BAETEN & Co: what changed
Two fiscal 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.
What changed
BAETEN & Co
NACE 10.410, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €2.4m-€201,882
Equity
€16.1m
2024 · €13.9m+€2.2m
Cash
€5.1m
2024 · €6.7m-€1.6m
Balance sheet total
€19.2m
2024 · €17.5m+€1.7m
Largest movements
Assets
- Current investments +€2.5m
up €2.5m (+107.5%), from €2.4m to €4.9m
- Cash -€1.6m
down €1.6m (-23.7%), from €6.7m to €5.1m
mainly Current investments (-€2.5m) and Stocks and contracts (-€1.1m)
- Stocks and contracts +€1.1m
up €1.1m (+50.4%), from €2.2m to €3.3m
- Tangible fixed assets -€549,055
down €549,055 (-21.2%), from €2.6m to €2.0m
of which Plant, machinery and equipment: -€429,273
Equity and liabilities
- Reserves +€2.2m
up €2.2m (+18.3%), from €12.1m to €14.3m
of which Distributable reserves: +€1.7m
- Other debts -€347,275
down €347,275 (-66.9%), from €519,445 to €172,170
- Tax, wage and social debts -€197,450
down €197,450 (-42.5%), from €464,462 to €267,011
of which Taxes: -€176,370
Income statement
- Goods and materials +€3.4m
up €3.4m (+9.6%), from €35.0m to €38.4m
of which Purchases: +€3.6m
- Turnover +€2.9m
up €2.9m (+6.8%), from €42.8m to €45.7m
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.
Result 2024
€2.4m
Turnover
+€2.9m
Other operating income
+€19,139
Goods and materials
-€3.4m
Services and other goods
-€343,277
Staff costs
-€83,706
Depreciation
+€281,105
Write-downs
-€36,272
Other operating charges
-€9,827
Other operating items
+€727,549
Financial income
-€218,010
Financial charges
-€84,417
Taxes
-€13,677
Result 2025
€2.2m
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.
From operations
+€1.1m
Investment
-€2.7m
Financing
€0
Cash 2024
€6.7m
From operations (derived)
+€1.1m
Net result for the year
+€2.2m
Depreciation
+€717,506
Stocks and contracts
-€1.1m
Receivables within one year
-€189,382
Deferred charges and accrued income
+€14,532
Trade debts
+€9,728
Tax, wage and social debts
-€197,450
Other debts
-€347,275
Accrued charges and deferred income
+€21,561
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€200,978
Current investments
-€2.5m
Cash 2025
€5.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,511,158 | €19,210,669 | +€1.7m | +9.7% |
| Fixed assets | 21/28 | €2,696,181 | €2,179,654 | -€516,528 | -19.2% |
| Intangible fixed assets | 21 | €97,416 | €135,494 | +€38,078 | +39.1% |
| Tangible fixed assets | 22/27 | €2,591,388 | €2,042,334 | -€549,055 | -21.2% |
| Land and buildings | 22 | €1,352,206 | €1,259,046 | -€93,160 | -6.9% |
| Plant, machinery and equipment | 23 | €974,236 | €544,963 | -€429,273 | -44.1% |
| Furniture and vehicles | 24 | €264,947 | €231,148 | -€33,799 | -12.8% |
| Assets under construction and advance payments | 27 | - | €7,178 | +€7,178 | |
| Financial fixed assets | 28 | €7,377 | €1,826 | -€5,551 | -75.2% |
| Other financial fixed assets | 284/8 | €7,377 | €1,826 | -€5,551 | -75.2% |
| Amounts receivable and cash guarantees | 285/8 | €7,377 | €1,826 | -€5,551 | -75.2% |
| Current assets | 29/58 | €14,814,977 | €17,031,015 | +€2.2m | +15.0% |
| Stocks and contracts in progress | 3 | €2,186,170 | €3,287,171 | +€1.1m | +50.4% |
| Stocks | 30/36 | €2,186,170 | €3,287,171 | +€1.1m | +50.4% |
| Raw materials and consumables | 30/31 | €1,692,469 | €2,253,620 | +€561,151 | +33.2% |
| Finished goods | 33 | €493,701 | €1,033,552 | +€539,850 | +109.3% |
| Amounts receivable within one year | 40/41 | €3,502,672 | €3,692,054 | +€189,382 | +5.4% |
| Trade receivables | 40 | €3,497,444 | €3,664,597 | +€167,153 | +4.8% |
| Other amounts receivable | 41 | €5,228 | €27,457 | +€22,229 | +425.2% |
| Current investments | 50/53 | €2,359,920 | €4,897,315 | +€2.5m | +107.5% |
| Other investments | 51/53 | €2,359,920 | €4,897,315 | +€2.5m | +107.5% |
| Cash at bank and in hand | 54/58 | €6,725,208 | €5,128,001 | -€1.6m | -23.7% |
| Deferred charges and accrued income | 490/1 | €41,006 | €26,474 | -€14,532 | -35.4% |
