BAELEN D./PROJECTS: 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.
BAELEN D./PROJECTS
Largest movements
- Receivables within one year +€71,055
up €71,055 (+76.6%), from €92,806 to €163,860
of which Other amounts receivable: +€77,269
- Cash -€47,477
down €47,477 (-79.1%), from €60,019 to €12,542
mainly Receivables within one year (-€71,055) and Other debts (-€9,800)
- Stocks and contracts -€41,242
down €41,242 (-100%), from €41,242 to €0
- Tangible fixed assets +€8,607
new in 2025: €8,607
- Other debts -€9,800
down €9,800 (-100%), from €9,800 to €0
- Reserves +€7,904
up €7,904 (+8.8%), from €89,788 to €97,692
- Debts after one year -€6,228
down €6,228 (-43.3%), from €14,369 to €8,141
- Trade debts -€2,641
down €2,641 (-57.2%), from €4,614 to €1,974
- Tax, wage and social debts +€2,235
up €2,235 (+16.2%), from €13,789 to €16,024
- Gross operating margin -€125,071
down €125,071 (-95.9%), from €130,455 to €5,384
- Taxes -€10,693
down €10,693 (-84.4%), from €12,668 to €1,976
- Write-downs -€5,588
down €5,588 (-100%), from €5,588 to €0
- Financial income +€2,024
up €2,024 (+53.2%), from €3,807 to €5,831
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 | €198,347 | €190,059 | -€8,287 | -4.2% |
| Fixed assets | 21/28 | - | €8,607 | +€8,607 | |
| Tangible fixed assets | 22/27 | - | €8,607 | +€8,607 | |
| Land and buildings | 22 | - | €8,607 | +€8,607 | |
| Current assets | 29/58 | €198,347 | €181,453 | -€16,894 | -8.5% |
| Stocks and contracts in progress | 3 | €41,242 | €0 | -€41,242 | -100% |
| Stocks | 30/36 | €41,242 | €0 | -€41,242 | -100% |
| Amounts receivable within one year | 40/41 | €92,806 | €163,860 | +€71,055 | +76.6% |
| Trade receivables | 40 | €6,215 | €0 | -€6,215 | -100% |
| Other amounts receivable | 41 | €86,591 | €163,860 | +€77,269 | +89.2% |
| Cash at bank and in hand | 54/58 | €60,019 | €12,542 | -€47,477 | -79.1% |
| Deferred charges and accrued income | 490/1 | €4,280 | €5,051 | +€771 | +18.0% |
| Total equity and liabilities | 10/49 | €198,347 | €190,059 | -€8,287 | -4.2% |
| Equity | 10/15 | €149,788 | €157,692 | +€7,904 | +5.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €89,788 | €97,692 | +€7,904 | +8.8% |
| Distributable reserves | 133 | €89,788 | €97,692 | +€7,904 | +8.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €48,559 | €32,367 | -€16,191 | -33.3% |
| Amounts payable after more than one year | 17 | €14,369 | €8,141 | -€6,228 | -43.3% |
| Financial debts | 170/4 | €14,369 | €8,141 | -€6,228 | -43.3% |
| Amounts payable within one year | 42/48 | €34,189 | €24,226 | -€9,963 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €5,986 | €6,228 | +€242 | +4.1% |
| Trade debts | 44 | €4,614 | €1,974 | -€2,641 | -57.2% |
| Suppliers | 440/4 | €4,614 | €1,974 | -€2,641 | -57.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,789 | €16,024 | +€2,235 | +16.2% |
| Taxes | 450/3 | €13,789 | €16,024 | +€2,235 | +16.2% |
| Other amounts payable | 47/48 | €9,800 | €0 | -€9,800 | -100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,588 | €0 | -€5,588 | -100% |
| Other operating charges | 640/8 | €1,301 | €209 | -€1,092 | -83.9% |
| Gross operating margin | 9900 | €130,455 | €5,384 | -€125,071 | -95.9% |
| Operating profit (loss) | 9901 | €123,567 | €5,175 | -€118,392 | -95.8% |
| Financial income | 75/76B | €3,807 | €5,831 | +€2,024 | +53.2% |
| Recurring financial income | 75 | €3,807 | €5,831 | +€2,024 | +53.2% |
| Financial charges | 65/66B | €1,478 | €1,126 | -€352 | -23.8% |
| Recurring financial charges | 65 | €1,478 | €1,126 | -€352 | -23.8% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €125,896 | €9,880 | -€116,016 | -92.2% |
| Income taxes | 67/77 | €12,668 | €1,976 | -€10,693 | -84.4% |
| Profit (loss) for the period | 9904 | €113,227 | €7,904 | -€105,324 | -93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €113,227 | €7,904 | -€105,324 | -93.0% |
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 16 October 2026 via checked.be.