BAEREND: 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.
BAEREND
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+35.4%), from €2.9m to €4.0m
of which Land and buildings: +€2.6m
- Receivables within one year -€187,049
down €187,049 (-99.5%), from €187,909 to €860
of which Trade receivables: -€170,289
- Debts after one year +€1.1m
up €1.1m (+62.0%), from €1.8m to €2.9m
of which Financial debts: +€1.4m
- Trade debts -€994,502
down €994,502 (-99.8%), from €996,814 to €2,312
- Short-term financial debts +€672,194
new in 2025: €672,194
- Current portion of long-term debt +€60,936
up €60,936 (+60.0%), from €101,589 to €162,525
- Gross operating margin +€79,921
up €79,921 (+104%), from €76,791 to €156,712
- Financial charges +€62,278
up €62,278 (+149%), from €41,800 to €104,078
- Depreciation +€30,033
up €30,033 (+171%), from €17,563 to €47,596
- Taxes -€3,227
no longer reported in 2025 (was €3,227)
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 | €3,112,683 | €3,974,404 | +€861,721 | +27.7% |
| Fixed assets | 21/28 | €2,921,567 | €3,955,519 | +€1.0m | +35.4% |
| Tangible fixed assets | 22/27 | €2,921,567 | €3,955,519 | +€1.0m | +35.4% |
| Land and buildings | 22 | €1,393,080 | €3,955,519 | +€2.6m | +184% |
| Assets under construction and advance payments | 27 | €1,528,487 | - | -€1.5m | |
| Current assets | 29/58 | €191,116 | €18,884 | -€172,232 | -90.1% |
| Amounts receivable within one year | 40/41 | €187,909 | €860 | -€187,049 | -99.5% |
| Trade receivables | 40 | €171,149 | €860 | -€170,289 | -99.5% |
| Other amounts receivable | 41 | €16,760 | - | -€16,760 | |
| Cash at bank and in hand | 54/58 | €2,481 | €17,262 | +€14,781 | +596% |
| Deferred charges and accrued income | 490/1 | €727 | €763 | +€36 | +5.0% |
| Total equity and liabilities | 10/49 | €3,112,683 | €3,974,404 | +€861,721 | +27.7% |
| Equity | 10/15 | €195,060 | €194,340 | -€720 | -0.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,860 | €126,140 | -€720 | -0.6% |
| Amounts payable | 17/49 | €2,917,623 | €3,780,064 | +€862,441 | +29.6% |
| Amounts payable after more than one year | 17 | €1,815,993 | €2,942,512 | +€1.1m | +62.0% |
| Financial debts | 170/4 | €1,585,558 | €2,942,512 | +€1.4m | +85.6% |
| Other amounts payable | 178/9 | €230,436 | - | -€230,436 | |
| Amounts payable within one year | 42/48 | €1,101,630 | €837,470 | -€264,160 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €101,589 | €162,525 | +€60,936 | +60.0% |
| Financial debts | 43 | - | €672,194 | +€672,194 | |
| Other loans | 439 | - | €672,194 | +€672,194 | |
| Trade debts | 44 | €996,814 | €2,312 | -€994,502 | -99.8% |
| Suppliers | 440/4 | €996,814 | €2,312 | -€994,502 | -99.8% |
| Taxes, remuneration and social security | 45 | €3,227 | - | -€3,227 | |
| Taxes | 450/3 | €3,227 | - | -€3,227 | |
| Other amounts payable | 47/48 | - | €440 | +€440 | |
| Accrued charges and deferred income | 492/3 | - | €82 | +€82 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,563 | €47,596 | +€30,033 | +171% |
| Other operating charges | 640/8 | €5,585 | €5,758 | +€174 | +3.1% |
| Gross operating margin | 9900 | €76,791 | €156,712 | +€79,921 | +104% |
| Operating profit (loss) | 9901 | €53,644 | €103,358 | +€49,714 | +92.7% |
| Financial charges | 65/66B | €41,800 | €104,078 | +€62,278 | +149% |
| Recurring financial charges | 65 | €41,800 | €104,078 | +€62,278 | +149% |
| Profit (loss) for the period before taxes | 9903 | €11,844 | -€720 | -€12,564 | |
| Income taxes | 67/77 | €3,227 | - | -€3,227 | |
| Profit (loss) for the period | 9904 | €8,616 | -€720 | -€9,336 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,616 | -€720 | -€9,336 |
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 25 October 2026 via checked.be.