Bart Van Gils: 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.
What changed
Bart Van Gils
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€106,526
2024 · €838,761-€732,235
Equity
€3.2m
2024 · €3.0m+€106,526
Cash
€745,835
2024 · €785,547-€39,712
Balance sheet total
€3.4m
2024 · €3.5m-€45,232
Largest movements
Assets
- Cash -€39,712
down €39,712 (-5.1%), from €785,547 to €745,835
mainly Debts after one year (-€150,000) and Receivables within one year (-€17,393)
Equity and liabilities
- Debts after one year -€150,000
down €150,000 (-42.3%), from €355,000 to €205,000
- Reserves +€106,526
up €106,526 (+4.3%), from €2.5m to €2.6m
of which Distributable reserves: +€106,526
Income statement
- Financial income -€719,624
down €719,624 (-95.8%), from €751,253 to €31,628
- Depreciation +€21,282
up €21,282 (+448%), from €4,756 to €26,037
- Financial charges -€9,164
down €9,164 (-28.5%), from €32,104 to €22,940
- Taxes -€5,027
down €5,027 (-15.8%), from €31,751 to €26,724
of which Taxes: -€4,000
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.
Result 2024
€838,761
Turnover
+€700
Other operating income
+€1,982
Services and other goods
-€533
Depreciation
-€21,282
Other operating charges
+€1,035
Other operating items
-€8,703
Financial income
-€719,624
Financial charges
+€9,164
Taxes
+€5,027
Result 2025
€106,526
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€111,982
Investment
-€1,694
Financing
-€150,000
Cash 2024
€785,547
From operations (derived)
+€111,982
Net result for the year
+€106,526
Depreciation
+€26,037
Receivables within one year
-€17,393
Deferred charges and accrued income
-€1,431
Trade debts
+€722
Tax, wage and social debts
-€17,219
Other debts
+€14,740
Investment (derived)
-€1,694
Investment in fixed assets (net)
-€1,694
Financing
-€150,000
Debts after one year
-€150,000
Cash 2025
€745,835
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,482,749 | €3,437,517 | -€45,232 | -1.3% |
| Fixed assets | 21/28 | €1,114,239 | €1,089,896 | -€24,343 | -2.2% |
| Tangible fixed assets | 22/27 | €119,181 | €94,838 | -€24,343 | -20.4% |
| Furniture and vehicles | 24 | €119,181 | €94,838 | -€24,343 | -20.4% |
| Financial fixed assets | 28 | €995,058 | €995,058 | = | 0.0% |
| Affiliated companies | 280/1 | €0 | - | = | |
| Participating interests | 280 | €0 | - | = | |
| Companies linked by participating interests | 282/3 | €995,058 | €995,058 | = | 0.0% |
| Participating interests | 282 | €995,058 | €995,058 | = | 0.0% |
| Current assets | 29/58 | €2,368,510 | €2,347,621 | -€20,889 | -0.9% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,232,865 | €1,250,258 | +€17,393 | +1.4% |
| Trade receivables | 40 | €20,389 | €22,506 | +€2,118 | +10.4% |
| Other amounts receivable | 41 | €1,212,476 | €1,227,752 | +€15,276 | +1.3% |
| Cash at bank and in hand | 54/58 | €785,547 | €745,835 | -€39,712 | -5.1% |
| Deferred charges and accrued income | 490/1 | €98 | €1,528 | +€1,431 | +1,460% |
| Total equity and liabilities | 10/49 | €3,482,749 | €3,437,517 | -€45,232 | -1.3% |
| Equity | 10/15 | €3,048,355 | €3,154,881 | +€106,526 | +3.5% |
| Contributions | 10/11 | €549,150 | €549,150 | = | 0.0% |
| Reserves | 13 | €2,499,205 | €2,605,731 | +€106,526 | +4.3% |
| Tax-exempt reserves | 132 | €2,368 | €2,368 | = | 0.0% |
| Distributable reserves | 133 | €2,496,838 | €2,603,364 | +€106,526 | +4.3% |
| Amounts payable | 17/49 | €434,393 | €282,636 | -€151,758 | -34.9% |
| Amounts payable after more than one year | 17 | €355,000 | €205,000 | -€150,000 | -42.3% |
| Other amounts payable | 178/9 | €355,000 | €205,000 | -€150,000 | -42.3% |
| Amounts payable within one year | 42/48 | €79,393 | €77,636 | -€1,758 | -2.2% |
| Trade debts | 44 | €1,271 | €1,993 | +€722 | +56.8% |
| Suppliers | 440/4 | €1,271 | €1,993 | +€722 | +56.8% |
| Taxes, remuneration and social security | 45 | €35,506 | €18,287 | -€17,219 | -48.5% |
| Taxes | 450/3 | €35,506 | €18,287 | -€17,219 | -48.5% |
| Other amounts payable | 47/48 | €42,616 | €57,355 | +€14,740 | +34.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €234,060 | €228,039 | -€6,021 | -2.6% |
| Turnover | 70 | €222,500 | €223,200 | +€700 | +0.3% |
| Other operating income | 74 | €2,857 | €4,839 | +€1,982 | +69.4% |
| Non-recurring operating income | 76A | €8,703 | €0 | -€8,703 | -100% |
| Operating charges | 60/66A | €82,697 | €103,478 | +€20,781 | +25.1% |
| Services and other goods | 61 | €76,787 | €77,320 | +€533 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,756 | €26,037 | +€21,282 | +448% |
| Other operating charges | 640/8 | €1,155 | €120 | -€1,035 | -89.6% |
| Operating profit (loss) | 9901 | €151,363 | €124,562 | -€26,801 | -17.7% |
| Financial income | 75/76B | €751,253 | €31,628 | -€719,624 | -95.8% |
| Recurring financial income | 75 | €751,253 | €31,628 | -€719,624 | -95.8% |
| Income from financial fixed assets | 750 | €748,600 | €31,554 | -€717,046 | -95.8% |
| Income from current assets | 751 | €2,653 | €0 | -€2,653 | -100% |
| Other financial income | 752/9 | €0 | €74 | +€74 | |
| Financial charges | 65/66B | €32,104 | €22,940 | -€9,164 | -28.5% |
| Recurring financial charges | 65 | €32,104 | €22,940 | -€9,164 | -28.5% |
| Debt charges | 650 | €31,821 | €22,612 | -€9,209 | -28.9% |
| Other financial charges | 652/9 | €283 | €328 | +€45 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €870,512 | €133,250 | -€737,262 | -84.7% |
| Income taxes | 67/77 | €31,751 | €26,724 | -€5,027 | -15.8% |
| Taxes | 670/3 | €36,000 | €32,000 | -€4,000 | -11.1% |
| Tax adjustments and reversals of tax provisions | 77 | €4,249 | €5,276 | +€1,027 | +24.2% |
| Profit (loss) for the period | 9904 | €838,761 | €106,526 | -€732,235 | -87.3% |
| Profit (loss) for the period to be appropriated | 9905 | €838,761 | €106,526 | -€732,235 | -87.3% |
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.