BART VOGELS: what changed
Two fiscal 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 VOGELS
Largest movements
- Tangible fixed assets -€28,682
down €28,682 (-6.0%), from €476,603 to €447,921
of which Land and buildings: -€20,018
- Cash +€25,374
up €25,374 (+28.5%), from €88,954 to €114,328
mainly Depreciation (+€28,682) and Net result for the year (+€22,793)
- Debts after one year -€34,363
down €34,363 (-16.8%), from €205,065 to €170,702
of which Financial debts: -€34,363
- Profit (loss) carried forward +€22,793
up €22,793 (+7.1%), from €320,701 to €343,494
- Other debts +€10,506
up €10,506 (+1328.2%), from €791 to €11,297
- Gross operating margin +€34,830
up €34,830 (+32.1%), from €108,540 to €143,370
- Taxes +€14,005
up €14,005 (+2801.0%), from €500 to €14,505
- Depreciation -€5,017
down €5,017 (-14.9%), from €33,699 to €28,682
- Write-downs +€2,779
new in 2025: €2,779
- Staff costs +€2,432
up €2,432 (+4.0%), from €61,191 to €63,623
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 | €637,515 | €635,587 | -€1,928 | -0.3% |
| Fixed assets | 21/28 | €476,603 | €447,921 | -€28,682 | -6.0% |
| Tangible fixed assets | 22/27 | €476,603 | €447,921 | -€28,682 | -6.0% |
| Land and buildings | 22 | €463,674 | €443,656 | -€20,018 | -4.3% |
| Plant, machinery and equipment | 23 | €7,869 | €4,265 | -€3,604 | -45.8% |
| Furniture and vehicles | 24 | €5,060 | - | -€5,060 | |
| Current assets | 29/58 | €160,912 | €187,666 | +€26,754 | +16.6% |
| Amounts receivable within one year | 40/41 | €61,379 | €65,000 | +€3,621 | +5.9% |
| Trade receivables | 40 | €46,879 | €50,500 | +€3,621 | +7.7% |
| Other amounts receivable | 41 | €14,500 | €14,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €88,954 | €114,328 | +€25,374 | +28.5% |
| Deferred charges and accrued income | 490/1 | €10,579 | €8,338 | -€2,241 | -21.2% |
| Total equity and liabilities | 10/49 | €637,515 | €635,587 | -€1,928 | -0.3% |
| Equity | 10/15 | €387,879 | €410,672 | +€22,793 | +5.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €52,178 | €52,178 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €50,278 | €50,278 | = | 0.0% |
| Profit (loss) carried forward | 14 | €320,701 | €343,494 | +€22,793 | +7.1% |
| Amounts payable | 17/49 | €249,636 | €224,915 | -€24,721 | -9.9% |
| Amounts payable after more than one year | 17 | €205,065 | €170,702 | -€34,363 | -16.8% |
| Financial debts | 170/4 | €199,257 | €164,894 | -€34,363 | -17.2% |
| Other amounts payable | 178/9 | €5,808 | €5,808 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,465 | €54,213 | +€15,748 | +40.9% |
| Current portion of amounts payable after more than one year | 42 | €34,363 | €34,363 | = | 0.0% |
| Trade debts | 44 | €664 | €1,061 | +€397 | +59.8% |
| Suppliers | 440/4 | €664 | €1,061 | +€397 | +59.8% |
| Taxes, remuneration and social security | 45 | €2,647 | €7,492 | +€4,845 | +183.0% |
| Taxes | 450/3 | €737 | €2,800 | +€2,063 | +279.9% |
| Remuneration and social security | 454/9 | €1,910 | €4,692 | +€2,782 | +145.7% |
| Other amounts payable | 47/48 | €791 | €11,297 | +€10,506 | +1328.2% |
| Accrued charges and deferred income | 492/3 | €6,106 | - | -€6,106 | |
| Remuneration, social security and pensions | 62 | €61,191 | €63,623 | +€2,432 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,699 | €28,682 | -€5,017 | -14.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,779 | +€2,779 | |
| Other operating charges | 640/8 | €5,397 | €6,854 | +€1,457 | +27.0% |
| Gross operating margin | 9900 | €108,540 | €143,370 | +€34,830 | +32.1% |
| Operating profit (loss) | 9901 | €8,253 | €41,432 | +€33,179 | +402.0% |
| Financial income | 75/76B | €1,745 | €1,217 | -€528 | -30.3% |
| Recurring financial income | 75 | €1,745 | €1,217 | -€528 | -30.3% |
| Financial charges | 65/66B | €7,582 | €5,351 | -€2,231 | -29.4% |
| Recurring financial charges | 65 | €7,582 | €5,351 | -€2,231 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €2,416 | €37,298 | +€34,882 | +1443.8% |
| Income taxes | 67/77 | €500 | €14,505 | +€14,005 | +2801.0% |
| Profit (loss) for the period | 9904 | €1,916 | €22,793 | +€20,877 | +1089.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,916 | €22,793 | +€20,877 | +1089.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.