Bart Veulemans: 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 Veulemans
Largest movements
- Receivables within one year -€19,237
down €19,237 (-40.0%), from €48,068 to €28,831
of which Trade receivables: -€15,511
- Cash -€10,280
down €10,280 (-13.8%), from €74,262 to €63,982
mainly Trade debts (-€21,950) and Investment in fixed assets (net) (-€21,839)
- Tangible fixed assets +€4,332
up €4,332 (+1.8%), from €239,130 to €243,462
of which Land and buildings: +€13,231
- Trade debts -€21,950
down €21,950 (-51.1%), from €42,992 to €21,042
- Profit (loss) carried forward +€17,126
up €17,126 (+18.0%), from €95,119 to €112,245
- Debts after one year -€11,643
down €11,643 (-6.3%), from €183,796 to €172,153
- Other debts -€9,414
down €9,414 (-75.4%), from €12,478 to €3,065
- Depreciation -€30,987
down €30,987 (-62.2%), from €49,790 to €18,804
- Staff costs +€19,103
up €19,103 (+20.6%), from €92,548 to €111,651
- Gross operating margin -€4,565
down €4,565 (-2.4%), from €194,022 to €189,457
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 | €369,255 | €342,021 | -€27,234 | -7.4% |
| Fixed assets | 21/28 | €243,293 | €246,328 | +€3,035 | +1.2% |
| Intangible fixed assets | 21 | €3,800 | €2,503 | -€1,297 | -34.1% |
| Tangible fixed assets | 22/27 | €239,130 | €243,462 | +€4,332 | +1.8% |
| Land and buildings | 22 | €222,859 | €236,089 | +€13,231 | +5.9% |
| Plant, machinery and equipment | 23 | - | €2,340 | +€2,340 | |
| Furniture and vehicles | 24 | €15,006 | €4,849 | -€10,157 | -67.7% |
| Leasing and similar rights | 25 | €1,265 | €184 | -€1,081 | -85.5% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €125,962 | €95,693 | -€30,269 | -24.0% |
| Amounts receivable within one year | 40/41 | €48,068 | €28,831 | -€19,237 | -40.0% |
| Trade receivables | 40 | €35,566 | €20,055 | -€15,511 | -43.6% |
| Other amounts receivable | 41 | €12,502 | €8,776 | -€3,726 | -29.8% |
| Cash at bank and in hand | 54/58 | €74,262 | €63,982 | -€10,280 | -13.8% |
| Deferred charges and accrued income | 490/1 | €3,633 | €2,880 | -€753 | -20.7% |
| Total equity and liabilities | 10/49 | €369,255 | €342,021 | -€27,234 | -7.4% |
| Equity | 10/15 | €115,579 | €132,705 | +€17,126 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,119 | €112,245 | +€17,126 | +18.0% |
| Amounts payable | 17/49 | €253,676 | €209,316 | -€44,360 | -17.5% |
| Amounts payable after more than one year | 17 | €183,796 | €172,153 | -€11,643 | -6.3% |
| Financial debts | 170/4 | €183,796 | €172,153 | -€11,643 | -6.3% |
| Amounts payable within one year | 42/48 | €69,764 | €37,163 | -€32,601 | -46.7% |
| Current portion of amounts payable after more than one year | 42 | €12,437 | €11,643 | -€794 | -6.4% |
| Trade debts | 44 | €42,992 | €21,042 | -€21,950 | -51.1% |
| Suppliers | 440/4 | €42,992 | €21,042 | -€21,950 | -51.1% |
| Taxes, remuneration and social security | 45 | €1,856 | €1,414 | -€442 | -23.8% |
| Taxes | 450/3 | €438 | €37 | -€401 | -91.5% |
| Remuneration and social security | 454/9 | €1,418 | €1,376 | -€41 | -2.9% |
| Other amounts payable | 47/48 | €12,478 | €3,065 | -€9,414 | -75.4% |
| Accrued charges and deferred income | 492/3 | €117 | - | -€117 | |
| Remuneration, social security and pensions | 62 | €92,548 | €111,651 | +€19,103 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,790 | €18,804 | -€30,987 | -62.2% |
| Other operating charges | 640/8 | €3,648 | €3,775 | +€126 | +3.5% |
| Gross operating margin | 9900 | €194,022 | €189,457 | -€4,565 | -2.4% |
| Operating profit (loss) | 9901 | €48,035 | €55,226 | +€7,192 | +15.0% |
| Financial income | 75/76B | €1,879 | €2,025 | +€146 | +7.8% |
| Recurring financial income | 75 | €1,879 | €2,025 | +€146 | +7.8% |
| Financial charges | 65/66B | €7,363 | €8,507 | +€1,144 | +15.5% |
| Recurring financial charges | 65 | €7,363 | €8,507 | +€1,144 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €42,551 | €48,744 | +€6,193 | +14.6% |
| Income taxes | 67/77 | €9,391 | €10,634 | +€1,243 | +13.2% |
| Profit (loss) for the period | 9904 | €33,160 | €38,110 | +€4,950 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,160 | €38,110 | +€4,950 | +14.9% |
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 17 October 2026 via checked.be.