Bart Vergauwen: what changed
Bart Vergauwen
Largest movements
- Cash -€11,407
down €11,407 (-84.3%), from €13,527 to €2,120
mainly Current portion of long-term debt (-€13,985) and Net result for the year (-€10,702)
- Tangible fixed assets -€7,345
down €7,345 (-8.7%), from €84,037 to €76,691
- Stocks and contracts -€6,752
down €6,752 (-25.0%), from €27,010 to €20,257
- Receivables within one year +€1,964
up €1,964 (+96.5%), from €2,035 to €3,999
of which Trade receivables: +€3,999
- Deferred charges and accrued income -€1,959
down €1,959 (-100%), from €1,959 to €0
- Current portion of long-term debt -€13,985
down €13,985 (-83.0%), from €16,858 to €2,873
- Profit (loss) carried forward -€10,702
down €10,702 (-6.8%), from -€156,335 to -€167,037
- Debts after one year -€2,873
down €2,873 (-2.1%), from €135,373 to €132,500
- Trade debts +€1,861
up €1,861 (+80.7%), from €2,307 to €4,168
- Gross operating margin +€9,340
up €9,340, from -€1,985 to €7,356
- Write-downs +€6,921
up €6,921, from -€169 to €6,752
- Financial charges -€582
down €582 (-45.9%), from €1,267 to €685
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 | €128,567 | €103,068 | -€25,499 | -19.8% |
| Fixed assets | 21/28 | €84,037 | €76,691 | -€7,345 | -8.7% |
| Tangible fixed assets | 22/27 | €84,037 | €76,691 | -€7,345 | -8.7% |
| Land and buildings | 22 | €84,037 | €76,691 | -€7,345 | -8.7% |
| Current assets | 29/58 | €44,530 | €26,376 | -€18,154 | -40.8% |
| Stocks and contracts in progress | 3 | €27,010 | €20,257 | -€6,752 | -25.0% |
| Stocks | 30/36 | €27,010 | €20,257 | -€6,752 | -25.0% |
| Amounts receivable within one year | 40/41 | €2,035 | €3,999 | +€1,964 | +96.5% |
| Trade receivables | 40 | - | €3,999 | +€3,999 | |
| Other amounts receivable | 41 | €2,035 | €0 | -€2,035 | -100% |
| Cash at bank and in hand | 54/58 | €13,527 | €2,120 | -€11,407 | -84.3% |
| Deferred charges and accrued income | 490/1 | €1,959 | €0 | -€1,959 | -100% |
| Total equity and liabilities | 10/49 | €128,567 | €103,068 | -€25,499 | -19.8% |
| Equity | 10/15 | -€125,958 | -€136,660 | -€10,702 | -8.5% |
| Contributions | 10/11 | €12,800 | €12,800 | = | 0.0% |
| Reserves | 13 | €17,577 | €17,577 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,217 | €10,217 | = | 0.0% |
| Distributable reserves | 133 | €7,360 | €7,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,335 | -€167,037 | -€10,702 | -6.8% |
| Amounts payable | 17/49 | €254,525 | €239,728 | -€14,797 | -5.8% |
| Amounts payable after more than one year | 17 | €135,373 | €132,500 | -€2,873 | -2.1% |
| Financial debts | 170/4 | €135,373 | €132,500 | -€2,873 | -2.1% |
| Amounts payable within one year | 42/48 | €119,152 | €107,228 | -€11,924 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €16,858 | €2,873 | -€13,985 | -83.0% |
| Trade debts | 44 | €2,307 | €4,168 | +€1,861 | +80.7% |
| Suppliers | 440/4 | €2,307 | €4,168 | +€1,861 | +80.7% |
| Taxes, remuneration and social security | 45 | €62 | €284 | +€221 | +354% |
| Taxes | 450/3 | €62 | €284 | +€221 | +354% |
| Other amounts payable | 47/48 | €99,924 | €99,903 | -€21 | 0.0% |
| Non-recurring operating income | 76A | €80 | €0 | -€80 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,345 | €7,345 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€169 | €6,752 | +€6,921 | |
| Other operating charges | 640/8 | €3,360 | €3,296 | -€64 | -1.9% |
| Gross operating margin | 9900 | -€1,985 | €7,356 | +€9,340 | |
| Operating profit (loss) | 9901 | -€12,521 | -€10,038 | +€2,483 | +19.8% |
| Financial income | 75/76B | €0 | €21 | +€21 | |
| Recurring financial income | 75 | €0 | €21 | +€21 | |
| Financial charges | 65/66B | €1,267 | €685 | -€582 | -45.9% |
| Recurring financial charges | 65 | €1,267 | €685 | -€582 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | -€13,788 | -€10,702 | +€3,086 | +22.4% |
| Profit (loss) for the period | 9904 | -€13,788 | -€10,702 | +€3,086 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,788 | -€10,702 | +€3,086 | +22.4% |
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 7 November 2026 via checked.be.