BART VERHELST: 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 VERHELST
Largest movements
- Cash +€430,102
up €430,102 (+60.6%), from €709,885 to €1.1m
mainly Investment in fixed assets (net) (+€281,984) and Net result for the year (+€128,845)
- Tangible fixed assets -€302,400
down €302,400 (-17.6%), from €1.7m to €1.4m
of which Land and buildings: -€292,918
- Financial fixed assets -€43,752
down €43,752 (-100.0%), from €43,752 to €0
- Reserves +€128,845
up €128,845 (+6.2%), from €2.1m to €2.2m
of which Tax-exempt reserves: +€107,080
- Gross operating margin +€179,168
up €179,168, from -€21,623 to €157,546
- Financial income +€36,091
up €36,091 (+524.1%), from €6,886 to €42,977
of which Non-recurring financial income: +€38,283
- Depreciation -€18,443
down €18,443 (-22.3%), from €82,611 to €64,168
- Provisions -€5,000
down €5,000 (-100.0%), from -€5,000 to -€10,000
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 | €2,581,030 | €2,681,948 | +€100,919 | +3.9% |
| Fixed assets | 21/28 | €1,758,181 | €1,412,029 | -€346,152 | -19.7% |
| Tangible fixed assets | 22/27 | €1,714,429 | €1,412,029 | -€302,400 | -17.6% |
| Land and buildings | 22 | €1,524,214 | €1,231,297 | -€292,918 | -19.2% |
| Plant, machinery and equipment | 23 | €241 | €63 | -€179 | -74.0% |
| Furniture and vehicles | 24 | €4,842 | €2,205 | -€2,638 | -54.5% |
| Other tangible fixed assets | 26 | €185,131 | €178,465 | -€6,666 | -3.6% |
| Financial fixed assets | 28 | €43,752 | €0 | -€43,752 | -100.0% |
| Current assets | 29/58 | €822,849 | €1,269,920 | +€447,071 | +54.3% |
| Amounts receivable within one year | 40/41 | €51,148 | €68,819 | +€17,671 | +34.5% |
| Trade receivables | 40 | €0 | €3,900 | +€3,900 | |
| Other amounts receivable | 41 | €51,148 | €64,919 | +€13,771 | +26.9% |
| Current investments | 50/53 | €55,181 | €55,181 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €709,885 | €1,139,988 | +€430,102 | +60.6% |
| Deferred charges and accrued income | 490/1 | €6,635 | €5,932 | -€703 | -10.6% |
| Total equity and liabilities | 10/49 | €2,581,030 | €2,681,948 | +€100,919 | +3.9% |
| Equity | 10/15 | €2,092,655 | €2,221,500 | +€128,845 | +6.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,062,655 | €2,191,500 | +€128,845 | +6.2% |
| Tax-exempt reserves | 132 | - | €107,080 | +€107,080 | |
| Distributable reserves | 133 | €2,062,655 | €2,084,420 | +€21,765 | +1.1% |
| Provisions and deferred taxes | 16 | €197,006 | €187,006 | -€10,000 | -5.1% |
| Provisions for liabilities and charges | 160/5 | €197,006 | €187,006 | -€10,000 | -5.1% |
| Pensions and similar obligations | 160 | €187,006 | €187,006 | = | 0.0% |
| Major repairs and maintenance | 162 | €10,000 | €0 | -€10,000 | -100.0% |
| Amounts payable | 17/49 | €291,368 | €273,442 | -€17,926 | -6.2% |
| Amounts payable after more than one year | 17 | €261,089 | €244,865 | -€16,224 | -6.2% |
| Financial debts | 170/4 | €261,089 | €244,865 | -€16,224 | -6.2% |
| Amounts payable within one year | 42/48 | €28,311 | €26,582 | -€1,728 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €15,956 | €16,194 | +€238 | +1.5% |
| Trade debts | 44 | €7,825 | €3,882 | -€3,943 | -50.4% |
| Suppliers | 440/4 | €7,825 | €3,882 | -€3,943 | -50.4% |
| Taxes, remuneration and social security | 45 | €2,030 | €4,007 | +€1,977 | +97.4% |
| Taxes | 450/3 | €2,030 | €4,007 | +€1,977 | +97.4% |
| Other amounts payable | 47/48 | €2,500 | €2,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,969 | €1,995 | +€26 | +1.3% |
| Non-recurring operating income | 76A | €2,390 | €213,336 | +€210,946 | +8825.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,611 | €64,168 | -€18,443 | -22.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€5,000 | -€10,000 | -€5,000 | -100.0% |
| Other operating charges | 640/8 | €10,492 | €10,547 | +€55 | +0.5% |
| Gross operating margin | 9900 | -€21,623 | €157,546 | +€179,168 | |
| Operating profit (loss) | 9901 | -€109,725 | €92,831 | +€202,557 | |
| Financial income | 75/76B | €6,886 | €42,977 | +€36,091 | +524.1% |
| Recurring financial income | 75 | €6,886 | €4,694 | -€2,192 | -31.8% |
| Non-recurring financial income | 76B | - | €38,283 | +€38,283 | |
| Financial charges | 65/66B | €6,452 | €6,032 | -€420 | -6.5% |
| Recurring financial charges | 65 | €6,452 | €6,032 | -€420 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | -€109,291 | €129,777 | +€239,068 | |
| Income taxes | 67/77 | €726 | €932 | +€206 | +28.4% |
| Profit (loss) for the period | 9904 | -€110,017 | €128,845 | +€238,862 | |
| Transfer to tax-exempt reserves | 689 | - | €107,080 | +€107,080 | |
| Profit (loss) for the period to be appropriated | 9905 | -€110,017 | €21,765 | +€131,782 |
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.