BAERT G.E.: 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 G.E.
Largest movements
- Cash +€73,004
up €73,004 (+7.0%), from €1.0m to €1.1m
mainly Net result for the year (+€325,534) and Depreciation (+€108,447)
- Tangible fixed assets -€63,507
down €63,507 (-35.7%), from €178,033 to €114,526
of which Plant, machinery and equipment: -€56,179
- Reserves +€226,424
up €226,424 (+13.9%), from €1.6m to €1.9m
of which Distributable reserves: +€238,608
- Trade debts -€183,785
down €183,785 (-51.5%), from €356,653 to €172,868
- Tax, wage and social debts +€43,003
up €43,003 (+99.4%), from €43,254 to €86,257
of which Taxes: +€35,175
- Current portion of long-term debt -€23,596
down €23,596 (-23.8%), from €99,002 to €75,405
- Gross operating margin +€346,907
up €346,907 (+26.1%), from €1.3m to €1.7m
- Staff costs +€233,012
up €233,012 (+26.8%), from €869,907 to €1.1m
- Taxes +€38,251
up €38,251 (+34.3%), from €111,612 to €149,863
- Financial income +€21,823
up €21,823 (+90.4%), from €24,149 to €45,972
- Other operating charges +€17,582
up €17,582 (+181.2%), from €9,702 to €27,284
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 | €2,207,283 | €2,252,257 | +€44,974 | +2.0% |
| Fixed assets | 21/28 | €178,153 | €114,646 | -€63,507 | -35.6% |
| Tangible fixed assets | 22/27 | €178,033 | €114,526 | -€63,507 | -35.7% |
| Plant, machinery and equipment | 23 | €92,278 | €36,100 | -€56,179 | -60.9% |
| Furniture and vehicles | 24 | €68,832 | €70,705 | +€1,873 | +2.7% |
| Other tangible fixed assets | 26 | €16,923 | €7,721 | -€9,202 | -54.4% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €2,029,130 | €2,137,611 | +€108,480 | +5.3% |
| Stocks and contracts in progress | 3 | €157,497 | €166,004 | +€8,507 | +5.4% |
| Stocks | 30/36 | €39,750 | €43,725 | +€3,975 | +10.0% |
| Contracts in progress | 37 | €117,747 | €122,279 | +€4,532 | +3.8% |
| Amounts receivable within one year | 40/41 | €811,246 | €822,227 | +€10,981 | +1.4% |
| Trade receivables | 40 | €632,515 | €676,015 | +€43,500 | +6.9% |
| Other amounts receivable | 41 | €178,732 | €146,212 | -€32,519 | -18.2% |
| Cash at bank and in hand | 54/58 | €1,039,463 | €1,112,467 | +€73,004 | +7.0% |
| Deferred charges and accrued income | 490/1 | €20,924 | €36,913 | +€15,989 | +76.4% |
| Total equity and liabilities | 10/49 | €2,207,283 | €2,252,257 | +€44,974 | +2.0% |
| Equity | 10/15 | €1,691,302 | €1,917,726 | +€226,424 | +13.4% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €1,626,302 | €1,852,726 | +€226,424 | +13.9% |
| Non-distributable reserves | 130/1 | €30,611 | €18,426 | -€12,185 | -39.8% |
| Legal reserve | 130 | €30,611 | - | -€30,611 | |
| Reserves not available under the articles | 1311 | €0 | €18,426 | +€18,426 | |
| Distributable reserves | 133 | €1,595,691 | €1,834,300 | +€238,608 | +15.0% |
| Amounts payable | 17/49 | €515,981 | €334,531 | -€181,450 | -35.2% |
| Amounts payable after more than one year | 17 | €17,072 | - | -€17,072 | |
| Financial debts | 170/4 | €17,072 | - | -€17,072 | |
| Amounts payable within one year | 42/48 | €498,909 | €334,531 | -€164,378 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €99,002 | €75,405 | -€23,596 | -23.8% |
| Trade debts | 44 | €356,653 | €172,868 | -€183,785 | -51.5% |
| Suppliers | 440/4 | €356,653 | €172,868 | -€183,785 | -51.5% |
| Taxes, remuneration and social security | 45 | €43,254 | €86,257 | +€43,003 | +99.4% |
| Taxes | 450/3 | €11,267 | €46,441 | +€35,175 | +312.2% |
| Remuneration and social security | 454/9 | €31,988 | €39,816 | +€7,828 | +24.5% |
| Remuneration, social security and pensions | 62 | €869,907 | €1,102,919 | +€233,012 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,661 | €108,447 | -€8,214 | -7.0% |
| Other operating charges | 640/8 | €9,702 | €27,284 | +€17,582 | +181.2% |
| Gross operating margin | 9900 | €1,331,407 | €1,678,313 | +€346,907 | +26.1% |
| Operating profit (loss) | 9901 | €335,137 | €439,664 | +€104,527 | +31.2% |
| Financial income | 75/76B | €24,149 | €45,972 | +€21,823 | +90.4% |
| Recurring financial income | 75 | €24,149 | €45,972 | +€21,823 | +90.4% |
| Financial charges | 65/66B | €5,563 | €10,239 | +€4,675 | +84.0% |
| Recurring financial charges | 65 | €5,563 | €10,239 | +€4,675 | +84.0% |
| Profit (loss) for the period before taxes | 9903 | €353,723 | €475,397 | +€121,674 | +34.4% |
| Income taxes | 67/77 | €111,612 | €149,863 | +€38,251 | +34.3% |
| Profit (loss) for the period | 9904 | €242,111 | €325,534 | +€83,423 | +34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €242,111 | €325,534 | +€83,423 | +34.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.