VAN ERUM BART: 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.
VAN ERUM BART
Largest movements
- Receivables within one year -€190,109
down €190,109 (-32.0%), from €594,181 to €404,072
of which Trade receivables: -€203,967
- Cash +€136,029
up €136,029 (+130.9%), from €103,925 to €239,954
mainly Depreciation (+€589,584) and Receivables within one year (+€190,109)
- Tangible fixed assets -€70,113
down €70,113 (-3.0%), from €2.4m to €2.3m
of which Land and buildings: -€79,731
- Trade debts -€152,696
down €152,696 (-78.2%), from €195,213 to €42,516
- Debts after one year -€90,185
down €90,185 (-5.8%), from €1.5m to €1.5m
- Reserves +€62,405
up €62,405 (+8.1%), from €767,362 to €829,768
- Current portion of long-term debt +€37,869
up €37,869 (+13.8%), from €274,354 to €312,223
- Depreciation +€48,996
up €48,996 (+9.1%), from €540,587 to €589,584
- Gross operating margin +€39,464
up €39,464 (+4.5%), from €881,787 to €921,251
- Taxes -€14,849
down €14,849 (-40.6%), from €36,549 to €21,700
- Write-downs +€14,299
new in 2025: €14,299
- Staff costs +€10,026
up €10,026 (+5.7%), from €175,910 to €185,936
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 | €3,063,019 | €2,940,355 | -€122,664 | -4.0% |
| Fixed assets | 21/28 | €2,354,401 | €2,284,292 | -€70,108 | -3.0% |
| Tangible fixed assets | 22/27 | €2,353,295 | €2,283,182 | -€70,113 | -3.0% |
| Land and buildings | 22 | €1,143,817 | €1,064,086 | -€79,731 | -7.0% |
| Plant, machinery and equipment | 23 | €976,981 | €1,029,700 | +€52,718 | +5.4% |
| Furniture and vehicles | 24 | €232,497 | €189,396 | -€43,100 | -18.5% |
| Financial fixed assets | 28 | €1,105 | €1,110 | +€5 | +0.5% |
| Current assets | 29/58 | €708,618 | €656,063 | -€52,556 | -7.4% |
| Amounts receivable within one year | 40/41 | €594,181 | €404,072 | -€190,109 | -32.0% |
| Trade receivables | 40 | €554,105 | €350,138 | -€203,967 | -36.8% |
| Other amounts receivable | 41 | €40,075 | €53,933 | +€13,858 | +34.6% |
| Cash at bank and in hand | 54/58 | €103,925 | €239,954 | +€136,029 | +130.9% |
| Deferred charges and accrued income | 490/1 | €10,513 | €12,037 | +€1,524 | +14.5% |
| Total equity and liabilities | 10/49 | €3,063,019 | €2,940,355 | -€122,664 | -4.0% |
| Equity | 10/15 | €991,096 | €1,053,501 | +€62,405 | +6.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €767,362 | €829,768 | +€62,405 | +8.1% |
| Distributable reserves | 133 | €767,362 | €829,768 | +€62,405 | +8.1% |
| Profit (loss) carried forward | 14 | €203,274 | €203,274 | = | 0.0% |
| Amounts payable | 17/49 | €2,071,923 | €1,886,854 | -€185,069 | -8.9% |
| Amounts payable after more than one year | 17 | €1,547,194 | €1,457,010 | -€90,185 | -5.8% |
| Financial debts | 170/4 | €1,547,194 | €1,457,010 | -€90,185 | -5.8% |
| Amounts payable within one year | 42/48 | €524,728 | €429,844 | -€94,885 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €274,354 | €312,223 | +€37,869 | +13.8% |
| Financial debts | 43 | €46 | €13,477 | +€13,431 | +29191.5% |
| Credit institutions | 430/8 | €46 | €13,477 | +€13,431 | +29191.5% |
| Trade debts | 44 | €195,213 | €42,516 | -€152,696 | -78.2% |
| Suppliers | 440/4 | €195,213 | €42,516 | -€152,696 | -78.2% |
| Taxes, remuneration and social security | 45 | €55,115 | €61,627 | +€6,511 | +11.8% |
| Taxes | 450/3 | €50,055 | €43,561 | -€6,494 | -13.0% |
| Remuneration and social security | 454/9 | €5,061 | €18,066 | +€13,005 | +257.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €16,501 | €7,659 | -€8,842 | -53.6% |
| Remuneration, social security and pensions | 62 | €175,910 | €185,936 | +€10,026 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €540,587 | €589,584 | +€48,996 | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,299 | +€14,299 | |
| Other operating charges | 640/8 | €16,491 | €20,489 | +€3,998 | +24.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €881,787 | €921,251 | +€39,464 | +4.5% |
| Operating profit (loss) | 9901 | €148,798 | €110,943 | -€37,855 | -25.4% |
| Financial income | 75/76B | €1,701 | €6,693 | +€4,991 | +293.4% |
| Recurring financial income | 75 | €1,701 | €4,752 | +€3,051 | +179.3% |
| Non-recurring financial income | 76B | - | €1,940 | +€1,940 | |
| Financial charges | 65/66B | €38,812 | €33,530 | -€5,282 | -13.6% |
| Recurring financial charges | 65 | €38,812 | €33,530 | -€5,282 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €111,687 | €84,106 | -€27,582 | -24.7% |
| Income taxes | 67/77 | €36,549 | €21,700 | -€14,849 | -40.6% |
| Profit (loss) for the period | 9904 | €75,138 | €62,405 | -€12,733 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €75,138 | €62,405 | -€12,733 | -16.9% |
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 3 October 2026 via checked.be.