Baeck: 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.
Baeck
Largest movements
- Tangible fixed assets +€50,040
up €50,040 (+211.7%), from €23,643 to €73,682
of which Leasing and similar rights: +€41,073
- Stocks and contracts +€18,278
up €18,278 (+29.8%), from €61,386 to €79,664
of which Contracts in progress: +€35,996
- Receivables within one year -€9,331
down €9,331 (-11.1%), from €83,779 to €74,448
of which Trade receivables: -€22,761
- Cash -€3,563
down €3,563 (-20.4%), from €17,478 to €13,915
mainly Investment in fixed assets (net) (-€65,883) and Contributions, distributions and other (-€30,000)
- Trade debts +€35,783
up €35,783 (+141.7%), from €25,247 to €61,030
- Profit (loss) carried forward +€35,027
up €35,027 (+121.8%), from €28,768 to €63,795
- Reserves -€30,000
down €30,000 (-31.8%), from €94,245 to €64,245
- Debts after one year +€20,184
up €20,184 (+80.7%), from €25,000 to €45,184
- Other debts -€11,296
no longer reported in 2025 (was €11,296)
- Gross operating margin +€16,014
up €16,014 (+35.4%), from €45,229 to €61,243
- Depreciation +€7,477
up €7,477 (+89.4%), from €8,366 to €15,844
- Financial charges +€1,670
up €1,670 (+586.3%), from €285 to €1,955
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 | €187,840 | €242,784 | +€54,944 | +29.3% |
| Fixed assets | 21/28 | €23,643 | €73,682 | +€50,040 | +211.7% |
| Tangible fixed assets | 22/27 | €23,643 | €73,682 | +€50,040 | +211.7% |
| Plant, machinery and equipment | 23 | €11,262 | €12,175 | +€913 | +8.1% |
| Furniture and vehicles | 24 | - | €9,623 | +€9,623 | |
| Leasing and similar rights | 25 | - | €41,073 | +€41,073 | |
| Other tangible fixed assets | 26 | €12,380 | €10,811 | -€1,569 | -12.7% |
| Current assets | 29/58 | €164,197 | €169,101 | +€4,904 | +3.0% |
| Stocks and contracts in progress | 3 | €61,386 | €79,664 | +€18,278 | +29.8% |
| Stocks | 30/36 | €61,386 | €43,667 | -€17,718 | -28.9% |
| Contracts in progress | 37 | - | €35,996 | +€35,996 | |
| Amounts receivable within one year | 40/41 | €83,779 | €74,448 | -€9,331 | -11.1% |
| Trade receivables | 40 | €78,161 | €55,400 | -€22,761 | -29.1% |
| Other amounts receivable | 41 | €5,618 | €19,048 | +€13,430 | +239.0% |
| Cash at bank and in hand | 54/58 | €17,478 | €13,915 | -€3,563 | -20.4% |
| Deferred charges and accrued income | 490/1 | €1,554 | €1,075 | -€480 | -30.9% |
| Total equity and liabilities | 10/49 | €187,840 | €242,784 | +€54,944 | +29.3% |
| Equity | 10/15 | €125,013 | €130,040 | +€5,027 | +4.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €94,245 | €64,245 | -€30,000 | -31.8% |
| Distributable reserves | 133 | €94,245 | €64,245 | -€30,000 | -31.8% |
| Profit (loss) carried forward | 14 | €28,768 | €63,795 | +€35,027 | +121.8% |
| Amounts payable | 17/49 | €62,827 | €112,744 | +€49,917 | +79.5% |
| Amounts payable after more than one year | 17 | €25,000 | €45,184 | +€20,184 | +80.7% |
| Financial debts | 170/4 | €25,000 | €45,184 | +€20,184 | +80.7% |
| Amounts payable within one year | 42/48 | €37,827 | €67,559 | +€29,733 | +78.6% |
| Current portion of amounts payable after more than one year | 42 | - | €5,943 | +€5,943 | |
| Trade debts | 44 | €25,247 | €61,030 | +€35,783 | +141.7% |
| Suppliers | 440/4 | €25,247 | €61,030 | +€35,783 | +141.7% |
| Taxes, remuneration and social security | 45 | €1,283 | €587 | -€697 | -54.3% |
| Taxes | 450/3 | €1,283 | €587 | -€697 | -54.3% |
| Other amounts payable | 47/48 | €11,296 | - | -€11,296 | |
| Non-recurring operating income | 76A | - | €18,182 | +€18,182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,366 | €15,844 | +€7,477 | +89.4% |
| Other operating charges | 640/8 | €528 | €953 | +€425 | +80.5% |
| Gross operating margin | 9900 | €45,229 | €61,243 | +€16,014 | +35.4% |
| Operating profit (loss) | 9901 | €36,335 | €44,447 | +€8,112 | +22.3% |
| Financial income | 75/76B | €118 | €71 | -€46 | -39.4% |
| Recurring financial income | 75 | €118 | €71 | -€46 | -39.4% |
| Financial charges | 65/66B | €285 | €1,955 | +€1,670 | +586.3% |
| Recurring financial charges | 65 | €285 | €1,955 | +€1,670 | +586.3% |
| Profit (loss) for the period before taxes | 9903 | €36,168 | €42,563 | +€6,396 | +17.7% |
| Income taxes | 67/77 | €7,400 | €7,536 | +€136 | +1.8% |
| Profit (loss) for the period | 9904 | €28,768 | €35,027 | +€6,259 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,768 | €35,027 | +€6,259 | +21.8% |
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 5 October 2026 via checked.be.