Dr. Bart Gielens: 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.
Dr. Bart Gielens
Largest movements
- Cash +€94,320
up €94,320 (+975%), from €9,678 to €103,997
mainly Net result for the year (+€92,073) and Tax, wage and social debts (+€24,564)
- Deferred charges and accrued income +€21,116
up €21,116 (+213%), from €9,896 to €31,012
- Reserves +€91,240
up €91,240 (+773%), from €11,810 to €103,050
- Tax, wage and social debts +€24,564
up €24,564 (+756%), from €3,248 to €27,811
- Gross operating margin +€101,310
up €101,310 (+635%), from €15,943 to €117,253
- Taxes +€21,316
up €21,316 (+656%), from €3,248 to €24,564
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 | €20,494 | €135,607 | +€115,113 | +562% |
| Fixed assets | 21/28 | €920 | €597 | -€323 | -35.1% |
| Tangible fixed assets | 22/27 | €920 | €597 | -€323 | -35.1% |
| Plant, machinery and equipment | 23 | €920 | €597 | -€323 | -35.1% |
| Current assets | 29/58 | €19,574 | €135,010 | +€115,436 | +590% |
| Cash at bank and in hand | 54/58 | €9,678 | €103,997 | +€94,320 | +975% |
| Deferred charges and accrued income | 490/1 | €9,896 | €31,012 | +€21,116 | +213% |
| Total equity and liabilities | 10/49 | €20,494 | €135,607 | +€115,113 | +562% |
| Equity | 10/15 | €14,810 | €106,050 | +€91,240 | +616% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €11,810 | €103,050 | +€91,240 | +773% |
| Distributable reserves | 133 | €11,810 | €103,050 | +€91,240 | +773% |
| Amounts payable | 17/49 | €5,684 | €29,557 | +€23,873 | +420% |
| Amounts payable within one year | 42/48 | €5,684 | €29,557 | +€23,873 | +420% |
| Trade debts | 44 | €1,496 | €425 | -€1,071 | -71.6% |
| Suppliers | 440/4 | €1,496 | €425 | -€1,071 | -71.6% |
| Taxes, remuneration and social security | 45 | €3,248 | €27,811 | +€24,564 | +756% |
| Taxes | 450/3 | €3,248 | €27,811 | +€24,564 | +756% |
| Other amounts payable | 47/48 | €940 | €1,320 | +€380 | +40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49 | €323 | +€274 | +564% |
| Other operating charges | 640/8 | - | €249 | +€249 | |
| Gross operating margin | 9900 | €15,943 | €117,253 | +€101,310 | +635% |
| Operating profit (loss) | 9901 | €15,895 | €116,682 | +€100,787 | +634% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4 | €45 | +€41 | +1,100% |
| Recurring financial charges | 65 | €4 | €45 | +€41 | +1,100% |
| Profit (loss) for the period before taxes | 9903 | €15,891 | €116,637 | +€100,746 | +634% |
| Income taxes | 67/77 | €3,248 | €24,564 | +€21,316 | +656% |
| Profit (loss) for the period | 9904 | €12,643 | €92,073 | +€79,430 | +628% |
| Profit (loss) for the period to be appropriated | 9905 | €12,643 | €92,073 | +€79,430 | +628% |
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.