Bart De Ceuster: what changed
Bart De Ceuster
Largest movements
- Cash -€14,410
down €14,410 (-61.6%), from €23,400 to €8,989
mainly Contributions, distributions and other (-€109,592) and Debts after one year (-€17,888)
- Tangible fixed assets -€13,165
down €13,165 (-10.1%), from €130,676 to €117,511
of which Land and buildings: -€11,667
- Receivables within one year -€3,992
down €3,992 (-19.0%), from €21,015 to €17,024
of which Trade receivables: -€8,868
- Stocks and contracts -€2,593
down €2,593 (-18.4%), from €14,093 to €11,500
- Profit (loss) carried forward -€20,942
down €20,942 (-100%), from €20,942 to €0
- Debts after one year -€17,888
down €17,888 (-20.7%), from €86,403 to €68,515
- Other debts +€14,536
up €14,536 (+72.5%), from €20,057 to €34,592
- Tax, wage and social debts -€9,916
down €9,916 (-44.8%), from €22,112 to €12,196
- Gross operating margin +€67,826
up €67,826 (+97.3%), from €69,683 to €137,509
- Taxes +€15,376
up €15,376 (+146%), from €10,518 to €25,895
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €189,772 | €156,405 | -€33,367 | -17.6% |
| Fixed assets | 21/28 | €130,676 | €117,511 | -€13,165 | -10.1% |
| Tangible fixed assets | 22/27 | €130,676 | €117,511 | -€13,165 | -10.1% |
| Land and buildings | 22 | €125,417 | €113,750 | -€11,667 | -9.3% |
| Plant, machinery and equipment | 23 | €3,008 | €2,370 | -€638 | -21.2% |
| Furniture and vehicles | 24 | €2,251 | €1,391 | -€860 | -38.2% |
| Current assets | 29/58 | €59,096 | €38,894 | -€20,202 | -34.2% |
| Stocks and contracts in progress | 3 | €14,093 | €11,500 | -€2,593 | -18.4% |
| Stocks | 30/36 | €14,093 | €11,500 | -€2,593 | -18.4% |
| Amounts receivable within one year | 40/41 | €21,015 | €17,024 | -€3,992 | -19.0% |
| Trade receivables | 40 | €18,720 | €9,852 | -€8,868 | -47.4% |
| Other amounts receivable | 41 | €2,296 | €7,172 | +€4,876 | +212% |
| Cash at bank and in hand | 54/58 | €23,400 | €8,989 | -€14,410 | -61.6% |
| Deferred charges and accrued income | 490/1 | €587 | €1,381 | +€794 | +135% |
| Total equity and liabilities | 10/49 | €189,772 | €156,405 | -€33,367 | -17.6% |
| Equity | 10/15 | €41,352 | €20,410 | -€20,942 | -50.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,942 | €0 | -€20,942 | -100% |
| Amounts payable | 17/49 | €148,421 | €135,995 | -€12,425 | -8.4% |
| Amounts payable after more than one year | 17 | €86,403 | €68,515 | -€17,888 | -20.7% |
| Financial debts | 170/4 | €86,403 | €68,515 | -€17,888 | -20.7% |
| Amounts payable within one year | 42/48 | €62,017 | €67,480 | +€5,463 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €17,379 | €17,888 | +€509 | +2.9% |
| Financial debts | 43 | €160 | €0 | -€160 | -100% |
| Credit institutions | 430/8 | €160 | €0 | -€160 | -100% |
| Trade debts | 44 | €2,310 | €2,804 | +€494 | +21.4% |
| Suppliers | 440/4 | €2,310 | €2,804 | +€494 | +21.4% |
| Taxes, remuneration and social security | 45 | €22,112 | €12,196 | -€9,916 | -44.8% |
| Taxes | 450/3 | €22,112 | €12,196 | -€9,916 | -44.8% |
| Other amounts payable | 47/48 | €20,057 | €34,592 | +€14,536 | +72.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,814 | €13,165 | +€351 | +2.7% |
| Other operating charges | 640/8 | €2,408 | €2,299 | -€109 | -4.5% |
| Gross operating margin | 9900 | €69,683 | €137,509 | +€67,826 | +97.3% |
| Operating profit (loss) | 9901 | €54,461 | €122,045 | +€67,584 | +124% |
| Financial income | 75/76B | €106 | €234 | +€128 | +121% |
| Recurring financial income | 75 | €106 | €234 | +€128 | +121% |
| Financial charges | 65/66B | €8,170 | €7,733 | -€436 | -5.3% |
| Recurring financial charges | 65 | €8,170 | €7,733 | -€436 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €46,397 | €114,545 | +€68,148 | +147% |
| Income taxes | 67/77 | €10,518 | €25,895 | +€15,376 | +146% |
| Profit (loss) for the period | 9904 | €35,879 | €88,651 | +€52,772 | +147% |
| Profit (loss) for the period to be appropriated | 9905 | €35,879 | €88,651 | +€52,772 | +147% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.