Bart Loots: 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 Loots
Largest movements
- Stocks and contracts +€28,836
up €28,836 (+61.3%), from €47,055 to €75,891
- Tangible fixed assets -€22,491
down €22,491 (-5.2%), from €435,067 to €412,576
of which Land and buildings: -€21,437
- Receivables within one year +€14,575
up €14,575 (+452%), from €3,228 to €17,803
of which Trade receivables: +€12,293
- Cash -€11,503
down €11,503 (-46.5%), from €24,728 to €13,226
mainly Stocks and contracts (-€28,836) and Receivables within one year (-€14,575)
- Debts after one year -€13,433
down €13,433 (-3.8%), from €350,595 to €337,162
of which Financial debts: -€15,938
- Advances received +€9,093
new in 2025: €9,093
- Reserves +€7,641
up €7,641 (+19.0%), from €40,193 to €47,834
- Other debts +€7,597
up €7,597 (+25.8%), from €29,395 to €36,992
- Gross operating margin -€6,631
down €6,631 (-12.9%), from €51,264 to €44,633
- Depreciation -€1,585
down €1,585 (-6.6%), from €24,076 to €22,491
- Taxes +€677
new in 2025: €677
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 | €512,120 | €521,597 | +€9,477 | +1.9% |
| Fixed assets | 21/28 | €435,067 | €412,576 | -€22,491 | -5.2% |
| Tangible fixed assets | 22/27 | €435,067 | €412,576 | -€22,491 | -5.2% |
| Land and buildings | 22 | €433,472 | €412,035 | -€21,437 | -4.9% |
| Plant, machinery and equipment | 23 | €770 | €0 | -€770 | -100% |
| Furniture and vehicles | 24 | €825 | €541 | -€285 | -34.5% |
| Current assets | 29/58 | €77,053 | €109,021 | +€31,968 | +41.5% |
| Stocks and contracts in progress | 3 | €47,055 | €75,891 | +€28,836 | +61.3% |
| Stocks | 30/36 | €47,055 | €75,891 | +€28,836 | +61.3% |
| Amounts receivable within one year | 40/41 | €3,228 | €17,803 | +€14,575 | +452% |
| Trade receivables | 40 | €2,490 | €14,782 | +€12,293 | +494% |
| Other amounts receivable | 41 | €738 | €3,020 | +€2,282 | +309% |
| Cash at bank and in hand | 54/58 | €24,728 | €13,226 | -€11,503 | -46.5% |
| Deferred charges and accrued income | 490/1 | €2,042 | €2,102 | +€60 | +2.9% |
| Total equity and liabilities | 10/49 | €512,120 | €521,597 | +€9,477 | +1.9% |
| Equity | 10/15 | €107,093 | €114,734 | +€7,641 | +7.1% |
| Contributions | 10/11 | €66,900 | €66,900 | = | 0.0% |
| Reserves | 13 | €40,193 | €47,834 | +€7,641 | +19.0% |
| Distributable reserves | 133 | €40,193 | €47,834 | +€7,641 | +19.0% |
| Amounts payable | 17/49 | €405,027 | €406,863 | +€1,836 | +0.5% |
| Amounts payable after more than one year | 17 | €350,595 | €337,162 | -€13,433 | -3.8% |
| Financial debts | 170/4 | €350,595 | €334,657 | -€15,938 | -4.5% |
| Other amounts payable | 178/9 | - | €2,505 | +€2,505 | |
| Amounts payable within one year | 42/48 | €52,137 | €67,406 | +€15,269 | +29.3% |
| Current portion of amounts payable after more than one year | 42 | €15,409 | €15,938 | +€529 | +3.4% |
| Trade debts | 44 | €2,727 | €1,931 | -€797 | -29.2% |
| Suppliers | 440/4 | €2,727 | €1,931 | -€797 | -29.2% |
| Advances received on contracts in progress | 46 | - | €9,093 | +€9,093 | |
| Taxes, remuneration and social security | 45 | €4,606 | €3,452 | -€1,154 | -25.1% |
| Taxes | 450/3 | €1,798 | €677 | -€1,122 | -62.4% |
| Remuneration and social security | 454/9 | €2,808 | €2,775 | -€32 | -1.2% |
| Other amounts payable | 47/48 | €29,395 | €36,992 | +€7,597 | +25.8% |
| Accrued charges and deferred income | 492/3 | €2,295 | €2,295 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,076 | €22,491 | -€1,585 | -6.6% |
| Other operating charges | 640/8 | €2,016 | €1,509 | -€507 | -25.2% |
| Gross operating margin | 9900 | €51,264 | €44,633 | -€6,631 | -12.9% |
| Operating profit (loss) | 9901 | €25,172 | €20,633 | -€4,539 | -18.0% |
| Financial charges | 65/66B | €12,749 | €12,316 | -€434 | -3.4% |
| Recurring financial charges | 65 | €12,749 | €12,316 | -€434 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €12,423 | €8,318 | -€4,105 | -33.0% |
| Income taxes | 67/77 | - | €677 | +€677 | |
| Profit (loss) for the period | 9904 | €12,423 | €7,641 | -€4,782 | -38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,423 | €7,641 | -€4,782 | -38.5% |
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 26 October 2026 via checked.be.