Bart Van Laere: 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 Laere
Largest movements
- Cash -€100,040
down €100,040 (-12.8%), from €782,969 to €682,929
mainly Contributions, distributions and other (-€141,970) and Receivables after one year (-€45,977)
- Receivables after one year +€45,977
up €45,977 (+12.6%), from €364,872 to €410,849
- Reserves -€63,940
down €63,940 (-4.3%), from €1.5m to €1.4m
of which Distributable reserves: -€63,940
- Gross operating margin -€767,151
down €767,151 (-89.3%), from €859,157 to €92,007
- Taxes -€212,439
down €212,439 (-88.3%), from €240,550 to €28,111
- Staff costs -€95,583
down €95,583, from €85,802 to -€9,781
- Financial income +€11,419
up €11,419 (+70.9%), from €16,109 to €27,528
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 | €1,527,213 | €1,463,418 | -€63,794 | -4.2% |
| Fixed assets | 21/28 | €46,512 | €32,701 | -€13,812 | -29.7% |
| Tangible fixed assets | 22/27 | €46,462 | €32,651 | -€13,812 | -29.7% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €792 | €926 | +€134 | +16.9% |
| Furniture and vehicles | 24 | €45,670 | €31,725 | -€13,945 | -30.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,480,700 | €1,430,717 | -€49,983 | -3.4% |
| Amounts receivable after more than one year | 29 | €364,872 | €410,849 | +€45,977 | +12.6% |
| Other amounts receivable | 291 | €364,872 | €410,849 | +€45,977 | +12.6% |
| Amounts receivable within one year | 40/41 | €90,344 | €95,736 | +€5,392 | +6.0% |
| Trade receivables | 40 | €2,448 | €0 | -€2,448 | -100% |
| Other amounts receivable | 41 | €87,896 | €95,736 | +€7,840 | +8.9% |
| Current investments | 50/53 | €240,216 | €239,456 | -€760 | -0.3% |
| Cash at bank and in hand | 54/58 | €782,969 | €682,929 | -€100,040 | -12.8% |
| Deferred charges and accrued income | 490/1 | €2,299 | €1,748 | -€552 | -24.0% |
| Total equity and liabilities | 10/49 | €1,527,213 | €1,463,418 | -€63,794 | -4.2% |
| Equity | 10/15 | €1,471,753 | €1,407,814 | -€63,940 | -4.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,470,737 | €1,406,797 | -€63,940 | -4.3% |
| Tax-exempt reserves | 132 | €826 | €826 | = | 0.0% |
| Distributable reserves | 133 | €1,469,911 | €1,405,971 | -€63,940 | -4.3% |
| Profit (loss) carried forward | 14 | €17 | €17 | +€0 | +2.5% |
| Amounts payable | 17/49 | €55,459 | €55,604 | +€145 | +0.3% |
| Amounts payable within one year | 42/48 | €55,459 | €55,604 | +€145 | +0.3% |
| Trade debts | 44 | €1,966 | €6,366 | +€4,399 | +224% |
| Suppliers | 440/4 | €1,966 | €6,366 | +€4,399 | +224% |
| Taxes, remuneration and social security | 45 | €52,420 | €47,968 | -€4,452 | -8.5% |
| Taxes | 450/3 | €42,639 | €47,968 | +€5,329 | +12.5% |
| Remuneration and social security | 454/9 | €9,781 | €0 | -€9,781 | -100% |
| Other amounts payable | 47/48 | €1,073 | €1,271 | +€198 | +18.4% |
| Non-recurring operating income | 76A | €551,471 | €0 | -€551,471 | -100% |
| Remuneration, social security and pensions | 62 | €85,802 | -€9,781 | -€95,583 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,718 | €21,642 | +€924 | +4.5% |
| Other operating charges | 640/8 | €2,047 | €1,208 | -€839 | -41.0% |
| Gross operating margin | 9900 | €859,157 | €92,007 | -€767,151 | -89.3% |
| Operating profit (loss) | 9901 | €750,590 | €78,937 | -€671,653 | -89.5% |
| Financial income | 75/76B | €16,109 | €27,528 | +€11,419 | +70.9% |
| Recurring financial income | 75 | €16,109 | €27,528 | +€11,419 | +70.9% |
| Financial charges | 65/66B | €249 | €324 | +€75 | +30.2% |
| Recurring financial charges | 65 | €249 | €324 | +€75 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | €766,450 | €106,141 | -€660,309 | -86.2% |
| Income taxes | 67/77 | €240,550 | €28,111 | -€212,439 | -88.3% |
| Profit (loss) for the period | 9904 | €525,900 | €78,030 | -€447,870 | -85.2% |
| Profit (loss) for the period to be appropriated | 9905 | €525,900 | €78,030 | -€447,870 | -85.2% |
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 26 October 2026 via checked.be.