J. BARTOLAS: 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.
J. BARTOLAS
Largest movements
- Receivables within one year +€110,342
up €110,342 (+35.6%), from €309,552 to €419,894
- Tangible fixed assets -€82,938
down €82,938 (-5.5%), from €1.5m to €1.4m
of which Land and buildings: -€91,081
- Cash -€39,288
down €39,288 (-73.3%), from €53,571 to €14,283
mainly Receivables within one year (-€110,342) and Net result for the year (-€95,786)
- Other debts +€104,229
up €104,229 (+18.1%), from €576,771 to €681,000
- Profit (loss) carried forward -€61,671
down €61,671, from €22,735 to -€38,937
- Reserves -€34,115
down €34,115 (-3.9%), from €869,907 to €835,792
of which Tax-exempt reserves: -€34,115
- Taxes -€20,055
down €20,055 (-92.9%), from €21,581 to €1,525
- Staff costs -€15,129
down €15,129 (-63.1%), from €23,958 to €8,829
- Gross operating margin -€6,902
down €6,902 (-14.9%), from €46,200 to €39,298
- Depreciation -€4,243
down €4,243 (-3.5%), from €122,213 to €117,970
- Financial charges -€2,737
down €2,737 (-81.2%), from €3,371 to €634
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 | €1,890,397 | €1,868,555 | -€21,842 | -1.2% |
| Formation expenses | 20 | €183 | €151 | -€32 | -17.4% |
| Fixed assets | 21/28 | €1,516,758 | €1,433,819 | -€82,938 | -5.5% |
| Tangible fixed assets | 22/27 | €1,516,258 | €1,433,319 | -€82,938 | -5.5% |
| Land and buildings | 22 | €1,460,121 | €1,369,040 | -€91,081 | -6.2% |
| Furniture and vehicles | 24 | €56,137 | €64,279 | +€8,143 | +14.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €373,456 | €434,584 | +€61,128 | +16.4% |
| Amounts receivable within one year | 40/41 | €309,552 | €419,894 | +€110,342 | +35.6% |
| Other amounts receivable | 41 | €309,552 | €419,894 | +€110,342 | +35.6% |
| Current investments | 50/53 | €10,333 | €407 | -€9,926 | -96.1% |
| Cash at bank and in hand | 54/58 | €53,571 | €14,283 | -€39,288 | -73.3% |
| Total equity and liabilities | 10/49 | €1,890,397 | €1,868,555 | -€21,842 | -1.2% |
| Equity | 10/15 | €954,615 | €858,829 | -€95,786 | -10.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €869,907 | €835,792 | -€34,115 | -3.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €863,710 | €829,595 | -€34,115 | -3.9% |
| Profit (loss) carried forward | 14 | €22,735 | -€38,937 | -€61,671 | |
| Provisions and deferred taxes | 16 | €287,903 | €276,532 | -€11,372 | -3.9% |
| Deferred taxes | 168 | €287,903 | €276,532 | -€11,372 | -3.9% |
| Amounts payable | 17/49 | €647,879 | €733,195 | +€85,316 | +13.2% |
| Amounts payable after more than one year | 17 | €15,385 | €3,098 | -€12,287 | -79.9% |
| Financial debts | 170/4 | €15,385 | €3,098 | -€12,287 | -79.9% |
| Amounts payable within one year | 42/48 | €632,494 | €730,097 | +€97,603 | +15.4% |
| Financial debts | 43 | €19,438 | €12,287 | -€7,151 | -36.8% |
| Credit institutions | 430/8 | €19,438 | €12,287 | -€7,151 | -36.8% |
| Trade debts | 44 | €34,648 | €33,678 | -€970 | -2.8% |
| Suppliers | 440/4 | €34,648 | €33,678 | -€970 | -2.8% |
| Taxes, remuneration and social security | 45 | €1,638 | €3,133 | +€1,496 | +91.3% |
| Taxes | 450/3 | €1,638 | €3,133 | +€1,496 | +91.3% |
| Other amounts payable | 47/48 | €576,771 | €681,000 | +€104,229 | +18.1% |
| Remuneration, social security and pensions | 62 | €23,958 | €8,829 | -€15,129 | -63.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,213 | €117,970 | -€4,243 | -3.5% |
| Other operating charges | 640/8 | €15,783 | €17,613 | +€1,831 | +11.6% |
| Non-recurring operating charges | 66A | €1,409 | - | -€1,409 | |
| Gross operating margin | 9900 | €46,200 | €39,298 | -€6,902 | -14.9% |
| Operating profit (loss) | 9901 | -€117,163 | -€105,114 | +€12,049 | +10.3% |
| Financial income | 75/76B | €1 | €116 | +€114 | +8408.8% |
| Recurring financial income | 75 | €1 | €116 | +€114 | +8408.8% |
| Financial charges | 65/66B | €3,371 | €634 | -€2,737 | -81.2% |
| Recurring financial charges | 65 | €3,371 | €634 | -€2,737 | -81.2% |
| Profit (loss) for the period before taxes | 9903 | -€120,533 | -€105,633 | +€14,900 | +12.4% |
| Transfer from deferred taxes | 780 | €11,099 | €11,372 | +€273 | +2.5% |
| Income taxes | 67/77 | €21,581 | €1,525 | -€20,055 | -92.9% |
| Profit (loss) for the period | 9904 | -€131,014 | -€95,786 | +€35,228 | +26.9% |
| Transfer from tax-exempt reserves | 789 | €33,297 | €34,115 | +€818 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,717 | -€61,671 | +€36,046 | +36.9% |
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 4 October 2026 via checked.be.