BART GAUDEUS: 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 GAUDEUS
Largest movements
- Receivables within one year -€27,805
down €27,805 (-43.1%), from €64,511 to €36,706
of which Other amounts receivable: -€21,389
- Cash +€15,067
up €15,067 (+22.7%), from €66,440 to €81,507
mainly Net result for the year (+€61,921) and Receivables within one year (+€27,805)
- Current investments +€12,089
up €12,089 (+31.3%), from €38,580 to €50,669
- Debts after one year -€36,046
down €36,046 (-23.7%), from €152,212 to €116,166
- Profit (loss) carried forward +€31,921
up €31,921 (+17.2%), from €185,133 to €217,054
- Financial income -€70,679
down €70,679 (-99.5%), from €71,036 to €357
- Gross operating margin +€3,615
up €3,615 (+4.1%), from €87,210 to €90,825
- Taxes +€1,341
up €1,341 (+6.4%), from €21,000 to €22,341
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 | €456,948 | €450,721 | -€6,227 | -1.4% |
| Fixed assets | 21/28 | €283,359 | €281,702 | -€1,657 | -0.6% |
| Tangible fixed assets | 22/27 | €3,359 | €1,702 | -€1,657 | -49.3% |
| Plant, machinery and equipment | 23 | €1,116 | €145 | -€971 | -87.0% |
| Furniture and vehicles | 24 | €437 | - | -€437 | |
| Other tangible fixed assets | 26 | €1,807 | €1,557 | -€249 | -13.8% |
| Financial fixed assets | 28 | €280,000 | €280,000 | = | 0.0% |
| Current assets | 29/58 | €173,589 | €169,019 | -€4,570 | -2.6% |
| Amounts receivable within one year | 40/41 | €64,511 | €36,706 | -€27,805 | -43.1% |
| Trade receivables | 40 | €33,331 | €26,915 | -€6,416 | -19.2% |
| Other amounts receivable | 41 | €31,180 | €9,791 | -€21,389 | -68.6% |
| Current investments | 50/53 | €38,580 | €50,669 | +€12,089 | +31.3% |
| Cash at bank and in hand | 54/58 | €66,440 | €81,507 | +€15,067 | +22.7% |
| Deferred charges and accrued income | 490/1 | €4,058 | €138 | -€3,921 | -96.6% |
| Total equity and liabilities | 10/49 | €456,948 | €450,721 | -€6,227 | -1.4% |
| Equity | 10/15 | €245,033 | €276,954 | +€31,921 | +13.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €58,900 | €58,900 | = | 0.0% |
| Distributable reserves | 133 | €58,900 | €58,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €185,133 | €217,054 | +€31,921 | +17.2% |
| Amounts payable | 17/49 | €211,915 | €173,767 | -€38,148 | -18.0% |
| Amounts payable after more than one year | 17 | €152,212 | €116,166 | -€36,046 | -23.7% |
| Financial debts | 170/4 | €152,212 | €116,166 | -€36,046 | -23.7% |
| Amounts payable within one year | 42/48 | €58,052 | €55,351 | -€2,702 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €38,665 | €39,182 | +€517 | +1.3% |
| Trade debts | 44 | €538 | €1,580 | +€1,042 | +194% |
| Suppliers | 440/4 | €538 | €1,580 | +€1,042 | +194% |
| Taxes, remuneration and social security | 45 | €18,849 | €14,588 | -€4,261 | -22.6% |
| Taxes | 450/3 | €18,849 | €14,588 | -€4,261 | -22.6% |
| Accrued charges and deferred income | 492/3 | €1,650 | €2,250 | +€600 | +36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,340 | €1,657 | -€683 | -29.2% |
| Other operating charges | 640/8 | €592 | €610 | +€18 | +3.0% |
| Gross operating margin | 9900 | €87,210 | €90,825 | +€3,615 | +4.1% |
| Operating profit (loss) | 9901 | €84,279 | €88,559 | +€4,280 | +5.1% |
| Financial income | 75/76B | €71,036 | €357 | -€70,679 | -99.5% |
| Recurring financial income | 75 | €71,036 | €357 | -€70,679 | -99.5% |
| Financial charges | 65/66B | €5,541 | €4,654 | -€887 | -16.0% |
| Recurring financial charges | 65 | €5,541 | €4,654 | -€887 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €149,773 | €84,261 | -€65,512 | -43.7% |
| Income taxes | 67/77 | €21,000 | €22,341 | +€1,341 | +6.4% |
| Profit (loss) for the period | 9904 | €128,773 | €61,921 | -€66,853 | -51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €128,773 | €61,921 | -€66,853 | -51.9% |
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 13 October 2026 via checked.be.