Bart Dobbels: what changed
Two fiscal 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 Dobbels
Largest movements
- Cash +€200,118
up €200,118 (+511.4%), from €39,132 to €239,250
mainly Net result for the year (+€167,567) and Other debts (+€90,131)
- Tangible fixed assets -€16,555
down €16,555 (-16.1%), from €102,768 to €86,213
of which Furniture and vehicles: -€12,682
- Other debts +€90,131
up €90,131 (+452.0%), from €19,940 to €110,071
- Reserves +€46,097
up €46,097 (+37.4%), from €123,330 to €169,427
of which Distributable reserves: +€47,957
- Tax, wage and social debts +€37,432
up €37,432 (+217.4%), from €17,214 to €54,646
- Trade debts +€8,553
up €8,553 (+594.7%), from €1,438 to €9,992
- Gross operating margin +€63,586
up €63,586 (+35.3%), from €180,016 to €243,602
- Taxes +€17,770
up €17,770 (+47.3%), from €37,551 to €55,321
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 | €182,876 | €364,104 | +€181,228 | +99.1% |
| Fixed assets | 21/28 | €102,768 | €86,213 | -€16,555 | -16.1% |
| Tangible fixed assets | 22/27 | €102,768 | €86,213 | -€16,555 | -16.1% |
| Land and buildings | 22 | €70,425 | €66,050 | -€4,375 | -6.2% |
| Plant, machinery and equipment | 23 | €3,781 | €4,283 | +€502 | +13.3% |
| Furniture and vehicles | 24 | €28,562 | €15,880 | -€12,682 | -44.4% |
| Current assets | 29/58 | €80,108 | €277,891 | +€197,783 | +246.9% |
| Amounts receivable within one year | 40/41 | €39,445 | €36,369 | -€3,076 | -7.8% |
| Trade receivables | 40 | €36,996 | €36,369 | -€627 | -1.7% |
| Other amounts receivable | 41 | €2,449 | €0 | -€2,449 | -100.0% |
| Cash at bank and in hand | 54/58 | €39,132 | €239,250 | +€200,118 | +511.4% |
| Deferred charges and accrued income | 490/1 | €1,530 | €2,272 | +€741 | +48.4% |
| Total equity and liabilities | 10/49 | €182,876 | €364,104 | +€181,228 | +99.1% |
| Equity | 10/15 | €141,930 | €188,027 | +€46,097 | +32.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,330 | €169,427 | +€46,097 | +37.4% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €121,470 | €169,427 | +€47,957 | +39.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €40,946 | €176,077 | +€135,131 | +330.0% |
| Amounts payable within one year | 42/48 | €39,545 | €175,033 | +€135,488 | +342.6% |
| Financial debts | 43 | €953 | €325 | -€629 | -65.9% |
| Credit institutions | 430/8 | €953 | €325 | -€629 | -65.9% |
| Trade debts | 44 | €1,438 | €9,992 | +€8,553 | +594.7% |
| Suppliers | 440/4 | €1,438 | €9,992 | +€8,553 | +594.7% |
| Taxes, remuneration and social security | 45 | €17,214 | €54,646 | +€37,432 | +217.4% |
| Taxes | 450/3 | €17,214 | €54,646 | +€37,432 | +217.4% |
| Other amounts payable | 47/48 | €19,940 | €110,071 | +€90,131 | +452.0% |
| Accrued charges and deferred income | 492/3 | €1,401 | €1,044 | -€357 | -25.5% |
| Non-recurring operating income | 76A | €2,850 | €0 | -€2,850 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,138 | €17,659 | -€480 | -2.6% |
| Other operating charges | 640/8 | €782 | €1,191 | +€409 | +52.4% |
| Non-recurring operating charges | 66A | - | €1,111 | +€1,111 | |
| Gross operating margin | 9900 | €180,016 | €243,602 | +€63,586 | +35.3% |
| Operating profit (loss) | 9901 | €161,096 | €223,641 | +€62,545 | +38.8% |
| Financial income | 75/76B | €36 | €1,644 | +€1,608 | +4477.2% |
| Recurring financial income | 75 | €36 | €1,644 | +€1,608 | +4477.2% |
| Financial charges | 65/66B | €2,111 | €2,398 | +€286 | +13.6% |
| Recurring financial charges | 65 | €2,111 | €2,398 | +€286 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €159,021 | €222,888 | +€63,867 | +40.2% |
| Income taxes | 67/77 | €37,551 | €55,321 | +€17,770 | +47.3% |
| Profit (loss) for the period | 9904 | €121,470 | €167,567 | +€46,097 | +37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €121,470 | €167,567 | +€46,097 | +37.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.