BAELDE – CARTON: 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.
BAELDE – CARTON
Largest movements
- Intangible fixed assets -€184,200
down €184,200 (-19.7%), from €936,602 to €752,402
- Receivables within one year -€137,314
down €137,314 (-40.2%), from €341,612 to €204,298
of which Trade receivables: -€137,314
- Cash +€24,799
up €24,799 (+31.7%), from €78,114 to €102,913
mainly Net result for the year (+€392,639) and Depreciation (+€190,547)
- Deferred charges and accrued income +€18,908
new in 2025: €18,908
- Debts after one year -€339,323
down €339,323 (-55.9%), from €606,919 to €267,595
of which Financial debts: -€341,294
- Other debts +€90,966
up €90,966 (+25.0%), from €363,792 to €454,757
- Tax, wage and social debts -€19,943
down €19,943 (-41.7%), from €47,872 to €27,929
of which Taxes: -€19,860
- Gross operating margin +€243,970
up €243,970 (+39.4%), from €618,611 to €862,582
- Write-downs +€127,923
new in 2025: €127,923
- Depreciation -€37,248
down €37,248 (-16.4%), from €227,796 to €190,547
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 | €1,377,924 | €1,098,741 | -€279,182 | -20.3% |
| Fixed assets | 21/28 | €958,197 | €772,623 | -€185,575 | -19.4% |
| Intangible fixed assets | 21 | €936,602 | €752,402 | -€184,200 | -19.7% |
| Tangible fixed assets | 22/27 | €21,596 | €20,221 | -€1,375 | -6.4% |
| Plant, machinery and equipment | 23 | €4,438 | €4,830 | +€392 | +8.8% |
| Other tangible fixed assets | 26 | €17,158 | €15,391 | -€1,767 | -10.3% |
| Current assets | 29/58 | €419,726 | €326,119 | -€93,608 | -22.3% |
| Amounts receivable within one year | 40/41 | €341,612 | €204,298 | -€137,314 | -40.2% |
| Trade receivables | 40 | €341,612 | €204,298 | -€137,314 | -40.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €78,114 | €102,913 | +€24,799 | +31.7% |
| Deferred charges and accrued income | 490/1 | - | €18,908 | +€18,908 | |
| Total equity and liabilities | 10/49 | €1,377,924 | €1,098,741 | -€279,182 | -20.3% |
| Equity | 10/15 | €115,646 | €115,886 | +€239 | +0.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,292 | €15,886 | +€13,593 | +593% |
| Distributable reserves | 133 | €2,292 | €15,886 | +€13,593 | +593% |
| Profit (loss) carried forward | 14 | €13,354 | €0 | -€13,354 | -100% |
| Amounts payable | 17/49 | €1,262,277 | €982,856 | -€279,422 | -22.1% |
| Amounts payable after more than one year | 17 | €606,919 | €267,595 | -€339,323 | -55.9% |
| Financial debts | 170/4 | €606,919 | €265,625 | -€341,294 | -56.2% |
| Other amounts payable | 178/9 | - | €1,970 | +€1,970 | |
| Amounts payable within one year | 42/48 | €655,359 | €715,260 | +€59,902 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €222,500 | €212,500 | -€10,000 | -4.5% |
| Trade debts | 44 | €21,195 | €20,074 | -€1,121 | -5.3% |
| Suppliers | 440/4 | €21,195 | €20,074 | -€1,121 | -5.3% |
| Taxes, remuneration and social security | 45 | €47,872 | €27,929 | -€19,943 | -41.7% |
| Taxes | 450/3 | €33,738 | €13,877 | -€19,860 | -58.9% |
| Remuneration and social security | 454/9 | €14,134 | €14,052 | -€82 | -0.6% |
| Other amounts payable | 47/48 | €363,792 | €454,757 | +€90,966 | +25.0% |
| Remuneration, social security and pensions | 62 | €126,858 | €122,522 | -€4,335 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €227,796 | €190,547 | -€37,248 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €127,923 | +€127,923 | |
| Other operating charges | 640/8 | €27,526 | €21,731 | -€5,795 | -21.1% |
| Gross operating margin | 9900 | €618,611 | €862,582 | +€243,970 | +39.4% |
| Operating profit (loss) | 9901 | €236,432 | €399,858 | +€163,425 | +69.1% |
| Financial income | 75/76B | €178 | €2,079 | +€1,901 | +1,067% |
| Recurring financial income | 75 | €178 | €2,079 | +€1,901 | +1,067% |
| Financial charges | 65/66B | €11,552 | €7,194 | -€4,358 | -37.7% |
| Recurring financial charges | 65 | €11,552 | €7,194 | -€4,358 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €225,059 | €394,743 | +€169,684 | +75.4% |
| Income taxes | 67/77 | €4,103 | €2,104 | -€1,999 | -48.7% |
| Profit (loss) for the period | 9904 | €220,956 | €392,639 | +€171,684 | +77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €220,956 | €392,639 | +€171,684 | +77.7% |
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 29 October 2026 via checked.be.