BAELE PHILIP: 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 PHILIP
Largest movements
- Cash +€5,877
up €5,877 (+19.9%), from €29,498 to €35,375
mainly Depreciation (+€23,356) and Net result for the year (+€14,809)
- Receivables within one year +€5,428
up €5,428 (+54.4%), from €9,969 to €15,398
of which Trade receivables: +€3,866
- Tangible fixed assets -€1,416
down €1,416 (-1.8%), from €78,518 to €77,103
of which Plant, machinery and equipment: -€16,569
- Reserves +€14,809
up €14,809 (+31.4%), from €47,208 to €62,017
of which Tax-exempt reserves: +€11,184
- Other debts -€10,570
down €10,570 (-20.0%), from €52,721 to €42,151
- Provisions +€2,796
new in 2025: €2,796
- Trade debts +€2,448
up €2,448 (+71.5%), from €3,423 to €5,871
- Gross operating margin +€8,402
up €8,402 (+22.6%), from €37,108 to €45,510
- Taxes -€1,720
down €1,720 (-76.4%), from €2,253 to €532
- Depreciation +€1,510
up €1,510 (+6.9%), from €21,846 to €23,356
- Other operating charges +€682
up €682 (+115%), from €592 to €1,273
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 | €123,926 | €133,285 | +€9,359 | +7.6% |
| Fixed assets | 21/28 | €78,518 | €77,103 | -€1,416 | -1.8% |
| Tangible fixed assets | 22/27 | €78,518 | €77,103 | -€1,416 | -1.8% |
| Plant, machinery and equipment | 23 | €56,584 | €40,015 | -€16,569 | -29.3% |
| Furniture and vehicles | 24 | €21,935 | €37,088 | +€15,153 | +69.1% |
| Current assets | 29/58 | €45,408 | €56,183 | +€10,775 | +23.7% |
| Stocks and contracts in progress | 3 | €1,081 | €1,022 | -€59 | -5.5% |
| Stocks | 30/36 | €1,081 | €1,022 | -€59 | -5.5% |
| Amounts receivable within one year | 40/41 | €9,969 | €15,398 | +€5,428 | +54.4% |
| Trade receivables | 40 | €4,922 | €8,788 | +€3,866 | +78.5% |
| Other amounts receivable | 41 | €5,047 | €6,610 | +€1,562 | +31.0% |
| Cash at bank and in hand | 54/58 | €29,498 | €35,375 | +€5,877 | +19.9% |
| Deferred charges and accrued income | 490/1 | €4,860 | €4,388 | -€471 | -9.7% |
| Total equity and liabilities | 10/49 | €123,926 | €133,285 | +€9,359 | +7.6% |
| Equity | 10/15 | €65,808 | €80,617 | +€14,809 | +22.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,208 | €62,017 | +€14,809 | +31.4% |
| 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 | - | €11,184 | +€11,184 | |
| Distributable reserves | 133 | €45,348 | €48,973 | +€3,625 | +8.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | - | €2,796 | +€2,796 | |
| Deferred taxes | 168 | - | €2,796 | +€2,796 | |
| Amounts payable | 17/49 | €58,118 | €49,872 | -€8,246 | -14.2% |
| Amounts payable within one year | 42/48 | €58,118 | €49,872 | -€8,246 | -14.2% |
| Trade debts | 44 | €3,423 | €5,871 | +€2,448 | +71.5% |
| Suppliers | 440/4 | €3,423 | €5,871 | +€2,448 | +71.5% |
| Taxes, remuneration and social security | 45 | €1,974 | €1,851 | -€124 | -6.3% |
| Taxes | 450/3 | €1,974 | €101 | -€1,874 | -94.9% |
| Remuneration and social security | 454/9 | - | €1,750 | +€1,750 | |
| Other amounts payable | 47/48 | €52,721 | €42,151 | -€10,570 | -20.0% |
| Non-recurring operating income | 76A | €3,500 | €15,000 | +€11,500 | +329% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,846 | €23,356 | +€1,510 | +6.9% |
| Other operating charges | 640/8 | €592 | €1,273 | +€682 | +115% |
| Non-recurring operating charges | 66A | - | €2,671 | +€2,671 | |
| Gross operating margin | 9900 | €37,108 | €45,510 | +€8,402 | +22.6% |
| Operating profit (loss) | 9901 | €14,670 | €18,210 | +€3,539 | +24.1% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.8% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.8% |
| Financial charges | 65/66B | €84 | €72 | -€12 | -14.1% |
| Recurring financial charges | 65 | €84 | €72 | -€12 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €14,592 | €18,138 | +€3,545 | +24.3% |
| Transfer from deferred taxes | 780 | - | €204 | +€204 | |
| Transfer to deferred taxes | 680 | - | €3,000 | +€3,000 | |
| Income taxes | 67/77 | €2,253 | €532 | -€1,720 | -76.4% |
| Profit (loss) for the period | 9904 | €12,340 | €14,809 | +€2,470 | +20.0% |
| Transfer from tax-exempt reserves | 789 | - | €816 | +€816 | |
| Transfer to tax-exempt reserves | 689 | - | €12,000 | +€12,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,340 | €3,625 | -€8,714 | -70.6% |
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 18 October 2026 via checked.be.