Bart Peetermans: 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 Peetermans
Largest movements
- Cash -€30,312
down €30,312 (-13.2%), from €230,278 to €199,966
mainly Contributions, distributions and other (-€201,856) and Tax, wage and social debts (-€22,820)
- Deferred charges and accrued income +€2,756
up €2,756 (+99.6%), from €2,766 to €5,522
- Reserves -€181,768
down €181,768 (-100.0%), from €181,768 to €0
- Other debts +€179,025
up €179,025 (+4606.7%), from €3,886 to €182,911
- Tax, wage and social debts -€22,820
down €22,820 (-53.5%), from €42,630 to €19,810
- Financial charges +€46,980
up €46,980 (+2305.1%), from €2,038 to €49,018
- Gross operating margin -€20,644
down €20,644 (-21.9%), from €94,231 to €73,586
- Taxes -€13,304
down €13,304 (-69.1%), from €19,263 to €5,959
- Financial income +€1,580
up €1,580 (+146.7%), from €1,077 to €2,657
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 | €235,652 | €208,842 | -€26,809 | -11.4% |
| Fixed assets | 21/28 | €1,571 | €2,936 | +€1,365 | +86.9% |
| Tangible fixed assets | 22/27 | €1,571 | €2,936 | +€1,365 | +86.9% |
| Plant, machinery and equipment | 23 | €1,571 | €1,173 | -€398 | -25.3% |
| Furniture and vehicles | 24 | - | €1,762 | +€1,762 | |
| Current assets | 29/58 | €234,081 | €205,907 | -€28,174 | -12.0% |
| Amounts receivable within one year | 40/41 | €1,036 | €419 | -€618 | -59.6% |
| Trade receivables | 40 | €1,036 | €81 | -€956 | -92.2% |
| Other amounts receivable | 41 | €0 | €338 | +€338 | |
| Cash at bank and in hand | 54/58 | €230,278 | €199,966 | -€30,312 | -13.2% |
| Deferred charges and accrued income | 490/1 | €2,766 | €5,522 | +€2,756 | +99.6% |
| Total equity and liabilities | 10/49 | €235,652 | €208,842 | -€26,809 | -11.4% |
| Equity | 10/15 | €186,768 | €5,000 | -€181,768 | -97.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €181,768 | €0 | -€181,768 | -100.0% |
| Distributable reserves | 133 | €181,768 | €0 | -€181,768 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,883 | €203,842 | +€154,959 | +317.0% |
| Amounts payable within one year | 42/48 | €48,883 | €203,842 | +€154,959 | +317.0% |
| Trade debts | 44 | €2,367 | €1,121 | -€1,246 | -52.7% |
| Suppliers | 440/4 | €2,367 | €1,121 | -€1,246 | -52.7% |
| Taxes, remuneration and social security | 45 | €42,630 | €19,810 | -€22,820 | -53.5% |
| Taxes | 450/3 | €42,630 | €19,810 | -€22,820 | -53.5% |
| Other amounts payable | 47/48 | €3,886 | €182,911 | +€179,025 | +4606.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €398 | €779 | +€382 | +96.0% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €94,231 | €73,586 | -€20,644 | -21.9% |
| Operating profit (loss) | 9901 | €93,833 | €72,407 | -€21,426 | -22.8% |
| Financial income | 75/76B | €1,077 | €2,657 | +€1,580 | +146.7% |
| Recurring financial income | 75 | €1,077 | €2,657 | +€1,580 | +146.7% |
| Financial charges | 65/66B | €2,038 | €49,018 | +€46,980 | +2305.1% |
| Recurring financial charges | 65 | €2,038 | €49,018 | +€46,980 | +2305.1% |
| Profit (loss) for the period before taxes | 9903 | €92,872 | €26,047 | -€66,825 | -72.0% |
| Income taxes | 67/77 | €19,263 | €5,959 | -€13,304 | -69.1% |
| Profit (loss) for the period | 9904 | €73,609 | €20,087 | -€53,522 | -72.7% |
| Profit (loss) for the period to be appropriated | 9905 | €73,609 | €20,087 | -€53,522 | -72.7% |
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 1 October 2026 via checked.be.