Bart en Olaf: 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 en Olaf
Largest movements
- Stocks and contracts -€43,355
down €43,355 (-27.6%), from €157,192 to €113,837
- Receivables within one year -€30,316
down €30,316 (-20.0%), from €151,580 to €121,264
of which Trade receivables: -€41,540
- Cash +€10,384
up €10,384 (+79.3%), from €13,099 to €23,483
mainly Stocks and contracts (+€43,355) and Receivables within one year (+€30,316)
- Profit (loss) carried forward -€43,365
down €43,365 (-12.1%), from -€357,674 to -€401,039
- Tax, wage and social debts -€13,182
down €13,182 (-30.7%), from €42,977 to €29,795
of which Taxes: -€16,065
- Trade debts -€9,355
down €9,355 (-3.3%), from €285,833 to €276,478
- Gross operating margin +€118,747
up €118,747, from -€69,390 to €49,357
- Staff costs -€65,074
down €65,074 (-47.5%), from €137,120 to €72,045
- Other operating charges +€4,605
up €4,605 (+518%), from €889 to €5,494
- Depreciation -€3,141
down €3,141 (-55.0%), from €5,706 to €2,565
- Taxes +€2,190
up €2,190 (+5,474%), from €40 to €2,230
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 | €339,189 | €273,337 | -€65,852 | -19.4% |
| Fixed assets | 21/28 | €17,318 | €14,752 | -€2,565 | -14.8% |
| Intangible fixed assets | 21 | €145 | €3 | -€142 | -98.1% |
| Tangible fixed assets | 22/27 | €13,623 | €11,200 | -€2,423 | -17.8% |
| Furniture and vehicles | 24 | €505 | - | -€505 | |
| Other tangible fixed assets | 26 | €13,118 | €11,200 | -€1,918 | -14.6% |
| Financial fixed assets | 28 | €3,550 | €3,550 | = | 0.0% |
| Current assets | 29/58 | €321,871 | €258,585 | -€63,287 | -19.7% |
| Stocks and contracts in progress | 3 | €157,192 | €113,837 | -€43,355 | -27.6% |
| Stocks | 30/36 | €157,192 | €113,837 | -€43,355 | -27.6% |
| Amounts receivable within one year | 40/41 | €151,580 | €121,264 | -€30,316 | -20.0% |
| Trade receivables | 40 | €124,188 | €82,648 | -€41,540 | -33.4% |
| Other amounts receivable | 41 | €27,393 | €38,616 | +€11,224 | +41.0% |
| Cash at bank and in hand | 54/58 | €13,099 | €23,483 | +€10,384 | +79.3% |
| Total equity and liabilities | 10/49 | €339,189 | €273,337 | -€65,852 | -19.4% |
| Equity | 10/15 | -€339,074 | -€382,439 | -€43,365 | -12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€357,674 | -€401,039 | -€43,365 | -12.1% |
| Amounts payable | 17/49 | €678,263 | €655,776 | -€22,487 | -3.3% |
| Amounts payable after more than one year | 17 | €215,000 | €215,000 | = | 0.0% |
| Other amounts payable | 178/9 | €215,000 | €215,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €463,263 | €440,776 | -€22,487 | -4.9% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €285,833 | €276,478 | -€9,355 | -3.3% |
| Suppliers | 440/4 | €285,833 | €276,478 | -€9,355 | -3.3% |
| Taxes, remuneration and social security | 45 | €42,977 | €29,795 | -€13,182 | -30.7% |
| Taxes | 450/3 | €28,538 | €12,473 | -€16,065 | -56.3% |
| Remuneration and social security | 454/9 | €14,439 | €17,322 | +€2,883 | +20.0% |
| Other amounts payable | 47/48 | €34,453 | €34,503 | +€50 | +0.1% |
| Remuneration, social security and pensions | 62 | €137,120 | €72,045 | -€65,074 | -47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,706 | €2,565 | -€3,141 | -55.0% |
| Other operating charges | 640/8 | €889 | €5,494 | +€4,605 | +518% |
| Gross operating margin | 9900 | -€69,390 | €49,357 | +€118,747 | |
| Operating profit (loss) | 9901 | -€213,105 | -€30,747 | +€182,358 | +85.6% |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €11,028 | €10,388 | -€640 | -5.8% |
| Recurring financial charges | 65 | €8,911 | €10,388 | +€1,477 | +16.6% |
| Non-recurring financial charges | 66B | €2,117 | - | -€2,117 | |
| Profit (loss) for the period before taxes | 9903 | -€224,126 | -€41,135 | +€182,991 | +81.6% |
| Income taxes | 67/77 | €40 | €2,230 | +€2,190 | +5,474% |
| Profit (loss) for the period | 9904 | -€224,166 | -€43,365 | +€180,801 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€224,166 | -€43,365 | +€180,801 | +80.7% |
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 20 October 2026 via checked.be.