | +247% |
| Trade debts | 44 | €1,823 | €3,458 | +€1,634 | +89.6% |
| Suppliers | 440/4 | €1,823 | €3,458 | +€1,634 | +89.6% |
| Taxes, remuneration and social security | 45 | €20,892 | €14,220 | -€6,672 | -31.9% |
| Taxes | 450/3 | €14,802 | €6,742 | -€8,060 | -54.5% |
| Remuneration and social security | 454/9 | €6,090 | €7,478 | +€1,388 | +22.8% |
| Other amounts payable | 47/48 | €18,331 | €883 | -€17,448 | -95.2% |
| Accrued charges and deferred income | 492/3 | €7,165 | €3,188 | -€3,978 | -55.5% |
| Remuneration, social security and pensions | 62 | - | €8,511 | +€8,511 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,386 | €51,947 | +€15,562 | +42.8% |
| Other operating charges | 640/8 | €2,214 | €2,223 | +€9 | +0.4% |
| Gross operating margin | 9900 | €266,404 | €216,702 | -€49,702 | -18.7% |
| Operating profit (loss) | 9901 | €227,804 | €154,020 | -€73,785 | -32.4% |
| Financial income | 75/76B | €2 | €9,812 | +€9,809 | +412,153% |
| Recurring financial income | 75 | €2 | €9,812 | +€9,809 | +412,153% |
| Financial charges | 65/66B | €7,490 | €3,562 | -€3,928 | -52.4% |
| Recurring financial charges | 65 | €7,490 | €3,562 | -€3,928 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | €220,317 | €160,270 | -€60,048 | -27.3% |
| Income taxes | 67/77 | €66,258 | €44,945 | -€21,314 | -32.2% |
| Profit (loss) for the period | 9904 | €154,059 | €115,325 | -€38,734 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €154,059 | €115,325 | -€38,734 | -25.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.