H. BARTHOLOME: 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.
H. BARTHOLOME
Largest movements
- Cash -€112,841
down €112,841 (-63.5%), from €177,826 to €64,985
mainly Debts after one year (-€67,312) and Stocks and contracts (-€32,441)
- Stocks and contracts +€32,441
up €32,441 (+12.5%), from €259,179 to €291,620
- Receivables within one year -€15,505
down €15,505 (-21.8%), from €71,263 to €55,759
of which Trade receivables: -€27,924
- Tangible fixed assets -€13,488
down €13,488 (-8.3%), from €163,141 to €149,653
of which Land and buildings: -€9,132
- Debts after one year -€67,312
down €67,312 (-30.0%), from €224,718 to €157,407
- Profit (loss) carried forward -€22,024
down €22,024 (-37.6%), from €58,629 to €36,605
- Reserves -€17,720
down €17,720 (-6.2%), from €284,305 to €266,585
- Trade debts +€11,213
up €11,213 (+113%), from €9,926 to €21,139
- Tax, wage and social debts -€9,176
down €9,176 (-21.3%), from €42,987 to €33,812
of which Taxes: -€7,243
- Gross operating margin -€40,384
down €40,384 (-14.2%), from €283,539 to €243,155
- Staff costs +€30,905
up €30,905 (+15.8%), from €195,404 to €226,309
- Taxes -€15,445
no longer reported in 2025 (was €15,445)
- Depreciation +€4,060
up €4,060 (+19.3%), from €20,987 to €25,048
- Financial charges -€3,692
down €3,692 (-24.8%), from €14,915 to €11,223
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 | €678,651 | €571,612 | -€107,039 | -15.8% |
| Fixed assets | 21/28 | €164,742 | €150,817 | -€13,925 | -8.5% |
| Intangible fixed assets | 21 | €1,098 | €661 | -€438 | -39.8% |
| Tangible fixed assets | 22/27 | €163,141 | €149,653 | -€13,488 | -8.3% |
| Land and buildings | 22 | €119,775 | €110,643 | -€9,132 | -7.6% |
| Plant, machinery and equipment | 23 | €9,276 | €5,630 | -€3,647 | -39.3% |
| Furniture and vehicles | 24 | €34,090 | €33,381 | -€709 | -2.1% |
| Financial fixed assets | 28 | €503 | €503 | = | 0.0% |
| Current assets | 29/58 | €513,909 | €420,795 | -€93,114 | -18.1% |
| Stocks and contracts in progress | 3 | €259,179 | €291,620 | +€32,441 | +12.5% |
| Stocks | 30/36 | €259,179 | €291,620 | +€32,441 | +12.5% |
| Amounts receivable within one year | 40/41 | €71,263 | €55,759 | -€15,505 | -21.8% |
| Trade receivables | 40 | €68,102 | €40,177 | -€27,924 | -41.0% |
| Other amounts receivable | 41 | €3,162 | €15,582 | +€12,420 | +393% |
| Cash at bank and in hand | 54/58 | €177,826 | €64,985 | -€112,841 | -63.5% |
| Deferred charges and accrued income | 490/1 | €5,641 | €8,432 | +€2,791 | +49.5% |
| Total equity and liabilities | 10/49 | €678,651 | €571,612 | -€107,039 | -15.8% |
| Equity | 10/15 | €361,534 | €321,790 | -€39,744 | -11.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €284,305 | €266,585 | -€17,720 | -6.2% |
| Distributable reserves | 133 | €284,305 | €266,585 | -€17,720 | -6.2% |
| Profit (loss) carried forward | 14 | €58,629 | €36,605 | -€22,024 | -37.6% |
| Amounts payable | 17/49 | €317,117 | €249,822 | -€67,295 | -21.2% |
| Amounts payable after more than one year | 17 | €224,718 | €157,407 | -€67,312 | -30.0% |
| Financial debts | 170/4 | €224,718 | €157,407 | -€67,312 | -30.0% |
| Amounts payable within one year | 42/48 | €92,398 | €92,415 | +€17 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €30,221 | €31,465 | +€1,244 | +4.1% |
| Trade debts | 44 | €9,926 | €21,139 | +€11,213 | +113% |
| Suppliers | 440/4 | €9,926 | €21,139 | +€11,213 | +113% |
| Taxes, remuneration and social security | 45 | €42,987 | €33,812 | -€9,176 | -21.3% |
| Taxes | 450/3 | €19,274 | €12,032 | -€7,243 | -37.6% |
| Remuneration and social security | 454/9 | €23,713 | €21,780 | -€1,933 | -8.2% |
| Other amounts payable | 47/48 | €9,264 | €6,000 | -€3,264 | -35.2% |
| Non-recurring operating income | 76A | €9,321 | €35 | -€9,285 | -99.6% |
| Remuneration, social security and pensions | 62 | €195,404 | €226,309 | +€30,905 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,987 | €25,048 | +€4,060 | +19.3% |
| Other operating charges | 640/8 | €5,104 | €5,349 | +€245 | +4.8% |
| Gross operating margin | 9900 | €283,539 | €243,155 | -€40,384 | -14.2% |
| Operating profit (loss) | 9901 | €62,044 | -€13,550 | -€75,594 | |
| Financial income | 75/76B | €2,970 | €2,749 | -€221 | -7.4% |
| Recurring financial income | 75 | €2,970 | €2,749 | -€221 | -7.4% |
| Financial charges | 65/66B | €14,915 | €11,223 | -€3,692 | -24.8% |
| Recurring financial charges | 65 | €14,915 | €11,223 | -€3,692 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €50,099 | -€22,024 | -€72,123 | |
| Income taxes | 67/77 | €15,445 | - | -€15,445 | |
| Profit (loss) for the period | 9904 | €34,654 | -€22,024 | -€56,678 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,654 | -€22,024 | -€56,678 |
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 27 October 2026 via checked.be.