BAERTEL: 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.
BAERTEL
Largest movements
- Cash -€510,297
down €510,297 (-93.8%), from €543,865 to €33,569
mainly Debts after one year (-€525,166) and Receivables after one year (-€203,537)
- Receivables after one year +€203,537
new in 2025: €203,537
- Stocks and contracts -€179,818
down €179,818 (-83.3%), from €215,858 to €36,040
- Debts after one year -€525,166
down €525,166 (-88.4%), from €594,214 to €69,048
- Trade debts +€49,681
up €49,681 (+65.0%), from €76,434 to €126,115
- Tax, wage and social debts -€12,106
down €12,106 (-96.3%), from €12,576 to €469
- Financial charges -€5,454
down €5,454 (-94.7%), from €5,760 to €306
- Gross operating margin -€3,903
down €3,903, from €2,031 to -€1,872
- Financial income -€3,266
down €3,266 (-38.4%), from €8,500 to €5,234
- Taxes -€476
down €476 (-39.4%), from €1,207 to €731
- Other operating charges -€89
down €89 (-41.4%), from €215 to €126
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 | €775,718 | €290,326 | -€485,392 | -62.6% |
| Fixed assets | 21/28 | €75 | €125 | +€50 | +66.7% |
| Financial fixed assets | 28 | €75 | €125 | +€50 | +66.7% |
| Current assets | 29/58 | €775,643 | €290,201 | -€485,442 | -62.6% |
| Amounts receivable after more than one year | 29 | - | €203,537 | +€203,537 | |
| Other amounts receivable | 291 | - | €203,537 | +€203,537 | |
| Stocks and contracts in progress | 3 | €215,858 | €36,040 | -€179,818 | -83.3% |
| Contracts in progress | 37 | €215,858 | €36,040 | -€179,818 | -83.3% |
| Amounts receivable within one year | 40/41 | €13,921 | €16,643 | +€2,722 | +19.6% |
| Trade receivables | 40 | €13,921 | €500 | -€13,421 | -96.4% |
| Other amounts receivable | 41 | - | €16,143 | +€16,143 | |
| Cash at bank and in hand | 54/58 | €543,865 | €33,569 | -€510,297 | -93.8% |
| Deferred charges and accrued income | 490/1 | €1,999 | €412 | -€1,586 | -79.4% |
| Total equity and liabilities | 10/49 | €775,718 | €290,326 | -€485,392 | -62.6% |
| Equity | 10/15 | €92,495 | €94,694 | +€2,199 | +2.4% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,495 | €4,694 | +€2,199 | +88.1% |
| Amounts payable | 17/49 | €683,224 | €195,632 | -€487,591 | -71.4% |
| Amounts payable after more than one year | 17 | €594,214 | €69,048 | -€525,166 | -88.4% |
| Other amounts payable | 178/9 | €594,214 | €69,048 | -€525,166 | -88.4% |
| Amounts payable within one year | 42/48 | €89,009 | €126,585 | +€37,575 | +42.2% |
| Trade debts | 44 | €76,434 | €126,115 | +€49,681 | +65.0% |
| Suppliers | 440/4 | €76,434 | €126,115 | +€49,681 | +65.0% |
| Taxes, remuneration and social security | 45 | €12,576 | €469 | -€12,106 | -96.3% |
| Taxes | 450/3 | €12,576 | €469 | -€12,106 | -96.3% |
| Other operating charges | 640/8 | €215 | €126 | -€89 | -41.4% |
| Non-recurring operating charges | 66A | €854 | €0 | -€854 | -100.0% |
| Gross operating margin | 9900 | €2,031 | -€1,872 | -€3,903 | |
| Operating profit (loss) | 9901 | €962 | -€1,998 | -€2,960 | |
| Financial income | 75/76B | €8,500 | €5,234 | -€3,266 | -38.4% |
| Recurring financial income | 75 | €8,500 | €5,234 | -€3,266 | -38.4% |
| Financial charges | 65/66B | €5,760 | €306 | -€5,454 | -94.7% |
| Recurring financial charges | 65 | €5,760 | €306 | -€5,454 | -94.7% |
| Profit (loss) for the period before taxes | 9903 | €3,702 | €2,930 | -€772 | -20.9% |
| Income taxes | 67/77 | €1,207 | €731 | -€476 | -39.4% |
| Profit (loss) for the period | 9904 | €2,495 | €2,199 | -€296 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,495 | €2,199 | -€296 | -11.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.