Bart Depoorter: 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 Depoorter
Largest movements
- Stocks and contracts -€213,360
down €213,360 (-48.1%), from €443,389 to €230,029
- Cash +€79,367
up €79,367 (+1,634%), from €4,858 to €84,225
mainly Stocks and contracts (+€213,360) and Depreciation (+€3,925)
- Receivables within one year +€12,268
up €12,268 (+28.1%), from €43,719 to €55,987
of which Trade receivables: +€13,095
- Trade debts -€62,712
down €62,712 (-91.1%), from €68,848 to €6,137
- Short-term financial debts -€59,000
no longer reported in 2025 (was €59,000)
- Other debts -€7,869
down €7,869 (-45.7%), from €17,207 to €9,338
- Gross operating margin +€8,471
up €8,471, from -€53 to €8,418
- Depreciation +€2,566
up €2,566 (+189%), from €1,359 to €3,925
- Financial charges +€1,527
up €1,527 (+116%), from €1,314 to €2,841
- Other operating charges +€594
up €594 (+423%), from €141 to €734
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 | €504,622 | €377,319 | -€127,304 | -25.2% |
| Fixed assets | 21/28 | €10,513 | €6,588 | -€3,925 | -37.3% |
| Tangible fixed assets | 22/27 | €10,513 | €6,588 | -€3,925 | -37.3% |
| Plant, machinery and equipment | 23 | €158 | - | -€158 | |
| Furniture and vehicles | 24 | €10,354 | €6,588 | -€3,767 | -36.4% |
| Current assets | 29/58 | €494,110 | €370,731 | -€123,379 | -25.0% |
| Stocks and contracts in progress | 3 | €443,389 | €230,029 | -€213,360 | -48.1% |
| Stocks | 30/36 | €443,389 | €230,029 | -€213,360 | -48.1% |
| Amounts receivable within one year | 40/41 | €43,719 | €55,987 | +€12,268 | +28.1% |
| Trade receivables | 40 | €39,250 | €52,345 | +€13,095 | +33.4% |
| Other amounts receivable | 41 | €4,468 | €3,642 | -€827 | -18.5% |
| Cash at bank and in hand | 54/58 | €4,858 | €84,225 | +€79,367 | +1,634% |
| Deferred charges and accrued income | 490/1 | €2,144 | €491 | -€1,653 | -77.1% |
| Total equity and liabilities | 10/49 | €504,622 | €377,319 | -€127,304 | -25.2% |
| Equity | 10/15 | €34,146 | €35,164 | +€1,018 | +3.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €9,146 | €10,164 | +€1,018 | +11.1% |
| Distributable reserves | 133 | €9,146 | €10,164 | +€1,018 | +11.1% |
| Amounts payable | 17/49 | €470,476 | €342,155 | -€128,322 | -27.3% |
| Amounts payable after more than one year | 17 | €325,000 | €325,000 | = | 0.0% |
| Financial debts | 170/4 | €325,000 | €325,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €145,476 | €17,155 | -€128,322 | -88.2% |
| Financial debts | 43 | €59,000 | - | -€59,000 | |
| Credit institutions | 430/8 | €59,000 | - | -€59,000 | |
| Trade debts | 44 | €68,848 | €6,137 | -€62,712 | -91.1% |
| Suppliers | 440/4 | €68,848 | €6,137 | -€62,712 | -91.1% |
| Taxes, remuneration and social security | 45 | €421 | €1,680 | +€1,259 | +299% |
| Taxes | 450/3 | €421 | - | -€421 | |
| Remuneration and social security | 454/9 | - | €1,680 | +€1,680 | |
| Other amounts payable | 47/48 | €17,207 | €9,338 | -€7,869 | -45.7% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,359 | €3,925 | +€2,566 | +189% |
| Other operating charges | 640/8 | €141 | €734 | +€594 | +423% |
| Non-recurring operating charges | 66A | €515 | - | -€515 | |
| Gross operating margin | 9900 | -€53 | €8,418 | +€8,471 | |
| Operating profit (loss) | 9901 | -€2,067 | €3,759 | +€5,826 | |
| Financial income | 75/76B | €70 | €101 | +€31 | +44.5% |
| Recurring financial income | 75 | €70 | €101 | +€31 | +44.5% |
| Financial charges | 65/66B | €1,314 | €2,841 | +€1,527 | +116% |
| Recurring financial charges | 65 | €1,314 | €2,841 | +€1,527 | +116% |
| Profit (loss) for the period before taxes | 9903 | -€3,312 | €1,018 | +€4,330 | |
| Profit (loss) for the period | 9904 | -€3,312 | €1,018 | +€4,330 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,312 | €1,018 | +€4,330 |
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 16 October 2026 via checked.be.