BART VUYLSTEKE: 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 VUYLSTEKE
Largest movements
- Stocks and contracts -€1.0m
down €1.0m (-83.5%), from €1.2m to €204,540
of which Contracts in progress: -€927,263
- Receivables within one year +€555,424
up €555,424 (+96.1%), from €577,853 to €1.1m
of which Trade receivables: +€562,620
- Cash -€150,834
down €150,834 (-61.6%), from €244,942 to €94,108
mainly Receivables within one year (-€555,424) and Net result for the year (-€384,410)
- Tangible fixed assets -€98,719
down €98,719 (-17.9%), from €551,144 to €452,425
of which Plant, machinery and equipment: -€53,198
- Profit (loss) carried forward -€384,410
down €384,410 (-94.2%), from €408,107 to €23,697
- Trade debts -€297,068
down €297,068 (-27.0%), from €1.1m to €801,616
- Short-term financial debts -€249,199
down €249,199 (-48.9%), from €510,063 to €260,864
of which Credit institutions: -€250,000
- Debts after one year +€175,570
up €175,570 (+86.1%), from €203,914 to €379,484
- Current portion of long-term debt +€55,719
up €55,719 (+35.0%), from €159,174 to €214,893
- Gross operating margin -€453,370
down €453,370 (-44.7%), from €1.0m to €561,990
- Staff costs +€123,360
up €123,360 (+21.2%), from €583,172 to €706,532
- Taxes -€53,962
down €53,962 (-98.8%), from €54,636 to €674
- Depreciation +€14,294
up €14,294 (+8.1%), from €175,824 to €190,117
- Other operating charges -€13,371
down €13,371 (-65.0%), from €20,567 to €7,196
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 | €2,700,034 | €1,960,099 | -€739,934 | -27.4% |
| Fixed assets | 21/28 | €601,289 | €505,193 | -€96,095 | -16.0% |
| Intangible fixed assets | 21 | €35,453 | €38,077 | +€2,624 | +7.4% |
| Tangible fixed assets | 22/27 | €551,144 | €452,425 | -€98,719 | -17.9% |
| Plant, machinery and equipment | 23 | €380,271 | €327,072 | -€53,198 | -14.0% |
| Furniture and vehicles | 24 | €103,542 | €75,714 | -€27,829 | -26.9% |
| Leasing and similar rights | 25 | €66,701 | €49,262 | -€17,440 | -26.1% |
| Other tangible fixed assets | 26 | €630 | €378 | -€252 | -40.1% |
| Financial fixed assets | 28 | €14,691 | €14,691 | = | 0.0% |
| Current assets | 29/58 | €2,098,745 | €1,454,906 | -€643,839 | -30.7% |
| Stocks and contracts in progress | 3 | €1,239,398 | €204,540 | -€1.0m | -83.5% |
| Stocks | 30/36 | €174,065 | €66,469 | -€107,595 | -61.8% |
| Contracts in progress | 37 | €1,065,334 | €138,070 | -€927,263 | -87.0% |
| Amounts receivable within one year | 40/41 | €577,853 | €1,133,277 | +€555,424 | +96.1% |
| Trade receivables | 40 | €455,177 | €1,017,798 | +€562,620 | +124% |
| Other amounts receivable | 41 | €122,676 | €115,480 | -€7,196 | -5.9% |
| Cash at bank and in hand | 54/58 | €244,942 | €94,108 | -€150,834 | -61.6% |
| Deferred charges and accrued income | 490/1 | €36,552 | €22,981 | -€13,570 | -37.1% |
| Total equity and liabilities | 10/49 | €2,700,034 | €1,960,099 | -€739,934 | -27.4% |
| Equity | 10/15 | €604,540 | €202,898 | -€401,643 | -66.4% |
| Contributions | 10/11 | €12,821 | €12,821 | = | 0.0% |
| Reserves | 13 | €183,612 | €166,380 | -€17,233 | -9.4% |
| Distributable reserves | 133 | €183,612 | €166,380 | -€17,233 | -9.4% |
| Profit (loss) carried forward | 14 | €408,107 | €23,697 | -€384,410 | -94.2% |
| Amounts payable | 17/49 | €2,095,493 | €1,757,202 | -€338,291 | -16.1% |
| Amounts payable after more than one year | 17 | €203,914 | €379,484 | +€175,570 | +86.1% |
| Financial debts | 170/4 | €203,914 | €379,484 | +€175,570 | +86.1% |
| Amounts payable within one year | 42/48 | €1,879,805 | €1,376,235 | -€503,570 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €159,174 | €214,893 | +€55,719 | +35.0% |
| Financial debts | 43 | €510,063 | €260,864 | -€249,199 | -48.9% |
| Credit institutions | 430/8 | €500,000 | €250,000 | -€250,000 | -50.0% |
| Other loans | 439 | €10,063 | €10,864 | +€801 | +8.0% |
| Trade debts | 44 | €1,098,684 | €801,616 | -€297,068 | -27.0% |
| Suppliers | 440/4 | €1,098,684 | €801,616 | -€297,068 | -27.0% |
| Taxes, remuneration and social security | 45 | €111,884 | €98,862 | -€13,022 | -11.6% |
| Taxes | 450/3 | €47,219 | €23,957 | -€23,262 | -49.3% |
| Remuneration and social security | 454/9 | €64,665 | €74,905 | +€10,240 | +15.8% |
| Accrued charges and deferred income | 492/3 | €11,775 | €1,483 | -€10,291 | -87.4% |
| Non-recurring operating income | 76A | €28,112 | €2,262 | -€25,849 | -92.0% |
| Remuneration, social security and pensions | 62 | €583,172 | €706,532 | +€123,360 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,824 | €190,117 | +€14,294 | +8.1% |
| Other operating charges | 640/8 | €20,567 | €7,196 | -€13,371 | -65.0% |
| Gross operating margin | 9900 | €1,015,360 | €561,990 | -€453,370 | -44.7% |
| Operating profit (loss) | 9901 | €235,798 | -€341,855 | -€577,653 | |
| Financial income | 75/76B | €7,655 | €3,706 | -€3,949 | -51.6% |
| Recurring financial income | 75 | €7,655 | €3,706 | -€3,949 | -51.6% |
| Financial charges | 65/66B | €58,234 | €45,588 | -€12,646 | -21.7% |
| Recurring financial charges | 65 | €58,234 | €45,588 | -€12,646 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €185,219 | -€383,736 | -€568,955 | |
| Income taxes | 67/77 | €54,636 | €674 | -€53,962 | -98.8% |
| Profit (loss) for the period | 9904 | €130,583 | -€384,410 | -€514,993 | |
| Profit (loss) for the period to be appropriated | 9905 | €130,583 | -€384,410 | -€514,993 |
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.