Bart Goens: 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 Goens
Largest movements
- Cash -€60,134
down €60,134 (-31.7%), from €189,857 to €129,724
mainly Contributions, distributions and other (-€47,551) and Other debts (-€46,702)
- Receivables within one year -€27,597
down €27,597 (-20.3%), from €135,901 to €108,305
of which Trade receivables: -€32,762
- Stocks and contracts +€16,199
up €16,199 (+266.8%), from €6,071 to €22,270
- Tangible fixed assets +€15,221
up €15,221 (+10.7%), from €141,719 to €156,940
of which Furniture and vehicles: +€28,417
- Other debts -€46,702
down €46,702 (-49.5%), from €94,253 to €47,551
- Reserves -€15,659
down €15,659 (-7.3%), from €214,755 to €199,096
of which Tax-exempt reserves: -€18,750
- Current portion of long-term debt +€12,788
up €12,788 (+138.0%), from €9,269 to €22,057
- Short-term financial debts -€8,863
down €8,863 (-100.0%), from €8,863 to €0
- Accrued charges and deferred income -€7,030
down €7,030 (-89.3%), from €7,873 to €843
- Write-downs +€16,667
new in 2025: €16,667
- Gross operating margin -€3,667
down €3,667 (-3.9%), from €95,051 to €91,384
- Taxes -€2,719
down €2,719 (-11.1%), from €24,506 to €21,787
- Other operating charges +€2,187
up €2,187 (+249.0%), from €878 to €3,065
- Financial income +€1,979
up €1,979 (+72.0%), from €2,750 to €4,729
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 | €477,691 | €422,103 | -€55,588 | -11.6% |
| Fixed assets | 21/28 | €141,719 | €156,940 | +€15,221 | +10.7% |
| Tangible fixed assets | 22/27 | €141,719 | €156,940 | +€15,221 | +10.7% |
| Land and buildings | 22 | €137,657 | €124,781 | -€12,876 | -9.4% |
| Plant, machinery and equipment | 23 | €1,343 | €1,023 | -€320 | -23.8% |
| Furniture and vehicles | 24 | €2,719 | €31,136 | +€28,417 | +1045.3% |
| Current assets | 29/58 | €335,973 | €265,163 | -€70,809 | -21.1% |
| Stocks and contracts in progress | 3 | €6,071 | €22,270 | +€16,199 | +266.8% |
| Stocks | 30/36 | €6,071 | €22,270 | +€16,199 | +266.8% |
| Amounts receivable within one year | 40/41 | €135,901 | €108,305 | -€27,597 | -20.3% |
| Trade receivables | 40 | €127,503 | €94,740 | -€32,762 | -25.7% |
| Other amounts receivable | 41 | €8,399 | €13,564 | +€5,166 | +61.5% |
| Cash at bank and in hand | 54/58 | €189,857 | €129,724 | -€60,134 | -31.7% |
| Deferred charges and accrued income | 490/1 | €4,143 | €4,865 | +€722 | +17.4% |
| Total equity and liabilities | 10/49 | €477,691 | €422,103 | -€55,588 | -11.6% |
| Equity | 10/15 | €234,755 | €219,096 | -€15,659 | -6.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €214,755 | €199,096 | -€15,659 | -7.3% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100.0% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100.0% |
| Tax-exempt reserves | 132 | €18,750 | - | -€18,750 | |
| Distributable reserves | 133 | €194,005 | €199,096 | +€5,091 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €242,937 | €203,007 | -€39,929 | -16.4% |
| Amounts payable after more than one year | 17 | €111,914 | €117,799 | +€5,884 | +5.3% |
| Financial debts | 170/4 | €111,914 | €117,799 | +€5,884 | +5.3% |
| Amounts payable within one year | 42/48 | €123,150 | €84,366 | -€38,783 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €9,269 | €22,057 | +€12,788 | +138.0% |
| Financial debts | 43 | €8,863 | €0 | -€8,863 | -100.0% |
| Credit institutions | 430/8 | €8,863 | €0 | -€8,863 | -100.0% |
| Trade debts | 44 | €7,772 | €12,755 | +€4,983 | +64.1% |
| Suppliers | 440/4 | €7,772 | €12,755 | +€4,983 | +64.1% |
| Taxes, remuneration and social security | 45 | €2,993 | €2,004 | -€989 | -33.1% |
| Taxes | 450/3 | €2,993 | €2,004 | -€989 | -33.1% |
| Other amounts payable | 47/48 | €94,253 | €47,551 | -€46,702 | -49.5% |
| Accrued charges and deferred income | 492/3 | €7,873 | €843 | -€7,030 | -89.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,203 | €18,038 | +€1,834 | +11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,667 | +€16,667 | |
| Other operating charges | 640/8 | €878 | €3,065 | +€2,187 | +249.0% |
| Gross operating margin | 9900 | €95,051 | €91,384 | -€3,667 | -3.9% |
| Operating profit (loss) | 9901 | €77,970 | €53,615 | -€24,355 | -31.2% |
| Financial income | 75/76B | €2,750 | €4,729 | +€1,979 | +72.0% |
| Recurring financial income | 75 | €2,750 | €4,729 | +€1,979 | +72.0% |
| Financial charges | 65/66B | €5,114 | €4,665 | -€450 | -8.8% |
| Recurring financial charges | 65 | €5,114 | €4,665 | -€450 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €75,606 | €53,679 | -€21,927 | -29.0% |
| Income taxes | 67/77 | €24,506 | €21,787 | -€2,719 | -11.1% |
| Profit (loss) for the period | 9904 | €51,099 | €31,892 | -€19,207 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,099 | €31,892 | -€19,207 | -37.6% |
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 6 October 2026 via checked.be.