Bart Van den Bussche: 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 Van den Bussche
Largest movements
- Cash -€40,923
down €40,923 (-31.5%), from €129,952 to €89,029
mainly Contributions, distributions and other (-€109,201) and Other debts (-€21,036)
- Receivables within one year +€2,479
up €2,479 (+14.5%), from €17,049 to €19,529
of which Trade receivables: +€15,839
- Tangible fixed assets -€2,329
down €2,329 (-18.4%), from €12,637 to €10,308
of which Plant, machinery and equipment: -€1,440
- Other debts -€21,036
down €21,036 (-21.0%), from €100,000 to €78,964
- Tax, wage and social debts -€19,433
down €19,433 (-36.5%), from €53,172 to €33,739
of which Taxes: -€19,431
- Gross operating margin +€55,562
up €55,562 (+58.2%), from €95,523 to €151,085
- Taxes +€14,040
up €14,040 (+71.6%), from €19,604 to €33,644
- Financial charges +€1,936
up €1,936 (+57.6%), from €3,358 to €5,294
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 | €162,226 | €122,722 | -€39,505 | -24.4% |
| Fixed assets | 21/28 | €12,637 | €10,308 | -€2,329 | -18.4% |
| Tangible fixed assets | 22/27 | €12,637 | €10,308 | -€2,329 | -18.4% |
| Plant, machinery and equipment | 23 | €11,748 | €10,308 | -€1,440 | -12.3% |
| Furniture and vehicles | 24 | €889 | €0 | -€889 | -100% |
| Current assets | 29/58 | €149,590 | €112,414 | -€37,176 | -24.9% |
| Amounts receivable within one year | 40/41 | €17,049 | €19,529 | +€2,479 | +14.5% |
| Trade receivables | 40 | €1,934 | €17,773 | +€15,839 | +819% |
| Other amounts receivable | 41 | €15,116 | €1,755 | -€13,360 | -88.4% |
| Cash at bank and in hand | 54/58 | €129,952 | €89,029 | -€40,923 | -31.5% |
| Deferred charges and accrued income | 490/1 | €2,589 | €3,856 | +€1,268 | +49.0% |
| Total equity and liabilities | 10/49 | €162,226 | €122,722 | -€39,505 | -24.4% |
| Equity | 10/15 | €7,927 | €7,500 | -€427 | -5.4% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €427 | €0 | -€427 | -100% |
| Distributable reserves | 133 | €427 | €0 | -€427 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €154,299 | €115,222 | -€39,077 | -25.3% |
| Amounts payable within one year | 42/48 | €154,299 | €115,222 | -€39,077 | -25.3% |
| Financial debts | 43 | - | €817 | +€817 | |
| Credit institutions | 430/8 | - | €817 | +€817 | |
| Trade debts | 44 | €1,127 | €1,702 | +€576 | +51.1% |
| Suppliers | 440/4 | €1,127 | €1,702 | +€576 | +51.1% |
| Taxes, remuneration and social security | 45 | €53,172 | €33,739 | -€19,433 | -36.5% |
| Taxes | 450/3 | €53,170 | €33,739 | -€19,431 | -36.5% |
| Remuneration and social security | 454/9 | €2 | €0 | -€2 | -100% |
| Other amounts payable | 47/48 | €100,000 | €78,964 | -€21,036 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,473 | €2,329 | -€144 | -5.8% |
| Other operating charges | 640/8 | €670 | €1,074 | +€404 | +60.2% |
| Gross operating margin | 9900 | €95,523 | €151,085 | +€55,562 | +58.2% |
| Operating profit (loss) | 9901 | €92,380 | €147,682 | +€55,303 | +59.9% |
| Financial income | 75/76B | €384 | €29 | -€356 | -92.6% |
| Recurring financial income | 75 | €384 | €29 | -€356 | -92.6% |
| Financial charges | 65/66B | €3,358 | €5,294 | +€1,936 | +57.6% |
| Recurring financial charges | 65 | €3,358 | €5,294 | +€1,936 | +57.6% |
| Profit (loss) for the period before taxes | 9903 | €89,406 | €142,417 | +€53,011 | +59.3% |
| Income taxes | 67/77 | €19,604 | €33,644 | +€14,040 | +71.6% |
| Profit (loss) for the period | 9904 | €69,802 | €108,773 | +€38,971 | +55.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,802 | €108,773 | +€38,971 | +55.8% |
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 14 October 2026 via checked.be.