BARTHE: 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.
BARTHE
Largest movements
- Tangible fixed assets +€4.3m
up €4.3m (+332.3%), from €1.3m to €5.6m
- Receivables within one year +€739,826
up €739,826 (+77.9%), from €949,595 to €1.7m
of which Other amounts receivable: +€575,656
- Stocks and contracts +€518,630
up €518,630 (+133.1%), from €389,735 to €908,365
- Cash -€223,636
down €223,636 (-57.1%), from €391,602 to €167,966
mainly Investment in fixed assets (net) (-€4.8m) and Receivables within one year (-€739,826)
- Intangible fixed assets -€99,073
down €99,073 (-25.0%), from €396,291 to €297,218
- Debts after one year +€4.3m
up €4.3m (+440.4%), from €970,050 to €5.2m
of which Financial debts: +€4.3m
- Trade debts +€968,965
up €968,965 (+83.1%), from €1.2m to €2.1m
- Other debts -€340,396
no longer reported in 2025 (was €340,396)
- Current portion of long-term debt +€292,981
up €292,981 (+125.8%), from €232,975 to €525,957
- Accrued charges and deferred income +€97,137
new in 2025: €97,137
- Gross operating margin +€808,121
up €808,121 (+75.3%), from €1.1m to €1.9m
- Staff costs +€437,600
up €437,600 (+66.4%), from €659,095 to €1.1m
- Depreciation +€338,482
up €338,482 (+127.9%), from €264,748 to €603,230
- Financial charges +€161,934
up €161,934 (+203.0%), from €79,783 to €241,717
of which Financial charges: +€175,553
- Financial income +€33,504
up €33,504 (+144.4%), from €23,206 to €56,710
of which Financial income: +€23,541
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 | €3,499,032 | €8,772,607 | +€5.3m | +150.7% |
| Formation expenses | 20 | €8,887 | €43,956 | +€35,070 | +394.6% |
| Fixed assets | 21/28 | €1,702,243 | €5,895,429 | +€4.2m | +246.3% |
| Intangible fixed assets | 21 | €396,291 | €297,218 | -€99,073 | -25.0% |
| Tangible fixed assets | 22/27 | €1,291,535 | €5,583,793 | +€4.3m | +332.3% |
| Land and buildings | 22 | €1,070,818 | €3,093,914 | +€2.0m | +188.9% |
| Plant, machinery and equipment | 23 | €79,933 | €2,105,505 | +€2.0m | +2534.1% |
| Furniture and vehicles | 24 | €137,997 | €383,624 | +€245,627 | +178.0% |
| Other tangible fixed assets | 26 | €2,786 | €749 | -€2,037 | -73.1% |
| Financial fixed assets | 28 | €14,418 | €14,418 | = | 0.0% |
| Current assets | 29/58 | €1,787,903 | €2,833,222 | +€1.0m | +58.5% |
| Stocks and contracts in progress | 3 | €389,735 | €908,365 | +€518,630 | +133.1% |
| Stocks | 30/36 | €389,735 | €908,365 | +€518,630 | +133.1% |
| Amounts receivable within one year | 40/41 | €949,595 | €1,689,421 | +€739,826 | +77.9% |
| Trade receivables | 40 | €71,937 | €236,107 | +€164,170 | +228.2% |
| Other amounts receivable | 41 | €877,658 | €1,453,314 | +€575,656 | +65.6% |
| Cash at bank and in hand | 54/58 | €391,602 | €167,966 | -€223,636 | -57.1% |
| Deferred charges and accrued income | 490/1 | €56,970 | €67,469 | +€10,499 | +18.4% |
| Total equity and liabilities | 10/49 | €3,499,032 | €8,772,607 | +€5.3m | +150.7% |
| Equity | 10/15 | €672,512 | €583,830 | -€88,682 | -13.2% |
| Contributions | 10/11 | €182,050 | €182,050 | = | 0.0% |
| Capital | 10 | €182,050 | €182,050 | = | 0.0% |
| Issued capital | 100 | €182,050 | €182,050 | = | 0.0% |
| Reserves | 13 | €18,205 | €18,205 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,205 | €18,205 | = | 0.0% |
| Legal reserve | 130 | €18,205 | €18,205 | = | 0.0% |
| Profit (loss) carried forward | 14 | €472,257 | €383,575 | -€88,682 | -18.8% |
| Amounts payable | 17/49 | €2,826,520 | €8,188,777 | +€5.4m | +189.7% |
| Amounts payable after more than one year | 17 | €970,050 | €5,241,798 | +€4.3m | +440.4% |
| Financial debts | 170/4 | €965,960 | €5,237,707 | +€4.3m | +442.2% |
| Other amounts payable | 178/9 | €4,090 | €4,090 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,856,470 | €2,849,842 | +€993,372 | +53.5% |
| Current portion of amounts payable after more than one year | 42 | €232,975 | €525,957 | +€292,981 | +125.8% |
| Financial debts | 43 | €28,328 | €65,380 | +€37,052 | +130.8% |
| Credit institutions | 430/8 | €28,328 | €65,380 | +€37,052 | +130.8% |
| Trade debts | 44 | €1,165,919 | €2,134,884 | +€968,965 | +83.1% |
| Suppliers | 440/4 | €1,165,919 | €2,134,884 | +€968,965 | +83.1% |
| Taxes, remuneration and social security | 45 | €88,852 | €123,621 | +€34,769 | +39.1% |
| Taxes | 450/3 | €20,665 | €312 | -€20,353 | -98.5% |
| Remuneration and social security | 454/9 | €68,187 | €123,309 | +€55,122 | +80.8% |
| Other amounts payable | 47/48 | €340,396 | - | -€340,396 | |
| Accrued charges and deferred income | 492/3 | - | €97,137 | +€97,137 | |
| Non-recurring operating income | 76A | €24,522 | €179,182 | +€154,660 | +630.7% |
| Remuneration, social security and pensions | 62 | €659,095 | €1,096,695 | +€437,600 | +66.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264,748 | €603,230 | +€338,482 | +127.9% |
| Other operating charges | 640/8 | €42,804 | €55,746 | +€12,942 | +30.2% |
| Non-recurring operating charges | 66A | €416 | €27,989 | +€27,573 | +6628.2% |
| Gross operating margin | 9900 | €1,072,639 | €1,880,760 | +€808,121 | +75.3% |
| Operating profit (loss) | 9901 | €105,576 | €97,099 | -€8,477 | -8.0% |
| Financial income | 75/76B | €23,206 | €56,710 | +€33,504 | +144.4% |
| Recurring financial income | 75 | €23,206 | €46,747 | +€23,541 | +101.4% |
| Non-recurring financial income | 76B | - | €9,963 | +€9,963 | |
| Financial charges | 65/66B | €79,783 | €241,717 | +€161,934 | +203.0% |
| Recurring financial charges | 65 | €63,403 | €238,956 | +€175,553 | +276.9% |
| Non-recurring financial charges | 66B | €16,379 | €2,760 | -€13,619 | -83.1% |
| Profit (loss) for the period before taxes | 9903 | €48,999 | -€87,908 | -€136,907 | |
| Income taxes | 67/77 | €20,683 | €774 | -€19,909 | -96.3% |
| Profit (loss) for the period | 9904 | €28,316 | -€88,682 | -€116,998 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,316 | -€88,682 | -€116,998 |
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 30 September 2026 via checked.be.