Bart Derhore: 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 Derhore
Largest movements
- Receivables within one year -€49,114
down €49,114 (-75.6%), from €64,971 to €15,856
of which Other amounts receivable: -€64,723
- Current investments +€28,356
up €28,356 (+37.8%), from €75,000 to €103,356
- Tangible fixed assets +€7,661
up €7,661 (+20.4%), from €37,478 to €45,138
of which Furniture and vehicles: +€7,888
- Receivables after one year -€5,534
down €5,534 (-21.4%), from €25,824 to €20,290
of which Trade receivables: -€25,824
- Cash +€3,358
up €3,358 (+116%), from €2,884 to €6,242
mainly Receivables within one year (+€49,114) and Depreciation (+€18,646)
- Profit (loss) carried forward -€18,920
down €18,920 (-364%), from -€5,203 to -€24,123
- Tax, wage and social debts +€4,821
up €4,821 (+98.3%), from €4,906 to €9,728
of which Taxes: +€5,026
- Depreciation +€8,236
up €8,236 (+79.1%), from €10,410 to €18,646
- Gross operating margin -€6,440
down €6,440, from €6,170 to -€270
- Financial charges -€756
down €756 (-50.5%), from €1,497 to €741
- Other operating charges -€243
down €243 (-26.7%), from €912 to €669
- Financial income -€74
down €74 (-4.1%), from €1,799 to €1,725
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 | €208,423 | €192,804 | -€15,619 | -7.5% |
| Fixed assets | 21/28 | €37,478 | €45,138 | +€7,661 | +20.4% |
| Tangible fixed assets | 22/27 | €37,478 | €45,138 | +€7,661 | +20.4% |
| Plant, machinery and equipment | 23 | €2,044 | €1,816 | -€227 | -11.1% |
| Furniture and vehicles | 24 | €35,434 | €43,322 | +€7,888 | +22.3% |
| Current assets | 29/58 | €170,945 | €147,666 | -€23,279 | -13.6% |
| Amounts receivable after more than one year | 29 | €25,824 | €20,290 | -€5,534 | -21.4% |
| Trade receivables | 290 | €25,824 | €0 | -€25,824 | -100% |
| Other amounts receivable | 291 | - | €20,290 | +€20,290 | |
| Amounts receivable within one year | 40/41 | €64,971 | €15,856 | -€49,114 | -75.6% |
| Trade receivables | 40 | €0 | €15,609 | +€15,609 | |
| Other amounts receivable | 41 | €64,971 | €247 | -€64,723 | -99.6% |
| Current investments | 50/53 | €75,000 | €103,356 | +€28,356 | +37.8% |
| Cash at bank and in hand | 54/58 | €2,884 | €6,242 | +€3,358 | +116% |
| Deferred charges and accrued income | 490/1 | €2,267 | €1,921 | -€345 | -15.2% |
| Total equity and liabilities | 10/49 | €208,423 | €192,804 | -€15,619 | -7.5% |
| Equity | 10/15 | €198,296 | €179,376 | -€18,920 | -9.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €184,949 | €184,949 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100% |
| Distributable reserves | 133 | €183,094 | €184,949 | +€1,855 | +1.0% |
| Profit (loss) carried forward | 14 | -€5,203 | -€24,123 | -€18,920 | -364% |
| Amounts payable | 17/49 | €10,127 | €13,428 | +€3,301 | +32.6% |
| Amounts payable within one year | 42/48 | €9,061 | €12,942 | +€3,881 | +42.8% |
| Trade debts | 44 | €3,634 | €2,509 | -€1,125 | -31.0% |
| Suppliers | 440/4 | €3,634 | €2,509 | -€1,125 | -31.0% |
| Taxes, remuneration and social security | 45 | €4,906 | €9,728 | +€4,821 | +98.3% |
| Taxes | 450/3 | €2,201 | €7,228 | +€5,026 | +228% |
| Remuneration and social security | 454/9 | €2,705 | €2,500 | -€205 | -7.6% |
| Other amounts payable | 47/48 | €520 | €705 | +€185 | +35.6% |
| Accrued charges and deferred income | 492/3 | €1,066 | €486 | -€580 | -54.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,410 | €18,646 | +€8,236 | +79.1% |
| Other operating charges | 640/8 | €912 | €669 | -€243 | -26.7% |
| Gross operating margin | 9900 | €6,170 | -€270 | -€6,440 | |
| Operating profit (loss) | 9901 | -€5,152 | -€19,585 | -€14,433 | -280% |
| Financial income | 75/76B | €1,799 | €1,725 | -€74 | -4.1% |
| Recurring financial income | 75 | €1,799 | €1,725 | -€74 | -4.1% |
| Financial charges | 65/66B | €1,497 | €741 | -€756 | -50.5% |
| Recurring financial charges | 65 | €1,497 | €741 | -€756 | -50.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,850 | -€18,602 | -€13,751 | -284% |
| Income taxes | 67/77 | €353 | €318 | -€34 | -9.7% |
| Profit (loss) for the period | 9904 | -€5,203 | -€18,920 | -€13,717 | -264% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,203 | -€18,920 | -€13,717 | -264% |
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 17 October 2026 via checked.be.