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
- Deferred charges and accrued income +€53,967
up €53,967 (+1,260%), from €4,282 to €58,249
- Cash -€33,662
down €33,662 (-36.9%), from €91,341 to €57,679
mainly Deferred charges and accrued income (-€53,967) and Debts after one year (-€49,353)
- Intangible fixed assets -€27,114
down €27,114 (-48.7%), from €55,638 to €28,524
- Tangible fixed assets -€10,389
down €10,389 (-5.1%), from €203,602 to €193,213
of which Land and buildings: -€5,892
- Receivables within one year -€5,954
down €5,954 (-29.6%), from €20,143 to €14,189
of which Other amounts receivable: -€4,487
- Debts after one year -€49,353
down €49,353 (-21.9%), from €225,062 to €175,709
- Trade debts +€21,222
up €21,222 (+23.8%), from €89,210 to €110,433
- Profit (loss) carried forward +€7,108
up €7,108 (+26.4%), from -€26,919 to -€19,811
- Staff costs +€5,262
up €5,262 (+5.7%), from €92,562 to €97,824
- Gross operating margin +€4,554
up €4,554 (+2.9%), from €155,621 to €160,175
- Depreciation -€2,384
down €2,384 (-6.0%), from €39,887 to €37,503
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 | €542,438 | €523,667 | -€18,772 | -3.5% |
| Fixed assets | 21/28 | €265,213 | €227,710 | -€37,503 | -14.1% |
| Intangible fixed assets | 21 | €55,638 | €28,524 | -€27,114 | -48.7% |
| Tangible fixed assets | 22/27 | €203,602 | €193,213 | -€10,389 | -5.1% |
| Land and buildings | 22 | €197,173 | €191,281 | -€5,892 | -3.0% |
| Plant, machinery and equipment | 23 | €6,428 | €1,932 | -€4,497 | -70.0% |
| Financial fixed assets | 28 | €5,973 | €5,973 | = | 0.0% |
| Current assets | 29/58 | €277,226 | €295,957 | +€18,731 | +6.8% |
| Stocks and contracts in progress | 3 | €161,460 | €165,840 | +€4,380 | +2.7% |
| Stocks | 30/36 | €161,460 | €165,840 | +€4,380 | +2.7% |
| Amounts receivable within one year | 40/41 | €20,143 | €14,189 | -€5,954 | -29.6% |
| Trade receivables | 40 | €13,879 | €12,412 | -€1,467 | -10.6% |
| Other amounts receivable | 41 | €6,264 | €1,777 | -€4,487 | -71.6% |
| Cash at bank and in hand | 54/58 | €91,341 | €57,679 | -€33,662 | -36.9% |
| Deferred charges and accrued income | 490/1 | €4,282 | €58,249 | +€53,967 | +1,260% |
| Total equity and liabilities | 10/49 | €542,438 | €523,667 | -€18,772 | -3.5% |
| Equity | 10/15 | €24,084 | €31,192 | +€7,108 | +29.5% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €16,003 | €16,003 | = | 0.0% |
| Distributable reserves | 133 | €16,003 | €16,003 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,919 | -€19,811 | +€7,108 | +26.4% |
| Amounts payable | 17/49 | €518,354 | €492,475 | -€25,879 | -5.0% |
| Amounts payable after more than one year | 17 | €225,062 | €175,709 | -€49,353 | -21.9% |
| Financial debts | 170/4 | €225,062 | €175,709 | -€49,353 | -21.9% |
| Amounts payable within one year | 42/48 | €292,977 | €316,555 | +€23,579 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €48,774 | €49,353 | +€579 | +1.2% |
| Trade debts | 44 | €89,210 | €110,433 | +€21,222 | +23.8% |
| Suppliers | 440/4 | €89,210 | €110,433 | +€21,222 | +23.8% |
| Taxes, remuneration and social security | 45 | €11,058 | €13,947 | +€2,889 | +26.1% |
| Taxes | 450/3 | €689 | €2,654 | +€1,965 | +285% |
| Remuneration and social security | 454/9 | €10,370 | €11,294 | +€924 | +8.9% |
| Other amounts payable | 47/48 | €143,934 | €142,823 | -€1,112 | -0.8% |
| Accrued charges and deferred income | 492/3 | €315 | €210 | -€105 | -33.3% |
| Non-recurring operating income | 76A | €1,653 | - | -€1,653 | |
| Remuneration, social security and pensions | 62 | €92,562 | €97,824 | +€5,262 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,887 | €37,503 | -€2,384 | -6.0% |
| Other operating charges | 640/8 | €927 | €697 | -€229 | -24.7% |
| Gross operating margin | 9900 | €155,621 | €160,175 | +€4,554 | +2.9% |
| Operating profit (loss) | 9901 | €22,246 | €24,151 | +€1,905 | +8.6% |
| Financial income | 75/76B | €711 | €337 | -€374 | -52.6% |
| Recurring financial income | 75 | €711 | €337 | -€374 | -52.6% |
| Financial charges | 65/66B | €17,737 | €17,206 | -€531 | -3.0% |
| Recurring financial charges | 65 | €17,737 | €17,206 | -€531 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €5,219 | €7,282 | +€2,063 | +39.5% |
| Income taxes | 67/77 | €184 | €174 | -€9 | -5.2% |
| Profit (loss) for the period | 9904 | €5,035 | €7,108 | +€2,072 | +41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,035 | €7,108 | +€2,072 | +41.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.