BAERT P.: 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 P.
Largest movements
- Cash +€47,976
up €47,976 (+27.7%), from €173,315 to €221,291
mainly Advances received (+€61,062) and Net result for the year (+€38,751)
- Deferred charges and accrued income +€8,115
up €8,115 (+16.0%), from €50,830 to €58,945
- Receivables after one year +€5,000
new in 2025: €5,000
- Advances received +€61,062
new in 2025: €61,062
- Other debts -€22,307
down €22,307 (-86.9%), from €25,680 to €3,373
- Reserves +€17,040
up €17,040 (+10.7%), from €159,784 to €176,824
- Short-term financial debts +€4,116
up €4,116 (+469%), from €878 to €4,994
- Gross operating margin -€35,645
down €35,645 (-24.4%), from €145,893 to €110,248
- Staff costs -€13,902
down €13,902 (-22.0%), from €63,170 to €49,268
- Taxes -€6,270
down €6,270 (-27.6%), from €22,760 to €16,489
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 | €232,960 | €294,540 | +€61,580 | +26.4% |
| Fixed assets | 21/28 | €6,940 | €6,190 | -€750 | -10.8% |
| Tangible fixed assets | 22/27 | €6,840 | €6,090 | -€750 | -11.0% |
| Furniture and vehicles | 24 | €6,703 | €6,090 | -€614 | -9.2% |
| Other tangible fixed assets | 26 | €136 | €0 | -€136 | -100% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €226,020 | €288,350 | +€62,330 | +27.6% |
| Amounts receivable after more than one year | 29 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 291 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €1,875 | €3,114 | +€1,239 | +66.1% |
| Trade receivables | 40 | €1,875 | €1,841 | -€34 | -1.8% |
| Other amounts receivable | 41 | €0 | €1,273 | +€1,273 | |
| Cash at bank and in hand | 54/58 | €173,315 | €221,291 | +€47,976 | +27.7% |
| Deferred charges and accrued income | 490/1 | €50,830 | €58,945 | +€8,115 | +16.0% |
| Total equity and liabilities | 10/49 | €232,960 | €294,540 | +€61,580 | +26.4% |
| Equity | 10/15 | €178,384 | €195,424 | +€17,040 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €159,784 | €176,824 | +€17,040 | +10.7% |
| Distributable reserves | 133 | €159,784 | €176,824 | +€17,040 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,576 | €99,116 | +€44,540 | +81.6% |
| Amounts payable within one year | 42/48 | €52,576 | €97,116 | +€44,540 | +84.7% |
| Financial debts | 43 | €878 | €4,994 | +€4,116 | +469% |
| Credit institutions | 430/8 | €878 | €4,994 | +€4,116 | +469% |
| Trade debts | 44 | €7,212 | €10,127 | +€2,915 | +40.4% |
| Suppliers | 440/4 | €7,212 | €10,127 | +€2,915 | +40.4% |
| Advances received on contracts in progress | 46 | - | €61,062 | +€61,062 | |
| Taxes, remuneration and social security | 45 | €18,806 | €17,560 | -€1,247 | -6.6% |
| Taxes | 450/3 | €8,626 | €4,832 | -€3,794 | -44.0% |
| Remuneration and social security | 454/9 | €10,180 | €12,728 | +€2,548 | +25.0% |
| Other amounts payable | 47/48 | €25,680 | €3,373 | -€22,307 | -86.9% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €63,170 | €49,268 | -€13,902 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,858 | €3,170 | +€312 | +10.9% |
| Other operating charges | 640/8 | €1,338 | €1,131 | -€206 | -15.4% |
| Gross operating margin | 9900 | €145,893 | €110,248 | -€35,645 | -24.4% |
| Operating profit (loss) | 9901 | €78,527 | €56,678 | -€21,849 | -27.8% |
| Financial income | 75/76B | €11 | €669 | +€657 | +5,721% |
| Recurring financial income | 75 | €11 | €669 | +€657 | +5,721% |
| Financial charges | 65/66B | €2,517 | €2,107 | -€410 | -16.3% |
| Recurring financial charges | 65 | €2,517 | €2,107 | -€410 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €76,021 | €55,240 | -€20,781 | -27.3% |
| Income taxes | 67/77 | €22,760 | €16,489 | -€6,270 | -27.6% |
| Profit (loss) for the period | 9904 | €53,261 | €38,751 | -€14,510 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,261 | €38,751 | -€14,510 | -27.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.