BAECKE: 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.
BAECKE
Largest movements
- Receivables within one year +€690,667
up €690,667 (+32.4%), from €2.1m to €2.8m
of which Trade receivables: +€661,200
- Tangible fixed assets +€386,607
up €386,607 (+20.6%), from €1.9m to €2.3m
of which Leasing and similar rights: +€234,378
- Cash -€163,748
down €163,748 (-36.2%), from €452,403 to €288,655
mainly Investment in fixed assets (net) (-€1.0m) and Receivables within one year (-€690,667)
- Profit (loss) carried forward +€303,123
up €303,123 (+22.6%), from €1.3m to €1.6m
- Trade debts +€272,382
up €272,382 (+22.9%), from €1.2m to €1.5m
- Debts after one year +€213,744
up €213,744 (+19.1%), from €1.1m to €1.3m
- Current portion of long-term debt +€137,204
up €137,204 (+30.2%), from €454,487 to €591,691
- Gross operating margin +€425,863
up €425,863 (+32.3%), from €1.3m to €1.7m
- Depreciation +€159,386
up €159,386 (+34.7%), from €458,682 to €618,069
- Staff costs +€101,911
up €101,911 (+18.1%), from €564,103 to €666,014
- Taxes +€24,070
up €24,070 (+45.9%), from €52,496 to €76,566
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 | €4,489,158 | €5,451,994 | +€962,836 | +21.4% |
| Fixed assets | 21/28 | €1,879,115 | €2,265,722 | +€386,607 | +20.6% |
| Tangible fixed assets | 22/27 | €1,876,192 | €2,262,800 | +€386,607 | +20.6% |
| Plant, machinery and equipment | 23 | €161,911 | €164,028 | +€2,116 | +1.3% |
| Furniture and vehicles | 24 | €498,878 | €648,992 | +€150,114 | +30.1% |
| Leasing and similar rights | 25 | €1,215,403 | €1,449,780 | +€234,378 | +19.3% |
| Financial fixed assets | 28 | €2,922 | €2,922 | = | 0.0% |
| Current assets | 29/58 | €2,610,043 | €3,186,272 | +€576,229 | +22.1% |
| Amounts receivable within one year | 40/41 | €2,129,126 | €2,819,793 | +€690,667 | +32.4% |
| Trade receivables | 40 | €1,937,357 | €2,598,557 | +€661,200 | +34.1% |
| Other amounts receivable | 41 | €191,769 | €221,236 | +€29,467 | +15.4% |
| Cash at bank and in hand | 54/58 | €452,403 | €288,655 | -€163,748 | -36.2% |
| Deferred charges and accrued income | 490/1 | €28,514 | €77,824 | +€49,310 | +173% |
| Total equity and liabilities | 10/49 | €4,489,158 | €5,451,994 | +€962,836 | +21.4% |
| Equity | 10/15 | €1,360,355 | €1,663,478 | +€303,123 | +22.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,339,904 | €1,643,027 | +€303,123 | +22.6% |
| Amounts payable | 17/49 | €3,128,803 | €3,788,516 | +€659,714 | +21.1% |
| Amounts payable after more than one year | 17 | €1,118,177 | €1,331,921 | +€213,744 | +19.1% |
| Financial debts | 170/4 | €1,118,177 | €1,331,921 | +€213,744 | +19.1% |
| Amounts payable within one year | 42/48 | €2,010,626 | €2,456,596 | +€445,970 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €454,487 | €591,691 | +€137,204 | +30.2% |
| Financial debts | 43 | €258,453 | €262,527 | +€4,074 | +1.6% |
| Credit institutions | 430/8 | €258,453 | €262,527 | +€4,074 | +1.6% |
| Trade debts | 44 | €1,189,434 | €1,461,816 | +€272,382 | +22.9% |
| Suppliers | 440/4 | €1,189,434 | €1,461,816 | +€272,382 | +22.9% |
| Taxes, remuneration and social security | 45 | €108,253 | €140,562 | +€32,310 | +29.8% |
| Taxes | 450/3 | €40,881 | €37,149 | -€3,732 | -9.1% |
| Remuneration and social security | 454/9 | €67,371 | €103,413 | +€36,042 | +53.5% |
| Non-recurring operating income | 76A | €82,631 | €27,750 | -€54,881 | -66.4% |
| Remuneration, social security and pensions | 62 | €564,103 | €666,014 | +€101,911 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458,682 | €618,069 | +€159,386 | +34.7% |
| Other operating charges | 640/8 | €6,343 | €16,628 | +€10,285 | +162% |
| Gross operating margin | 9900 | €1,317,707 | €1,743,570 | +€425,863 | +32.3% |
| Operating profit (loss) | 9901 | €288,579 | €442,859 | +€154,280 | +53.5% |
| Financial income | 75/76B | €3,652 | €4,090 | +€438 | +12.0% |
| Recurring financial income | 75 | €3,652 | €4,090 | +€438 | +12.0% |
| Financial charges | 65/66B | €58,441 | €67,261 | +€8,820 | +15.1% |
| Recurring financial charges | 65 | €58,441 | €67,261 | +€8,820 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €233,791 | €379,688 | +€145,898 | +62.4% |
| Income taxes | 67/77 | €52,496 | €76,566 | +€24,070 | +45.9% |
| Profit (loss) for the period | 9904 | €181,294 | €303,123 | +€121,828 | +67.2% |
| Profit (loss) for the period to be appropriated | 9905 | €181,294 | €303,123 | +€121,828 | +67.2% |
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 15 October 2026 via checked.be.