Baeten Michèle: 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.
Baeten Michèle
Largest movements
- Financial fixed assets +€1.2m
up €1.2m (+25.2%), from €4.7m to €5.8m
- Cash +€763,565
up €763,565 (+763%), from €100,045 to €863,610
mainly Net result for the year (+€1.1m) and Debts after one year (+€870,180)
- Reserves +€1.1m
up €1.1m (+46.9%), from €2.4m to €3.6m
of which Distributable reserves: +€1.1m
- Debts after one year +€870,180
up €870,180 (+52.5%), from €1.7m to €2.5m
- Other debts -€103,845
down €103,845 (-21.3%), from €488,408 to €384,563
- Taxes +€19,673
up €19,673 (+29.9%), from €65,686 to €85,359
- Financial charges -€16,778
down €16,778 (-24.3%), from €69,113 to €52,334
- Financial income +€11,729
up €11,729 (+1.3%), from €913,140 to €924,869
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 | €4,802,252 | €6,737,840 | +€1.9m | +40.3% |
| Fixed assets | 21/28 | €4,664,776 | €5,835,631 | +€1.2m | +25.1% |
| Tangible fixed assets | 22/27 | €4,692 | €2,816 | -€1,876 | -40.0% |
| Land and buildings | 22 | €4,692 | €2,816 | -€1,876 | -40.0% |
| Financial fixed assets | 28 | €4,660,084 | €5,832,815 | +€1.2m | +25.2% |
| Current assets | 29/58 | €137,475 | €902,209 | +€764,733 | +556% |
| Amounts receivable within one year | 40/41 | €37,431 | €38,599 | +€1,168 | +3.1% |
| Trade receivables | 40 | €37,431 | €38,599 | +€1,168 | +3.1% |
| Cash at bank and in hand | 54/58 | €100,045 | €863,610 | +€763,565 | +763% |
| Total equity and liabilities | 10/49 | €4,802,252 | €6,737,840 | +€1.9m | +40.3% |
| Equity | 10/15 | €2,459,987 | €3,596,794 | +€1.1m | +46.2% |
| Contributions | 10/11 | €34,000 | €34,000 | = | 0.0% |
| Reserves | 13 | €2,425,987 | €3,562,794 | +€1.1m | +46.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,425,987 | €3,562,794 | +€1.1m | +46.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,342,265 | €3,141,045 | +€798,780 | +34.1% |
| Amounts payable after more than one year | 17 | €1,656,314 | €2,526,494 | +€870,180 | +52.5% |
| Financial debts | 170/4 | €1,656,314 | €2,526,494 | +€870,180 | +52.5% |
| Amounts payable within one year | 42/48 | €649,200 | €546,829 | -€102,371 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €132,051 | €135,449 | +€3,398 | +2.6% |
| Financial debts | 43 | €0 | €1,044 | +€1,044 | |
| Credit institutions | 430/8 | €0 | €1,044 | +€1,044 | |
| Trade debts | 44 | €4,402 | €5,831 | +€1,430 | +32.5% |
| Suppliers | 440/4 | €4,402 | €5,831 | +€1,430 | +32.5% |
| Taxes, remuneration and social security | 45 | €24,339 | €19,942 | -€4,397 | -18.1% |
| Taxes | 450/3 | €24,339 | €19,942 | -€4,397 | -18.1% |
| Other amounts payable | 47/48 | €488,408 | €384,563 | -€103,845 | -21.3% |
| Accrued charges and deferred income | 492/3 | €36,751 | €67,723 | +€30,972 | +84.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,876 | €1,876 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,441 | €1,358 | -€83 | -5.8% |
| Gross operating margin | 9900 | €350,749 | €352,866 | +€2,117 | +0.6% |
| Operating profit (loss) | 9901 | €347,433 | €349,632 | +€2,199 | +0.6% |
| Financial income | 75/76B | €913,140 | €924,869 | +€11,729 | +1.3% |
| Recurring financial income | 75 | €913,140 | €924,869 | +€11,729 | +1.3% |
| Financial charges | 65/66B | €69,113 | €52,334 | -€16,778 | -24.3% |
| Recurring financial charges | 65 | €69,113 | €52,334 | -€16,778 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €1,191,460 | €1,222,167 | +€30,707 | +2.6% |
| Income taxes | 67/77 | €65,686 | €85,359 | +€19,673 | +29.9% |
| Profit (loss) for the period | 9904 | €1,125,774 | €1,136,808 | +€11,034 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,125,774 | €1,136,808 | +€11,034 | +1.0% |
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 27 October 2026 via checked.be.