BART SEGERS: 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 SEGERS
Largest movements
- Intangible fixed assets +€201,567
up €201,567 (+193%), from €104,446 to €306,014
- Receivables within one year -€23,182
down €23,182 (-87.1%), from €26,612 to €3,430
of which Trade receivables: -€16,638
- Tangible fixed assets +€15,327
up €15,327 (+44.2%), from €34,660 to €49,987
of which Furniture and vehicles: +€16,827
- Deferred charges and accrued income -€12,690
down €12,690 (-81.0%), from €15,675 to €2,985
- Other debts +€250,199
up €250,199 (+166%), from €150,596 to €400,795
- Profit (loss) carried forward -€32,235
down €32,235 (-34.5%), from -€93,548 to -€125,784
- Tax, wage and social debts -€19,925
down €19,925 (-99.6%), from €20,000 to €75
of which Remuneration and social security: -€10,000
- Trade debts -€18,585
down €18,585 (-76.3%), from €24,374 to €5,789
- Accrued charges and deferred income +€5,385
up €5,385 (+337%), from €1,600 to €6,985
- Gross operating margin +€28,006
up €28,006 (+68.8%), from -€40,724 to -€12,717
- Depreciation +€2,240
up €2,240 (+34.2%), from €6,544 to €8,784
- Financial charges +€2,028
up €2,028 (+48.6%), from €4,173 to €6,201
- Other operating charges +€1,054
up €1,054 (+30.9%), from €3,408 to €4,463
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.
Derived cash bridge
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 | €207,032 | €391,870 | +€184,839 | +89.3% |
| Fixed assets | 21/28 | €139,107 | €356,001 | +€216,894 | +156% |
| Intangible fixed assets | 21 | €104,446 | €306,014 | +€201,567 | +193% |
| Tangible fixed assets | 22/27 | €34,660 | €49,987 | +€15,327 | +44.2% |
| Furniture and vehicles | 24 | €33,139 | €49,966 | +€16,827 | +50.8% |
| Other tangible fixed assets | 26 | €1,522 | €21 | -€1,501 | -98.6% |
| Current assets | 29/58 | €67,925 | €35,870 | -€32,055 | -47.2% |
| Stocks and contracts in progress | 3 | €2,736 | €2,736 | = | 0.0% |
| Stocks | 30/36 | €2,736 | €2,736 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,612 | €3,430 | -€23,182 | -87.1% |
| Trade receivables | 40 | €16,638 | - | -€16,638 | |
| Other amounts receivable | 41 | €9,974 | €3,430 | -€6,544 | -65.6% |
| Cash at bank and in hand | 54/58 | €22,902 | €26,719 | +€3,817 | +16.7% |
| Deferred charges and accrued income | 490/1 | €15,675 | €2,985 | -€12,690 | -81.0% |
| Total equity and liabilities | 10/49 | €207,032 | €391,870 | +€184,839 | +89.3% |
| Equity | 10/15 | €10,462 | -€21,774 | -€32,235 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €97,810 | €97,810 | = | 0.0% |
| Distributable reserves | 133 | €97,810 | €97,810 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,548 | -€125,784 | -€32,235 | -34.5% |
| Amounts payable | 17/49 | €196,570 | €413,644 | +€217,074 | +110% |
| Amounts payable within one year | 42/48 | €194,970 | €406,659 | +€211,689 | +109% |
| Trade debts | 44 | €24,374 | €5,789 | -€18,585 | -76.3% |
| Suppliers | 440/4 | €24,374 | €5,789 | -€18,585 | -76.3% |
| Taxes, remuneration and social security | 45 | €20,000 | €75 | -€19,925 | -99.6% |
| Taxes | 450/3 | €10,000 | €75 | -€9,925 | -99.2% |
| Remuneration and social security | 454/9 | €10,000 | - | -€10,000 | |
| Other amounts payable | 47/48 | €150,596 | €400,795 | +€250,199 | +166% |
| Accrued charges and deferred income | 492/3 | €1,600 | €6,985 | +€5,385 | +337% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,544 | €8,784 | +€2,240 | +34.2% |
| Other operating charges | 640/8 | €3,408 | €4,463 | +€1,054 | +30.9% |
| Gross operating margin | 9900 | -€40,724 | -€12,717 | +€28,006 | +68.8% |
| Operating profit (loss) | 9901 | -€50,675 | -€25,964 | +€24,712 | +48.8% |
| Financial charges | 65/66B | €4,173 | €6,201 | +€2,028 | +48.6% |
| Recurring financial charges | 65 | €4,173 | €6,201 | +€2,028 | +48.6% |
| Profit (loss) for the period before taxes | 9903 | -€54,849 | -€32,165 | +€22,684 | +41.4% |
| Income taxes | 67/77 | - | €70 | +€70 | |
| Profit (loss) for the period | 9904 | -€54,849 | -€32,235 | +€22,613 | +41.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,849 | -€32,235 | +€22,613 | +41.2% |
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 15 October 2026 via checked.be.