Bart Godts: 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 Godts
Largest movements
- Tangible fixed assets -€70,902
down €70,902 (-12.5%), from €567,068 to €496,165
of which Plant, machinery and equipment: -€61,362
- Profit (loss) carried forward -€61,895
down €61,895 (-15.7%), from -€393,131 to -€455,025
- Debts after one year -€53,688
down €53,688 (-6.7%), from €796,736 to €743,048
- Trade debts +€48,350
up €48,350 (+443%), from €10,903 to €59,253
- Current portion of long-term debt -€15,452
down €15,452 (-22.3%), from €69,140 to €53,688
- Gross operating margin +€8,803
up €8,803 (+70.1%), from €12,551 to €21,355
- Financial charges -€1,571
down €1,571 (-34.5%), from €4,549 to €2,978
- Depreciation -€468
down €468 (-0.6%), from €77,345 to €76,877
- Other operating charges +€394
up €394 (+12.9%), from €3,043 to €3,436
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 | €823,752 | €751,602 | -€72,150 | -8.8% |
| Formation expenses | 20 | €19,274 | €16,062 | -€3,212 | -16.7% |
| Fixed assets | 21/28 | €717,068 | €646,165 | -€70,902 | -9.9% |
| Tangible fixed assets | 22/27 | €567,068 | €496,165 | -€70,902 | -12.5% |
| Plant, machinery and equipment | 23 | €522,643 | €461,281 | -€61,362 | -11.7% |
| Furniture and vehicles | 24 | €44,425 | €34,884 | -€9,541 | -21.5% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €87,410 | €89,374 | +€1,965 | +2.2% |
| Stocks and contracts in progress | 3 | €23,000 | €23,000 | = | 0.0% |
| Contracts in progress | 37 | €23,000 | €23,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €59,549 | €62,701 | +€3,152 | +5.3% |
| Trade receivables | 40 | €55,981 | €62,663 | +€6,682 | +11.9% |
| Other amounts receivable | 41 | €3,568 | €38 | -€3,530 | -98.9% |
| Cash at bank and in hand | 54/58 | €838 | €268 | -€570 | -68.0% |
| Deferred charges and accrued income | 490/1 | €4,022 | €3,405 | -€617 | -15.3% |
| Total equity and liabilities | 10/49 | €823,752 | €751,602 | -€72,150 | -8.8% |
| Equity | 10/15 | -€373,131 | -€435,025 | -€61,895 | -16.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€393,131 | -€455,025 | -€61,895 | -15.7% |
| Amounts payable | 17/49 | €1,196,883 | €1,186,627 | -€10,255 | -0.9% |
| Amounts payable after more than one year | 17 | €796,736 | €743,048 | -€53,688 | -6.7% |
| Financial debts | 170/4 | €796,736 | €743,048 | -€53,688 | -6.7% |
| Amounts payable within one year | 42/48 | €400,122 | €443,580 | +€43,457 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €69,140 | €53,688 | -€15,452 | -22.3% |
| Trade debts | 44 | €10,903 | €59,253 | +€48,350 | +443% |
| Suppliers | 440/4 | €10,903 | €59,253 | +€48,350 | +443% |
| Taxes, remuneration and social security | 45 | €338 | €2,975 | +€2,637 | +780% |
| Taxes | 450/3 | €338 | €2,975 | +€2,637 | +780% |
| Other amounts payable | 47/48 | €319,742 | €327,663 | +€7,922 | +2.5% |
| Accrued charges and deferred income | 492/3 | €25 | €0 | -€25 | -100% |
| Non-recurring operating income | 76A | - | €15,507 | +€15,507 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,345 | €76,877 | -€468 | -0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,043 | €3,436 | +€394 | +12.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €12,551 | €21,355 | +€8,803 | +70.1% |
| Operating profit (loss) | 9901 | -€67,837 | -€58,959 | +€8,878 | +13.1% |
| Financial income | 75/76B | €1 | €42 | +€41 | +6,900% |
| Recurring financial income | 75 | €1 | €42 | +€41 | +6,900% |
| Financial charges | 65/66B | €4,549 | €2,978 | -€1,571 | -34.5% |
| Recurring financial charges | 65 | €4,549 | €2,978 | -€1,571 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | -€72,385 | -€61,895 | +€10,491 | +14.5% |
| Profit (loss) for the period | 9904 | -€72,385 | -€61,895 | +€10,491 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,385 | -€61,895 | +€10,491 | +14.5% |
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 15 October 2026 via checked.be.