Bart Hermans: 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 Hermans
Largest movements
- Financial fixed assets -€406,307
down €406,307 (-17.1%), from €2.4m to €2.0m
- Cash +€336,142
up €336,142 (+468.5%), from €71,751 to €407,893
mainly Net result for the year (+€485,216) and Investment in fixed assets (net) (+€402,784)
- Receivables within one year +€102,174
up €102,174 (+216.5%), from €47,190 to €149,364
of which Other amounts receivable: +€65,404
- Profit (loss) carried forward -€100,099
down €100,099 (-100.0%), from €100,099 to €0
- Reserves +€85,315
up €85,315 (+6.0%), from €1.4m to €1.5m
of which Distributable reserves: +€85,315
- Debts after one year +€73,486
up €73,486 (+10.2%), from €719,807 to €793,292
- Financial income +€338,158
new in 2025: €338,158
- Gross operating margin -€81,616
down €81,616 (-20.7%), from €394,157 to €312,541
- Taxes +€10,278
up €10,278 (+8.3%), from €123,467 to €133,745
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 | €2,815,727 | €2,831,158 | +€15,431 | +0.5% |
| Fixed assets | 21/28 | €2,696,543 | €2,273,657 | -€422,886 | -15.7% |
| Tangible fixed assets | 22/27 | €318,334 | €301,755 | -€16,579 | -5.2% |
| Land and buildings | 22 | €316,667 | €297,667 | -€19,000 | -6.0% |
| Plant, machinery and equipment | 23 | €1,667 | €1,084 | -€583 | -35.0% |
| Furniture and vehicles | 24 | - | €3,004 | +€3,004 | |
| Financial fixed assets | 28 | €2,378,209 | €1,971,902 | -€406,307 | -17.1% |
| Current assets | 29/58 | €119,184 | €557,501 | +€438,316 | +367.8% |
| Amounts receivable within one year | 40/41 | €47,190 | €149,364 | +€102,174 | +216.5% |
| Trade receivables | 40 | €47,190 | €83,960 | +€36,770 | +77.9% |
| Other amounts receivable | 41 | €0 | €65,404 | +€65,404 | |
| Cash at bank and in hand | 54/58 | €71,751 | €407,893 | +€336,142 | +468.5% |
| Deferred charges and accrued income | 490/1 | €243 | €243 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,815,727 | €2,831,158 | +€15,431 | +0.5% |
| Equity | 10/15 | €1,535,931 | €1,521,147 | -€14,784 | -1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,417,231 | €1,502,547 | +€85,315 | +6.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,415,371 | €1,500,687 | +€85,315 | +6.0% |
| Profit (loss) carried forward | 14 | €100,099 | €0 | -€100,099 | -100.0% |
| Amounts payable | 17/49 | €1,279,797 | €1,310,011 | +€30,215 | +2.4% |
| Amounts payable after more than one year | 17 | €719,807 | €793,292 | +€73,486 | +10.2% |
| Financial debts | 170/4 | €719,807 | €793,292 | +€73,486 | +10.2% |
| Amounts payable within one year | 42/48 | €559,990 | €516,719 | -€43,271 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €355,021 | €342,982 | -€12,040 | -3.4% |
| Trade debts | 44 | €0 | €735 | +€735 | |
| Suppliers | 440/4 | €0 | €735 | +€735 | |
| Taxes, remuneration and social security | 45 | €180,260 | €161,092 | -€19,167 | -10.6% |
| Taxes | 450/3 | €180,260 | €161,092 | -€19,167 | -10.6% |
| Other amounts payable | 47/48 | €24,709 | €11,910 | -€12,799 | -51.8% |
| Remuneration, social security and pensions | 62 | - | €16 | +€16 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,321 | €20,102 | +€781 | +4.0% |
| Other operating charges | 640/8 | €3,365 | €502 | -€2,863 | -85.1% |
| Gross operating margin | 9900 | €394,157 | €312,541 | -€81,616 | -20.7% |
| Operating profit (loss) | 9901 | €371,471 | €291,921 | -€79,550 | -21.4% |
| Financial income | 75/76B | - | €338,158 | +€338,158 | |
| Recurring financial income | 75 | - | €338,158 | +€338,158 | |
| Financial charges | 65/66B | €13,795 | €11,117 | -€2,677 | -19.4% |
| Recurring financial charges | 65 | €13,795 | €11,117 | -€2,677 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €357,676 | €618,961 | +€261,284 | +73.1% |
| Income taxes | 67/77 | €123,467 | €133,745 | +€10,278 | +8.3% |
| Profit (loss) for the period | 9904 | €234,210 | €485,216 | +€251,006 | +107.2% |
| Profit (loss) for the period to be appropriated | 9905 | €234,210 | €485,216 | +€251,006 | +107.2% |
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 5 October 2026 via checked.be.