Bart Vanstaen: 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 Vanstaen
Largest movements
- Cash -€55,497
down €55,497 (-43.4%), from €127,916 to €72,419
mainly Contributions, distributions and other (-€208,533) and Tax, wage and social debts (-€25,790)
- Receivables within one year -€34,336
down €34,336 (-94.1%), from €36,502 to €2,166
of which Other amounts receivable: -€34,788
- Deferred charges and accrued income -€2,926
down €2,926 (-74.6%), from €3,922 to €996
- Reserves -€123,575
down €123,575 (-100.0%), from €123,575 to €0
- Other debts +€58,429
new in 2025: €58,429
- Tax, wage and social debts -€25,790
down €25,790 (-53.9%), from €47,813 to €22,023
- Gross operating margin +€44,990
up €44,990 (+66.2%), from €67,923 to €112,913
- Taxes +€8,970
up €8,970 (+67.4%), from €13,316 to €22,286
- Financial income -€1,236
down €1,236 (-83.8%), from €1,475 to €239
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 | €182,428 | €88,273 | -€94,155 | -51.6% |
| Fixed assets | 21/28 | €13,087 | €11,692 | -€1,396 | -10.7% |
| Tangible fixed assets | 22/27 | €13,087 | €11,692 | -€1,396 | -10.7% |
| Plant, machinery and equipment | 23 | - | €1,571 | +€1,571 | |
| Furniture and vehicles | 24 | €3,539 | €1,732 | -€1,807 | -51.1% |
| Other tangible fixed assets | 26 | €9,548 | €8,388 | -€1,160 | -12.2% |
| Current assets | 29/58 | €169,341 | €76,582 | -€92,759 | -54.8% |
| Amounts receivable after more than one year | 29 | €1,000 | €1,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,502 | €2,166 | -€34,336 | -94.1% |
| Trade receivables | 40 | - | €452 | +€452 | |
| Other amounts receivable | 41 | €36,502 | €1,714 | -€34,788 | -95.3% |
| Cash at bank and in hand | 54/58 | €127,916 | €72,419 | -€55,497 | -43.4% |
| Deferred charges and accrued income | 490/1 | €3,922 | €996 | -€2,926 | -74.6% |
| Total equity and liabilities | 10/49 | €182,428 | €88,273 | -€94,155 | -51.6% |
| Equity | 10/15 | €128,575 | €5,000 | -€123,575 | -96.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €123,575 | €0 | -€123,575 | -100.0% |
| Distributable reserves | 133 | €123,575 | €0 | -€123,575 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €53,853 | €83,273 | +€29,420 | +54.6% |
| Amounts payable within one year | 42/48 | €53,853 | €83,273 | +€29,420 | +54.6% |
| Financial debts | 43 | €1,688 | €0 | -€1,688 | -100.0% |
| Credit institutions | 430/8 | €1,688 | €0 | -€1,688 | -100.0% |
| Trade debts | 44 | €4,352 | €2,820 | -€1,532 | -35.2% |
| Suppliers | 440/4 | €4,352 | €2,820 | -€1,532 | -35.2% |
| Taxes, remuneration and social security | 45 | €47,813 | €22,023 | -€25,790 | -53.9% |
| Taxes | 450/3 | €47,813 | €22,023 | -€25,790 | -53.9% |
| Other amounts payable | 47/48 | - | €58,429 | +€58,429 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,118 | €3,096 | -€22 | -0.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €224 | €0 | -€224 | -100.0% |
| Gross operating margin | 9900 | €67,923 | €112,913 | +€44,990 | +66.2% |
| Operating profit (loss) | 9901 | €64,193 | €109,417 | +€45,224 | +70.5% |
| Financial income | 75/76B | €1,475 | €239 | -€1,236 | -83.8% |
| Recurring financial income | 75 | €1,475 | €239 | -€1,236 | -83.8% |
| Financial charges | 65/66B | €1,552 | €2,411 | +€859 | +55.4% |
| Recurring financial charges | 65 | €1,552 | €2,411 | +€859 | +55.4% |
| Profit (loss) for the period before taxes | 9903 | €64,116 | €107,245 | +€43,129 | +67.3% |
| Income taxes | 67/77 | €13,316 | €22,286 | +€8,970 | +67.4% |
| Profit (loss) for the period | 9904 | €50,800 | €84,959 | +€34,159 | +67.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,800 | €84,959 | +€34,159 | +67.2% |
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 11 October 2026 via checked.be.