BART ROTSAERT: 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 ROTSAERT
Largest movements
- Deferred charges and accrued income +€95,089
up €95,089 (+864.3%), from €11,002 to €106,091
- Receivables within one year -€62,507
down €62,507 (-27.5%), from €226,969 to €164,462
of which Trade receivables: -€72,190
- Stocks and contracts -€37,666
down €37,666 (-13.8%), from €272,930 to €235,264
- Tangible fixed assets -€34,897
down €34,897 (-3.8%), from €913,869 to €878,972
of which Land and buildings: -€38,184
- Cash +€18,247
up €18,247 (+1008.3%), from €1,810 to €20,057
mainly Depreciation (+€135,367) and Receivables within one year (+€62,507)
- Profit (loss) carried forward -€59,437
down €59,437 (-100.0%), from €59,437 to €0
- Current portion of long-term debt +€42,788
up €42,788 (+54.1%), from €79,034 to €121,821
- Debts after one year -€31,195
down €31,195 (-9.1%), from €342,425 to €311,229
- Trade debts +€20,543
up €20,543 (+8.2%), from €250,919 to €271,462
- Other debts +€17,460
up €17,460 (+133.0%), from €13,125 to €30,586
- Turnover -€730,379
no longer reported in 2025 (was €730,379)
- Purchases and services -€370,052
no longer reported in 2025 (was €370,052)
- Gross operating margin -€54,925
down €54,925 (-15.2%), from €360,327 to €305,402
- Write-downs +€49,126
new in 2025: €49,126
- Staff costs +€17,041
up €17,041 (+14.6%), from €116,597 to €133,637
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 | €1,426,714 | €1,404,982 | -€21,733 | -1.5% |
| Fixed assets | 21/28 | €914,004 | €879,107 | -€34,897 | -3.8% |
| Tangible fixed assets | 22/27 | €913,869 | €878,972 | -€34,897 | -3.8% |
| Land and buildings | 22 | €745,305 | €707,121 | -€38,184 | -5.1% |
| Plant, machinery and equipment | 23 | €6,220 | €19,895 | +€13,675 | +219.9% |
| Furniture and vehicles | 24 | €162,344 | €151,957 | -€10,387 | -6.4% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €512,711 | €525,875 | +€13,164 | +2.6% |
| Stocks and contracts in progress | 3 | €272,930 | €235,264 | -€37,666 | -13.8% |
| Stocks | 30/36 | €272,930 | €235,264 | -€37,666 | -13.8% |
| Amounts receivable within one year | 40/41 | €226,969 | €164,462 | -€62,507 | -27.5% |
| Trade receivables | 40 | €226,859 | €154,669 | -€72,190 | -31.8% |
| Other amounts receivable | 41 | €110 | €9,793 | +€9,683 | +8818.3% |
| Cash at bank and in hand | 54/58 | €1,810 | €20,057 | +€18,247 | +1008.3% |
| Deferred charges and accrued income | 490/1 | €11,002 | €106,091 | +€95,089 | +864.3% |
| Total equity and liabilities | 10/49 | €1,426,714 | €1,404,982 | -€21,733 | -1.5% |
| Equity | 10/15 | €291,385 | €220,974 | -€70,410 | -24.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €156,947 | €145,974 | -€10,973 | -7.0% |
| Non-distributable reserves | 130/1 | €1,966 | €0 | -€1,966 | -100.0% |
| Reserves not available under the articles | 1311 | €1,966 | €0 | -€1,966 | -100.0% |
| Distributable reserves | 133 | €154,981 | €145,974 | -€9,007 | -5.8% |
| Profit (loss) carried forward | 14 | €59,437 | €0 | -€59,437 | -100.0% |
| Amounts payable | 17/49 | €1,135,330 | €1,184,007 | +€48,678 | +4.3% |
| Amounts payable after more than one year | 17 | €342,425 | €311,229 | -€31,195 | -9.1% |
| Financial debts | 170/4 | €342,425 | €311,229 | -€31,195 | -9.1% |
| Amounts payable within one year | 42/48 | €792,905 | €871,705 | +€78,799 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €79,034 | €121,821 | +€42,788 | +54.1% |
| Financial debts | 43 | €336,687 | €330,000 | -€6,687 | -2.0% |
| Credit institutions | 430/8 | €336,687 | €330,000 | -€6,687 | -2.0% |
| Trade debts | 44 | €250,919 | €271,462 | +€20,543 | +8.2% |
| Suppliers | 440/4 | €250,919 | €271,462 | +€20,543 | +8.2% |
| Advances received on contracts in progress | 46 | - | €9,410 | +€9,410 | |
| Taxes, remuneration and social security | 45 | €113,140 | €108,425 | -€4,715 | -4.2% |
| Taxes | 450/3 | €72,515 | €46,659 | -€25,856 | -35.7% |
| Remuneration and social security | 454/9 | €40,625 | €61,766 | +€21,141 | +52.0% |
| Other amounts payable | 47/48 | €13,125 | €30,586 | +€17,460 | +133.0% |
| Accrued charges and deferred income | 492/3 | - | €1,073 | +€1,073 | |
| Turnover | 70 | €730,379 | - | -€730,379 | |
| Goods, raw materials, services and sundry goods | 60/61 | €370,052 | - | -€370,052 | |
| Remuneration, social security and pensions | 62 | €116,597 | €133,637 | +€17,041 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,614 | €135,367 | +€3,753 | +2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €49,126 | +€49,126 | |
| Other operating charges | 640/8 | €34,875 | €20,741 | -€14,134 | -40.5% |
| Gross operating margin | 9900 | €360,327 | €305,402 | -€54,925 | -15.2% |
| Operating profit (loss) | 9901 | €77,242 | -€33,469 | -€110,711 | |
| Financial income | 75/76B | €288 | €313 | +€25 | +8.8% |
| Recurring financial income | 75 | €288 | €313 | +€25 | +8.8% |
| Financial charges | 65/66B | €33,730 | €32,059 | -€1,671 | -5.0% |
| Recurring financial charges | 65 | €33,730 | €32,059 | -€1,671 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €43,799 | -€65,215 | -€109,014 | |
| Income taxes | 67/77 | €13,589 | €5,195 | -€8,393 | -61.8% |
| Profit (loss) for the period | 9904 | €30,211 | -€70,410 | -€100,621 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,211 | -€70,410 | -€100,621 |
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 7 October 2026 via checked.be.