Bart Vandenborne: 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 Vandenborne
Largest movements
- Cash -€92,649
down €92,649 (-50.7%), from €182,818 to €90,169
mainly Other debts (-€82,821) and Debts after one year (-€29,917)
- Tangible fixed assets -€26,026
down €26,026 (-7.2%), from €359,641 to €333,615
of which Land and buildings: -€20,495
- Intangible fixed assets -€13,081
no longer reported in 2025 (was €13,081)
- Receivables within one year +€7,653
up €7,653 (+27.9%), from €27,382 to €35,035
of which Other amounts receivable: +€4,224
- Other debts -€82,821
down €82,821 (-99.8%), from €83,000 to €179
- Debts after one year -€29,917
down €29,917 (-10.3%), from €291,773 to €261,856
- Current portion of long-term debt -€23,789
down €23,789 (-44.3%), from €53,696 to €29,907
- Reserves +€21,687
up €21,687 (+21.2%), from €102,099 to €123,786
of which Distributable reserves: +€21,687
- Tax, wage and social debts -€11,295
down €11,295 (-32.4%), from €34,853 to €23,559
of which Remuneration and social security: -€11,496
- Gross operating margin +€30,018
up €30,018 (+15.2%), from €197,855 to €227,873
- Staff costs +€19,605
up €19,605 (+15.3%), from €127,731 to €147,336
- Depreciation -€14,900
down €14,900 (-27.6%), from €54,007 to €39,107
- Taxes +€4,373
up €4,373 (+117%), from €3,734 to €8,107
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 | €588,492 | €462,625 | -€125,867 | -21.4% |
| Fixed assets | 21/28 | €372,722 | €333,615 | -€39,107 | -10.5% |
| Intangible fixed assets | 21 | €13,081 | - | -€13,081 | |
| Tangible fixed assets | 22/27 | €359,641 | €333,615 | -€26,026 | -7.2% |
| Land and buildings | 22 | €332,154 | €311,660 | -€20,495 | -6.2% |
| Plant, machinery and equipment | 23 | €11,264 | €9,393 | -€1,871 | -16.6% |
| Furniture and vehicles | 24 | €15,771 | €12,562 | -€3,210 | -20.4% |
| Other tangible fixed assets | 26 | €452 | - | -€452 | |
| Current assets | 29/58 | €215,770 | €129,010 | -€86,760 | -40.2% |
| Amounts receivable within one year | 40/41 | €27,382 | €35,035 | +€7,653 | +27.9% |
| Trade receivables | 40 | €24,616 | €28,045 | +€3,429 | +13.9% |
| Other amounts receivable | 41 | €2,766 | €6,990 | +€4,224 | +153% |
| Cash at bank and in hand | 54/58 | €182,818 | €90,169 | -€92,649 | -50.7% |
| Deferred charges and accrued income | 490/1 | €5,570 | €3,806 | -€1,764 | -31.7% |
| Total equity and liabilities | 10/49 | €588,492 | €462,625 | -€125,867 | -21.4% |
| Equity | 10/15 | €120,699 | €142,386 | +€21,687 | +18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €102,099 | €123,786 | +€21,687 | +21.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €100,239 | €121,926 | +€21,687 | +21.6% |
| Amounts payable | 17/49 | €467,792 | €320,239 | -€147,554 | -31.5% |
| Amounts payable after more than one year | 17 | €291,773 | €261,856 | -€29,917 | -10.3% |
| Financial debts | 170/4 | €291,773 | €261,856 | -€29,917 | -10.3% |
| Amounts payable within one year | 42/48 | €176,020 | €58,383 | -€117,637 | -66.8% |
| Current portion of amounts payable after more than one year | 42 | €53,696 | €29,907 | -€23,789 | -44.3% |
| Financial debts | 43 | - | €2,018 | +€2,018 | |
| Credit institutions | 430/8 | - | €2,018 | +€2,018 | |
| Trade debts | 44 | €4,470 | €2,719 | -€1,751 | -39.2% |
| Suppliers | 440/4 | €4,470 | €2,719 | -€1,751 | -39.2% |
| Taxes, remuneration and social security | 45 | €34,853 | €23,559 | -€11,295 | -32.4% |
| Taxes | 450/3 | €6,624 | €6,826 | +€201 | +3.0% |
| Remuneration and social security | 454/9 | €28,229 | €16,733 | -€11,496 | -40.7% |
| Other amounts payable | 47/48 | €83,000 | €179 | -€82,821 | -99.8% |
| Remuneration, social security and pensions | 62 | €127,731 | €147,336 | +€19,605 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,007 | €39,107 | -€14,900 | -27.6% |
| Other operating charges | 640/8 | €2,783 | €3,674 | +€892 | +32.0% |
| Gross operating margin | 9900 | €197,855 | €227,873 | +€30,018 | +15.2% |
| Operating profit (loss) | 9901 | €13,335 | €37,756 | +€24,421 | +183% |
| Financial income | 75/76B | €157 | €1 | -€157 | -99.7% |
| Recurring financial income | 75 | €157 | €1 | -€157 | -99.7% |
| Financial charges | 65/66B | €7,931 | €7,963 | +€32 | +0.4% |
| Recurring financial charges | 65 | €7,931 | €7,963 | +€32 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €5,561 | €29,794 | +€24,233 | +436% |
| Income taxes | 67/77 | €3,734 | €8,107 | +€4,373 | +117% |
| Profit (loss) for the period | 9904 | €1,827 | €21,687 | +€19,860 | +1,087% |
| Profit (loss) for the period to be appropriated | 9905 | €1,827 | €21,687 | +€19,860 | +1,087% |
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 13 October 2026 via checked.be.