Dr. Bart Van Tilborgh: 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 Van Tilborgh
Largest movements
- Tangible fixed assets -€29,190
down €29,190 (-9.0%), from €325,356 to €296,166
of which Furniture and vehicles: -€16,423
- Receivables within one year +€19,048
up €19,048 (+37.1%), from €51,358 to €70,406
of which Trade receivables: +€16,394
- Deferred charges and accrued income -€5,430
down €5,430 (-58.8%), from €9,227 to €3,797
- Debts after one year -€34,801
down €34,801 (-31.5%), from €110,449 to €75,648
- Reserves +€14,824
up €14,824 (+6.1%), from €241,971 to €256,795
of which Distributable reserves: +€14,824
- Tax, wage and social debts +€7,560
up €7,560 (+68.8%), from €10,996 to €18,556
of which Remuneration and social security: +€7,556
- Current portion of long-term debt -€4,248
down €4,248 (-12.5%), from €33,929 to €29,680
- Gross operating margin -€19,468
down €19,468 (-25.6%), from €76,173 to €56,705
- Taxes -€6,663
down €6,663 (-50.8%), from €13,129 to €6,466
- Financial charges -€1,249
down €1,249 (-23.4%), from €5,342 to €4,093
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 | €421,442 | €404,883 | -€16,559 | -3.9% |
| Fixed assets | 21/28 | €325,356 | €296,166 | -€29,190 | -9.0% |
| Tangible fixed assets | 22/27 | €325,356 | €296,166 | -€29,190 | -9.0% |
| Land and buildings | 22 | €247,143 | €237,754 | -€9,389 | -3.8% |
| Plant, machinery and equipment | 23 | €19,957 | €16,579 | -€3,378 | -16.9% |
| Furniture and vehicles | 24 | €58,256 | €41,833 | -€16,423 | -28.2% |
| Current assets | 29/58 | €96,087 | €108,718 | +€12,631 | +13.1% |
| Amounts receivable within one year | 40/41 | €51,358 | €70,406 | +€19,048 | +37.1% |
| Trade receivables | 40 | €20,041 | €36,434 | +€16,394 | +81.8% |
| Other amounts receivable | 41 | €31,318 | €33,972 | +€2,655 | +8.5% |
| Cash at bank and in hand | 54/58 | €35,502 | €34,514 | -€987 | -2.8% |
| Deferred charges and accrued income | 490/1 | €9,227 | €3,797 | -€5,430 | -58.8% |
| Total equity and liabilities | 10/49 | €421,442 | €404,883 | -€16,559 | -3.9% |
| Equity | 10/15 | €254,371 | €269,195 | +€14,824 | +5.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €241,971 | €256,795 | +€14,824 | +6.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €240,111 | €254,935 | +€14,824 | +6.2% |
| Amounts payable | 17/49 | €167,071 | €135,688 | -€31,383 | -18.8% |
| Amounts payable after more than one year | 17 | €110,449 | €75,648 | -€34,801 | -31.5% |
| Financial debts | 170/4 | €110,449 | €75,648 | -€34,801 | -31.5% |
| Amounts payable within one year | 42/48 | €56,622 | €60,040 | +€3,418 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €33,929 | €29,680 | -€4,248 | -12.5% |
| Trade debts | 44 | €11,090 | €11,803 | +€714 | +6.4% |
| Suppliers | 440/4 | €11,090 | €11,803 | +€714 | +6.4% |
| Taxes, remuneration and social security | 45 | €10,996 | €18,556 | +€7,560 | +68.8% |
| Taxes | 450/3 | €10,996 | €11,000 | +€4 | 0.0% |
| Remuneration and social security | 454/9 | - | €7,556 | +€7,556 | |
| Other amounts payable | 47/48 | €608 | €0 | -€608 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,581 | €29,190 | -€391 | -1.3% |
| Other operating charges | 640/8 | €2,052 | €2,150 | +€97 | +4.7% |
| Gross operating margin | 9900 | €76,173 | €56,705 | -€19,468 | -25.6% |
| Operating profit (loss) | 9901 | €44,540 | €25,365 | -€19,174 | -43.0% |
| Financial income | 75/76B | €0 | €18 | +€18 | |
| Recurring financial income | 75 | €0 | €18 | +€18 | |
| Financial charges | 65/66B | €5,342 | €4,093 | -€1,249 | -23.4% |
| Recurring financial charges | 65 | €5,342 | €4,093 | -€1,249 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €39,197 | €21,290 | -€17,907 | -45.7% |
| Income taxes | 67/77 | €13,129 | €6,466 | -€6,663 | -50.8% |
| Profit (loss) for the period | 9904 | €26,068 | €14,824 | -€11,244 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,068 | €14,824 | -€11,244 | -43.1% |
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 13 October 2026 via checked.be.