BART NEERMAN: 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 NEERMAN
Largest movements
- Tangible fixed assets -€14,191
down €14,191 (-5.3%), from €269,768 to €255,577
of which Land and buildings: -€19,125
- Cash -€7,437
down €7,437 (-9.6%), from €77,616 to €70,180
mainly Investment in fixed assets (net) (-€30,544) and Debts after one year (-€20,480)
- Receivables within one year -€7,270
down €7,270 (-25.9%), from €28,098 to €20,829
of which Trade receivables: -€5,349
- Debts after one year -€20,480
down €20,480 (-20.0%), from €102,387 to €81,907
- Other debts -€12,602
down €12,602 (-6.5%), from €193,960 to €181,358
- Trade debts -€10,899
down €10,899 (-35.4%), from €30,762 to €19,863
- Profit (loss) carried forward +€7,902
up €7,902 (+94.2%), from -€8,386 to -€484
- Contributions +€6,200
up €6,200 (+100%), from €6,200 to €12,400
- Depreciation +€4,776
up €4,776 (+11.9%), from €39,984 to €44,760
- Financial charges -€1,581
down €1,581 (-21.6%), from €7,318 to €5,737
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 | €384,823 | €355,577 | -€29,245 | -7.6% |
| Fixed assets | 21/28 | €269,978 | €255,763 | -€14,216 | -5.3% |
| Intangible fixed assets | 21 | €49 | €0 | -€49 | -100% |
| Tangible fixed assets | 22/27 | €269,768 | €255,577 | -€14,191 | -5.3% |
| Land and buildings | 22 | €158,731 | €139,605 | -€19,125 | -12.0% |
| Plant, machinery and equipment | 23 | €3,169 | €6,210 | +€3,041 | +96.0% |
| Furniture and vehicles | 24 | €6,709 | €19,763 | +€13,054 | +195% |
| Leasing and similar rights | 25 | €29,479 | €22,154 | -€7,325 | -24.8% |
| Other tangible fixed assets | 26 | €71,680 | €67,844 | -€3,836 | -5.4% |
| Financial fixed assets | 28 | €162 | €186 | +€24 | +14.7% |
| Current assets | 29/58 | €114,844 | €99,814 | -€15,030 | -13.1% |
| Stocks and contracts in progress | 3 | €658 | €500 | -€158 | -24.1% |
| Stocks | 30/36 | €658 | €500 | -€158 | -24.1% |
| Amounts receivable within one year | 40/41 | €28,098 | €20,829 | -€7,270 | -25.9% |
| Trade receivables | 40 | €18,584 | €13,235 | -€5,349 | -28.8% |
| Other amounts receivable | 41 | €9,514 | €7,594 | -€1,920 | -20.2% |
| Cash at bank and in hand | 54/58 | €77,616 | €70,180 | -€7,437 | -9.6% |
| Deferred charges and accrued income | 490/1 | €8,471 | €8,306 | -€165 | -2.0% |
| Total equity and liabilities | 10/49 | €384,823 | €355,577 | -€29,245 | -7.6% |
| Equity | 10/15 | €22,987 | €37,089 | +€14,102 | +61.3% |
| Contributions | 10/11 | €6,200 | €12,400 | +€6,200 | +100% |
| Reserves | 13 | €25,173 | €25,173 | = | 0.0% |
| Distributable reserves | 133 | €25,173 | €25,173 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,386 | -€484 | +€7,902 | +94.2% |
| Amounts payable | 17/49 | €361,835 | €318,488 | -€43,347 | -12.0% |
| Amounts payable after more than one year | 17 | €102,387 | €81,907 | -€20,480 | -20.0% |
| Financial debts | 170/4 | €102,387 | €81,907 | -€20,480 | -20.0% |
| Amounts payable within one year | 42/48 | €258,676 | €235,582 | -€23,095 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €20,911 | €24,042 | +€3,132 | +15.0% |
| Financial debts | 43 | - | €511 | +€511 | |
| Credit institutions | 430/8 | - | €511 | +€511 | |
| Trade debts | 44 | €30,762 | €19,863 | -€10,899 | -35.4% |
| Suppliers | 440/4 | €30,762 | €19,863 | -€10,899 | -35.4% |
| Advances received on contracts in progress | 46 | €12,104 | €8,120 | -€3,984 | -32.9% |
| Taxes, remuneration and social security | 45 | €940 | €1,687 | +€747 | +79.4% |
| Taxes | 450/3 | €940 | €1,687 | +€747 | +79.4% |
| Other amounts payable | 47/48 | €193,960 | €181,358 | -€12,602 | -6.5% |
| Accrued charges and deferred income | 492/3 | €772 | €1,000 | +€228 | +29.5% |
| Non-recurring operating income | 76A | - | €6,599 | +€6,599 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,984 | €44,760 | +€4,776 | +11.9% |
| Other operating charges | 640/8 | €4,521 | €4,156 | -€365 | -8.1% |
| Non-recurring operating charges | 66A | €4,148 | €0 | -€4,148 | -100% |
| Gross operating margin | 9900 | €64,057 | €64,248 | +€191 | +0.3% |
| Operating profit (loss) | 9901 | €15,403 | €15,332 | -€71 | -0.5% |
| Financial income | 75/76B | €10 | €1 | -€9 | -88.4% |
| Recurring financial income | 75 | €10 | €1 | -€9 | -88.4% |
| Financial charges | 65/66B | €7,318 | €5,737 | -€1,581 | -21.6% |
| Recurring financial charges | 65 | €7,318 | €5,737 | -€1,581 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €8,096 | €9,596 | +€1,501 | +18.5% |
| Income taxes | 67/77 | €1,124 | €1,695 | +€570 | +50.7% |
| Profit (loss) for the period | 9904 | €6,971 | €7,902 | +€930 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,971 | €7,902 | +€930 | +13.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.