BART TILMANS: 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 TILMANS
Largest movements
- Cash +€24,821
up €24,821 (+217%), from €11,423 to €36,244
mainly Net result for the year (+€65,157) and Receivables after one year (+€17,648)
- Receivables after one year -€17,648
down €17,648 (-9.6%), from €182,950 to €165,302
- Tangible fixed assets -€13,982
down €13,982 (-1.8%), from €774,007 to €760,024
- Reserves +€20,235
up €20,235 (+8.5%), from €238,648 to €258,883
- Current portion of long-term debt -€18,500
down €18,500 (-59.7%), from €31,001 to €12,500
- Debts after one year -€12,500
down €12,500 (-3.2%), from €389,500 to €377,000
of which Financial debts: -€12,500
- Gross operating margin +€45,375
up €45,375 (+56.2%), from €80,715 to €126,091
- Taxes +€12,246
up €12,246 (+73.4%), from €16,694 to €28,940
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 | €974,570 | €964,856 | -€9,714 | -1.0% |
| Fixed assets | 21/28 | €774,007 | €760,024 | -€13,982 | -1.8% |
| Tangible fixed assets | 22/27 | €774,007 | €760,024 | -€13,982 | -1.8% |
| Land and buildings | 22 | €774,007 | €760,024 | -€13,982 | -1.8% |
| Current assets | 29/58 | €200,564 | €204,832 | +€4,268 | +2.1% |
| Amounts receivable after more than one year | 29 | €182,950 | €165,302 | -€17,648 | -9.6% |
| Other amounts receivable | 291 | €182,950 | €165,302 | -€17,648 | -9.6% |
| Amounts receivable within one year | 40/41 | €1,980 | €0 | -€1,980 | -100% |
| Other amounts receivable | 41 | €1,980 | €0 | -€1,980 | -100% |
| Cash at bank and in hand | 54/58 | €11,423 | €36,244 | +€24,821 | +217% |
| Deferred charges and accrued income | 490/1 | €4,210 | €3,286 | -€925 | -22.0% |
| Total equity and liabilities | 10/49 | €974,570 | €964,856 | -€9,714 | -1.0% |
| Equity | 10/15 | €244,848 | €265,083 | +€20,235 | +8.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €238,648 | €258,883 | +€20,235 | +8.5% |
| Distributable reserves | 133 | €238,648 | €258,883 | +€20,235 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €729,722 | €699,773 | -€29,949 | -4.1% |
| Amounts payable after more than one year | 17 | €389,500 | €377,000 | -€12,500 | -3.2% |
| Financial debts | 170/4 | €12,500 | €0 | -€12,500 | -100% |
| Other amounts payable | 178/9 | €377,000 | €377,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €340,222 | €322,773 | -€17,449 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €31,001 | €12,500 | -€18,500 | -59.7% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €4,826 | €3,259 | -€1,567 | -32.5% |
| Suppliers | 440/4 | €4,826 | €3,259 | -€1,567 | -32.5% |
| Taxes, remuneration and social security | 45 | €24,895 | €27,513 | +€2,619 | +10.5% |
| Taxes | 450/3 | €24,895 | €26,447 | +€1,553 | +6.2% |
| Remuneration and social security | 454/9 | - | €1,066 | +€1,066 | |
| Other amounts payable | 47/48 | €29,500 | €29,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,982 | €13,982 | = | 0.0% |
| Other operating charges | 640/8 | €3,984 | €5,016 | +€1,031 | +25.9% |
| Gross operating margin | 9900 | €80,715 | €126,091 | +€45,375 | +56.2% |
| Operating profit (loss) | 9901 | €62,749 | €107,093 | +€44,344 | +70.7% |
| Financial income | 75/76B | €6,190 | €5,028 | -€1,161 | -18.8% |
| Recurring financial income | 75 | €6,190 | €5,028 | -€1,161 | -18.8% |
| Financial charges | 65/66B | €19,149 | €18,025 | -€1,124 | -5.9% |
| Recurring financial charges | 65 | €19,149 | €18,025 | -€1,124 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €49,789 | €94,097 | +€44,307 | +89.0% |
| Income taxes | 67/77 | €16,694 | €28,940 | +€12,246 | +73.4% |
| Profit (loss) for the period | 9904 | €33,096 | €65,157 | +€32,061 | +96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,096 | €65,157 | +€32,061 | +96.9% |
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 25 October 2026 via checked.be.