Bart Vercauteren: 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 Vercauteren
Largest movements
- Cash -€80,940
down €80,940 (-71.8%), from €112,753 to €31,813
mainly Current investments (-€50,000) and Receivables within one year (-€19,018)
- Current investments +€50,000
up €50,000 (+50.0%), from €100,000 to €150,000
- Receivables within one year +€19,018
up €19,018 (+1,951%), from €975 to €19,992
of which Other amounts receivable: +€10,905
- Tangible fixed assets -€3,254
down €3,254 (-26.4%), from €12,339 to €9,085
of which Furniture and vehicles: -€4,647
- Other debts -€13,012
down €13,012 (-100%), from €13,012 to €0
- Tax, wage and social debts -€6,862
down €6,862 (-72.0%), from €9,531 to €2,668
- Trade debts +€5,508
up €5,508 (+366%), from €1,505 to €7,013
- Gross operating margin -€103,027
down €103,027 (-85.3%), from €120,809 to €17,782
- Taxes -€26,697
down €26,697 (-70.6%), from €37,835 to €11,138
- Staff costs -€3,980
down €3,980 (-100%), from €3,980 to €0
- Financial income +€1,353
new in 2025: €1,353
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 | €230,840 | €217,115 | -€13,725 | -5.9% |
| Fixed assets | 21/28 | €12,339 | €9,085 | -€3,254 | -26.4% |
| Tangible fixed assets | 22/27 | €12,339 | €9,085 | -€3,254 | -26.4% |
| Land and buildings | 22 | €2,639 | €2,032 | -€607 | -23.0% |
| Plant, machinery and equipment | 23 | €152 | €2,152 | +€2,000 | +1,317% |
| Furniture and vehicles | 24 | €9,548 | €4,901 | -€4,647 | -48.7% |
| Current assets | 29/58 | €218,502 | €208,030 | -€10,471 | -4.8% |
| Amounts receivable within one year | 40/41 | €975 | €19,992 | +€19,018 | +1,951% |
| Trade receivables | 40 | - | €8,113 | +€8,113 | |
| Other amounts receivable | 41 | €975 | €11,879 | +€10,905 | +1,119% |
| Current investments | 50/53 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €112,753 | €31,813 | -€80,940 | -71.8% |
| Deferred charges and accrued income | 490/1 | €4,774 | €6,225 | +€1,451 | +30.4% |
| Total equity and liabilities | 10/49 | €230,840 | €217,115 | -€13,725 | -5.9% |
| Equity | 10/15 | €206,792 | €207,434 | +€642 | +0.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €206,692 | €206,692 | = | 0.0% |
| Distributable reserves | 133 | €206,692 | €206,692 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €642 | +€642 | |
| Amounts payable | 17/49 | €24,048 | €9,681 | -€14,367 | -59.7% |
| Amounts payable within one year | 42/48 | €24,048 | €9,681 | -€14,367 | -59.7% |
| Trade debts | 44 | €1,505 | €7,013 | +€5,508 | +366% |
| Suppliers | 440/4 | €1,505 | €7,013 | +€5,508 | +366% |
| Taxes, remuneration and social security | 45 | €9,531 | €2,668 | -€6,862 | -72.0% |
| Taxes | 450/3 | €9,531 | €2,668 | -€6,862 | -72.0% |
| Other amounts payable | 47/48 | €13,012 | €0 | -€13,012 | -100% |
| Remuneration, social security and pensions | 62 | €3,980 | €0 | -€3,980 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,502 | €5,672 | +€170 | +3.1% |
| Other operating charges | 640/8 | €2,185 | €1,606 | -€579 | -26.5% |
| Gross operating margin | 9900 | €120,809 | €17,782 | -€103,027 | -85.3% |
| Operating profit (loss) | 9901 | €109,142 | €10,504 | -€98,638 | -90.4% |
| Financial income | 75/76B | - | €1,353 | +€1,353 | |
| Recurring financial income | 75 | - | €1,353 | +€1,353 | |
| Financial charges | 65/66B | €72 | €77 | +€5 | +7.0% |
| Recurring financial charges | 65 | €72 | €77 | +€5 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €109,070 | €11,780 | -€97,291 | -89.2% |
| Income taxes | 67/77 | €37,835 | €11,138 | -€26,697 | -70.6% |
| Profit (loss) for the period | 9904 | €71,235 | €642 | -€70,593 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,235 | €642 | -€70,593 | -99.1% |
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 23 October 2026 via checked.be.