BAES-BLANCKAERT: 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.
BAES-BLANCKAERT
Largest movements
- Tangible fixed assets -€76,909
down €76,909 (-6.2%), from €1.2m to €1.2m
of which Land and buildings: -€75,761
- Cash +€47,549
up €47,549 (+500%), from €9,512 to €57,061
mainly Depreciation (+€93,655) and Other debts (+€73,525)
- Receivables within one year +€28,748
up €28,748 (+22.4%), from €128,237 to €156,985
of which Other amounts receivable: +€46,663
- Other debts +€73,525
up €73,525 (+7.8%), from €944,361 to €1.0m
- Profit (loss) carried forward -€33,292
down €33,292 (-10,628%), from -€313 to -€33,605
- Debts after one year -€27,629
down €27,629 (-10.3%), from €267,347 to €239,718
- Financial charges -€20,308
down €20,308 (-83.7%), from €24,264 to €3,956
- Gross operating margin +€15,833
up €15,833 (+28.4%), from €55,703 to €71,536
- Depreciation -€15,202
down €15,202 (-14.0%), from €108,857 to €93,655
- Other operating charges +€2,212
up €2,212 (+45.4%), from €4,877 to €7,089
- Financial income -€1,108
down €1,108 (-98.9%), from €1,120 to €12
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 | €1,383,424 | €1,382,227 | -€1,197 | -0.1% |
| Fixed assets | 21/28 | €1,242,648 | €1,165,739 | -€76,909 | -6.2% |
| Tangible fixed assets | 22/27 | €1,242,598 | €1,165,689 | -€76,909 | -6.2% |
| Land and buildings | 22 | €1,237,261 | €1,161,499 | -€75,761 | -6.1% |
| Plant, machinery and equipment | 23 | €1,464 | €1,239 | -€226 | -15.4% |
| Furniture and vehicles | 24 | €3,873 | €2,951 | -€922 | -23.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €140,776 | €216,488 | +€75,712 | +53.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €128,237 | €156,985 | +€28,748 | +22.4% |
| Trade receivables | 40 | €41,720 | €23,805 | -€17,915 | -42.9% |
| Other amounts receivable | 41 | €86,517 | €133,180 | +€46,663 | +53.9% |
| Cash at bank and in hand | 54/58 | €9,512 | €57,061 | +€47,549 | +500% |
| Deferred charges and accrued income | 490/1 | €3,026 | €2,441 | -€585 | -19.3% |
| Total equity and liabilities | 10/49 | €1,383,424 | €1,382,227 | -€1,197 | -0.1% |
| Equity | 10/15 | €79,587 | €46,295 | -€33,292 | -41.8% |
| Contributions | 10/11 | €79,900 | €79,900 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€313 | -€33,605 | -€33,292 | -10,628% |
| Provisions and deferred taxes | 16 | €48,104 | €48,104 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €48,104 | €48,104 | = | 0.0% |
| Pensions and similar obligations | 160 | €48,104 | €48,104 | = | 0.0% |
| Amounts payable | 17/49 | €1,255,733 | €1,287,828 | +€32,095 | +2.6% |
| Amounts payable after more than one year | 17 | €267,347 | €239,718 | -€27,629 | -10.3% |
| Financial debts | 170/4 | €267,347 | €239,718 | -€27,629 | -10.3% |
| Amounts payable within one year | 42/48 | €988,386 | €1,048,110 | +€59,724 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €27,245 | €27,629 | +€384 | +1.4% |
| Trade debts | 44 | €3,947 | €330 | -€3,617 | -91.6% |
| Suppliers | 440/4 | €3,947 | €330 | -€3,617 | -91.6% |
| Taxes, remuneration and social security | 45 | €12,833 | €2,264 | -€10,569 | -82.4% |
| Taxes | 450/3 | €12,833 | €2,264 | -€10,569 | -82.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €944,361 | €1,017,886 | +€73,525 | +7.8% |
| Non-recurring operating income | 76A | €465 | €0 | -€465 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,857 | €93,655 | -€15,202 | -14.0% |
| Other operating charges | 640/8 | €4,877 | €7,089 | +€2,212 | +45.4% |
| Gross operating margin | 9900 | €55,703 | €71,536 | +€15,833 | +28.4% |
| Operating profit (loss) | 9901 | -€58,030 | -€29,207 | +€28,823 | +49.7% |
| Financial income | 75/76B | €1,120 | €12 | -€1,108 | -98.9% |
| Recurring financial income | 75 | €1,120 | €12 | -€1,108 | -98.9% |
| Financial charges | 65/66B | €24,264 | €3,956 | -€20,308 | -83.7% |
| Recurring financial charges | 65 | €24,264 | €3,956 | -€20,308 | -83.7% |
| Profit (loss) for the period before taxes | 9903 | -€81,175 | -€33,151 | +€48,024 | +59.2% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€81,314 | -€33,292 | +€48,022 | +59.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€81,314 | -€33,292 | +€48,022 | +59.1% |
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 20 October 2026 via checked.be.