BAELS: what changed
Two fiscal 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.
What changed
BAELS
NACE 46.841, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10,990
2024 · €9,099+€1,891
Equity
€1.1m
2024 · €1.1m+€10,990
Cash
€283,944
2024 · €139,819+€144,125
Balance sheet total
€1.5m
2024 · €1.5m+€1,997
Largest movements
Assets
- Cash +€144,125
up €144,125 (+103.1%), from €139,819 to €283,944
mainly Current investments (+€100,000) and Depreciation (+€72,615)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€49,529
down €49,529 (-5.6%), from €889,533 to €840,004
of which Land and buildings: -€48,444
- Receivables within one year -€24,563
down €24,563 (-30.9%), from €79,387 to €54,824
of which Trade receivables: -€24,563
- Receivables after one year +€18,571
up €18,571 (+9.7%), from €191,429 to €210,000
Equity and liabilities
- Debts after one year -€41,947
down €41,947 (-13.4%), from €313,629 to €271,682
- Current portion of long-term debt +€21,228
up €21,228 (+424.6%), from €5,000 to €26,228
- Other debts +€20,358
up €20,358 (+824.6%), from €2,469 to €22,827
Income statement
- Gross operating margin -€20,298
down €20,298 (-15.3%), from €132,745 to €112,447
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.
Result 2024
€9,099
Gross operating margin
-€20,298
Depreciation
-€376
Other operating charges
+€785
Other operating items
+€20,936
Financial income
+€1,081
Financial charges
+€738
Taxes
-€976
Result 2025
€10,990
Cash bridge derived
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.
From operations
+€91,820
Investment
+€76,915
Financing
-€24,610
Cash 2024
€139,819
From operations (derived)
+€91,820
Net result for the year
+€10,990
Depreciation
+€72,615
Receivables after one year
-€18,571
Stocks and contracts
-€7,456
Receivables within one year
+€24,563
Deferred charges and accrued income
-€5,938
Trade debts
-€4,594
Tax, wage and social debts
-€146
Other debts
+€20,358
Investment (derived)
+€76,915
Investment in fixed assets (net)
-€23,085
Current investments
+€100,000
Financing
-€24,610
Debts after one year
-€41,947
Current portion of long-term debt
+€21,228
Short-term financial debts
-€3,891
Cash 2025
€283,944
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,466,945 | €1,468,942 | +€1,997 | +0.1% |
| Fixed assets | 21/28 | €944,329 | €894,800 | -€49,529 | -5.2% |
| Tangible fixed assets | 22/27 | €889,533 | €840,004 | -€49,529 | -5.6% |
| Land and buildings | 22 | €849,819 | €801,375 | -€48,444 | -5.7% |
| Plant, machinery and equipment | 23 | €28,032 | €28,941 | +€908 | +3.2% |
| Furniture and vehicles | 24 | €11,681 | €9,688 | -€1,993 | -17.1% |
| Financial fixed assets | 28 | €54,795 | €54,795 | = | 0.0% |
| Current assets | 29/58 | €522,616 | €574,143 | +€51,526 | +9.9% |
| Amounts receivable after more than one year | 29 | €191,429 | €210,000 | +€18,571 | +9.7% |
| Other amounts receivable | 291 | €191,429 | €210,000 | +€18,571 | +9.7% |
| Stocks and contracts in progress | 3 | €8,754 | €16,210 | +€7,456 | +85.2% |
| Stocks | 30/36 | €8,754 | €16,210 | +€7,456 | +85.2% |
| Amounts receivable within one year | 40/41 | €79,387 | €54,824 | -€24,563 | -30.9% |
| Trade receivables | 40 | €30,296 | €5,733 | -€24,563 | -81.1% |
| Other amounts receivable | 41 | €49,091 | €49,091 | = | 0.0% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €139,819 | €283,944 | +€144,125 | +103.1% |
| Deferred charges and accrued income | 490/1 | €3,227 | €9,165 | +€5,938 | +184.0% |
| Total equity and liabilities | 10/49 | €1,466,945 | €1,468,942 | +€1,997 | +0.1% |
| Equity | 10/15 | €1,100,760 | €1,111,750 | +€10,990 | +1.0% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Revaluation surpluses | 12 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €857,160 | €868,150 | +€10,990 | +1.3% |
| Non-distributable reserves | 130/1 | €11,860 | - | -€11,860 | |
| Reserves not available under the articles | 1311 | €11,860 | - | -€11,860 | |
| Distributable reserves | 133 | €845,300 | €868,150 | +€22,850 | +2.7% |
| Provisions and deferred taxes | 16 | €535 | €535 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €535 | €535 | = | 0.0% |
| Other liabilities and charges | 164/5 | €535 | €535 | = | 0.0% |
| Amounts payable | 17/49 | €365,649 | €356,656 | -€8,992 | -2.5% |
| Amounts payable after more than one year | 17 | €313,629 | €271,682 | -€41,947 | -13.4% |
| Financial debts | 170/4 | €313,629 | €271,682 | -€41,947 | -13.4% |
| Amounts payable within one year | 42/48 | €52,020 | €84,975 | +€32,954 | +63.3% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €26,228 | +€21,228 | +424.6% |
| Financial debts | 43 | €20,506 | €16,615 | -€3,891 | -19.0% |
| Other loans | 439 | €20,506 | €16,615 | -€3,891 | -19.0% |
| Trade debts | 44 | €12,664 | €8,070 | -€4,594 | -36.3% |
| Suppliers | 440/4 | €12,664 | €8,070 | -€4,594 | -36.3% |
| Taxes, remuneration and social security | 45 | €11,381 | €11,235 | -€146 | -1.3% |
| Taxes | 450/3 | €11,381 | €11,235 | -€146 | -1.3% |
| Other amounts payable | 47/48 | €2,469 | €22,827 | +€20,358 | +824.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,238 | €72,615 | +€376 | +0.5% |
| Other operating charges | 640/8 | €6,934 | €6,149 | -€785 | -11.3% |
| Non-recurring operating charges | 66A | €20,936 | - | -€20,936 | |
| Gross operating margin | 9900 | €132,745 | €112,447 | -€20,298 | -15.3% |
| Operating profit (loss) | 9901 | €32,637 | €33,684 | +€1,048 | +3.2% |
| Financial income | 75/76B | €488 | €1,569 | +€1,081 | +221.5% |
| Recurring financial income | 75 | €488 | €1,569 | +€1,081 | +221.5% |
| Financial charges | 65/66B | €8,840 | €8,102 | -€738 | -8.3% |
| Recurring financial charges | 65 | €8,840 | €8,102 | -€738 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €24,285 | €27,151 | +€2,867 | +11.8% |
| Income taxes | 67/77 | €15,186 | €16,162 | +€976 | +6.4% |
| Profit (loss) for the period | 9904 | €9,099 | €10,990 | +€1,891 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,099 | €10,990 | +€1,891 | +20.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.