BAERD: 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.
BAERD
Largest movements
- Financial fixed assets -€170,000
down €170,000 (-100.0%), from €170,000 to €0
- Current investments -€60,000
down €60,000 (-100.0%), from €60,000 to €0
- Tangible fixed assets +€43,573
up €43,573 (+56.5%), from €77,078 to €120,651
of which Other tangible fixed assets: +€110,815
- Receivables within one year +€43,315
up €43,315 (+40.5%), from €107,026 to €150,341
of which Other amounts receivable: +€40,299
- Cash +€22,797
up €22,797 (+18.9%), from €120,347 to €143,144
mainly Net result for the year (+€401,876) and Other debts (+€401,876)
- Reserves -€450,557
down €450,557 (-100.0%), from €450,557 to €0
- Other debts +€401,876
new in 2025: €401,876
- Tax, wage and social debts -€77,226
down €77,226 (-91.2%), from €84,677 to €7,451
- Gross operating margin +€184,898
up €184,898 (+51.5%), from €358,921 to €543,819
- Taxes +€46,183
up €46,183 (+55.0%), from €84,001 to €130,184
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €536,843 | €415,977 | -€120,866 | -22.5% |
| Fixed assets | 21/28 | €247,078 | €120,651 | -€126,427 | -51.2% |
| Tangible fixed assets | 22/27 | €77,078 | €120,651 | +€43,573 | +56.5% |
| Land and buildings | 22 | €70,627 | €0 | -€70,627 | -100.0% |
| Plant, machinery and equipment | 23 | €555 | €367 | -€188 | -33.9% |
| Furniture and vehicles | 24 | €5,896 | €9,469 | +€3,573 | +60.6% |
| Other tangible fixed assets | 26 | - | €110,815 | +€110,815 | |
| Financial fixed assets | 28 | €170,000 | €0 | -€170,000 | -100.0% |
| Current assets | 29/58 | €289,765 | €295,326 | +€5,560 | +1.9% |
| Amounts receivable within one year | 40/41 | €107,026 | €150,341 | +€43,315 | +40.5% |
| Trade receivables | 40 | €103,822 | €106,837 | +€3,016 | +2.9% |
| Other amounts receivable | 41 | €3,205 | €43,504 | +€40,299 | +1257.6% |
| Current investments | 50/53 | €60,000 | €0 | -€60,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €120,347 | €143,144 | +€22,797 | +18.9% |
| Deferred charges and accrued income | 490/1 | €2,392 | €1,841 | -€551 | -23.1% |
| Total equity and liabilities | 10/49 | €536,843 | €415,977 | -€120,866 | -22.5% |
| Equity | 10/15 | €451,057 | €500 | -€450,557 | -99.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €450,557 | €0 | -€450,557 | -100.0% |
| Distributable reserves | 133 | €450,557 | €0 | -€450,557 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €85,787 | €415,477 | +€329,690 | +384.3% |
| Amounts payable within one year | 42/48 | €84,928 | €414,916 | +€329,988 | +388.6% |
| Financial debts | 43 | - | €1,819 | +€1,819 | |
| Credit institutions | 430/8 | - | €31 | +€31 | |
| Other loans | 439 | - | €1,788 | +€1,788 | |
| Trade debts | 44 | €251 | €3,769 | +€3,518 | +1403.9% |
| Suppliers | 440/4 | €251 | €3,769 | +€3,518 | +1403.9% |
| Taxes, remuneration and social security | 45 | €84,677 | €7,451 | -€77,226 | -91.2% |
| Taxes | 450/3 | €84,677 | €7,451 | -€77,226 | -91.2% |
| Other amounts payable | 47/48 | - | €401,876 | +€401,876 | |
| Accrued charges and deferred income | 492/3 | €859 | €561 | -€298 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,756 | €11,125 | +€4,369 | +64.7% |
| Other operating charges | 640/8 | €507 | €272 | -€235 | -46.4% |
| Gross operating margin | 9900 | €358,921 | €543,819 | +€184,898 | +51.5% |
| Operating profit (loss) | 9901 | €351,658 | €532,422 | +€180,765 | +51.4% |
| Financial income | 75/76B | €5,903 | €1,166 | -€4,737 | -80.2% |
| Recurring financial income | 75 | €5,903 | €1,166 | -€4,737 | -80.2% |
| Financial charges | 65/66B | €1,043 | €1,529 | +€485 | +46.5% |
| Recurring financial charges | 65 | €1,043 | €1,529 | +€485 | +46.5% |
| Profit (loss) for the period before taxes | 9903 | €356,518 | €532,060 | +€175,542 | +49.2% |
| Income taxes | 67/77 | €84,001 | €130,184 | +€46,183 | +55.0% |
| Profit (loss) for the period | 9904 | €272,517 | €401,876 | +€129,359 | +47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €272,517 | €401,876 | +€129,359 | +47.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.