ADRIEN BAUDOIN: what changed
Two financial 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.
ADRIEN BAUDOIN
Largest movements
- Tangible fixed assets +€544,577
up €544,577 (+41.2%), from €1.3m to €1.9m
of which Land and buildings: +€588,460
- Receivables within one year +€204,611
up €204,611 (+68.8%), from €297,518 to €502,128
of which Trade receivables: +€198,510
- Cash -€117,855
down €117,855 (-93.1%), from €126,557 to €8,703
mainly Investment in fixed assets (net) (-€986,437) and Receivables within one year (-€204,611)
- Debts after one year +€577,213
up €577,213 (+67.2%), from €858,701 to €1.4m
- Reserves -€157,843
down €157,843 (-45.9%), from €343,693 to €185,850
of which Tax-exempt reserves: -€157,843
- Trade debts +€143,400
up €143,400 (+77.2%), from €185,849 to €329,249
- Current portion of long-term debt +€62,947
up €62,947 (+26.0%), from €242,328 to €305,275
- Profit (loss) carried forward -€27,046
down €27,046, from €13,067 to -€13,979
- Turnover -€3.2m
no longer reported in 2025 (was €3.2m)
- Gross operating margin +€238,312
up €238,312 (+15.8%), from €1.5m to €1.7m
- Purchases and services -€181,904
down €181,904 (-9.9%), from €1.8m to €1.7m
- Depreciation +€162,995
up €162,995 (+60.3%), from €270,438 to €433,433
- Staff costs -€59,396
down €59,396 (-5.4%), from €1.1m to €1.0m
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.
Derived cash bridge
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 | €1,824,264 | €2,433,441 | +€609,177 | +33.4% |
| Fixed assets | 21/28 | €1,324,183 | €1,877,187 | +€553,004 | +41.8% |
| Intangible fixed assets | 21 | €0 | €9,414 | +€9,414 | |
| Tangible fixed assets | 22/27 | €1,321,346 | €1,865,923 | +€544,577 | +41.2% |
| Land and buildings | 22 | €311,020 | €899,480 | +€588,460 | +189% |
| Plant, machinery and equipment | 23 | €147,112 | €146,749 | -€363 | -0.2% |
| Furniture and vehicles | 24 | €27,929 | €190,904 | +€162,975 | +584% |
| Leasing and similar rights | 25 | €835,286 | €628,791 | -€206,495 | -24.7% |
| Financial fixed assets | 28 | €2,837 | €1,850 | -€987 | -34.8% |
| Current assets | 29/58 | €500,081 | €556,254 | +€56,173 | +11.2% |
| Stocks and contracts in progress | 3 | €45,320 | €23,912 | -€21,408 | -47.2% |
| Stocks | 30/36 | €45,320 | €23,912 | -€21,408 | -47.2% |
| Amounts receivable within one year | 40/41 | €297,518 | €502,128 | +€204,611 | +68.8% |
| Trade receivables | 40 | €281,365 | €479,875 | +€198,510 | +70.6% |
| Other amounts receivable | 41 | €16,152 | €22,254 | +€6,101 | +37.8% |
| Cash at bank and in hand | 54/58 | €126,557 | €8,703 | -€117,855 | -93.1% |
| Deferred charges and accrued income | 490/1 | €30,686 | €21,511 | -€9,175 | -29.9% |
| Total equity and liabilities | 10/49 | €1,824,264 | €2,433,441 | +€609,177 | +33.4% |
| Equity | 10/15 | €375,360 | €190,472 | -€184,889 | -49.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €343,693 | €185,850 | -€157,843 | -45.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €157,843 | €0 | -€157,843 | -100% |
| Distributable reserves | 133 | €183,990 | €183,990 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,067 | -€13,979 | -€27,046 | |
| Amounts payable | 17/49 | €1,448,904 | €2,242,969 | +€794,065 | +54.8% |
| Amounts payable after more than one year | 17 | €858,701 | €1,435,914 | +€577,213 | +67.2% |
| Financial debts | 170/4 | €858,701 | €1,435,914 | +€577,213 | +67.2% |
| Amounts payable within one year | 42/48 | €590,203 | €807,055 | +€216,852 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €242,328 | €305,275 | +€62,947 | +26.0% |
| Trade debts | 44 | €185,849 | €329,249 | +€143,400 | +77.2% |
| Suppliers | 440/4 | €185,849 | €329,249 | +€143,400 | +77.2% |
| Taxes, remuneration and social security | 45 | €115,861 | €106,721 | -€9,140 | -7.9% |
| Taxes | 450/3 | €22,733 | €22,450 | -€283 | -1.2% |
| Remuneration and social security | 454/9 | €93,128 | €84,271 | -€8,857 | -9.5% |
| Other amounts payable | 47/48 | €46,165 | €65,810 | +€19,645 | +42.6% |
| Turnover | 70 | €3,150,604 | - | -€3.2m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,835,023 | €1,653,120 | -€181,904 | -9.9% |
| Remuneration, social security and pensions | 62 | €1,092,701 | €1,033,305 | -€59,396 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €270,438 | €433,433 | +€162,995 | +60.3% |
| Other operating charges | 640/8 | €22,337 | €48,532 | +€26,195 | +117% |
| Non-recurring operating charges | 66A | - | €195,605 | +€195,605 | |
| Gross operating margin | 9900 | €1,511,505 | €1,749,817 | +€238,312 | +15.8% |
| Operating profit (loss) | 9901 | €126,030 | €38,942 | -€87,087 | -69.1% |
| Financial income | 75/76B | €2,538 | €9 | -€2,529 | -99.6% |
| Recurring financial income | 75 | €2,538 | €9 | -€2,529 | -99.6% |
| Financial charges | 65/66B | €103,971 | €51,536 | -€52,435 | -50.4% |
| Recurring financial charges | 65 | €103,971 | €51,536 | -€52,435 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | €24,597 | -€12,584 | -€37,181 | |
| Income taxes | 67/77 | €4,902 | €14,461 | +€9,559 | +195% |
| Profit (loss) for the period | 9904 | €19,695 | -€27,046 | -€46,740 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,695 | -€27,046 | -€46,740 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.