Bart Meers: what changed
Bart Meers
Largest movements
- Tangible fixed assets -€393,906
down €393,906 (-85.1%), from €463,070 to €69,164
of which Land and buildings: -€327,568
- Cash +€75,124
up €75,124 (+108%), from €69,455 to €144,579
mainly Investment in fixed assets (net) (+€355,213) and Net result for the year (+€196,172)
- Receivables within one year +€69,368
up €69,368 (+19.3%), from €359,702 to €429,071
of which Other amounts receivable: +€65,043
- Stocks and contracts -€17,255
down €17,255 (-5.4%), from €317,572 to €300,317
of which Contracts in progress: -€20,505
- Reserves -€131,893
down €131,893 (-17.6%), from €748,465 to €616,573
- Other debts -€107,906
down €107,906 (-97.0%), from €111,223 to €3,317
- Trade debts +€64,791
up €64,791 (+52.1%), from €124,471 to €189,261
- Tax, wage and social debts -€52,640
down €52,640 (-45.1%), from €116,819 to €64,179
of which Taxes: -€59,177
- Contributions -€45,586
down €45,586 (-42.6%), from €107,000 to €61,414
- Staff costs +€73,537
up €73,537 (+11.3%), from €651,237 to €724,774
- Depreciation -€32,325
down €32,325 (-45.4%), from €71,268 to €38,943
- Gross operating margin +€31,949
up €31,949 (+3.2%), from €1.0m to €1.0m
- Other operating charges +€16,977
up €16,977 (+138%), from €12,279 to €29,257
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,251,870 | €974,612 | -€277,258 | -22.1% |
| Fixed assets | 21/28 | €463,320 | €69,164 | -€394,156 | -85.1% |
| Tangible fixed assets | 22/27 | €463,070 | €69,164 | -€393,906 | -85.1% |
| Land and buildings | 22 | €327,568 | - | -€327,568 | |
| Plant, machinery and equipment | 23 | €60,004 | €17,368 | -€42,636 | -71.1% |
| Furniture and vehicles | 24 | €75,498 | €51,796 | -€23,702 | -31.4% |
| Financial fixed assets | 28 | €250 | - | -€250 | |
| Current assets | 29/58 | €788,550 | €905,448 | +€116,898 | +14.8% |
| Stocks and contracts in progress | 3 | €317,572 | €300,317 | -€17,255 | -5.4% |
| Stocks | 30/36 | €254,123 | €257,373 | +€3,250 | +1.3% |
| Contracts in progress | 37 | €63,449 | €42,944 | -€20,505 | -32.3% |
| Amounts receivable within one year | 40/41 | €359,702 | €429,071 | +€69,368 | +19.3% |
| Trade receivables | 40 | €316,511 | €320,836 | +€4,325 | +1.4% |
| Other amounts receivable | 41 | €43,191 | €108,235 | +€65,043 | +151% |
| Cash at bank and in hand | 54/58 | €69,455 | €144,579 | +€75,124 | +108% |
| Deferred charges and accrued income | 490/1 | €41,821 | €31,481 | -€10,340 | -24.7% |
| Total equity and liabilities | 10/49 | €1,251,870 | €974,612 | -€277,258 | -22.1% |
| Equity | 10/15 | €855,465 | €677,987 | -€177,478 | -20.7% |
| Contributions | 10/11 | €107,000 | €61,414 | -€45,586 | -42.6% |
| Reserves | 13 | €748,465 | €616,573 | -€131,893 | -17.6% |
| Distributable reserves | 133 | €748,465 | €616,573 | -€131,893 | -17.6% |
| Amounts payable | 17/49 | €396,405 | €296,625 | -€99,780 | -25.2% |
| Amounts payable within one year | 42/48 | €387,870 | €296,001 | -€91,869 | -23.7% |
| Trade debts | 44 | €124,471 | €189,261 | +€64,791 | +52.1% |
| Suppliers | 440/4 | €124,471 | €189,261 | +€64,791 | +52.1% |
| Advances received on contracts in progress | 46 | €35,357 | €39,243 | +€3,886 | +11.0% |
| Taxes, remuneration and social security | 45 | €116,819 | €64,179 | -€52,640 | -45.1% |
| Taxes | 450/3 | €66,087 | €6,910 | -€59,177 | -89.5% |
| Remuneration and social security | 454/9 | €50,732 | €57,269 | +€6,537 | +12.9% |
| Other amounts payable | 47/48 | €111,223 | €3,317 | -€107,906 | -97.0% |
| Accrued charges and deferred income | 492/3 | €8,535 | €624 | -€7,911 | -92.7% |
| Remuneration, social security and pensions | 62 | €651,237 | €724,774 | +€73,537 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,268 | €38,943 | -€32,325 | -45.4% |
| Other operating charges | 640/8 | €12,279 | €29,257 | +€16,977 | +138% |
| Gross operating margin | 9900 | €1,011,825 | €1,043,774 | +€31,949 | +3.2% |
| Operating profit (loss) | 9901 | €277,041 | €250,801 | -€26,240 | -9.5% |
| Financial income | 75/76B | €19,145 | €20,864 | +€1,719 | +9.0% |
| Recurring financial income | 75 | €19,145 | €20,864 | +€1,719 | +9.0% |
| Financial charges | 65/66B | €12,320 | €7,283 | -€5,036 | -40.9% |
| Recurring financial charges | 65 | €12,320 | €7,283 | -€5,036 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €283,866 | €264,381 | -€19,485 | -6.9% |
| Income taxes | 67/77 | €76,445 | €68,210 | -€8,235 | -10.8% |
| Profit (loss) for the period | 9904 | €207,421 | €196,172 | -€11,249 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €207,421 | €196,172 | -€11,249 | -5.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.