Bart Zenner: what changed
Bart Zenner
Largest movements
- Tangible fixed assets +€51,656
up €51,656 (+75.8%), from €68,151 to €119,806
of which Furniture and vehicles: +€47,120
- Cash -€29,151
down €29,151 (-55.7%), from €52,308 to €23,157
mainly Investment in fixed assets (net) (-€67,534) and Contributions, distributions and other (-€36,366)
- Current investments -€25,399
down €25,399 (-100%), from €25,399 to €0
- Deferred charges and accrued income -€23,024
down €23,024 (-97.7%), from €23,571 to €547
- Receivables within one year +€20,928
up €20,928 (+81.1%), from €25,797 to €46,725
of which Other amounts receivable: +€34,892
- Reserves -€36,366
down €36,366 (-20.7%), from €175,716 to €139,350
- Debts after one year +€26,247
up €26,247 (+188%), from €13,959 to €40,206
- Current portion of long-term debt +€17,947
up €17,947 (+183%), from €9,806 to €27,753
- Other debts -€15,272
down €15,272 (-100%), from €15,272 to €0
- Profit (loss) carried forward -€3,672
down €3,672, from €0 to -€3,672
- Gross operating margin -€20,533
down €20,533 (-48.8%), from €42,064 to €21,531
- Taxes -€6,627
down €6,627 (-79.7%), from €8,319 to €1,692
- Depreciation +€5,172
up €5,172 (+32.4%), from €15,981 to €21,153
- Financial income +€3,618
up €3,618 (+1,405%), from €258 to €3,876
- Financial charges +€3,348
up €3,348 (+189%), from €1,773 to €5,121
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 | €218,965 | €208,699 | -€10,266 | -4.7% |
| Fixed assets | 21/28 | €91,889 | €138,270 | +€46,380 | +50.5% |
| Intangible fixed assets | 21 | €23,739 | €18,463 | -€5,275 | -22.2% |
| Tangible fixed assets | 22/27 | €68,151 | €119,806 | +€51,656 | +75.8% |
| Plant, machinery and equipment | 23 | €6,947 | €13,801 | +€6,854 | +98.7% |
| Furniture and vehicles | 24 | €37,642 | €84,762 | +€47,120 | +125% |
| Other tangible fixed assets | 26 | €23,562 | €21,244 | -€2,318 | -9.8% |
| Current assets | 29/58 | €127,076 | €70,429 | -€56,647 | -44.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €25,797 | €46,725 | +€20,928 | +81.1% |
| Trade receivables | 40 | €13,964 | €0 | -€13,964 | -100% |
| Other amounts receivable | 41 | €11,833 | €46,725 | +€34,892 | +295% |
| Current investments | 50/53 | €25,399 | €0 | -€25,399 | -100% |
| Cash at bank and in hand | 54/58 | €52,308 | €23,157 | -€29,151 | -55.7% |
| Deferred charges and accrued income | 490/1 | €23,571 | €547 | -€23,024 | -97.7% |
| Total equity and liabilities | 10/49 | €218,965 | €208,699 | -€10,266 | -4.7% |
| Equity | 10/15 | €175,717 | €135,679 | -€40,038 | -22.8% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €175,716 | €139,350 | -€36,366 | -20.7% |
| Distributable reserves | 133 | €175,716 | €139,350 | -€36,366 | -20.7% |
| Profit (loss) carried forward | 14 | €0 | -€3,672 | -€3,672 | |
| Amounts payable | 17/49 | €43,248 | €73,020 | +€29,772 | +68.8% |
| Amounts payable after more than one year | 17 | €13,959 | €40,206 | +€26,247 | +188% |
| Financial debts | 170/4 | €13,959 | €40,206 | +€26,247 | +188% |
| Amounts payable within one year | 42/48 | €29,289 | €32,814 | +€3,525 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €9,806 | €27,753 | +€17,947 | +183% |
| Trade debts | 44 | €461 | €2,262 | +€1,801 | +391% |
| Suppliers | 440/4 | €461 | €2,262 | +€1,801 | +391% |
| Taxes, remuneration and social security | 45 | €3,750 | €2,799 | -€951 | -25.4% |
| Taxes | 450/3 | €3,750 | €2,799 | -€951 | -25.4% |
| Other amounts payable | 47/48 | €15,272 | €0 | -€15,272 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,981 | €21,153 | +€5,172 | +32.4% |
| Other operating charges | 640/8 | €976 | €1,113 | +€137 | +14.0% |
| Gross operating margin | 9900 | €42,064 | €21,531 | -€20,533 | -48.8% |
| Operating profit (loss) | 9901 | €25,107 | -€735 | -€25,842 | |
| Financial income | 75/76B | €258 | €3,876 | +€3,618 | +1,405% |
| Recurring financial income | 75 | €258 | €3,876 | +€3,618 | +1,405% |
| Financial charges | 65/66B | €1,773 | €5,121 | +€3,348 | +189% |
| Recurring financial charges | 65 | €1,773 | €5,121 | +€3,348 | +189% |
| Profit (loss) for the period before taxes | 9903 | €23,592 | -€1,980 | -€25,572 | |
| Income taxes | 67/77 | €8,319 | €1,692 | -€6,627 | -79.7% |
| Profit (loss) for the period | 9904 | €15,272 | -€3,672 | -€18,944 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,272 | -€3,672 | -€18,944 |
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 2 November 2026 via checked.be.