BART STAELENS: 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 STAELENS
Largest movements
- Current investments +€127,458
up €127,458 (+20.3%), from €628,673 to €756,131
- Cash -€34,885
down €34,885 (-41.6%), from €83,826 to €48,941
mainly Contributions, distributions and other (-€173,461) and Current investments (-€127,458)
- Receivables within one year -€12,959
down €12,959 (-36.0%), from €36,020 to €23,061
of which Other amounts receivable: -€13,650
- Tangible fixed assets -€11,155
down €11,155 (-15.0%), from €74,578 to €63,424
of which Land and buildings: -€9,360
- Other debts +€51,099
up €51,099, from €0 to €51,099
- Short-term financial debts +€31,436
up €31,436, from €0 to €31,436
- Reserves -€9,856
down €9,856 (-1.3%), from €781,620 to €771,765
of which Distributable reserves: -€9,856
- Financial income +€21,012
up €21,012 (+457%), from €4,596 to €25,608
- Gross operating margin -€14,655
down €14,655 (-5.8%), from €251,425 to €236,771
- Financial charges +€3,450
up €3,450 (+848%), from €407 to €3,858
- Taxes +€3,047
up €3,047 (+4.0%), from €76,604 to €79,651
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 | €823,705 | €892,011 | +€68,306 | +8.3% |
| Fixed assets | 21/28 | €74,578 | €63,424 | -€11,155 | -15.0% |
| Tangible fixed assets | 22/27 | €74,578 | €63,424 | -€11,155 | -15.0% |
| Land and buildings | 22 | €65,532 | €56,172 | -€9,360 | -14.3% |
| Furniture and vehicles | 24 | €9,046 | €7,252 | -€1,794 | -19.8% |
| Current assets | 29/58 | €749,127 | €828,587 | +€79,460 | +10.6% |
| Amounts receivable within one year | 40/41 | €36,020 | €23,061 | -€12,959 | -36.0% |
| Trade receivables | 40 | €21,470 | €22,161 | +€691 | +3.2% |
| Other amounts receivable | 41 | €14,550 | €900 | -€13,650 | -93.8% |
| Current investments | 50/53 | €628,673 | €756,131 | +€127,458 | +20.3% |
| Cash at bank and in hand | 54/58 | €83,826 | €48,941 | -€34,885 | -41.6% |
| Deferred charges and accrued income | 490/1 | €609 | €454 | -€154 | -25.3% |
| Total equity and liabilities | 10/49 | €823,705 | €892,011 | +€68,306 | +8.3% |
| Equity | 10/15 | €800,220 | €790,365 | -€9,856 | -1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €781,620 | €771,765 | -€9,856 | -1.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €779,760 | €769,905 | -€9,856 | -1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,485 | €101,647 | +€78,161 | +333% |
| Amounts payable within one year | 42/48 | €23,485 | €101,647 | +€78,161 | +333% |
| Financial debts | 43 | €0 | €31,436 | +€31,436 | |
| Credit institutions | 430/8 | €0 | €31,436 | +€31,436 | |
| Trade debts | 44 | €6,285 | €618 | -€5,667 | -90.2% |
| Suppliers | 440/4 | €6,285 | €618 | -€5,667 | -90.2% |
| Taxes, remuneration and social security | 45 | €17,201 | €18,494 | +€1,293 | +7.5% |
| Taxes | 450/3 | €17,201 | €18,494 | +€1,293 | +7.5% |
| Other amounts payable | 47/48 | €0 | €51,099 | +€51,099 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,680 | €12,170 | +€490 | +4.2% |
| Other operating charges | 640/8 | €3,387 | €3,095 | -€292 | -8.6% |
| Gross operating margin | 9900 | €251,425 | €236,771 | -€14,655 | -5.8% |
| Operating profit (loss) | 9901 | €236,359 | €221,506 | -€14,853 | -6.3% |
| Financial income | 75/76B | €4,596 | €25,608 | +€21,012 | +457% |
| Recurring financial income | 75 | €4,596 | €25,608 | +€21,012 | +457% |
| Financial charges | 65/66B | €407 | €3,858 | +€3,450 | +848% |
| Recurring financial charges | 65 | €407 | €3,858 | +€3,450 | +848% |
| Profit (loss) for the period before taxes | 9903 | €240,548 | €243,256 | +€2,709 | +1.1% |
| Income taxes | 67/77 | €76,604 | €79,651 | +€3,047 | +4.0% |
| Profit (loss) for the period | 9904 | €163,943 | €163,605 | -€338 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €163,943 | €163,605 | -€338 | -0.2% |
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 16 October 2026 via checked.be.