BART INVESTMENT GROUP: 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 INVESTMENT GROUP
Largest movements
- Current investments -€832,758
down €832,758 (-3.4%), from €24.3m to €23.5m
- Cash -€330,768
down €330,768 (-54.7%), from €604,634 to €273,867
mainly Tax, wage and social debts (-€1.4m) and Contributions, distributions and other (-€1.2m)
- Tax, wage and social debts -€1.4m
down €1.4m (-97.7%), from €1.5m to €33,067
of which Taxes: -€1.4m
- Other debts +€702,117
up €702,117 (+419%), from €167,510 to €869,627
- Reserves -€674,229
down €674,229 (-2.2%), from €30.6m to €30.0m
- Financial income -€1.4m
down €1.4m (-68.6%), from €2.0m to €628,051
of which Non-recurring financial income: -€1.1m
- Gross operating margin -€730,074
down €730,074 (-70.9%), from €1.0m to €299,834
- Taxes -€427,601
down €427,601 (-67.3%), from €635,422 to €207,822
- Financial charges +€14,492
up €14,492 (+38.2%), from €37,939 to €52,431
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 | €32,395,185 | €31,093,867 | -€1.3m | -4.0% |
| Fixed assets | 21/28 | €7,060,093 | €7,106,438 | +€46,345 | +0.7% |
| Tangible fixed assets | 22/27 | €1,325,628 | €1,371,973 | +€46,345 | +3.5% |
| Land and buildings | 22 | €1,257,100 | €1,313,261 | +€56,161 | +4.5% |
| Plant, machinery and equipment | 23 | €21,702 | €15,399 | -€6,304 | -29.0% |
| Furniture and vehicles | 24 | €36,495 | €21,346 | -€15,149 | -41.5% |
| Leasing and similar rights | 25 | - | €11,636 | +€11,636 | |
| Other tangible fixed assets | 26 | €10,331 | €10,331 | = | 0.0% |
| Financial fixed assets | 28 | €5,734,465 | €5,734,465 | = | 0.0% |
| Current assets | 29/58 | €25,335,092 | €23,987,429 | -€1.3m | -5.3% |
| Stocks and contracts in progress | 3 | €763 | €589 | -€174 | -22.8% |
| Stocks | 30/36 | €763 | €589 | -€174 | -22.8% |
| Amounts receivable within one year | 40/41 | €65,653 | €134,821 | +€69,167 | +105% |
| Trade receivables | 40 | €63,091 | €36,513 | -€26,578 | -42.1% |
| Other amounts receivable | 41 | €2,563 | €98,308 | +€95,745 | +3,736% |
| Current investments | 50/53 | €24,345,655 | €23,512,897 | -€832,758 | -3.4% |
| Cash at bank and in hand | 54/58 | €604,634 | €273,867 | -€330,768 | -54.7% |
| Deferred charges and accrued income | 490/1 | €318,387 | €65,256 | -€253,131 | -79.5% |
| Total equity and liabilities | 10/49 | €32,395,185 | €31,093,867 | -€1.3m | -4.0% |
| Equity | 10/15 | €30,660,746 | €29,986,517 | -€674,229 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,642,146 | €29,967,917 | -€674,229 | -2.2% |
| Distributable reserves | 133 | €30,642,146 | €29,967,917 | -€674,229 | -2.2% |
| Amounts payable | 17/49 | €1,734,439 | €1,107,350 | -€627,089 | -36.2% |
| Amounts payable after more than one year | 17 | €56,400 | €56,400 | = | 0.0% |
| Financial debts | 170/4 | €56,400 | €56,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,661,263 | €1,046,914 | -€614,348 | -37.0% |
| Financial debts | 43 | €3,868 | €5,336 | +€1,468 | +37.9% |
| Credit institutions | 430/8 | €3,868 | €5,336 | +€1,468 | +37.9% |
| Trade debts | 44 | €26,908 | €138,884 | +€111,976 | +416% |
| Suppliers | 440/4 | €26,908 | €138,884 | +€111,976 | +416% |
| Taxes, remuneration and social security | 45 | €1,462,977 | €33,067 | -€1.4m | -97.7% |
| Taxes | 450/3 | €1,456,008 | €27,932 | -€1.4m | -98.1% |
| Remuneration and social security | 454/9 | €6,969 | €5,135 | -€1,834 | -26.3% |
| Other amounts payable | 47/48 | €167,510 | €869,627 | +€702,117 | +419% |
| Accrued charges and deferred income | 492/3 | €16,776 | €4,035 | -€12,741 | -75.9% |
| Remuneration, social security and pensions | 62 | €41,090 | €40,595 | -€495 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,944 | €96,598 | +€9,654 | +11.1% |
| Other operating charges | 640/8 | €11,587 | €18,396 | +€6,810 | +58.8% |
| Gross operating margin | 9900 | €1,029,908 | €299,834 | -€730,074 | -70.9% |
| Operating profit (loss) | 9901 | €890,287 | €144,245 | -€746,042 | -83.8% |
| Financial income | 75/76B | €2,000,412 | €628,051 | -€1.4m | -68.6% |
| Recurring financial income | 75 | €880,412 | €628,051 | -€252,362 | -28.7% |
| Non-recurring financial income | 76B | €1,120,000 | - | -€1.1m | |
| Financial charges | 65/66B | €37,939 | €52,431 | +€14,492 | +38.2% |
| Recurring financial charges | 65 | €37,939 | €52,431 | +€14,492 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €2,852,760 | €719,864 | -€2.1m | -74.8% |
| Income taxes | 67/77 | €635,422 | €207,822 | -€427,601 | -67.3% |
| Profit (loss) for the period | 9904 | €2,217,338 | €512,042 | -€1.7m | -76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,217,338 | €512,042 | -€1.7m | -76.9% |
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 17 October 2026 via checked.be.