Bart Lieben: 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 Lieben
Largest movements
- Receivables within one year +€313,760
up €313,760 (+61.9%), from €507,021 to €820,780
of which Trade receivables: +€264,036
- Financial fixed assets -€78,500
down €78,500 (-100.0%), from €78,500 to €0
- Cash -€32,142
down €32,142 (-84.7%), from €37,939 to €5,797
mainly Receivables within one year (-€313,760) and Contributions, distributions and other (-€78,500)
- Tangible fixed assets -€28,186
down €28,186 (-12.5%), from €225,883 to €197,697
of which Furniture and vehicles: -€21,745
- Current investments +€16,045
up €16,045, from €0 to €16,045
- Other debts +€218,516
up €218,516 (+84.4%), from €258,911 to €477,426
- Debts after one year -€60,034
down €60,034 (-19.5%), from €308,228 to €248,194
- Reserves -€52,901
down €52,901 (-35.8%), from €147,853 to €94,952
of which Distributable reserves: -€51,046
- Trade debts +€47,849
up €47,849 (+116.9%), from €40,945 to €88,794
- Short-term financial debts +€45,000
new in 2025: €45,000
- Write-downs +€6,190
new in 2025: €6,190
- Gross operating margin -€2,998
down €2,998 (-4.0%), from €75,061 to €72,063
- Depreciation -€2,542
down €2,542 (-7.4%), from €34,174 to €31,632
- Financial charges -€1,844
down €1,844 (-9.1%), from €20,156 to €18,312
- Taxes +€1,806
up €1,806 (+26.0%), from €6,936 to €8,741
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 | €851,258 | €1,040,932 | +€189,674 | +22.3% |
| Fixed assets | 21/28 | €304,383 | €197,697 | -€106,686 | -35.0% |
| Tangible fixed assets | 22/27 | €225,883 | €197,697 | -€28,186 | -12.5% |
| Land and buildings | 22 | €121,645 | €116,406 | -€5,239 | -4.3% |
| Plant, machinery and equipment | 23 | €1,479 | €277 | -€1,202 | -81.3% |
| Furniture and vehicles | 24 | €102,759 | €81,014 | -€21,745 | -21.2% |
| Financial fixed assets | 28 | €78,500 | €0 | -€78,500 | -100.0% |
| Current assets | 29/58 | €546,875 | €843,235 | +€296,360 | +54.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €507,021 | €820,780 | +€313,760 | +61.9% |
| Trade receivables | 40 | €502,517 | €766,553 | +€264,036 | +52.5% |
| Other amounts receivable | 41 | €4,503 | €54,227 | +€49,724 | +1104.2% |
| Current investments | 50/53 | €0 | €16,045 | +€16,045 | |
| Cash at bank and in hand | 54/58 | €37,939 | €5,797 | -€32,142 | -84.7% |
| Deferred charges and accrued income | 490/1 | €1,916 | €613 | -€1,303 | -68.0% |
| Total equity and liabilities | 10/49 | €851,258 | €1,040,932 | +€189,674 | +22.3% |
| Equity | 10/15 | €147,055 | €75,604 | -€71,451 | -48.6% |
| Contributions | 10/11 | €18,550 | €0 | -€18,550 | -100.0% |
| Reserves | 13 | €147,853 | €94,952 | -€52,901 | -35.8% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100.0% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100.0% |
| Tax-exempt reserves | 132 | €155 | €155 | = | 0.0% |
| Distributable reserves | 133 | €145,843 | €94,797 | -€51,046 | -35.0% |
| Profit (loss) carried forward | 14 | -€19,348 | -€19,348 | = | 0.0% |
| Amounts payable | 17/49 | €704,203 | €965,328 | +€261,125 | +37.1% |
| Amounts payable after more than one year | 17 | €308,228 | €248,194 | -€60,034 | -19.5% |
| Financial debts | 170/4 | €308,228 | €248,194 | -€60,034 | -19.5% |
| Amounts payable within one year | 42/48 | €380,855 | €702,894 | +€322,039 | +84.6% |
| Current portion of amounts payable after more than one year | 42 | €60,319 | €60,034 | -€285 | -0.5% |
| Financial debts | 43 | - | €45,000 | +€45,000 | |
| Credit institutions | 430/8 | - | €45,000 | +€45,000 | |
| Trade debts | 44 | €40,945 | €88,794 | +€47,849 | +116.9% |
| Suppliers | 440/4 | €40,945 | €88,794 | +€47,849 | +116.9% |
| Taxes, remuneration and social security | 45 | €20,680 | €31,640 | +€10,960 | +53.0% |
| Taxes | 450/3 | €20,680 | €31,640 | +€10,960 | +53.0% |
| Other amounts payable | 47/48 | €258,911 | €477,426 | +€218,516 | +84.4% |
| Accrued charges and deferred income | 492/3 | €15,120 | €14,240 | -€880 | -5.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,174 | €31,632 | -€2,542 | -7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,190 | +€6,190 | |
| Other operating charges | 640/8 | €754 | €435 | -€319 | -42.3% |
| Non-recurring operating charges | 66A | €1,377 | - | -€1,377 | |
| Gross operating margin | 9900 | €75,061 | €72,063 | -€2,998 | -4.0% |
| Operating profit (loss) | 9901 | €38,756 | €33,806 | -€4,951 | -12.8% |
| Financial income | 75/76B | €1,415 | €297 | -€1,119 | -79.0% |
| Recurring financial income | 75 | €1,415 | €297 | -€1,119 | -79.0% |
| Financial charges | 65/66B | €20,156 | €18,312 | -€1,844 | -9.1% |
| Recurring financial charges | 65 | €20,156 | €18,312 | -€1,844 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €20,016 | €15,791 | -€4,225 | -21.1% |
| Income taxes | 67/77 | €6,936 | €8,741 | +€1,806 | +26.0% |
| Profit (loss) for the period | 9904 | €13,080 | €7,049 | -€6,031 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,080 | €7,049 | -€6,031 | -46.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.