Bart Neels: 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 Neels
Largest movements
- Cash +€49,793
up €49,793 (+196.3%), from €25,368 to €75,161
mainly Net result for the year (+€37,251) and Tax, wage and social debts (+€11,473)
- Receivables within one year +€4,928
up €4,928 (+89.1%), from €5,532 to €10,460
of which Trade receivables: +€8,010
- Deferred charges and accrued income -€3,155
down €3,155 (-82.3%), from €3,835 to €680
- Tangible fixed assets -€2,120
down €2,120 (-14.7%), from €14,427 to €12,307
of which Furniture and vehicles: -€3,400
- Reserves +€37,251
up €37,251 (+97.8%), from €38,108 to €75,360
- Tax, wage and social debts +€11,473
up €11,473 (+263.3%), from €4,356 to €15,829
of which Taxes: +€13,573
- Gross operating margin +€50,358
up €50,358 (+472.0%), from €10,670 to €61,028
- Taxes +€16,345
up €16,345 (+617.8%), from €2,646 to €18,991
- Other operating charges +€867
up €867 (+192.4%), from €450 to €1,317
- Depreciation +€840
up €840 (+32.6%), from €2,573 to €3,413
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 | €49,162 | €98,608 | +€49,446 | +100.6% |
| Fixed assets | 21/28 | €14,427 | €12,307 | -€2,120 | -14.7% |
| Tangible fixed assets | 22/27 | €14,427 | €12,307 | -€2,120 | -14.7% |
| Plant, machinery and equipment | 23 | - | €1,280 | +€1,280 | |
| Furniture and vehicles | 24 | €14,427 | €11,027 | -€3,400 | -23.6% |
| Current assets | 29/58 | €34,735 | €86,301 | +€51,566 | +148.5% |
| Amounts receivable within one year | 40/41 | €5,532 | €10,460 | +€4,928 | +89.1% |
| Trade receivables | 40 | €2,178 | €10,188 | +€8,010 | +367.8% |
| Other amounts receivable | 41 | €3,354 | €272 | -€3,083 | -91.9% |
| Cash at bank and in hand | 54/58 | €25,368 | €75,161 | +€49,793 | +196.3% |
| Deferred charges and accrued income | 490/1 | €3,835 | €680 | -€3,155 | -82.3% |
| Total equity and liabilities | 10/49 | €49,162 | €98,608 | +€49,446 | +100.6% |
| Equity | 10/15 | €40,608 | €77,860 | +€37,251 | +91.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €38,108 | €75,360 | +€37,251 | +97.8% |
| Distributable reserves | 133 | €38,108 | €75,360 | +€37,251 | +97.8% |
| Amounts payable | 17/49 | €8,554 | €20,748 | +€12,195 | +142.6% |
| Amounts payable within one year | 42/48 | €8,554 | €20,748 | +€12,195 | +142.6% |
| Trade debts | 44 | €442 | €1,102 | +€659 | +149.0% |
| Suppliers | 440/4 | €442 | €1,102 | +€659 | +149.0% |
| Taxes, remuneration and social security | 45 | €4,356 | €15,829 | +€11,473 | +263.3% |
| Taxes | 450/3 | €2,256 | €15,829 | +€13,573 | +601.5% |
| Remuneration and social security | 454/9 | €2,100 | €0 | -€2,100 | -100.0% |
| Other amounts payable | 47/48 | €3,755 | €3,818 | +€63 | +1.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,573 | €3,413 | +€840 | +32.6% |
| Other operating charges | 640/8 | €450 | €1,317 | +€867 | +192.4% |
| Gross operating margin | 9900 | €10,670 | €61,028 | +€50,358 | +472.0% |
| Operating profit (loss) | 9901 | €7,646 | €56,298 | +€48,652 | +636.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -75.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -75.0% |
| Financial charges | 65/66B | -€399 | €55 | +€455 | |
| Recurring financial charges | 65 | -€399 | €55 | +€455 | |
| Profit (loss) for the period before taxes | 9903 | €8,045 | €56,243 | +€48,197 | +599.1% |
| Income taxes | 67/77 | €2,646 | €18,991 | +€16,345 | +617.8% |
| Profit (loss) for the period | 9904 | €5,400 | €37,251 | +€31,852 | +589.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,400 | €37,251 | +€31,852 | +589.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.