Dr. Bart Billet: 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.
Dr. Bart Billet
Largest movements
- Current investments +€90,243
up €90,243 (+18.3%), from €492,855 to €583,097
- Tangible fixed assets +€39,758
up €39,758 (+3.3%), from €1.2m to €1.3m
of which Furniture and vehicles: +€45,238
- Reserves +€303,962
up €303,962 (+21.9%), from €1.4m to €1.7m
of which Distributable reserves: +€303,962
- Other debts -€140,813
down €140,813 (-27.2%), from €517,892 to €377,079
- Debts after one year -€31,948
down €31,948 (-51.1%), from €62,498 to €30,549
- Financial income +€22,919
up €22,919 (+221.1%), from €10,366 to €33,285
of which Non-recurring financial income: +€19,705
- Financial charges +€18,557
up €18,557 (+273.2%), from €6,792 to €25,349
of which Non-recurring financial charges: +€20,342
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 | €2,073,684 | €2,197,657 | +€123,973 | +6.0% |
| Fixed assets | 21/28 | €1,211,100 | €1,250,859 | +€39,758 | +3.3% |
| Tangible fixed assets | 22/27 | €1,211,100 | €1,250,859 | +€39,758 | +3.3% |
| Land and buildings | 22 | €1,166,531 | €1,163,334 | -€3,196 | -0.3% |
| Plant, machinery and equipment | 23 | €4,521 | €2,238 | -€2,283 | -50.5% |
| Furniture and vehicles | 24 | €40,049 | €85,287 | +€45,238 | +113.0% |
| Current assets | 29/58 | €862,583 | €946,798 | +€84,215 | +9.8% |
| Amounts receivable within one year | 40/41 | €273 | - | -€273 | |
| Trade receivables | 40 | €273 | - | -€273 | |
| Current investments | 50/53 | €492,855 | €583,097 | +€90,243 | +18.3% |
| Cash at bank and in hand | 54/58 | €77,628 | €83,891 | +€6,263 | +8.1% |
| Deferred charges and accrued income | 490/1 | €291,827 | €279,810 | -€12,017 | -4.1% |
| Total equity and liabilities | 10/49 | €2,073,684 | €2,197,657 | +€123,973 | +6.0% |
| Equity | 10/15 | €1,389,162 | €1,693,124 | +€303,962 | +21.9% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €1,389,161 | €1,693,123 | +€303,962 | +21.9% |
| Tax-exempt reserves | 132 | €1,077 | €1,077 | = | 0.0% |
| Distributable reserves | 133 | €1,388,084 | €1,692,046 | +€303,962 | +21.9% |
| Amounts payable | 17/49 | €684,521 | €504,533 | -€179,989 | -26.3% |
| Amounts payable after more than one year | 17 | €62,498 | €30,549 | -€31,948 | -51.1% |
| Financial debts | 170/4 | €62,498 | €30,549 | -€31,948 | -51.1% |
| Amounts payable within one year | 42/48 | €621,730 | €473,777 | -€147,953 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €39,695 | €35,044 | -€4,651 | -11.7% |
| Financial debts | 43 | €3 | €3 | = | 0.0% |
| Credit institutions | 430/8 | €3 | €3 | = | 0.0% |
| Trade debts | 44 | - | €594 | +€594 | |
| Suppliers | 440/4 | - | €594 | +€594 | |
| Taxes, remuneration and social security | 45 | €64,140 | €61,056 | -€3,084 | -4.8% |
| Taxes | 450/3 | €64,140 | €61,056 | -€3,084 | -4.8% |
| Other amounts payable | 47/48 | €517,892 | €377,079 | -€140,813 | -27.2% |
| Accrued charges and deferred income | 492/3 | €294 | €207 | -€87 | -29.7% |
| Non-recurring operating income | 76A | - | €17,500 | +€17,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,994 | €71,971 | -€24 | 0.0% |
| Other operating charges | 640/8 | €4,492 | €4,821 | +€329 | +7.3% |
| Gross operating margin | 9900 | €508,620 | €512,000 | +€3,380 | +0.7% |
| Operating profit (loss) | 9901 | €432,134 | €435,208 | +€3,074 | +0.7% |
| Financial income | 75/76B | €10,366 | €33,285 | +€22,919 | +221.1% |
| Recurring financial income | 75 | €6,170 | €9,383 | +€3,214 | +52.1% |
| Non-recurring financial income | 76B | €4,196 | €23,902 | +€19,705 | +469.6% |
| Financial charges | 65/66B | €6,792 | €25,349 | +€18,557 | +273.2% |
| Recurring financial charges | 65 | €6,792 | €5,007 | -€1,785 | -26.3% |
| Non-recurring financial charges | 66B | - | €20,342 | +€20,342 | |
| Profit (loss) for the period before taxes | 9903 | €435,708 | €443,144 | +€7,436 | +1.7% |
| Income taxes | 67/77 | €135,108 | €138,349 | +€3,241 | +2.4% |
| Profit (loss) for the period | 9904 | €300,600 | €304,795 | +€4,194 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €300,600 | €304,795 | +€4,194 | +1.4% |
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 2 October 2026 via checked.be.