R. BARTOLINI: 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.
R. BARTOLINI
Largest movements
- Receivables within one year +€55,328
up €55,328 (+255.6%), from €21,645 to €76,973
of which Trade receivables: +€57,261
- Tangible fixed assets +€33,319
up €33,319 (+44.2%), from €75,388 to €108,707
of which Furniture and vehicles: +€31,529
- Cash -€30,483
down €30,483 (-32.2%), from €94,754 to €64,271
mainly Investment in fixed assets (net) (-€85,280) and Receivables within one year (-€55,328)
- Financial fixed assets +€15,000
up €15,000 (+1363.6%), from €1,100 to €16,100
- Stocks and contracts -€6,074
down €6,074 (-67.5%), from €8,994 to €2,920
- Reserves +€25,310
up €25,310 (+54.6%), from €46,322 to €71,632
- Tax, wage and social debts +€21,535
up €21,535 (+121.6%), from €17,715 to €39,250
of which Remuneration and social security: +€12,000
- Current portion of long-term debt +€7,266
up €7,266 (+78.3%), from €9,277 to €16,543
- Debts after one year +€5,741
up €5,741 (+10.3%), from €55,719 to €61,460
- Trade debts +€5,262
up €5,262 (+7.6%), from €69,389 to €74,651
- Gross operating margin -€19,472
down €19,472 (-18.5%), from €105,438 to €85,966
- Depreciation +€12,583
up €12,583 (+51.6%), from €24,378 to €36,961
- Taxes -€8,507
down €8,507 (-48.0%), from €17,715 to €9,208
- Other operating charges -€3,441
down €3,441 (-49.4%), from €6,964 to €3,523
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 | €203,422 | €268,971 | +€65,549 | +32.2% |
| Fixed assets | 21/28 | €76,488 | €124,807 | +€48,319 | +63.2% |
| Tangible fixed assets | 22/27 | €75,388 | €108,707 | +€33,319 | +44.2% |
| Plant, machinery and equipment | 23 | €1,198 | €2,988 | +€1,790 | +149.4% |
| Furniture and vehicles | 24 | €74,190 | €105,719 | +€31,529 | +42.5% |
| Financial fixed assets | 28 | €1,100 | €16,100 | +€15,000 | +1363.6% |
| Current assets | 29/58 | €126,934 | €144,163 | +€17,229 | +13.6% |
| Stocks and contracts in progress | 3 | €8,994 | €2,920 | -€6,074 | -67.5% |
| Stocks | 30/36 | €8,994 | €2,920 | -€6,074 | -67.5% |
| Amounts receivable within one year | 40/41 | €21,645 | €76,973 | +€55,328 | +255.6% |
| Trade receivables | 40 | €18,854 | €76,115 | +€57,261 | +303.7% |
| Other amounts receivable | 41 | €2,791 | €858 | -€1,933 | -69.3% |
| Cash at bank and in hand | 54/58 | €94,754 | €64,271 | -€30,483 | -32.2% |
| Deferred charges and accrued income | 490/1 | €1,541 | - | -€1,541 | |
| Total equity and liabilities | 10/49 | €203,422 | €268,971 | +€65,549 | +32.2% |
| Equity | 10/15 | €51,322 | €76,632 | +€25,310 | +49.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,322 | €71,632 | +€25,310 | +54.6% |
| Distributable reserves | 133 | €46,322 | €71,632 | +€25,310 | +54.6% |
| Amounts payable | 17/49 | €152,100 | €192,338 | +€40,238 | +26.5% |
| Amounts payable after more than one year | 17 | €55,719 | €61,460 | +€5,741 | +10.3% |
| Financial debts | 170/4 | €55,719 | €61,460 | +€5,741 | +10.3% |
| Amounts payable within one year | 42/48 | €96,381 | €130,879 | +€34,498 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €9,277 | €16,543 | +€7,266 | +78.3% |
| Trade debts | 44 | €69,389 | €74,651 | +€5,262 | +7.6% |
| Suppliers | 440/4 | €69,389 | €74,651 | +€5,262 | +7.6% |
| Taxes, remuneration and social security | 45 | €17,715 | €39,250 | +€21,535 | +121.6% |
| Taxes | 450/3 | €17,715 | €27,250 | +€9,535 | +53.8% |
| Remuneration and social security | 454/9 | - | €12,000 | +€12,000 | |
| Other amounts payable | 47/48 | - | €435 | +€435 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,378 | €36,961 | +€12,583 | +51.6% |
| Other operating charges | 640/8 | €6,964 | €3,523 | -€3,441 | -49.4% |
| Gross operating margin | 9900 | €105,438 | €85,966 | -€19,472 | -18.5% |
| Operating profit (loss) | 9901 | €74,096 | €45,483 | -€28,614 | -38.6% |
| Financial income | 75/76B | €94 | €0 | -€94 | -100.0% |
| Recurring financial income | 75 | €94 | €0 | -€94 | -100.0% |
| Financial charges | 65/66B | €10,153 | €10,963 | +€810 | +8.0% |
| Recurring financial charges | 65 | €10,153 | €10,963 | +€810 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €64,037 | €34,519 | -€29,518 | -46.1% |
| Income taxes | 67/77 | €17,715 | €9,208 | -€8,507 | -48.0% |
| Profit (loss) for the period | 9904 | €46,322 | €25,311 | -€21,011 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,322 | €25,311 | -€21,011 | -45.4% |
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 6 October 2026 via checked.be.