Baerts Analytica: 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.
Baerts Analytica
Largest movements
- Cash +€101,845
up €101,845 (+53.4%), from €190,735 to €292,580
mainly Other debts (+€147,419) and Net result for the year (+€112,002)
- Other debts +€147,419
up €147,419 (+138%), from €107,184 to €254,604
- Reserves -€49,998
down €49,998 (-48.2%), from €103,769 to €53,771
- Gross operating margin +€7,743
up €7,743 (+5.5%), from €140,870 to €148,614
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 | €235,564 | €331,966 | +€96,402 | +40.9% |
| Fixed assets | 21/28 | €9,074 | €6,738 | -€2,336 | -25.7% |
| Tangible fixed assets | 22/27 | €9,074 | €6,738 | -€2,336 | -25.7% |
| Plant, machinery and equipment | 23 | €5,449 | €4,287 | -€1,162 | -21.3% |
| Furniture and vehicles | 24 | €3,625 | €2,451 | -€1,174 | -32.4% |
| Current assets | 29/58 | €226,490 | €325,228 | +€98,738 | +43.6% |
| Amounts receivable within one year | 40/41 | €29,015 | €28,873 | -€143 | -0.5% |
| Trade receivables | 40 | €23,531 | €25,450 | +€1,919 | +8.2% |
| Other amounts receivable | 41 | €5,485 | €3,423 | -€2,062 | -37.6% |
| Cash at bank and in hand | 54/58 | €190,735 | €292,580 | +€101,845 | +53.4% |
| Deferred charges and accrued income | 490/1 | €6,740 | €3,775 | -€2,964 | -44.0% |
| Total equity and liabilities | 10/49 | €235,564 | €331,966 | +€96,402 | +40.9% |
| Equity | 10/15 | €122,369 | €72,371 | -€49,998 | -40.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €103,769 | €53,771 | -€49,998 | -48.2% |
| Distributable reserves | 133 | €103,769 | €53,771 | -€49,998 | -48.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €113,195 | €259,595 | +€146,400 | +129% |
| Amounts payable within one year | 42/48 | €110,005 | €256,495 | +€146,490 | +133% |
| Trade debts | 44 | €900 | €19 | -€881 | -97.8% |
| Suppliers | 440/4 | €900 | €19 | -€881 | -97.8% |
| Taxes, remuneration and social security | 45 | €1,921 | €1,872 | -€49 | -2.5% |
| Taxes | 450/3 | €1,921 | €1,872 | -€49 | -2.5% |
| Other amounts payable | 47/48 | €107,184 | €254,604 | +€147,419 | +138% |
| Accrued charges and deferred income | 492/3 | €3,190 | €3,100 | -€90 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,577 | €3,435 | +€858 | +33.3% |
| Other operating charges | 640/8 | €515 | €507 | -€8 | -1.5% |
| Gross operating margin | 9900 | €140,870 | €148,614 | +€7,743 | +5.5% |
| Operating profit (loss) | 9901 | €137,778 | €144,671 | +€6,893 | +5.0% |
| Financial charges | 65/66B | €776 | €1,092 | +€316 | +40.7% |
| Recurring financial charges | 65 | €776 | €1,092 | +€316 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €137,002 | €143,579 | +€6,577 | +4.8% |
| Income taxes | 67/77 | €30,325 | €31,577 | +€1,252 | +4.1% |
| Profit (loss) for the period | 9904 | €106,677 | €112,002 | +€5,325 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €106,677 | €112,002 | +€5,325 | +5.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.