Bart Elias: 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 Elias
Largest movements
- Cash -€159,429
down €159,429 (-70.9%), from €224,982 to €65,553
mainly Contributions, distributions and other (-€369,625) and Other debts (-€164,787)
- Receivables within one year +€35,083
up €35,083, from €0 to €35,083
of which Other amounts receivable: +€31,956
- Tangible fixed assets -€15,540
down €15,540 (-17.6%), from €88,373 to €72,833
of which Leasing and similar rights: -€9,351
- Other debts -€164,787
down €164,787 (-100%), from €164,787 to €0
- Tax, wage and social debts +€35,901
up €35,901 (+33.3%), from €107,821 to €143,722
- Current portion of long-term debt -€6,468
down €6,468 (-57.0%), from €11,357 to €4,889
- Debts after one year -€4,889
down €4,889 (-100%), from €4,889 to €0
- Gross operating margin +€74,258
up €74,258 (+16.9%), from €440,085 to €514,343
- Taxes +€24,984
up €24,984 (+24.4%), from €102,555 to €127,539
- Financial income -€11,372
down €11,372 (-75.7%), from €15,020 to €3,648
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 | €314,348 | €174,462 | -€139,886 | -44.5% |
| Fixed assets | 21/28 | €88,373 | €72,833 | -€15,540 | -17.6% |
| Tangible fixed assets | 22/27 | €88,373 | €72,833 | -€15,540 | -17.6% |
| Plant, machinery and equipment | 23 | €1,904 | €1,229 | -€675 | -35.5% |
| Furniture and vehicles | 24 | €9,226 | €10,340 | +€1,114 | +12.1% |
| Leasing and similar rights | 25 | €32,100 | €22,749 | -€9,351 | -29.1% |
| Other tangible fixed assets | 26 | €45,144 | €38,515 | -€6,628 | -14.7% |
| Current assets | 29/58 | €225,975 | €101,629 | -€124,346 | -55.0% |
| Amounts receivable within one year | 40/41 | €0 | €35,083 | +€35,083 | |
| Trade receivables | 40 | €0 | €3,127 | +€3,127 | |
| Other amounts receivable | 41 | €0 | €31,956 | +€31,956 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €224,982 | €65,553 | -€159,429 | -70.9% |
| Deferred charges and accrued income | 490/1 | €993 | €993 | -€0 | 0.0% |
| Total equity and liabilities | 10/49 | €314,348 | €174,462 | -€139,886 | -44.5% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €295,798 | €155,912 | -€139,886 | -47.3% |
| Amounts payable after more than one year | 17 | €4,889 | €0 | -€4,889 | -100% |
| Financial debts | 170/4 | €4,889 | €0 | -€4,889 | -100% |
| Amounts payable within one year | 42/48 | €289,410 | €154,412 | -€134,998 | -46.6% |
| Current portion of amounts payable after more than one year | 42 | €11,357 | €4,889 | -€6,468 | -57.0% |
| Trade debts | 44 | €5,445 | €5,802 | +€357 | +6.5% |
| Suppliers | 440/4 | €5,445 | €5,802 | +€357 | +6.5% |
| Taxes, remuneration and social security | 45 | €107,821 | €143,722 | +€35,901 | +33.3% |
| Taxes | 450/3 | €107,821 | €143,722 | +€35,901 | +33.3% |
| Other amounts payable | 47/48 | €164,787 | €0 | -€164,787 | -100% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,610 | €17,386 | +€775 | +4.7% |
| Other operating charges | 640/8 | €765 | €2,201 | +€1,436 | +188% |
| Non-recurring operating charges | 66A | €3,322 | €273 | -€3,049 | -91.8% |
| Gross operating margin | 9900 | €440,085 | €514,343 | +€74,258 | +16.9% |
| Operating profit (loss) | 9901 | €419,388 | €494,484 | +€75,096 | +17.9% |
| Financial income | 75/76B | €15,020 | €3,648 | -€11,372 | -75.7% |
| Recurring financial income | 75 | €15,020 | €3,648 | -€11,372 | -75.7% |
| Financial charges | 65/66B | €2,467 | €967 | -€1,500 | -60.8% |
| Recurring financial charges | 65 | €2,467 | €967 | -€1,500 | -60.8% |
| Profit (loss) for the period before taxes | 9903 | €431,941 | €497,165 | +€65,224 | +15.1% |
| Income taxes | 67/77 | €102,555 | €127,539 | +€24,984 | +24.4% |
| Profit (loss) for the period | 9904 | €329,386 | €369,625 | +€40,240 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €329,386 | €369,625 | +€40,240 | +12.2% |
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 25 October 2026 via checked.be.