Bart Seminck: 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.
Bart Seminck
Largest movements
- Receivables within one year +€17,631
up €17,631 (+71.6%), from €24,635 to €42,266
of which Trade receivables: +€13,380
- Deferred charges and accrued income +€14,524
up €14,524 (+1197.8%), from €1,213 to €15,736
- Cash +€8,262
up €8,262 (+59.3%), from €13,933 to €22,196
mainly Net result for the year (+€19,448) and Trade debts (+€11,502)
- Tangible fixed assets -€3,705
down €3,705 (-26.3%), from €14,071 to €10,366
of which Plant, machinery and equipment: -€3,193
- Trade debts +€11,502
up €11,502 (+126.5%), from €9,091 to €20,593
- Reserves +€11,200
up €11,200 (+45.1%), from €24,860 to €36,060
- Profit (loss) carried forward +€8,248
up €8,248, from -€8,019 to €229
- Other debts +€5,186
up €5,186 (+762.9%), from €680 to €5,865
- Debts after one year -€3,005
no longer reported in 2025 (was €3,005)
- Gross operating margin +€22,813
up €22,813 (+276.9%), from €8,239 to €31,052
- Taxes +€2,247
up €2,247 (+63.2%), from €3,553 to €5,800
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 | €53,894 | €90,606 | +€36,712 | +68.1% |
| Fixed assets | 21/28 | €14,114 | €10,408 | -€3,705 | -26.3% |
| Tangible fixed assets | 22/27 | €14,071 | €10,366 | -€3,705 | -26.3% |
| Land and buildings | 22 | €3,109 | €2,597 | -€512 | -16.5% |
| Plant, machinery and equipment | 23 | €7,462 | €4,269 | -€3,193 | -42.8% |
| Furniture and vehicles | 24 | €3,500 | €3,500 | = | 0.0% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €39,780 | €80,198 | +€40,418 | +101.6% |
| Amounts receivable within one year | 40/41 | €24,635 | €42,266 | +€17,631 | +71.6% |
| Trade receivables | 40 | €22,081 | €35,461 | +€13,380 | +60.6% |
| Other amounts receivable | 41 | €2,553 | €6,804 | +€4,251 | +166.5% |
| Cash at bank and in hand | 54/58 | €13,933 | €22,196 | +€8,262 | +59.3% |
| Deferred charges and accrued income | 490/1 | €1,213 | €15,736 | +€14,524 | +1197.8% |
| Total equity and liabilities | 10/49 | €53,894 | €90,606 | +€36,712 | +68.1% |
| Equity | 10/15 | €35,441 | €54,889 | +€19,448 | +54.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,860 | €36,060 | +€11,200 | +45.1% |
| Distributable reserves | 133 | €24,860 | €36,060 | +€11,200 | +45.1% |
| Profit (loss) carried forward | 14 | -€8,019 | €229 | +€8,248 | |
| Amounts payable | 17/49 | €18,453 | €35,717 | +€17,264 | +93.6% |
| Amounts payable after more than one year | 17 | €3,005 | - | -€3,005 | |
| Financial debts | 170/4 | €3,005 | - | -€3,005 | |
| Amounts payable within one year | 42/48 | €15,448 | €35,717 | +€20,269 | +131.2% |
| Current portion of amounts payable after more than one year | 42 | €2,303 | €2,884 | +€580 | +25.2% |
| Trade debts | 44 | €9,091 | €20,593 | +€11,502 | +126.5% |
| Suppliers | 440/4 | €9,091 | €20,593 | +€11,502 | +126.5% |
| Taxes, remuneration and social security | 45 | €3,374 | €6,375 | +€3,001 | +88.9% |
| Remuneration and social security | 454/9 | €3,374 | €6,375 | +€3,001 | +88.9% |
| Other amounts payable | 47/48 | €680 | €5,865 | +€5,186 | +762.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,194 | €4,298 | +€104 | +2.5% |
| Other operating charges | 640/8 | €984 | €934 | -€51 | -5.1% |
| Gross operating margin | 9900 | €8,239 | €31,052 | +€22,813 | +276.9% |
| Operating profit (loss) | 9901 | €3,061 | €25,821 | +€22,760 | +743.6% |
| Financial charges | 65/66B | €807 | €573 | -€234 | -29.0% |
| Recurring financial charges | 65 | €807 | €573 | -€234 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €2,254 | €25,248 | +€22,994 | +1020.2% |
| Income taxes | 67/77 | €3,553 | €5,800 | +€2,247 | +63.2% |
| Profit (loss) for the period | 9904 | -€1,299 | €19,448 | +€20,748 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,299 | €19,448 | +€20,748 |
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.