Bart Reumers: 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 Reumers
Largest movements
- Receivables within one year -€157,550
down €157,550 (-60.1%), from €262,036 to €104,485
of which Trade receivables: -€131,262
- Cash +€92,291
up €92,291 (+95.9%), from €96,278 to €188,570
mainly Receivables within one year (+€157,550) and Depreciation (+€106,703)
- Tangible fixed assets +€28,402
up €28,402 (+18.4%), from €154,575 to €182,977
of which Plant, machinery and equipment: +€24,912
- Stocks and contracts -€7,250
down €7,250 (-8.1%), from €89,800 to €82,550
- Reserves -€110,388
down €110,388 (-32.8%), from €336,836 to €226,449
- Other debts +€97,938
up €97,938 (+113.8%), from €86,050 to €183,988
- Trade debts -€55,832
down €55,832 (-58.8%), from €94,892 to €39,061
- Debts after one year +€16,282
up €16,282 (+59.7%), from €27,260 to €43,542
- Gross operating margin -€4,568
down €4,568 (-3.6%), from €128,462 to €123,894
- Depreciation -€4,109
down €4,109 (-3.7%), from €110,813 to €106,703
- Staff costs -€1,583
down €1,583 (-12.0%), from €13,173 to €11,590
- Financial charges +€1,563
up €1,563 (+108.0%), from €1,447 to €3,010
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 | €617,586 | €574,461 | -€43,125 | -7.0% |
| Fixed assets | 21/28 | €155,396 | €183,122 | +€27,726 | +17.8% |
| Intangible fixed assets | 21 | €821 | €145 | -€676 | -82.3% |
| Tangible fixed assets | 22/27 | €154,575 | €182,977 | +€28,402 | +18.4% |
| Land and buildings | 22 | €19,349 | €16,952 | -€2,396 | -12.4% |
| Plant, machinery and equipment | 23 | €16,189 | €41,101 | +€24,912 | +153.9% |
| Furniture and vehicles | 24 | €49,898 | €56,648 | +€6,750 | +13.5% |
| Leasing and similar rights | 25 | €69,139 | €68,276 | -€864 | -1.2% |
| Current assets | 29/58 | €462,190 | €391,339 | -€70,851 | -15.3% |
| Stocks and contracts in progress | 3 | €89,800 | €82,550 | -€7,250 | -8.1% |
| Stocks | 30/36 | €89,800 | €82,550 | -€7,250 | -8.1% |
| Amounts receivable within one year | 40/41 | €262,036 | €104,485 | -€157,550 | -60.1% |
| Trade receivables | 40 | €152,679 | €21,417 | -€131,262 | -86.0% |
| Other amounts receivable | 41 | €109,356 | €83,068 | -€26,289 | -24.0% |
| Cash at bank and in hand | 54/58 | €96,278 | €188,570 | +€92,291 | +95.9% |
| Deferred charges and accrued income | 490/1 | €14,076 | €15,734 | +€1,658 | +11.8% |
| Total equity and liabilities | 10/49 | €617,586 | €574,461 | -€43,125 | -7.0% |
| Equity | 10/15 | €355,436 | €245,049 | -€110,388 | -31.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €336,836 | €226,449 | -€110,388 | -32.8% |
| Distributable reserves | 133 | €336,836 | €226,449 | -€110,388 | -32.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €262,150 | €329,412 | +€67,263 | +25.7% |
| Amounts payable after more than one year | 17 | €27,260 | €43,542 | +€16,282 | +59.7% |
| Financial debts | 170/4 | €27,260 | €43,542 | +€16,282 | +59.7% |
| Amounts payable within one year | 42/48 | €234,889 | €285,870 | +€50,981 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €51,665 | €57,054 | +€5,389 | +10.4% |
| Financial debts | 43 | - | €5,046 | +€5,046 | |
| Credit institutions | 430/8 | - | €5,046 | +€5,046 | |
| Trade debts | 44 | €94,892 | €39,061 | -€55,832 | -58.8% |
| Suppliers | 440/4 | €94,892 | €39,061 | -€55,832 | -58.8% |
| Taxes, remuneration and social security | 45 | €2,282 | €721 | -€1,561 | -68.4% |
| Taxes | 450/3 | €1,496 | €721 | -€775 | -51.8% |
| Remuneration and social security | 454/9 | €786 | €0 | -€786 | -100.0% |
| Other amounts payable | 47/48 | €86,050 | €183,988 | +€97,938 | +113.8% |
| Non-recurring operating income | 76A | - | €7,093 | +€7,093 | |
| Remuneration, social security and pensions | 62 | €13,173 | €11,590 | -€1,583 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,813 | €106,703 | -€4,109 | -3.7% |
| Other operating charges | 640/8 | €1,617 | €927 | -€690 | -42.7% |
| Gross operating margin | 9900 | €128,462 | €123,894 | -€4,568 | -3.6% |
| Operating profit (loss) | 9901 | €2,859 | €4,674 | +€1,814 | +63.4% |
| Financial income | 75/76B | €83 | €402 | +€319 | +382.1% |
| Recurring financial income | 75 | €83 | €402 | +€319 | +382.1% |
| Financial charges | 65/66B | €1,447 | €3,010 | +€1,563 | +108.0% |
| Recurring financial charges | 65 | €1,447 | €3,010 | +€1,563 | +108.0% |
| Profit (loss) for the period before taxes | 9903 | €1,496 | €2,066 | +€570 | +38.1% |
| Income taxes | 67/77 | €1,353 | €664 | -€689 | -50.9% |
| Profit (loss) for the period | 9904 | €143 | €1,402 | +€1,259 | +878.9% |
| Profit (loss) for the period to be appropriated | 9905 | €143 | €1,402 | +€1,259 | +878.9% |
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 4 October 2026 via checked.be.