BART VAN HECKE: what changed
Two fiscal 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 HECKE
Largest movements
- Cash -€265,382
down €265,382 (-30.3%), from €874,517 to €609,134
mainly Investment in fixed assets (net) (-€232,847) and Receivables after one year (-€168,033)
- Receivables after one year +€168,033
new in 2025: €168,033
- Tangible fixed assets +€151,494
up €151,494 (+25.7%), from €589,840 to €741,334
of which Other tangible fixed assets: +€222,772
- Receivables within one year +€105,272
up €105,272 (+34.1%), from €308,400 to €413,672
of which Trade receivables: +€84,900
- Reserves +€263,178
up €263,178 (+19.8%), from €1.3m to €1.6m
of which Distributable reserves: +€263,178
- Trade debts -€87,852
down €87,852 (-29.1%), from €301,563 to €213,712
- Debts after one year -€25,187
down €25,187 (-20.6%), from €122,038 to €96,851
- Gross operating margin +€100,282
up €100,282 (+19.0%), from €529,158 to €629,441
- Other operating charges +€66,192
up €66,192 (+1133.4%), from €5,840 to €72,032
- Taxes +€8,522
up €8,522 (+6.5%), from €130,196 to €138,718
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.
Cash bridge derived
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 | €1,842,010 | €2,004,897 | +€162,887 | +8.8% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €589,840 | €741,334 | +€151,494 | +25.7% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €589,840 | €741,334 | +€151,494 | +25.7% |
| Land and buildings | 22 | €372,328 | €348,899 | -€23,429 | -6.3% |
| Plant, machinery and equipment | 23 | €10,748 | €16,383 | +€5,635 | +52.4% |
| Furniture and vehicles | 24 | €206,764 | €153,280 | -€53,485 | -25.9% |
| Other tangible fixed assets | 26 | - | €222,772 | +€222,772 | |
| Current assets | 29/58 | €1,252,170 | €1,263,563 | +€11,393 | +0.9% |
| Amounts receivable after more than one year | 29 | - | €168,033 | +€168,033 | |
| Other amounts receivable | 291 | - | €168,033 | +€168,033 | |
| Stocks and contracts in progress | 3 | €63,346 | €66,362 | +€3,016 | +4.8% |
| Stocks | 30/36 | €63,346 | €66,362 | +€3,016 | +4.8% |
| Amounts receivable within one year | 40/41 | €308,400 | €413,672 | +€105,272 | +34.1% |
| Trade receivables | 40 | €306,820 | €391,720 | +€84,900 | +27.7% |
| Other amounts receivable | 41 | €1,580 | €21,952 | +€20,372 | +1289.4% |
| Cash at bank and in hand | 54/58 | €874,517 | €609,134 | -€265,382 | -30.3% |
| Deferred charges and accrued income | 490/1 | €5,907 | €6,361 | +€455 | +7.7% |
| Total equity and liabilities | 10/49 | €1,842,010 | €2,004,897 | +€162,887 | +8.8% |
| Equity | 10/15 | €1,347,380 | €1,610,558 | +€263,178 | +19.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,328,793 | €1,591,970 | +€263,178 | +19.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,332 | €24,332 | = | 0.0% |
| Distributable reserves | 133 | €1,302,602 | €1,565,779 | +€263,178 | +20.2% |
| Profit (loss) carried forward | 14 | -€4 | -€4 | = | 0.0% |
| Amounts payable | 17/49 | €494,630 | €394,339 | -€100,291 | -20.3% |
| Amounts payable after more than one year | 17 | €122,038 | €96,851 | -€25,187 | -20.6% |
| Financial debts | 170/4 | €122,038 | €96,851 | -€25,187 | -20.6% |
| Amounts payable within one year | 42/48 | €372,592 | €297,488 | -€75,104 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €24,923 | €25,187 | +€264 | +1.1% |
| Trade debts | 44 | €301,563 | €213,712 | -€87,852 | -29.1% |
| Suppliers | 440/4 | €301,563 | €213,712 | -€87,852 | -29.1% |
| Taxes, remuneration and social security | 45 | €43,576 | €58,519 | +€14,944 | +34.3% |
| Taxes | 450/3 | €40,806 | €55,229 | +€14,423 | +35.3% |
| Remuneration and social security | 454/9 | €2,769 | €3,290 | +€521 | +18.8% |
| Other amounts payable | 47/48 | €2,530 | €70 | -€2,460 | -97.2% |
| Remuneration, social security and pensions | 62 | €20,387 | €23,899 | +€3,512 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,778 | €81,354 | +€5,576 | +7.4% |
| Other operating charges | 640/8 | €5,840 | €72,032 | +€66,192 | +1133.4% |
| Gross operating margin | 9900 | €529,158 | €629,441 | +€100,282 | +19.0% |
| Operating profit (loss) | 9901 | €427,153 | €452,156 | +€25,003 | +5.9% |
| Financial income | 75/76B | €47 | €3,730 | +€3,683 | +7816.6% |
| Recurring financial income | 75 | €47 | €3,730 | +€3,683 | +7816.6% |
| Financial charges | 65/66B | €1,983 | €3,991 | +€2,008 | +101.3% |
| Recurring financial charges | 65 | €1,983 | €3,991 | +€2,008 | +101.3% |
| Profit (loss) for the period before taxes | 9903 | €425,218 | €451,895 | +€26,678 | +6.3% |
| Income taxes | 67/77 | €130,196 | €138,718 | +€8,522 | +6.5% |
| Profit (loss) for the period | 9904 | €295,022 | €313,178 | +€18,156 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €295,022 | €313,178 | +€18,156 | +6.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.