BAERTS BART: 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 BART
Largest movements
- Tangible fixed assets -€19,185
down €19,185 (-4.9%), from €389,898 to €370,713
- Cash +€13,591
up €13,591 (+55.6%), from €24,431 to €38,022
mainly Net result for the year (+€23,997) and Depreciation (+€19,185)
- Receivables within one year -€9,508
down €9,508 (-14.4%), from €65,878 to €56,369
of which Trade receivables: -€14,895
- Stocks and contracts +€6,644
up €6,644 (+17.8%), from €37,233 to €43,877
- Reserves +€23,997
up €23,997 (+27.0%), from €88,747 to €112,744
- Debts after one year -€15,495
down €15,495 (-5.6%), from €274,839 to €259,344
- Trade debts -€9,016
down €9,016 (-53.2%), from €16,961 to €7,945
- Tax, wage and social debts -€6,956
down €6,956 (-54.6%), from €12,731 to €5,775
- Financial income +€1,531
up €1,531 (+105%), from €1,459 to €2,990
- Gross operating margin -€723
down €723 (-1.2%), from €60,153 to €59,430
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 | €519,068 | €510,921 | -€8,147 | -1.6% |
| Fixed assets | 21/28 | €389,898 | €370,713 | -€19,185 | -4.9% |
| Tangible fixed assets | 22/27 | €389,898 | €370,713 | -€19,185 | -4.9% |
| Land and buildings | 22 | €365,822 | €356,846 | -€8,976 | -2.5% |
| Plant, machinery and equipment | 23 | €8,602 | €6,238 | -€2,363 | -27.5% |
| Furniture and vehicles | 24 | €3,296 | €2,409 | -€887 | -26.9% |
| Leasing and similar rights | 25 | €12,177 | €5,219 | -€6,958 | -57.1% |
| Current assets | 29/58 | €129,171 | €140,209 | +€11,038 | +8.5% |
| Stocks and contracts in progress | 3 | €37,233 | €43,877 | +€6,644 | +17.8% |
| Stocks | 30/36 | €37,233 | €43,877 | +€6,644 | +17.8% |
| Amounts receivable within one year | 40/41 | €65,878 | €56,369 | -€9,508 | -14.4% |
| Trade receivables | 40 | €62,146 | €47,251 | -€14,895 | -24.0% |
| Other amounts receivable | 41 | €3,732 | €9,119 | +€5,387 | +144% |
| Cash at bank and in hand | 54/58 | €24,431 | €38,022 | +€13,591 | +55.6% |
| Deferred charges and accrued income | 490/1 | €1,629 | €1,940 | +€311 | +19.1% |
| Total equity and liabilities | 10/49 | €519,068 | €510,921 | -€8,147 | -1.6% |
| Equity | 10/15 | €93,747 | €117,744 | +€23,997 | +25.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €88,747 | €112,744 | +€23,997 | +27.0% |
| Distributable reserves | 133 | €88,747 | €112,744 | +€23,997 | +27.0% |
| Amounts payable | 17/49 | €425,322 | €393,177 | -€32,144 | -7.6% |
| Amounts payable after more than one year | 17 | €274,839 | €259,344 | -€15,495 | -5.6% |
| Financial debts | 170/4 | €274,839 | €259,344 | -€15,495 | -5.6% |
| Amounts payable within one year | 42/48 | €150,483 | €133,834 | -€16,649 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €13,688 | €15,495 | +€1,807 | +13.2% |
| Financial debts | 43 | - | €2,363 | +€2,363 | |
| Credit institutions | 430/8 | - | €2,363 | +€2,363 | |
| Trade debts | 44 | €16,961 | €7,945 | -€9,016 | -53.2% |
| Suppliers | 440/4 | €16,961 | €7,945 | -€9,016 | -53.2% |
| Taxes, remuneration and social security | 45 | €12,731 | €5,775 | -€6,956 | -54.6% |
| Taxes | 450/3 | €12,731 | €5,775 | -€6,956 | -54.6% |
| Other amounts payable | 47/48 | €107,103 | €102,255 | -€4,848 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,322 | €19,185 | -€137 | -0.7% |
| Other operating charges | 640/8 | €1,030 | €704 | -€326 | -31.7% |
| Gross operating margin | 9900 | €60,153 | €59,430 | -€723 | -1.2% |
| Operating profit (loss) | 9901 | €39,801 | €39,542 | -€259 | -0.7% |
| Financial income | 75/76B | €1,459 | €2,990 | +€1,531 | +105% |
| Recurring financial income | 75 | €1,459 | €2,990 | +€1,531 | +105% |
| Financial charges | 65/66B | €12,765 | €12,433 | -€332 | -2.6% |
| Recurring financial charges | 65 | €12,765 | €12,433 | -€332 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €28,495 | €30,099 | +€1,604 | +5.6% |
| Income taxes | 67/77 | €5,775 | €6,102 | +€327 | +5.7% |
| Profit (loss) for the period | 9904 | €22,720 | €23,997 | +€1,277 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,720 | €23,997 | +€1,277 | +5.6% |
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 14 October 2026 via checked.be.