BART SANDERS: 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 SANDERS
Largest movements
- Receivables within one year +€33,274
up €33,274 (+38.3%), from €86,824 to €120,098
of which Trade receivables: +€17,592
- Tangible fixed assets +€7,419
up €7,419 (+398.5%), from €1,862 to €9,281
of which Furniture and vehicles: +€7,901
- Reserves +€27,339
up €27,339 (+40.9%), from €66,860 to €94,199
of which Distributable reserves: +€27,339
- Accrued charges and deferred income -€15,691
down €15,691 (-100.0%), from €15,691 to €0
- Profit (loss) carried forward +€14,522
up €14,522, from -€14,522 to €0
- Advances received +€10,314
new in 2025: €10,314
- Tax, wage and social debts +€7,245
up €7,245 (+4031.1%), from €180 to €7,425
- Gross operating margin +€36,542
up €36,542 (+250.3%), from €14,599 to €51,141
- Taxes +€7,182
up €7,182, from -€154 to €7,029
- Financial income +€4,342
up €4,342 (+1127.6%), from €385 to €4,727
- Depreciation +€2,507
up €2,507 (+750.0%), from €334 to €2,842
- Other operating charges -€2,221
down €2,221 (-72.4%), from €3,068 to €847
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 | €89,679 | €131,369 | +€41,690 | +46.5% |
| Fixed assets | 21/28 | €1,862 | €9,281 | +€7,419 | +398.5% |
| Tangible fixed assets | 22/27 | €1,862 | €9,281 | +€7,419 | +398.5% |
| Plant, machinery and equipment | 23 | €1,862 | €1,380 | -€482 | -25.9% |
| Furniture and vehicles | 24 | - | €7,901 | +€7,901 | |
| Current assets | 29/58 | €87,817 | €122,088 | +€34,271 | +39.0% |
| Amounts receivable within one year | 40/41 | €86,824 | €120,098 | +€33,274 | +38.3% |
| Trade receivables | 40 | €8,717 | €26,309 | +€17,592 | +201.8% |
| Other amounts receivable | 41 | €78,107 | €93,789 | +€15,682 | +20.1% |
| Cash at bank and in hand | 54/58 | €993 | €1,990 | +€997 | +100.5% |
| Total equity and liabilities | 10/49 | €89,679 | €131,369 | +€41,690 | +46.5% |
| Equity | 10/15 | €70,938 | €112,799 | +€41,861 | +59.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €66,860 | €94,199 | +€27,339 | +40.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €66,860 | €94,199 | +€27,339 | +40.9% |
| Profit (loss) carried forward | 14 | -€14,522 | €0 | +€14,522 | |
| Amounts payable | 17/49 | €18,741 | €18,569 | -€171 | -0.9% |
| Amounts payable within one year | 42/48 | €3,049 | €18,569 | +€15,520 | +508.9% |
| Trade debts | 44 | €2,870 | €830 | -€2,040 | -71.1% |
| Suppliers | 440/4 | €2,870 | €830 | -€2,040 | -71.1% |
| Advances received on contracts in progress | 46 | - | €10,314 | +€10,314 | |
| Taxes, remuneration and social security | 45 | €180 | €7,425 | +€7,245 | +4031.1% |
| Taxes | 450/3 | €180 | €7,425 | +€7,245 | +4031.1% |
| Accrued charges and deferred income | 492/3 | €15,691 | €0 | -€15,691 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €334 | €2,842 | +€2,507 | +750.0% |
| Other operating charges | 640/8 | €3,068 | €847 | -€2,221 | -72.4% |
| Gross operating margin | 9900 | €14,599 | €51,141 | +€36,542 | +250.3% |
| Operating profit (loss) | 9901 | €11,196 | €47,453 | +€36,256 | +323.8% |
| Financial income | 75/76B | €385 | €4,727 | +€4,342 | +1127.6% |
| Recurring financial income | 75 | €385 | €4,727 | +€4,342 | +1127.6% |
| Financial charges | 65/66B | €3,699 | €3,289 | -€409 | -11.1% |
| Recurring financial charges | 65 | €3,699 | €3,289 | -€409 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €7,883 | €48,890 | +€41,007 | +520.2% |
| Income taxes | 67/77 | -€154 | €7,029 | +€7,182 | |
| Profit (loss) for the period | 9904 | €8,036 | €41,861 | +€33,825 | +420.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,036 | €41,861 | +€33,825 | +420.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.