DR. BONGAERTS BART: 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. BONGAERTS BART
Largest movements
- Current investments +€200,000
up €200,000 (+89.1%), from €224,486 to €424,486
- Cash -€174,645
down €174,645 (-77.6%), from €225,070 to €50,425
mainly Current investments (-€200,000) and Receivables after one year (-€40,000)
- Receivables after one year +€40,000
up €40,000 (+44.4%), from €90,000 to €130,000
- Receivables within one year +€10,099
up €10,099 (+382.3%), from €2,641 to €12,740
of which Trade receivables: +€10,074
- Reserves +€87,541
up €87,541 (+17.4%), from €503,941 to €591,483
- Tax, wage and social debts -€9,836
down €9,836 (-29.8%), from €33,011 to €23,174
of which Remuneration and social security: -€8,870
- Gross operating margin -€43,779
down €43,779 (-21.4%), from €204,204 to €160,425
- Staff costs -€10,984
down €10,984 (-21.1%), from €52,155 to €41,171
- Taxes -€9,516
down €9,516 (-18.5%), from €51,379 to €41,863
- Financial income +€2,379
up €2,379 (+22.6%), from €10,521 to €12,901
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 | €550,162 | €625,768 | +€75,606 | +13.7% |
| Fixed assets | 21/28 | €1,588 | €376 | -€1,212 | -76.3% |
| Tangible fixed assets | 22/27 | €1,588 | €376 | -€1,212 | -76.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,588 | €376 | -€1,212 | -76.3% |
| Current assets | 29/58 | €548,573 | €625,391 | +€76,818 | +14.0% |
| Amounts receivable after more than one year | 29 | €90,000 | €130,000 | +€40,000 | +44.4% |
| Other amounts receivable | 291 | €90,000 | €130,000 | +€40,000 | +44.4% |
| Amounts receivable within one year | 40/41 | €2,641 | €12,740 | +€10,099 | +382.3% |
| Trade receivables | 40 | €1,392 | €11,465 | +€10,074 | +723.9% |
| Other amounts receivable | 41 | €1,250 | €1,274 | +€25 | +2.0% |
| Current investments | 50/53 | €224,486 | €424,486 | +€200,000 | +89.1% |
| Cash at bank and in hand | 54/58 | €225,070 | €50,425 | -€174,645 | -77.6% |
| Deferred charges and accrued income | 490/1 | €6,377 | €7,741 | +€1,364 | +21.4% |
| Total equity and liabilities | 10/49 | €550,162 | €625,768 | +€75,606 | +13.7% |
| Equity | 10/15 | €510,141 | €597,683 | +€87,541 | +17.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €503,941 | €591,483 | +€87,541 | +17.4% |
| Distributable reserves | 133 | €503,941 | €591,483 | +€87,541 | +17.4% |
| Amounts payable | 17/49 | €40,020 | €28,085 | -€11,935 | -29.8% |
| Amounts payable within one year | 42/48 | €39,390 | €27,595 | -€11,795 | -29.9% |
| Trade debts | 44 | €6,379 | €4,420 | -€1,959 | -30.7% |
| Suppliers | 440/4 | €6,379 | €4,420 | -€1,959 | -30.7% |
| Taxes, remuneration and social security | 45 | €33,011 | €23,174 | -€9,836 | -29.8% |
| Taxes | 450/3 | €24,140 | €23,174 | -€966 | -4.0% |
| Remuneration and social security | 454/9 | €8,870 | €0 | -€8,870 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €630 | €491 | -€140 | -22.1% |
| Remuneration, social security and pensions | 62 | €52,155 | €41,171 | -€10,984 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,581 | €1,212 | -€369 | -23.4% |
| Other operating charges | 640/8 | €1,254 | €1,422 | +€168 | +13.4% |
| Gross operating margin | 9900 | €204,204 | €160,425 | -€43,779 | -21.4% |
| Operating profit (loss) | 9901 | €149,214 | €116,620 | -€32,593 | -21.8% |
| Financial income | 75/76B | €10,521 | €12,901 | +€2,379 | +22.6% |
| Recurring financial income | 75 | €10,521 | €12,901 | +€2,379 | +22.6% |
| Financial charges | 65/66B | €68 | €117 | +€49 | +71.8% |
| Recurring financial charges | 65 | €68 | €117 | +€49 | +71.8% |
| Profit (loss) for the period before taxes | 9903 | €159,667 | €129,404 | -€30,263 | -19.0% |
| Income taxes | 67/77 | €51,379 | €41,863 | -€9,516 | -18.5% |
| Profit (loss) for the period | 9904 | €108,288 | €87,541 | -€20,747 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €108,288 | €87,541 | -€20,747 | -19.2% |
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 12 October 2026 via checked.be.