BAELE KARL: 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.
BAELE KARL
Largest movements
- Current investments +€247,283
up €247,283, from €0 to €247,283
- Cash -€133,944
down €133,944 (-17.4%), from €768,672 to €634,728
mainly Current investments (-€247,283) and Contributions, distributions and other (-€118,350)
- Receivables within one year -€17,615
down €17,615 (-41.2%), from €42,785 to €25,170
of which Trade receivables: -€14,516
- Tangible fixed assets -€9,607
down €9,607 (-37.4%), from €25,701 to €16,094
of which Furniture and vehicles: -€9,307
- Reserves +€32,500
up €32,500 (+4.1%), from €801,710 to €834,210
- Tax, wage and social debts +€26,554
up €26,554 (+516%), from €5,142 to €31,696
- Other debts +€15,388
new in 2025: €15,388
- Advances received +€11,760
new in 2025: €11,760
- Gross operating margin +€36,195
up €36,195 (+19.6%), from €184,759 to €220,954
- Financial income -€11,584
down €11,584 (-59.6%), from €19,439 to €7,855
- Taxes +€7,141
up €7,141 (+12.4%), from €57,644 to €64,785
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 | €839,439 | €925,557 | +€86,118 | +10.3% |
| Fixed assets | 21/28 | €25,701 | €16,094 | -€9,607 | -37.4% |
| Tangible fixed assets | 22/27 | €25,701 | €16,094 | -€9,607 | -37.4% |
| Plant, machinery and equipment | 23 | €2,880 | €2,579 | -€300 | -10.4% |
| Furniture and vehicles | 24 | €22,821 | €13,514 | -€9,307 | -40.8% |
| Current assets | 29/58 | €813,739 | €909,463 | +€95,725 | +11.8% |
| Amounts receivable within one year | 40/41 | €42,785 | €25,170 | -€17,615 | -41.2% |
| Trade receivables | 40 | €39,686 | €25,170 | -€14,516 | -36.6% |
| Other amounts receivable | 41 | €3,099 | €0 | -€3,099 | -100% |
| Current investments | 50/53 | €0 | €247,283 | +€247,283 | |
| Cash at bank and in hand | 54/58 | €768,672 | €634,728 | -€133,944 | -17.4% |
| Deferred charges and accrued income | 490/1 | €2,281 | €2,282 | +€1 | 0.0% |
| Total equity and liabilities | 10/49 | €839,439 | €925,557 | +€86,118 | +10.3% |
| Equity | 10/15 | €834,135 | €865,842 | +€31,707 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €801,710 | €834,210 | +€32,500 | +4.1% |
| Distributable reserves | 133 | €801,710 | €834,210 | +€32,500 | +4.1% |
| Profit (loss) carried forward | 14 | €13,825 | €13,032 | -€793 | -5.7% |
| Amounts payable | 17/49 | €5,304 | €59,715 | +€54,410 | +1,026% |
| Amounts payable within one year | 42/48 | €5,304 | €59,715 | +€54,410 | +1,026% |
| Trade debts | 44 | €163 | €871 | +€708 | +436% |
| Suppliers | 440/4 | €163 | €871 | +€708 | +436% |
| Advances received on contracts in progress | 46 | - | €11,760 | +€11,760 | |
| Taxes, remuneration and social security | 45 | €5,142 | €31,696 | +€26,554 | +516% |
| Taxes | 450/3 | €5,142 | €31,696 | +€26,554 | +516% |
| Other amounts payable | 47/48 | - | €15,388 | +€15,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,211 | €11,078 | +€1,867 | +20.3% |
| Other operating charges | 640/8 | €1,973 | €2,103 | +€130 | +6.6% |
| Non-recurring operating charges | 66A | - | €712 | +€712 | |
| Gross operating margin | 9900 | €184,759 | €220,954 | +€36,195 | +19.6% |
| Operating profit (loss) | 9901 | €173,575 | €207,061 | +€33,486 | +19.3% |
| Financial income | 75/76B | €19,439 | €7,855 | -€11,584 | -59.6% |
| Recurring financial income | 75 | €19,439 | €7,855 | -€11,584 | -59.6% |
| Financial charges | 65/66B | €102 | €74 | -€29 | -28.0% |
| Recurring financial charges | 65 | €102 | €74 | -€29 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €192,912 | €214,842 | +€21,930 | +11.4% |
| Income taxes | 67/77 | €57,644 | €64,785 | +€7,141 | +12.4% |
| Profit (loss) for the period | 9904 | €135,268 | €150,057 | +€14,789 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €135,268 | €150,057 | +€14,789 | +10.9% |
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 28 October 2026 via checked.be.