BAERT PIETER: 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 PIETER
Largest movements
- Receivables within one year +€32,384
up €32,384 (+158%), from €20,539 to €52,924
of which Trade receivables: +€32,282
- Cash +€5,550
new in 2025: €5,550
mainly Net result for the year (+€22,604) and Trade debts (+€10,308)
- Stocks and contracts -€5,162
down €5,162 (-100%), from €5,162 to €0
- Tangible fixed assets -€5,019
down €5,019 (-36.9%), from €13,593 to €8,574
of which Furniture and vehicles: -€4,906
- Profit (loss) carried forward +€22,604
up €22,604, from -€14,237 to €8,368
- Trade debts +€10,308
up €10,308 (+27.1%), from €38,062 to €48,370
- Current portion of long-term debt -€6,982
down €6,982 (-100%), from €6,982 to €0
- Tax, wage and social debts +€3,982
up €3,982 (+88.7%), from €4,488 to €8,470
of which Taxes: +€3,982
- Short-term financial debts -€2,296
down €2,296 (-100%), from €2,296 to €0
- Gross operating margin +€21,870
up €21,870 (+214%), from €10,203 to €32,073
- Taxes +€2,997
new in 2025: €2,997
- Financial charges -€711
down €711 (-40.6%), from €1,752 to €1,041
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 | €40,091 | €67,725 | +€27,634 | +68.9% |
| Fixed assets | 21/28 | €13,593 | €8,574 | -€5,019 | -36.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €13,593 | €8,574 | -€5,019 | -36.9% |
| Furniture and vehicles | 24 | €12,764 | €7,858 | -€4,906 | -38.4% |
| Other tangible fixed assets | 26 | €829 | €716 | -€113 | -13.7% |
| Current assets | 29/58 | €26,498 | €59,151 | +€32,653 | +123% |
| Stocks and contracts in progress | 3 | €5,162 | €0 | -€5,162 | -100% |
| Stocks | 30/36 | €5,162 | €0 | -€5,162 | -100% |
| Amounts receivable within one year | 40/41 | €20,539 | €52,924 | +€32,384 | +158% |
| Trade receivables | 40 | €8,898 | €41,180 | +€32,282 | +363% |
| Other amounts receivable | 41 | €11,641 | €11,743 | +€102 | +0.9% |
| Cash at bank and in hand | 54/58 | - | €5,550 | +€5,550 | |
| Deferred charges and accrued income | 490/1 | €796 | €677 | -€118 | -14.9% |
| Total equity and liabilities | 10/49 | €40,091 | €67,725 | +€27,634 | +68.9% |
| Equity | 10/15 | -€11,737 | €10,868 | +€22,604 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,237 | €8,368 | +€22,604 | |
| Amounts payable | 17/49 | €51,827 | €56,857 | +€5,030 | +9.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €51,827 | €56,857 | +€5,030 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €6,982 | €0 | -€6,982 | -100% |
| Financial debts | 43 | €2,296 | €0 | -€2,296 | -100% |
| Credit institutions | 430/8 | €2,296 | €0 | -€2,296 | -100% |
| Trade debts | 44 | €38,062 | €48,370 | +€10,308 | +27.1% |
| Suppliers | 440/4 | €38,062 | €48,370 | +€10,308 | +27.1% |
| Taxes, remuneration and social security | 45 | €4,488 | €8,470 | +€3,982 | +88.7% |
| Taxes | 450/3 | €4,488 | €8,470 | +€3,982 | +88.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €17 | +€17 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,890 | €5,019 | +€130 | +2.7% |
| Other operating charges | 640/8 | €986 | €1,063 | +€77 | +7.9% |
| Non-recurring operating charges | 66A | €3 | €0 | -€3 | -100% |
| Gross operating margin | 9900 | €10,203 | €32,073 | +€21,870 | +214% |
| Operating profit (loss) | 9901 | €4,325 | €25,991 | +€21,666 | +501% |
| Financial income | 75/76B | €773 | €651 | -€122 | -15.8% |
| Recurring financial income | 75 | €773 | €651 | -€122 | -15.8% |
| Financial charges | 65/66B | €1,752 | €1,041 | -€711 | -40.6% |
| Recurring financial charges | 65 | €1,752 | €1,041 | -€711 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €3,346 | €25,601 | +€22,255 | +665% |
| Income taxes | 67/77 | - | €2,997 | +€2,997 | |
| Profit (loss) for the period | 9904 | €3,346 | €22,604 | +€19,258 | +575% |
| Profit (loss) for the period to be appropriated | 9905 | €3,346 | €22,604 | +€19,258 | +575% |
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 21 October 2026 via checked.be.