Baert Lowie: 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 Lowie
Largest movements
- Current investments +€30,322
new in 2025: €30,322
- Receivables within one year +€23,820
up €23,820 (+55.7%), from €42,757 to €66,577
of which Other amounts receivable: +€28,686
- Cash -€22,717
down €22,717 (-73.1%), from €31,083 to €8,366
mainly Debts after one year (-€35,437) and Contributions, distributions and other (-€35,000)
- Intangible fixed assets -€9,000
down €9,000 (-14.3%), from €62,975 to €53,975
- Tangible fixed assets -€3,342
down €3,342 (-2.4%), from €137,827 to €134,484
of which Leasing and similar rights: -€10,200
- Debts after one year -€35,437
down €35,437 (-40.1%), from €88,404 to €52,968
- Other debts +€34,187
up €34,187 (+4,205%), from €813 to €35,000
- Short-term financial debts +€14,146
up €14,146 (+228%), from €6,217 to €20,362
- Trade debts +€11,525
up €11,525 (+36.2%), from €31,804 to €43,329
- Tax, wage and social debts -€7,012
down €7,012 (-20.9%), from €33,569 to €26,558
of which Taxes: -€11,466
- Staff costs +€43,609
up €43,609 (+45.0%), from €96,907 to €140,516
- Gross operating margin +€26,332
up €26,332 (+12.4%), from €213,110 to €239,442
- Depreciation +€6,311
up €6,311 (+20.7%), from €30,440 to €36,751
- Taxes -€4,505
down €4,505 (-29.9%), from €15,069 to €10,564
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 | €301,876 | €323,962 | +€22,086 | +7.3% |
| Fixed assets | 21/28 | €210,802 | €198,460 | -€12,342 | -5.9% |
| Intangible fixed assets | 21 | €62,975 | €53,975 | -€9,000 | -14.3% |
| Tangible fixed assets | 22/27 | €137,827 | €134,484 | -€3,342 | -2.4% |
| Plant, machinery and equipment | 23 | €83,257 | €90,825 | +€7,568 | +9.1% |
| Furniture and vehicles | 24 | €4,251 | €3,599 | -€652 | -15.3% |
| Leasing and similar rights | 25 | €44,014 | €33,814 | -€10,200 | -23.2% |
| Other tangible fixed assets | 26 | €6,304 | €6,246 | -€58 | -0.9% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €91,075 | €125,502 | +€34,428 | +37.8% |
| Stocks and contracts in progress | 3 | €6,768 | €7,352 | +€584 | +8.6% |
| Stocks | 30/36 | €6,768 | €7,352 | +€584 | +8.6% |
| Amounts receivable within one year | 40/41 | €42,757 | €66,577 | +€23,820 | +55.7% |
| Trade receivables | 40 | €14,285 | €9,419 | -€4,866 | -34.1% |
| Other amounts receivable | 41 | €28,472 | €57,157 | +€28,686 | +101% |
| Current investments | 50/53 | - | €30,322 | +€30,322 | |
| Cash at bank and in hand | 54/58 | €31,083 | €8,366 | -€22,717 | -73.1% |
| Deferred charges and accrued income | 490/1 | €10,466 | €12,886 | +€2,419 | +23.1% |
| Total equity and liabilities | 10/49 | €301,876 | €323,962 | +€22,086 | +7.3% |
| Equity | 10/15 | €101,786 | €106,063 | +€4,277 | +4.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €80,000 | €85,000 | +€5,000 | +6.3% |
| Distributable reserves | 133 | €80,000 | €85,000 | +€5,000 | +6.3% |
| Profit (loss) carried forward | 14 | €1,786 | €1,063 | -€723 | -40.5% |
| Amounts payable | 17/49 | €200,091 | €217,899 | +€17,809 | +8.9% |
| Amounts payable after more than one year | 17 | €88,404 | €52,968 | -€35,437 | -40.1% |
| Financial debts | 170/4 | €88,404 | €52,968 | -€35,437 | -40.1% |
| Amounts payable within one year | 42/48 | €111,546 | €164,881 | +€53,335 | +47.8% |
| Current portion of amounts payable after more than one year | 42 | €38,802 | €39,292 | +€489 | +1.3% |
| Financial debts | 43 | €6,217 | €20,362 | +€14,146 | +228% |
| Credit institutions | 430/8 | €6,217 | €20,362 | +€14,146 | +228% |
| Trade debts | 44 | €31,804 | €43,329 | +€11,525 | +36.2% |
| Suppliers | 440/4 | €31,804 | €43,329 | +€11,525 | +36.2% |
| Advances received on contracts in progress | 46 | €340 | €340 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €33,569 | €26,558 | -€7,012 | -20.9% |
| Taxes | 450/3 | €21,151 | €9,684 | -€11,466 | -54.2% |
| Remuneration and social security | 454/9 | €12,419 | €16,873 | +€4,455 | +35.9% |
| Other amounts payable | 47/48 | €813 | €35,000 | +€34,187 | +4,205% |
| Accrued charges and deferred income | 492/3 | €140 | €50 | -€90 | -64.2% |
| Remuneration, social security and pensions | 62 | €96,907 | €140,516 | +€43,609 | +45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,440 | €36,751 | +€6,311 | +20.7% |
| Other operating charges | 640/8 | €969 | €2,922 | +€1,953 | +202% |
| Gross operating margin | 9900 | €213,110 | €239,442 | +€26,332 | +12.4% |
| Operating profit (loss) | 9901 | €84,793 | €59,253 | -€25,541 | -30.1% |
| Financial income | 75/76B | €0 | €27 | +€27 | +15,712% |
| Recurring financial income | 75 | €0 | €27 | +€27 | +15,712% |
| Financial charges | 65/66B | €7,830 | €9,439 | +€1,609 | +20.5% |
| Recurring financial charges | 65 | €7,830 | €9,439 | +€1,609 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €76,964 | €49,841 | -€27,123 | -35.2% |
| Income taxes | 67/77 | €15,069 | €10,564 | -€4,505 | -29.9% |
| Profit (loss) for the period | 9904 | €61,895 | €39,277 | -€22,618 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,895 | €39,277 | -€22,618 | -36.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.