Den Bart: 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.
Den Bart
Largest movements
- Tangible fixed assets +€186,832
up €186,832 (+50.7%), from €368,203 to €555,035
of which Plant, machinery and equipment: +€193,381
- Cash -€25,425
down €25,425 (-88.8%), from €28,620 to €3,196
mainly Investment in fixed assets (net) (-€205,067) and Debts after one year (-€14,908)
- Receivables within one year -€10,606
down €10,606 (-69.2%), from €15,333 to €4,727
of which Trade receivables: -€13,180
- Stocks and contracts +€6,056
up €6,056 (+95.7%), from €6,329 to €12,384
- Other debts +€177,406
up €177,406 (+94.5%), from €187,728 to €365,134
- Debts after one year -€14,908
down €14,908 (-9.5%), from €157,318 to €142,410
- Advances received -€6,658
no longer reported in 2025 (was €6,658)
- Gross operating margin -€4,562
down €4,562 (-18.1%), from €25,250 to €20,688
- Staff costs +€2,405
new in 2025: €2,405
- Depreciation +€2,286
up €2,286 (+14.3%), from €15,949 to €18,235
- Other operating charges -€507
down €507 (-28.8%), from €1,763 to €1,255
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 | €420,165 | €577,022 | +€156,857 | +37.3% |
| Fixed assets | 21/28 | €369,883 | €556,715 | +€186,832 | +50.5% |
| Tangible fixed assets | 22/27 | €368,203 | €555,035 | +€186,832 | +50.7% |
| Land and buildings | 22 | €338,129 | €332,129 | -€6,000 | -1.8% |
| Plant, machinery and equipment | 23 | €27,900 | €221,281 | +€193,381 | +693.1% |
| Furniture and vehicles | 24 | €2,174 | €1,625 | -€549 | -25.2% |
| Financial fixed assets | 28 | €1,680 | €1,680 | = | 0.0% |
| Current assets | 29/58 | €50,282 | €20,307 | -€29,975 | -59.6% |
| Stocks and contracts in progress | 3 | €6,329 | €12,384 | +€6,056 | +95.7% |
| Stocks | 30/36 | €6,329 | €12,384 | +€6,056 | +95.7% |
| Amounts receivable within one year | 40/41 | €15,333 | €4,727 | -€10,606 | -69.2% |
| Trade receivables | 40 | €15,333 | €2,152 | -€13,180 | -86.0% |
| Other amounts receivable | 41 | - | €2,574 | +€2,574 | |
| Cash at bank and in hand | 54/58 | €28,620 | €3,196 | -€25,425 | -88.8% |
| Total equity and liabilities | 10/49 | €420,165 | €577,022 | +€156,857 | +37.3% |
| Equity | 10/15 | €42,820 | €39,223 | -€3,597 | -8.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,180 | -€10,777 | -€3,597 | -50.1% |
| Amounts payable | 17/49 | €377,345 | €537,799 | +€160,454 | +42.5% |
| Amounts payable after more than one year | 17 | €157,318 | €142,410 | -€14,908 | -9.5% |
| Financial debts | 170/4 | €157,318 | €142,410 | -€14,908 | -9.5% |
| Amounts payable within one year | 42/48 | €220,027 | €395,389 | +€175,362 | +79.7% |
| Current portion of amounts payable after more than one year | 42 | €14,704 | €14,908 | +€204 | +1.4% |
| Trade debts | 44 | €10,195 | €14,742 | +€4,547 | +44.6% |
| Suppliers | 440/4 | €10,195 | €14,742 | +€4,547 | +44.6% |
| Advances received on contracts in progress | 46 | €6,658 | - | -€6,658 | |
| Taxes, remuneration and social security | 45 | €742 | €605 | -€137 | -18.4% |
| Taxes | 450/3 | €742 | €605 | -€137 | -18.4% |
| Other amounts payable | 47/48 | €187,728 | €365,134 | +€177,406 | +94.5% |
| Remuneration, social security and pensions | 62 | - | €2,405 | +€2,405 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,949 | €18,235 | +€2,286 | +14.3% |
| Other operating charges | 640/8 | €1,763 | €1,255 | -€507 | -28.8% |
| Gross operating margin | 9900 | €25,250 | €20,688 | -€4,562 | -18.1% |
| Operating profit (loss) | 9901 | €7,538 | -€1,207 | -€8,745 | |
| Financial income | 75/76B | €13 | €74 | +€60 | +457.0% |
| Recurring financial income | 75 | €13 | €74 | +€60 | +457.0% |
| Financial charges | 65/66B | €2,643 | €2,463 | -€179 | -6.8% |
| Recurring financial charges | 65 | €2,643 | €2,463 | -€179 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €4,908 | -€3,597 | -€8,506 | |
| Profit (loss) for the period | 9904 | €4,908 | -€3,597 | -€8,506 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,908 | -€3,597 | -€8,506 |
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 1 October 2026 via checked.be.