BAERT ANTHONY: 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 ANTHONY
Largest movements
- Financial fixed assets +€3.7m
up €3.7m (+590.2%), from €629,793 to €4.3m
- Receivables within one year +€124,059
up €124,059 (+46.5%), from €267,006 to €391,065
of which Trade receivables: +€154,755
- Cash +€68,134
up €68,134 (+21.3%), from €319,334 to €387,468
mainly Contributions, distributions and other (+€3.7m) and Net result for the year (+€281,758)
- Revaluation surpluses +€3.7m
new in 2025: €3.7m
- Reserves +€266,758
up €266,758 (+37.8%), from €704,950 to €971,708
of which Tax-exempt reserves: +€147,350
- Debts after one year -€55,484
down €55,484 (-41.6%), from €133,322 to €77,837
- Tax, wage and social debts +€52,905
up €52,905 (+100.6%), from €52,609 to €105,514
of which Taxes: +€52,905
- Financial income +€167,552
up €167,552 (+70.6%), from €237,448 to €405,000
- Taxes +€49,042
up €49,042 (+75.2%), from €65,207 to €114,248
- Gross operating margin +€6,252
up €6,252 (+51.8%), from €12,069 to €18,320
- Financial charges -€5,371
down €5,371 (-19.2%), from €28,003 to €22,633
- Other operating charges +€1,624
up €1,624 (+78.9%), from €2,059 to €3,683
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 | €1,220,711 | €5,176,690 | +€4.0m | +324.1% |
| Fixed assets | 21/28 | €631,375 | €4,347,991 | +€3.7m | +588.7% |
| Tangible fixed assets | 22/27 | €1,582 | €1,007 | -€575 | -36.4% |
| Furniture and vehicles | 24 | €1,582 | €1,007 | -€575 | -36.4% |
| Financial fixed assets | 28 | €629,793 | €4,346,984 | +€3.7m | +590.2% |
| Current assets | 29/58 | €589,336 | €828,699 | +€239,363 | +40.6% |
| Amounts receivable within one year | 40/41 | €267,006 | €391,065 | +€124,059 | +46.5% |
| Trade receivables | 40 | €236,310 | €391,065 | +€154,755 | +65.5% |
| Other amounts receivable | 41 | €30,696 | €0 | -€30,696 | -100.0% |
| Cash at bank and in hand | 54/58 | €319,334 | €387,468 | +€68,134 | +21.3% |
| Deferred charges and accrued income | 490/1 | €2,996 | €50,166 | +€47,170 | +1574.4% |
| Total equity and liabilities | 10/49 | €1,220,711 | €5,176,690 | +€4.0m | +324.1% |
| Equity | 10/15 | €744,191 | €4,728,140 | +€4.0m | +535.3% |
| Contributions | 10/11 | €39,241 | €39,241 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,717,191 | +€3.7m | |
| Reserves | 13 | €704,950 | €971,708 | +€266,758 | +37.8% |
| Tax-exempt reserves | 132 | - | €147,350 | +€147,350 | |
| Distributable reserves | 133 | €704,950 | €824,358 | +€119,408 | +16.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €476,520 | €448,550 | -€27,970 | -5.9% |
| Amounts payable after more than one year | 17 | €133,322 | €77,837 | -€55,484 | -41.6% |
| Financial debts | 170/4 | €133,322 | €77,837 | -€55,484 | -41.6% |
| Amounts payable within one year | 42/48 | €343,199 | €369,729 | +€26,531 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €75,708 | €93,133 | +€17,425 | +23.0% |
| Trade debts | 44 | €37,408 | €6,156 | -€31,251 | -83.5% |
| Suppliers | 440/4 | €37,408 | €6,156 | -€31,251 | -83.5% |
| Taxes, remuneration and social security | 45 | €52,609 | €105,514 | +€52,905 | +100.6% |
| Taxes | 450/3 | €48,870 | €101,775 | +€52,905 | +108.3% |
| Remuneration and social security | 454/9 | €3,738 | €3,738 | = | 0.0% |
| Other amounts payable | 47/48 | €177,474 | €164,926 | -€12,548 | -7.1% |
| Accrued charges and deferred income | 492/3 | - | €984 | +€984 | |
| Remuneration, social security and pensions | 62 | €539 | €423 | -€116 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €354 | €575 | +€222 | +62.7% |
| Other operating charges | 640/8 | €2,059 | €3,683 | +€1,624 | +78.9% |
| Gross operating margin | 9900 | €12,069 | €18,320 | +€6,252 | +51.8% |
| Operating profit (loss) | 9901 | €9,117 | €13,639 | +€4,522 | +49.6% |
| Financial income | 75/76B | €237,448 | €405,000 | +€167,552 | +70.6% |
| Recurring financial income | 75 | €237,448 | €405,000 | +€167,552 | +70.6% |
| Financial charges | 65/66B | €28,003 | €22,633 | -€5,371 | -19.2% |
| Recurring financial charges | 65 | €28,003 | €22,633 | -€5,371 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €218,561 | €396,006 | +€177,445 | +81.2% |
| Income taxes | 67/77 | €65,207 | €114,248 | +€49,042 | +75.2% |
| Profit (loss) for the period | 9904 | €153,354 | €281,758 | +€128,403 | +83.7% |
| Transfer to tax-exempt reserves | 689 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €153,354 | €134,408 | -€18,947 | -12.4% |
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 4 October 2026 via checked.be.