BART DESMIDT: 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 DESMIDT
Largest movements
- Cash +€121,324
up €121,324 (+48.3%), from €251,026 to €372,350
mainly Net result for the year (+€139,178) and Receivables within one year (+€41,984)
- Receivables within one year -€41,984
down €41,984 (-24.9%), from €168,528 to €126,544
of which Trade receivables: -€69,114
- Tangible fixed assets -€38,029
down €38,029 (-19.3%), from €197,208 to €159,180
of which Land and buildings: -€26,572
- Stocks and contracts +€13,005
up €13,005 (+40.8%), from €31,850 to €44,855
- Reserves +€62,317
up €62,317 (+18.4%), from €338,749 to €401,066
of which Distributable reserves: +€62,317
- Trade debts -€13,365
down €13,365 (-13.9%), from €95,814 to €82,449
- Gross operating margin +€28,605
up €28,605 (+11.3%), from €252,888 to €281,493
- Taxes +€7,841
up €7,841 (+31.4%), from €24,949 to €32,790
- Depreciation +€3,583
up €3,583 (+10.4%), from €34,446 to €38,029
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 | €649,012 | €703,329 | +€54,317 | +8.4% |
| Fixed assets | 21/28 | €197,608 | €159,580 | -€38,029 | -19.2% |
| Tangible fixed assets | 22/27 | €197,208 | €159,180 | -€38,029 | -19.3% |
| Land and buildings | 22 | €162,957 | €136,385 | -€26,572 | -16.3% |
| Plant, machinery and equipment | 23 | €8,512 | €6,136 | -€2,376 | -27.9% |
| Furniture and vehicles | 24 | €25,739 | €16,659 | -€9,081 | -35.3% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €451,404 | €543,749 | +€92,345 | +20.5% |
| Stocks and contracts in progress | 3 | €31,850 | €44,855 | +€13,005 | +40.8% |
| Stocks | 30/36 | €31,850 | €44,855 | +€13,005 | +40.8% |
| Amounts receivable within one year | 40/41 | €168,528 | €126,544 | -€41,984 | -24.9% |
| Trade receivables | 40 | €153,058 | €83,944 | -€69,114 | -45.2% |
| Other amounts receivable | 41 | €15,470 | €42,600 | +€27,130 | +175.4% |
| Cash at bank and in hand | 54/58 | €251,026 | €372,350 | +€121,324 | +48.3% |
| Total equity and liabilities | 10/49 | €649,012 | €703,329 | +€54,317 | +8.4% |
| Equity | 10/15 | €461,816 | €528,994 | +€67,178 | +14.5% |
| Contributions | 10/11 | €120,750 | €120,750 | = | 0.0% |
| Reserves | 13 | €338,749 | €401,066 | +€62,317 | +18.4% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €336,874 | €399,191 | +€62,317 | +18.5% |
| Profit (loss) carried forward | 14 | €2,317 | €7,178 | +€4,861 | +209.8% |
| Amounts payable | 17/49 | €187,196 | €174,335 | -€12,861 | -6.9% |
| Amounts payable within one year | 42/48 | €187,196 | €174,335 | -€12,861 | -6.9% |
| Trade debts | 44 | €95,814 | €82,449 | -€13,365 | -13.9% |
| Suppliers | 440/4 | €95,814 | €82,449 | -€13,365 | -13.9% |
| Taxes, remuneration and social security | 45 | €19,318 | €19,886 | +€568 | +2.9% |
| Taxes | 450/3 | €14,949 | €19,886 | +€4,937 | +33.0% |
| Remuneration and social security | 454/9 | €4,369 | - | -€4,369 | |
| Other amounts payable | 47/48 | €72,065 | €72,000 | -€65 | -0.1% |
| Remuneration, social security and pensions | 62 | €69,397 | €72,010 | +€2,612 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,446 | €38,029 | +€3,583 | +10.4% |
| Other operating charges | 640/8 | €548 | €560 | +€13 | +2.3% |
| Gross operating margin | 9900 | €252,888 | €281,493 | +€28,605 | +11.3% |
| Operating profit (loss) | 9901 | €148,497 | €170,894 | +€22,397 | +15.1% |
| Financial income | 75/76B | €1,358 | €1,943 | +€585 | +43.1% |
| Recurring financial income | 75 | €1,358 | €1,943 | +€585 | +43.1% |
| Financial charges | 65/66B | €589 | €869 | +€280 | +47.5% |
| Recurring financial charges | 65 | €589 | €869 | +€280 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | €149,265 | €171,968 | +€22,702 | +15.2% |
| Income taxes | 67/77 | €24,949 | €32,790 | +€7,841 | +31.4% |
| Profit (loss) for the period | 9904 | €124,317 | €139,178 | +€14,861 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,317 | €139,178 | +€14,861 | +12.0% |
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.