BART LIEVENS: what changed
BART LIEVENS
Largest movements
- Tangible fixed assets -€41,822
down €41,822 (-11.5%), from €363,037 to €321,215
- Receivables within one year +€9,745
up €9,745 (+57.9%), from €16,841 to €26,586
of which Trade receivables: +€15,159
- Cash +€7,891
up €7,891 (+8.7%), from €90,763 to €98,654
mainly Depreciation (+€43,674) and Net result for the year (+€22,491)
- Trade debts -€25,048
down €25,048 (-76.2%), from €32,866 to €7,818
- Reserves +€22,491
up €22,491 (+16.7%), from €134,920 to €157,411
- Debts after one year -€20,137
down €20,137 (-8.3%), from €242,389 to €222,252
- Other debts -€7,367
down €7,367 (-35.9%), from €20,494 to €13,127
- Tax, wage and social debts +€4,997
up €4,997 (+354%), from €1,410 to €6,406
- Depreciation +€11,946
up €11,946 (+37.7%), from €31,728 to €43,674
- Gross operating margin +€9,179
up €9,179 (+11.3%), from €81,336 to €90,515
- Taxes +€4,957
up €4,957 (+78.5%), from €6,313 to €11,270
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €470,642 | €446,456 | -€24,186 | -5.1% |
| Fixed assets | 21/28 | €363,037 | €321,215 | -€41,822 | -11.5% |
| Tangible fixed assets | 22/27 | €363,037 | €321,215 | -€41,822 | -11.5% |
| Land and buildings | 22 | €240,511 | €231,666 | -€8,845 | -3.7% |
| Plant, machinery and equipment | 23 | €54,929 | €39,387 | -€15,542 | -28.3% |
| Furniture and vehicles | 24 | €50,189 | €38,876 | -€11,313 | -22.5% |
| Leasing and similar rights | 25 | €17,407 | €11,286 | -€6,121 | -35.2% |
| Current assets | 29/58 | €107,605 | €125,240 | +€17,636 | +16.4% |
| Amounts receivable within one year | 40/41 | €16,841 | €26,586 | +€9,745 | +57.9% |
| Trade receivables | 40 | €5,332 | €20,491 | +€15,159 | +284% |
| Other amounts receivable | 41 | €11,509 | €6,096 | -€5,414 | -47.0% |
| Cash at bank and in hand | 54/58 | €90,763 | €98,654 | +€7,891 | +8.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €470,642 | €446,456 | -€24,186 | -5.1% |
| Equity | 10/15 | €153,520 | €176,011 | +€22,491 | +14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,920 | €157,411 | +€22,491 | +16.7% |
| Distributable reserves | 133 | €134,920 | €157,411 | +€22,491 | +16.7% |
| Amounts payable | 17/49 | €317,122 | €270,445 | -€46,677 | -14.7% |
| Amounts payable after more than one year | 17 | €242,389 | €222,252 | -€20,137 | -8.3% |
| Financial debts | 170/4 | €242,389 | €222,252 | -€20,137 | -8.3% |
| Amounts payable within one year | 42/48 | €74,733 | €48,193 | -€26,540 | -35.5% |
| Current portion of amounts payable after more than one year | 42 | €19,336 | €20,137 | +€801 | +4.1% |
| Trade debts | 44 | €32,866 | €7,818 | -€25,048 | -76.2% |
| Suppliers | 440/4 | €32,866 | €7,818 | -€25,048 | -76.2% |
| Advances received on contracts in progress | 46 | €628 | €706 | +€77 | +12.3% |
| Taxes, remuneration and social security | 45 | €1,410 | €6,406 | +€4,997 | +354% |
| Taxes | 450/3 | €1,410 | €6,406 | +€4,997 | +354% |
| Other amounts payable | 47/48 | €20,494 | €13,127 | -€7,367 | -35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,728 | €43,674 | +€11,946 | +37.7% |
| Other operating charges | 640/8 | €2,170 | €2,032 | -€138 | -6.4% |
| Gross operating margin | 9900 | €81,336 | €90,515 | +€9,179 | +11.3% |
| Operating profit (loss) | 9901 | €47,439 | €44,809 | -€2,630 | -5.5% |
| Financial income | 75/76B | €13 | €340 | +€328 | +2,612% |
| Recurring financial income | 75 | €13 | €340 | +€328 | +2,612% |
| Financial charges | 65/66B | €11,267 | €11,389 | +€122 | +1.1% |
| Recurring financial charges | 65 | €11,267 | €11,389 | +€122 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €36,185 | €33,761 | -€2,424 | -6.7% |
| Income taxes | 67/77 | €6,313 | €11,270 | +€4,957 | +78.5% |
| Profit (loss) for the period | 9904 | €29,872 | €22,491 | -€7,381 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,872 | €22,491 | -€7,381 | -24.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.