| Total equity and liabilities | 10/49 | €17,511,158 | €19,210,669 | +€1.7m | +9.7% |
| Equity | 10/15 | €13,885,049 | €16,097,995 | +€2.2m | +15.9% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Capital | 10 | €1,800,000 | €1,800,000 | = | 0.0% |
| Issued capital | 100 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €12,050,700 | €14,255,900 | +€2.2m | +18.3% |
| Non-distributable reserves | 130/1 | €180,000 | €180,000 | = | 0.0% |
| Legal reserve | 130 | €180,000 | €180,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,170,700 | €1,675,900 | +€505,200 | +43.2% |
| Distributable reserves | 133 | €10,700,000 | €12,400,000 | +€1.7m | +15.9% |
| Profit (loss) carried forward | 14 | €34,349 | €42,095 | +€7,746 | +22.6% |
| Amounts payable | 17/49 | €3,626,109 | €3,112,674 | -€513,436 | -14.2% |
| Amounts payable within one year | 42/48 | €3,538,169 | €3,003,173 | -€534,997 | -15.1% |
| Trade debts | 44 | €2,554,263 | €2,563,991 | +€9,728 | +0.4% |
| Suppliers | 440/4 | €2,554,263 | €2,563,991 | +€9,728 | +0.4% |
| Taxes, remuneration and social security | 45 | €464,462 | €267,011 | -€197,450 | -42.5% |
| Taxes | 450/3 | €303,228 | €126,858 | -€176,370 | -58.2% |
| Remuneration and social security | 454/9 | €161,234 | €140,153 | -€21,080 | -13.1% |
| Other amounts payable | 47/48 | €519,445 | €172,170 | -€347,275 | -66.9% |
| Accrued charges and deferred income | 492/3 | €87,940 | €109,501 | +€21,561 | +24.5% |
| Operating income | 70/76A | €42,726,032 | €46,382,606 | +€3.7m | +8.6% |
| Turnover | 70 | €42,810,588 | €45,720,474 | +€2.9m | +6.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€167,699 | €539,850 | +€707,549 | |
| Other operating income | 74 | €83,143 | €102,282 | +€19,139 | +23.0% |
| Non-recurring operating income | 76A | €0 | €20,000 | +€20,000 | |
| Operating charges | 60/66A | €39,945,288 | €43,487,640 | +€3.5m | +8.9% |
| Goods for resale, raw materials and consumables | 60 | €35,011,986 | €38,362,362 | +€3.4m | +9.6% |
| Purchases | 600/8 | €35,297,089 | €38,923,513 | +€3.6m | +10.3% |
| Change in stocks: decrease (increase) | 609 | -€285,103 | -€561,151 | -€276,048 | -96.8% |
| Services and other goods | 61 | €2,839,029 | €3,182,305 | +€343,277 | +12.1% |
| Remuneration, social security and pensions | 62 | €1,087,960 | €1,171,666 | +€83,706 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €998,611 | €717,506 | -€281,105 | -28.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€41,894 | -€5,622 | +€36,272 | +86.6% |
| Other operating charges | 640/8 | €49,596 | €59,423 | +€9,827 | +19.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €2,780,744 | €2,894,966 | +€114,222 | +4.1% |
| Financial income | 75/76B | €408,563 | €190,553 | -€218,010 | -53.4% |
| Recurring financial income | 75 | €408,563 | €190,553 | -€218,010 | -53.4% |
| Income from current assets | 751 | €100,008 | €187,561 | +€87,553 | +87.5% |
| Other financial income | 752/9 | €308,555 | €2,992 | -€305,563 | -99.0% |
| Financial charges | 65/66B | €79,925 | €164,342 | +€84,417 | +105.6% |
| Recurring financial charges | 65 | €79,925 | €164,342 | +€84,417 | +105.6% |
| Debt charges | 650 | €0 | €55 | +€55 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €23,667 | €32,813 | +€9,146 | +38.6% |
| Other financial charges | 652/9 | €56,258 | €131,474 | +€75,216 | +133.7% |
| Profit (loss) for the period before taxes | 9903 | €3,109,382 | €2,921,177 | -€188,205 | -6.1% |
| Income taxes | 67/77 | €694,554 | €708,231 | +€13,677 | +2.0% |
| Taxes | 670/3 | €708,465 | €708,231 | -€234 | 0.0% |
| Tax adjustments and reversals of tax provisions | 77 | €13,911 | €0 | -€13,911 | -100.0% |
| Profit (loss) for the period | 9904 | €2,414,828 | €2,212,946 | -€201,882 | -8.4% |
| Transfer to tax-exempt reserves | 689 | €505,200 | €505,200 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,909,628 | €1,707,746 | -€201,882 | -10.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.