Bart Praet: 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 Praet
Largest movements
- Receivables within one year -€164,026
down €164,026 (-62.2%), from €263,690 to €99,664
of which Trade receivables: -€161,827
- Tangible fixed assets -€64,403
down €64,403 (-3.6%), from €1.8m to €1.7m
- Debts after one year -€108,400
down €108,400 (-7.4%), from €1.5m to €1.4m
- Tax, wage and social debts -€55,994
down €55,994 (-77.2%), from €72,500 to €16,506
of which Taxes: -€60,990
- Other debts -€49,596
down €49,596 (-16.4%), from €302,770 to €253,174
- Gross operating margin -€494,231
down €494,231 (-69.0%), from €716,564 to €222,333
- Depreciation -€109,538
down €109,538 (-57.8%), from €189,480 to €79,942
- Other operating charges -€71,074
down €71,074 (-91.8%), from €77,418 to €6,344
- Financial charges +€65,550
up €65,550 (+7870.8%), from €833 to €66,383
- Taxes -€59,750
down €59,750 (-96.2%), from €62,100 to €2,350
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 | €2,214,832 | €1,987,158 | -€227,674 | -10.3% |
| Fixed assets | 21/28 | €1,802,180 | €1,737,537 | -€64,643 | -3.6% |
| Intangible fixed assets | 21 | €867 | €627 | -€240 | -27.7% |
| Tangible fixed assets | 22/27 | €1,801,313 | €1,736,911 | -€64,403 | -3.6% |
| Land and buildings | 22 | €1,549,533 | €1,519,755 | -€29,778 | -1.9% |
| Plant, machinery and equipment | 23 | €124,109 | €110,363 | -€13,745 | -11.1% |
| Furniture and vehicles | 24 | €127,671 | €106,792 | -€20,879 | -16.4% |
| Current assets | 29/58 | €412,652 | €249,621 | -€163,031 | -39.5% |
| Amounts receivable within one year | 40/41 | €263,690 | €99,664 | -€164,026 | -62.2% |
| Trade receivables | 40 | €261,491 | €99,664 | -€161,827 | -61.9% |
| Other amounts receivable | 41 | €2,200 | - | -€2,200 | |
| Cash at bank and in hand | 54/58 | €144,001 | €136,997 | -€7,004 | -4.9% |
| Deferred charges and accrued income | 490/1 | €4,960 | €12,959 | +€7,999 | +161.3% |
| Total equity and liabilities | 10/49 | €2,214,832 | €1,987,158 | -€227,674 | -10.3% |
| Equity | 10/15 | €242,963 | €243,610 | +€647 | +0.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €237,963 | €238,610 | +€647 | +0.3% |
| Amounts payable | 17/49 | €1,971,868 | €1,743,548 | -€228,321 | -11.6% |
| Amounts payable after more than one year | 17 | €1,459,600 | €1,351,200 | -€108,400 | -7.4% |
| Financial debts | 170/4 | €1,459,600 | €1,351,200 | -€108,400 | -7.4% |
| Amounts payable within one year | 42/48 | €505,943 | €391,911 | -€114,032 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €108,400 | €108,400 | = | 0.0% |
| Trade debts | 44 | €22,273 | €13,832 | -€8,441 | -37.9% |
| Suppliers | 440/4 | €22,273 | €13,832 | -€8,441 | -37.9% |
| Taxes, remuneration and social security | 45 | €72,500 | €16,506 | -€55,994 | -77.2% |
| Taxes | 450/3 | €69,085 | €8,096 | -€60,990 | -88.3% |
| Remuneration and social security | 454/9 | €3,415 | €8,410 | +€4,995 | +146.3% |
| Other amounts payable | 47/48 | €302,770 | €253,174 | -€49,596 | -16.4% |
| Accrued charges and deferred income | 492/3 | €6,325 | €436 | -€5,889 | -93.1% |
| Remuneration, social security and pensions | 62 | €106,950 | €66,720 | -€40,230 | -37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,480 | €79,942 | -€109,538 | -57.8% |
| Other operating charges | 640/8 | €77,418 | €6,344 | -€71,074 | -91.8% |
| Gross operating margin | 9900 | €716,564 | €222,333 | -€494,231 | -69.0% |
| Operating profit (loss) | 9901 | €342,717 | €69,327 | -€273,389 | -79.8% |
| Financial income | 75/76B | €179 | €53 | -€127 | -70.6% |
| Recurring financial income | 75 | €179 | €53 | -€127 | -70.6% |
| Financial charges | 65/66B | €833 | €66,383 | +€65,550 | +7870.8% |
| Recurring financial charges | 65 | €833 | €66,383 | +€65,550 | +7870.8% |
| Profit (loss) for the period before taxes | 9903 | €342,063 | €2,997 | -€339,066 | -99.1% |
| Income taxes | 67/77 | €62,100 | €2,350 | -€59,750 | -96.2% |
| Profit (loss) for the period | 9904 | €279,963 | €647 | -€279,316 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €279,963 | €647 | -€279,316 | -99.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.