BAERT: 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.
BAERT
Largest movements
- Tangible fixed assets -€52,640
down €52,640 (-6.3%), from €836,157 to €783,518
of which Land and buildings: -€48,977
- Intangible fixed assets -€13,640
down €13,640 (-12.1%), from €112,486 to €98,845
- Profit (loss) carried forward -€92,265
down €92,265 (-16.5%), from -€558,313 to -€650,578
- Other debts +€75,278
up €75,278 (+5.4%), from €1.4m to €1.5m
- Debts after one year -€47,519
down €47,519 (-39.0%), from €121,819 to €74,301
- Gross operating margin +€56,298
up €56,298 (+88.5%), from -€63,604 to -€7,306
- Financial charges -€1,765
down €1,765 (-25.1%), from €7,032 to €5,268
- Depreciation +€1,392
up €1,392 (+1.9%), from €73,585 to €74,977
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 | €1,098,966 | €1,035,901 | -€63,065 | -5.7% |
| Fixed assets | 21/28 | €948,798 | €882,518 | -€66,280 | -7.0% |
| Intangible fixed assets | 21 | €112,486 | €98,845 | -€13,640 | -12.1% |
| Tangible fixed assets | 22/27 | €836,157 | €783,518 | -€52,640 | -6.3% |
| Land and buildings | 22 | €817,660 | €768,684 | -€48,977 | -6.0% |
| Plant, machinery and equipment | 23 | €15,675 | €12,768 | -€2,907 | -18.5% |
| Furniture and vehicles | 24 | €2,822 | €2,066 | -€756 | -26.8% |
| Financial fixed assets | 28 | €155 | €155 | = | 0.0% |
| Current assets | 29/58 | €150,168 | €153,383 | +€3,215 | +2.1% |
| Stocks and contracts in progress | 3 | €61,855 | €61,855 | = | 0.0% |
| Stocks | 30/36 | €61,855 | €61,855 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €80,504 | €83,142 | +€2,638 | +3.3% |
| Trade receivables | 40 | €226 | €2,287 | +€2,061 | +913% |
| Other amounts receivable | 41 | €80,279 | €80,855 | +€576 | +0.7% |
| Cash at bank and in hand | 54/58 | €4,721 | €5,595 | +€875 | +18.5% |
| Deferred charges and accrued income | 490/1 | €3,088 | €2,790 | -€297 | -9.6% |
| Total equity and liabilities | 10/49 | €1,098,966 | €1,035,901 | -€63,065 | -5.7% |
| Equity | 10/15 | -€489,563 | -€581,828 | -€92,265 | -18.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€558,313 | -€650,578 | -€92,265 | -16.5% |
| Amounts payable | 17/49 | €1,588,528 | €1,617,729 | +€29,201 | +1.8% |
| Amounts payable after more than one year | 17 | €121,819 | €74,301 | -€47,519 | -39.0% |
| Financial debts | 170/4 | €121,819 | €74,301 | -€47,519 | -39.0% |
| Amounts payable within one year | 42/48 | €1,466,709 | €1,543,428 | +€76,719 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €45,968 | €47,519 | +€1,551 | +3.4% |
| Trade debts | 44 | €16,003 | €15,893 | -€110 | -0.7% |
| Suppliers | 440/4 | €16,003 | €15,893 | -€110 | -0.7% |
| Other amounts payable | 47/48 | €1,404,738 | €1,480,016 | +€75,278 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,585 | €74,977 | +€1,392 | +1.9% |
| Other operating charges | 640/8 | €4,648 | €4,716 | +€68 | +1.5% |
| Gross operating margin | 9900 | -€63,604 | -€7,306 | +€56,298 | +88.5% |
| Operating profit (loss) | 9901 | -€141,836 | -€86,999 | +€54,837 | +38.7% |
| Financial income | 75/76B | €1 | €1 | -€0 | -7.4% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -7.4% |
| Financial charges | 65/66B | €7,032 | €5,268 | -€1,765 | -25.1% |
| Recurring financial charges | 65 | €7,032 | €5,268 | -€1,765 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | -€148,867 | -€92,265 | +€56,602 | +38.0% |
| Profit (loss) for the period | 9904 | -€148,867 | -€92,265 | +€56,602 | +38.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€148,867 | -€92,265 | +€56,602 | +38.0% |
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 21 October 2026 via checked.be.