BAELUS: 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.
BAELUS
Largest movements
- Tangible fixed assets -€22,108
down €22,108 (-5.3%), from €413,698 to €391,590
of which Land and buildings: -€20,617
- Receivables within one year -€16,535
down €16,535 (-5.1%), from €323,493 to €306,958
of which Other amounts receivable: -€16,807
- Cash +€9,061
up €9,061 (+199%), from €4,559 to €13,621
mainly Depreciation (+€22,108) and Net result for the year (+€21,667)
- Reserves +€101,998
up €101,998 (+26.4%), from €386,002 to €488,000
of which Distributable reserves: +€101,998
- Profit (loss) carried forward -€80,331
no longer reported in 2025 (was €80,331)
- Debts after one year -€64,723
down €64,723 (-63.7%), from €101,563 to €36,840
of which Financial debts: -€57,606
- Accrued charges and deferred income +€13,792
up €13,792 (+49.7%), from €27,739 to €41,531
- Gross operating margin +€7,909
up €7,909 (+13.6%), from €58,048 to €65,957
- Financial charges -€2,721
down €2,721 (-34.7%), from €7,849 to €5,128
- Taxes +€1,414
up €1,414 (+19.2%), from €7,382 to €8,796
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 | €741,750 | €713,229 | -€28,521 | -3.8% |
| Fixed assets | 21/28 | €413,698 | €391,590 | -€22,108 | -5.3% |
| Tangible fixed assets | 22/27 | €413,698 | €391,590 | -€22,108 | -5.3% |
| Land and buildings | 22 | €408,734 | €388,117 | -€20,617 | -5.0% |
| Plant, machinery and equipment | 23 | €4,964 | €3,473 | -€1,491 | -30.0% |
| Current assets | 29/58 | €328,052 | €321,639 | -€6,413 | -2.0% |
| Amounts receivable within one year | 40/41 | €323,493 | €306,958 | -€16,535 | -5.1% |
| Trade receivables | 40 | - | €272 | +€272 | |
| Other amounts receivable | 41 | €323,493 | €306,686 | -€16,807 | -5.2% |
| Cash at bank and in hand | 54/58 | €4,559 | €13,621 | +€9,061 | +199% |
| Deferred charges and accrued income | 490/1 | - | €1,060 | +€1,060 | |
| Total equity and liabilities | 10/49 | €741,750 | €713,229 | -€28,521 | -3.8% |
| Equity | 10/15 | €528,333 | €550,000 | +€21,667 | +4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €386,002 | €488,000 | +€101,998 | +26.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €379,802 | €481,800 | +€101,998 | +26.9% |
| Profit (loss) carried forward | 14 | €80,331 | - | -€80,331 | |
| Amounts payable | 17/49 | €213,418 | €163,229 | -€50,188 | -23.5% |
| Amounts payable after more than one year | 17 | €101,563 | €36,840 | -€64,723 | -63.7% |
| Financial debts | 170/4 | €94,446 | €36,840 | -€57,606 | -61.0% |
| Other amounts payable | 178/9 | €7,117 | - | -€7,117 | |
| Amounts payable within one year | 42/48 | €84,116 | €84,859 | +€743 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €55,000 | €56,532 | +€1,533 | +2.8% |
| Trade debts | 44 | €2,381 | €2,848 | +€467 | +19.6% |
| Suppliers | 440/4 | €2,381 | €2,848 | +€467 | +19.6% |
| Taxes, remuneration and social security | 45 | €26,735 | €24,475 | -€2,261 | -8.5% |
| Taxes | 450/3 | €26,735 | €24,475 | -€2,261 | -8.5% |
| Other amounts payable | 47/48 | - | €1,004 | +€1,004 | |
| Accrued charges and deferred income | 492/3 | €27,739 | €41,531 | +€13,792 | +49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,950 | €22,108 | +€158 | +0.7% |
| Other operating charges | 640/8 | €7,639 | €8,261 | +€622 | +8.1% |
| Gross operating margin | 9900 | €58,048 | €65,957 | +€7,909 | +13.6% |
| Operating profit (loss) | 9901 | €28,459 | €35,588 | +€7,129 | +25.0% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €7,849 | €5,128 | -€2,721 | -34.7% |
| Recurring financial charges | 65 | €7,849 | €5,128 | -€2,721 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €20,611 | €30,464 | +€9,853 | +47.8% |
| Income taxes | 67/77 | €7,382 | €8,796 | +€1,414 | +19.2% |
| Profit (loss) for the period | 9904 | €13,229 | €21,667 | +€8,438 | +63.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,229 | €21,667 | +€8,438 | +63.8% |
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 13 October 2026 via checked.be.