BART VANDERHAEGHE: what changed
BART VANDERHAEGHE
Largest movements
- Receivables within one year -€58,338
down €58,338 (-50.3%), from €115,917 to €57,579
of which Trade receivables: -€49,302
- Cash +€38,922
up €38,922 (+920%), from €4,231 to €43,153
mainly Receivables within one year (+€58,338) and Depreciation (+€26,695)
- Tangible fixed assets -€26,695
down €26,695 (-6.2%), from €428,845 to €402,150
of which Land and buildings: -€18,285
- Stocks and contracts -€12,246
down €12,246 (-49.1%), from €24,946 to €12,700
of which Contracts in progress: -€12,246
- Debts after one year -€35,271
down €35,271 (-11.3%), from €311,960 to €276,689
- Trade debts -€34,569
down €34,569 (-63.5%), from €54,414 to €19,846
- Other debts +€11,287
up €11,287 (+601%), from €1,879 to €13,166
- Gross operating margin +€35,351
up €35,351 (+99.8%), from €35,409 to €70,760
- Depreciation +€5,314
up €5,314 (+24.9%), from €21,382 to €26,695
- Other operating charges +€5,212
up €5,212 (+130%), from €4,017 to €9,230
- Taxes +€4,695
up €4,695 (+296%), from €1,588 to €6,283
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €581,001 | €520,975 | -€60,026 | -10.3% |
| Fixed assets | 21/28 | €428,845 | €402,150 | -€26,695 | -6.2% |
| Tangible fixed assets | 22/27 | €428,845 | €402,150 | -€26,695 | -6.2% |
| Land and buildings | 22 | €393,015 | €374,730 | -€18,285 | -4.7% |
| Furniture and vehicles | 24 | €1,986 | €663 | -€1,322 | -66.6% |
| Leasing and similar rights | 25 | €33,844 | €26,757 | -€7,087 | -20.9% |
| Current assets | 29/58 | €152,156 | €118,824 | -€33,331 | -21.9% |
| Stocks and contracts in progress | 3 | €24,946 | €12,700 | -€12,246 | -49.1% |
| Stocks | 30/36 | €5,700 | €5,700 | = | 0.0% |
| Contracts in progress | 37 | €19,246 | €7,000 | -€12,246 | -63.6% |
| Amounts receivable within one year | 40/41 | €115,917 | €57,579 | -€58,338 | -50.3% |
| Trade receivables | 40 | €101,739 | €52,437 | -€49,302 | -48.5% |
| Other amounts receivable | 41 | €14,178 | €5,142 | -€9,036 | -63.7% |
| Cash at bank and in hand | 54/58 | €4,231 | €43,153 | +€38,922 | +920% |
| Deferred charges and accrued income | 490/1 | €7,062 | €5,393 | -€1,669 | -23.6% |
| Total equity and liabilities | 10/49 | €581,001 | €520,975 | -€60,026 | -10.3% |
| Equity | 10/15 | €165,854 | €169,578 | +€3,725 | +2.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €155,854 | €159,578 | +€3,725 | +2.4% |
| Distributable reserves | 133 | €155,854 | €159,578 | +€3,725 | +2.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €415,147 | €351,396 | -€63,751 | -15.4% |
| Amounts payable after more than one year | 17 | €311,960 | €276,689 | -€35,271 | -11.3% |
| Financial debts | 170/4 | €311,960 | €276,689 | -€35,271 | -11.3% |
| Amounts payable within one year | 42/48 | €103,187 | €74,475 | -€28,712 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €39,494 | €35,271 | -€4,222 | -10.7% |
| Trade debts | 44 | €54,414 | €19,846 | -€34,569 | -63.5% |
| Suppliers | 440/4 | €54,414 | €19,846 | -€34,569 | -63.5% |
| Taxes, remuneration and social security | 45 | €7,400 | €6,192 | -€1,208 | -16.3% |
| Taxes | 450/3 | €5,400 | €4,192 | -€1,208 | -22.4% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €1,879 | €13,166 | +€11,287 | +601% |
| Accrued charges and deferred income | 492/3 | - | €233 | +€233 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,382 | €26,695 | +€5,314 | +24.9% |
| Other operating charges | 640/8 | €4,017 | €9,230 | +€5,212 | +130% |
| Non-recurring operating charges | 66A | - | €60 | +€60 | |
| Gross operating margin | 9900 | €35,409 | €70,760 | +€35,351 | +99.8% |
| Operating profit (loss) | 9901 | €10,011 | €34,776 | +€24,765 | +247% |
| Financial income | 75/76B | €101 | €126 | +€25 | +24.9% |
| Recurring financial income | 75 | €101 | €126 | +€25 | +24.9% |
| Financial charges | 65/66B | €4,802 | €4,893 | +€91 | +1.9% |
| Recurring financial charges | 65 | €4,802 | €4,893 | +€91 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €5,309 | €30,008 | +€24,699 | +465% |
| Income taxes | 67/77 | €1,588 | €6,283 | +€4,695 | +296% |
| Profit (loss) for the period | 9904 | €3,721 | €23,725 | +€20,004 | +538% |
| Profit (loss) for the period to be appropriated | 9905 | €3,721 | €23,725 | +€20,004 | +538% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.