BAERT CONSTRUCTION: 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 CONSTRUCTION
Largest movements
- Cash +€169,135
up €169,135 (+67.3%), from €251,309 to €420,444
mainly Depreciation (+€216,478) and Debts after one year (+€141,369)
- Tangible fixed assets +€142,525
up €142,525 (+18.9%), from €752,297 to €894,822
of which Furniture and vehicles: +€248,311
- Receivables within one year -€97,352
down €97,352 (-28.6%), from €340,378 to €243,026
of which Trade receivables: -€91,942
- Stocks and contracts +€35,649
up €35,649 (+12.5%), from €284,290 to €319,939
of which Stocks: +€66,536
- Debts after one year +€141,369
up €141,369 (+39.8%), from €355,028 to €496,397
- Profit (loss) carried forward +€115,747
up €115,747 (+29.4%), from €393,496 to €509,243
- Trade debts -€29,832
down €29,832 (-8.5%), from €352,855 to €323,023
- Current portion of long-term debt +€27,538
up €27,538 (+33.4%), from €82,434 to €109,972
- Gross operating margin +€327,412
up €327,412 (+25.0%), from €1.3m to €1.6m
- Depreciation +€77,567
up €77,567 (+55.8%), from €138,911 to €216,478
- Staff costs +€70,083
up €70,083 (+6.1%), from €1.1m to €1.2m
- Taxes +€27,220
up €27,220 (+5635.6%), from €483 to €27,703
- Financial charges +€21,647
up €21,647 (+133.9%), from €16,166 to €37,813
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 | €1,644,542 | €1,897,400 | +€252,858 | +15.4% |
| Fixed assets | 21/28 | €752,297 | €894,822 | +€142,525 | +18.9% |
| Tangible fixed assets | 22/27 | €752,297 | €894,822 | +€142,525 | +18.9% |
| Plant, machinery and equipment | 23 | €51,785 | €38,346 | -€13,439 | -26.0% |
| Furniture and vehicles | 24 | €208,692 | €457,003 | +€248,311 | +119.0% |
| Leasing and similar rights | 25 | €56,426 | €19,282 | -€37,144 | -65.8% |
| Other tangible fixed assets | 26 | €435,394 | €380,191 | -€55,203 | -12.7% |
| Current assets | 29/58 | €892,245 | €1,002,578 | +€110,333 | +12.4% |
| Stocks and contracts in progress | 3 | €284,290 | €319,939 | +€35,649 | +12.5% |
| Stocks | 30/36 | €52,263 | €118,799 | +€66,536 | +127.3% |
| Contracts in progress | 37 | €232,027 | €201,139 | -€30,888 | -13.3% |
| Amounts receivable within one year | 40/41 | €340,378 | €243,026 | -€97,352 | -28.6% |
| Trade receivables | 40 | €305,614 | €213,672 | -€91,942 | -30.1% |
| Other amounts receivable | 41 | €34,764 | €29,354 | -€5,410 | -15.6% |
| Cash at bank and in hand | 54/58 | €251,309 | €420,444 | +€169,135 | +67.3% |
| Deferred charges and accrued income | 490/1 | €16,268 | €19,170 | +€2,902 | +17.8% |
| Total equity and liabilities | 10/49 | €1,644,542 | €1,897,400 | +€252,858 | +15.4% |
| Equity | 10/15 | €759,212 | €881,051 | +€121,839 | +16.0% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €15,716 | €21,808 | +€6,092 | +38.8% |
| Non-distributable reserves | 130/1 | €15,716 | €21,808 | +€6,092 | +38.8% |
| Legal reserve | 130 | €11,353 | €17,445 | +€6,092 | +53.7% |
| Reserves not available under the articles | 1311 | - | €4,363 | +€4,363 | |
| Other | 1319 | €4,363 | - | -€4,363 | |
| Profit (loss) carried forward | 14 | €393,496 | €509,243 | +€115,747 | +29.4% |
| Amounts payable | 17/49 | €885,330 | €1,016,349 | +€131,019 | +14.8% |
| Amounts payable after more than one year | 17 | €355,028 | €496,397 | +€141,369 | +39.8% |
| Financial debts | 170/4 | €355,028 | €496,397 | +€141,369 | +39.8% |
| Amounts payable within one year | 42/48 | €530,302 | €519,952 | -€10,350 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €82,434 | €109,972 | +€27,538 | +33.4% |
| Trade debts | 44 | €352,855 | €323,023 | -€29,832 | -8.5% |
| Suppliers | 440/4 | €352,855 | €323,023 | -€29,832 | -8.5% |
| Taxes, remuneration and social security | 45 | €94,057 | €86,354 | -€7,703 | -8.2% |
| Taxes | 450/3 | €57,211 | €23,221 | -€33,990 | -59.4% |
| Remuneration and social security | 454/9 | €36,846 | €63,134 | +€26,288 | +71.3% |
| Other amounts payable | 47/48 | €956 | €602 | -€354 | -37.0% |
| Remuneration, social security and pensions | 62 | €1,143,651 | €1,213,734 | +€70,083 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,911 | €216,478 | +€77,567 | +55.8% |
| Other operating charges | 640/8 | €7,908 | €18,589 | +€10,681 | +135.1% |
| Gross operating margin | 9900 | €1,308,696 | €1,636,108 | +€327,412 | +25.0% |
| Operating profit (loss) | 9901 | €18,226 | €187,309 | +€169,083 | +927.7% |
| Financial income | 75/76B | €439 | €46 | -€393 | -89.5% |
| Recurring financial income | 75 | €39 | €46 | +€7 | +18.0% |
| Non-recurring financial income | 76B | €400 | - | -€400 | |
| Financial charges | 65/66B | €16,166 | €37,813 | +€21,647 | +133.9% |
| Recurring financial charges | 65 | €16,166 | €37,813 | +€21,647 | +133.9% |
| Profit (loss) for the period before taxes | 9903 | €2,499 | €149,541 | +€147,042 | +5884.0% |
| Income taxes | 67/77 | €483 | €27,703 | +€27,220 | +5635.6% |
| Profit (loss) for the period | 9904 | €2,016 | €121,839 | +€119,823 | +5943.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,016 | €121,839 | +€119,823 | +5943.6% |
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.