BART GOETSCHALCKX: 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 GOETSCHALCKX
Largest movements
- Current investments +€186,791
new in 2025: €186,791
- Cash -€68,397
down €68,397 (-69.5%), from €98,427 to €30,031
mainly Contributions, distributions and other (-€200,000) and Current investments (-€186,791)
- Tangible fixed assets -€11,383
down €11,383 (-54.5%), from €20,870 to €9,486
- Receivables within one year +€10,250
up €10,250 (+83.2%), from €12,320 to €22,570
- Other debts +€173,351
up €173,351 (+511.3%), from €33,902 to €207,253
- Reserves -€45,904
down €45,904 (-75.2%), from €61,083 to €15,178
- Current portion of long-term debt -€10,523
no longer reported in 2025 (was €10,523)
- Gross operating margin +€64,692
up €64,692 (+81.6%), from €79,272 to €143,964
- Financial income +€53,431
up €53,431 (+29683983.3%), from €0 to €53,431
- Taxes +€14,110
up €14,110 (+99.6%), from €14,162 to €28,272
- Financial charges +€2,676
up €2,676 (+699.4%), from €383 to €3,059
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 | €131,617 | €248,878 | +€117,261 | +89.1% |
| Fixed assets | 21/28 | €20,870 | €9,486 | -€11,383 | -54.5% |
| Tangible fixed assets | 22/27 | €20,870 | €9,486 | -€11,383 | -54.5% |
| Furniture and vehicles | 24 | €20,870 | €9,486 | -€11,383 | -54.5% |
| Current assets | 29/58 | €110,747 | €239,391 | +€128,644 | +116.2% |
| Amounts receivable within one year | 40/41 | €12,320 | €22,570 | +€10,250 | +83.2% |
| Other amounts receivable | 41 | €12,320 | €22,570 | +€10,250 | +83.2% |
| Current investments | 50/53 | - | €186,791 | +€186,791 | |
| Cash at bank and in hand | 54/58 | €98,427 | €30,031 | -€68,397 | -69.5% |
| Total equity and liabilities | 10/49 | €131,617 | €248,878 | +€117,261 | +89.1% |
| Equity | 10/15 | €79,683 | €33,778 | -€45,904 | -57.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,083 | €15,178 | -€45,904 | -75.2% |
| Distributable reserves | 133 | €61,083 | €15,178 | -€45,904 | -75.2% |
| Amounts payable | 17/49 | €51,934 | €215,099 | +€163,165 | +314.2% |
| Amounts payable within one year | 42/48 | €51,934 | €215,099 | +€163,165 | +314.2% |
| Current portion of amounts payable after more than one year | 42 | €10,523 | - | -€10,523 | |
| Trade debts | 44 | €52 | - | -€52 | |
| Suppliers | 440/4 | €52 | - | -€52 | |
| Taxes, remuneration and social security | 45 | €7,457 | €7,846 | +€389 | +5.2% |
| Taxes | 450/3 | €7,457 | €7,846 | +€389 | +5.2% |
| Other amounts payable | 47/48 | €33,902 | €207,253 | +€173,351 | +511.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,383 | €11,383 | = | 0.0% |
| Other operating charges | 640/8 | €632 | €585 | -€47 | -7.4% |
| Gross operating margin | 9900 | €79,272 | €143,964 | +€64,692 | +81.6% |
| Operating profit (loss) | 9901 | €67,257 | €131,995 | +€64,739 | +96.3% |
| Financial income | 75/76B | €0 | €53,431 | +€53,431 | +29683983.3% |
| Recurring financial income | 75 | €0 | €53,431 | +€53,431 | +29683983.3% |
| Financial charges | 65/66B | €383 | €3,059 | +€2,676 | +699.4% |
| Recurring financial charges | 65 | €383 | €3,059 | +€2,676 | +699.4% |
| Profit (loss) for the period before taxes | 9903 | €66,874 | €182,368 | +€115,494 | +172.7% |
| Income taxes | 67/77 | €14,162 | €28,272 | +€14,110 | +99.6% |
| Profit (loss) for the period | 9904 | €52,712 | €154,096 | +€101,384 | +192.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,712 | €154,096 | +€101,384 | +192.3% |
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 7 October 2026 via checked.be.