BAES Philemon: 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 Philemon
Largest movements
- Cash -€61,426
down €61,426 (-99.4%), from €61,806 to €381
mainly Current investments (-€52,791) and Other debts (-€26,836)
- Current investments +€52,791
new in 2025: €52,791
- Tangible fixed assets -€12,742
down €12,742 (-2.8%), from €455,208 to €442,466
of which Land and buildings: -€13,933
- Other debts -€26,836
down €26,836 (-24.2%), from €110,919 to €84,083
- Purchases and services +€12,628
new in 2025: €12,628
- Financial charges -€4,072
down €4,072 (-39.9%), from €10,196 to €6,124
- Gross operating margin -€4,038
down €4,038 (-10.8%), from €37,347 to €33,308
- Taxes +€1,403
up €1,403 (+85.8%), from €1,635 to €3,038
- Other operating charges +€448
up €448 (+12.0%), from €3,742 to €4,190
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 | €760,342 | €741,109 | -€19,233 | -2.5% |
| Fixed assets | 21/28 | €455,208 | €442,466 | -€12,742 | -2.8% |
| Tangible fixed assets | 22/27 | €455,208 | €442,466 | -€12,742 | -2.8% |
| Land and buildings | 22 | €455,208 | €441,275 | -€13,933 | -3.1% |
| Furniture and vehicles | 24 | - | €1,191 | +€1,191 | |
| Current assets | 29/58 | €305,134 | €298,643 | -€6,490 | -2.1% |
| Stocks and contracts in progress | 3 | €243,328 | €243,328 | = | 0.0% |
| Stocks | 30/36 | €243,328 | €243,328 | = | 0.0% |
| Current investments | 50/53 | - | €52,791 | +€52,791 | |
| Cash at bank and in hand | 54/58 | €61,806 | €381 | -€61,426 | -99.4% |
| Deferred charges and accrued income | 490/1 | - | €2,144 | +€2,144 | |
| Total equity and liabilities | 10/49 | €760,342 | €741,109 | -€19,233 | -2.5% |
| Equity | 10/15 | €642,871 | €648,119 | +€5,247 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €121,073 | €127,153 | +€6,080 | +5.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €83,573 | €89,653 | +€6,080 | +7.3% |
| Profit (loss) carried forward | 14 | €503,199 | €502,366 | -€833 | -0.2% |
| Amounts payable | 17/49 | €117,470 | €92,990 | -€24,480 | -20.8% |
| Amounts payable within one year | 42/48 | €115,970 | €92,990 | -€22,980 | -19.8% |
| Financial debts | 43 | €88 | €0 | -€88 | -100% |
| Credit institutions | 430/8 | €88 | €0 | -€88 | -100% |
| Trade debts | 44 | €387 | €2,337 | +€1,949 | +503% |
| Suppliers | 440/4 | €387 | €2,337 | +€1,949 | +503% |
| Taxes, remuneration and social security | 45 | €4,575 | €6,571 | +€1,995 | +43.6% |
| Taxes | 450/3 | €4,575 | €6,571 | +€1,995 | +43.6% |
| Other amounts payable | 47/48 | €110,919 | €84,083 | -€26,836 | -24.2% |
| Accrued charges and deferred income | 492/3 | €1,500 | €0 | -€1,500 | -100% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €12,628 | +€12,628 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,844 | €14,041 | +€198 | +1.4% |
| Other operating charges | 640/8 | €3,742 | €4,190 | +€448 | +12.0% |
| Gross operating margin | 9900 | €37,347 | €33,308 | -€4,038 | -10.8% |
| Operating profit (loss) | 9901 | €19,761 | €15,077 | -€4,684 | -23.7% |
| Financial income | 75/76B | €213 | €166 | -€47 | -22.1% |
| Recurring financial income | 75 | €213 | €166 | -€47 | -22.1% |
| Financial charges | 65/66B | €10,196 | €6,124 | -€4,072 | -39.9% |
| Recurring financial charges | 65 | €10,196 | €6,124 | -€4,072 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €9,778 | €9,119 | -€659 | -6.7% |
| Income taxes | 67/77 | €1,635 | €3,038 | +€1,403 | +85.8% |
| Profit (loss) for the period | 9904 | €8,143 | €6,080 | -€2,063 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,143 | €6,080 | -€2,063 | -25.3% |
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 15 October 2026 via checked.be.