BAERT: 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.
BAERT
Largest movements
- Cash +€22,772
up €22,772 (+35.7%), from €63,797 to €86,570
mainly Debts after one year (+€25,367) and Net result for the year (+€22,012)
- Tangible fixed assets -€10,864
down €10,864 (-3.6%), from €298,607 to €287,742
of which Land and buildings: -€14,942
- Debts after one year +€25,367
up €25,367 (+547.5%), from €4,633 to €30,000
of which Other amounts payable: +€30,000
- Reserves -€15,188
down €15,188 (-4.7%), from €320,722 to €305,534
- Other debts +€4,835
up €4,835 (+6404.8%), from €75 to €4,910
- Gross operating margin +€33,822
up €33,822 (+76.7%), from €44,078 to €77,901
- Taxes +€17,912
up €17,912 (+7084.1%), from €253 to €18,165
- Other operating charges +€6,777
up €6,777 (+76.5%), from €8,862 to €15,639
- Depreciation -€1,834
down €1,834 (-7.7%), from €23,836 to €22,002
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 | €366,154 | €381,792 | +€15,638 | +4.3% |
| Fixed assets | 21/28 | €298,607 | €287,742 | -€10,864 | -3.6% |
| Tangible fixed assets | 22/27 | €298,607 | €287,742 | -€10,864 | -3.6% |
| Land and buildings | 22 | €286,551 | €271,610 | -€14,942 | -5.2% |
| Plant, machinery and equipment | 23 | €5,756 | €14,781 | +€9,025 | +156.8% |
| Furniture and vehicles | 24 | €6,299 | €1,352 | -€4,948 | -78.5% |
| Current assets | 29/58 | €67,547 | €94,050 | +€26,502 | +39.2% |
| Amounts receivable within one year | 40/41 | €3,750 | €7,480 | +€3,730 | +99.5% |
| Trade receivables | 40 | - | €7,480 | +€7,480 | |
| Other amounts receivable | 41 | €3,750 | - | -€3,750 | |
| Cash at bank and in hand | 54/58 | €63,797 | €86,570 | +€22,772 | +35.7% |
| Total equity and liabilities | 10/49 | €366,154 | €381,792 | +€15,638 | +4.3% |
| Equity | 10/15 | €358,467 | €343,279 | -€15,188 | -4.2% |
| Contributions | 10/11 | €55,776 | €55,776 | = | 0.0% |
| Capital | 10 | €55,776 | €55,776 | = | 0.0% |
| Issued capital | 100 | €55,776 | €55,776 | = | 0.0% |
| Reserves | 13 | €320,722 | €305,534 | -€15,188 | -4.7% |
| Non-distributable reserves | 130/1 | €320,722 | €305,534 | -€15,188 | -4.7% |
| Legal reserve | 130 | €320,722 | €305,534 | -€15,188 | -4.7% |
| Profit (loss) carried forward | 14 | -€18,031 | -€18,031 | = | 0.0% |
| Amounts payable | 17/49 | €7,687 | €38,513 | +€30,826 | +401.0% |
| Amounts payable after more than one year | 17 | €4,633 | €30,000 | +€25,367 | +547.5% |
| Financial debts | 170/4 | €4,633 | - | -€4,633 | |
| Other amounts payable | 178/9 | - | €30,000 | +€30,000 | |
| Amounts payable within one year | 42/48 | €3,054 | €8,513 | +€5,459 | +178.7% |
| Trade debts | 44 | €1,206 | €1,147 | -€59 | -4.9% |
| Suppliers | 440/4 | €1,206 | €1,147 | -€59 | -4.9% |
| Taxes, remuneration and social security | 45 | €1,773 | €2,455 | +€683 | +38.5% |
| Taxes | 450/3 | €1,123 | €2,455 | +€1,333 | +118.7% |
| Remuneration and social security | 454/9 | €650 | - | -€650 | |
| Other amounts payable | 47/48 | €75 | €4,910 | +€4,835 | +6404.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,836 | €22,002 | -€1,834 | -7.7% |
| Other operating charges | 640/8 | €8,862 | €15,639 | +€6,777 | +76.5% |
| Gross operating margin | 9900 | €44,078 | €77,901 | +€33,822 | +76.7% |
| Operating profit (loss) | 9901 | €11,381 | €40,260 | +€28,879 | +253.7% |
| Financial income | 75/76B | - | €220 | +€220 | |
| Recurring financial income | 75 | - | €220 | +€220 | |
| Financial charges | 65/66B | €416 | €303 | -€113 | -27.1% |
| Recurring financial charges | 65 | €416 | €303 | -€113 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €10,965 | €40,177 | +€29,212 | +266.4% |
| Income taxes | 67/77 | €253 | €18,165 | +€17,912 | +7084.1% |
| Profit (loss) for the period | 9904 | €10,712 | €22,012 | +€11,300 | +105.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,712 | €22,012 | +€11,300 | +105.5% |
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 5 October 2026 via checked.be.