BAETEN Project Management: 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 Project Management
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€64,357
down €64,357 (-21.0%), from €306,583 to €242,226
mainly Current investments (-€100,000) and Other debts (-€83,071)
- Receivables within one year -€49,354
down €49,354 (-38.1%), from €129,467 to €80,113
of which Trade receivables: -€45,144
- Tangible fixed assets +€9,341
up €9,341 (+2.4%), from €382,101 to €391,442
of which Land and buildings: +€7,076
- Reserves +€99,301
up €99,301 (+22.5%), from €441,769 to €541,070
- Other debts -€83,071
down €83,071 (-94.6%), from €87,850 to €4,779
- Debts after one year -€17,854
down €17,854 (-8.6%), from €207,114 to €189,261
- Gross operating margin -€106,637
down €106,637 (-38.8%), from €275,050 to €168,412
- Taxes -€12,287
down €12,287 (-23.0%), from €53,481 to €41,194
- Financial income -€5,720
down €5,720 (-62.4%), from €9,161 to €3,441
- Depreciation +€3,932
up €3,932 (+18.4%), from €21,349 to €25,282
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 | €818,505 | €816,995 | -€1,509 | -0.2% |
| Fixed assets | 21/28 | €382,101 | €391,442 | +€9,341 | +2.4% |
| Tangible fixed assets | 22/27 | €382,101 | €391,442 | +€9,341 | +2.4% |
| Land and buildings | 22 | €356,854 | €363,931 | +€7,076 | +2.0% |
| Plant, machinery and equipment | 23 | €5,433 | €7,865 | +€2,431 | +44.7% |
| Furniture and vehicles | 24 | €14,280 | €13,346 | -€934 | -6.5% |
| Other tangible fixed assets | 26 | €5,533 | €6,301 | +€768 | +13.9% |
| Current assets | 29/58 | €436,404 | €425,553 | -€10,850 | -2.5% |
| Amounts receivable within one year | 40/41 | €129,467 | €80,113 | -€49,354 | -38.1% |
| Trade receivables | 40 | €45,269 | €125 | -€45,144 | -99.7% |
| Other amounts receivable | 41 | €84,199 | €79,989 | -€4,210 | -5.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €306,583 | €242,226 | -€64,357 | -21.0% |
| Deferred charges and accrued income | 490/1 | €354 | €3,214 | +€2,860 | +809% |
| Total equity and liabilities | 10/49 | €818,505 | €816,995 | -€1,509 | -0.2% |
| Equity | 10/15 | €451,769 | €551,070 | +€99,301 | +22.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €441,769 | €541,070 | +€99,301 | +22.5% |
| Distributable reserves | 133 | €441,769 | €541,070 | +€99,301 | +22.5% |
| Amounts payable | 17/49 | €366,736 | €265,926 | -€100,810 | -27.5% |
| Amounts payable after more than one year | 17 | €207,114 | €189,261 | -€17,854 | -8.6% |
| Financial debts | 170/4 | €207,114 | €189,261 | -€17,854 | -8.6% |
| Amounts payable within one year | 42/48 | €156,259 | €73,656 | -€82,603 | -52.9% |
| Current portion of amounts payable after more than one year | 42 | €19,034 | €19,329 | +€295 | +1.6% |
| Trade debts | 44 | €739 | €2,492 | +€1,753 | +237% |
| Suppliers | 440/4 | €739 | €2,492 | +€1,753 | +237% |
| Taxes, remuneration and social security | 45 | €48,636 | €47,057 | -€1,580 | -3.2% |
| Taxes | 450/3 | €48,636 | €47,057 | -€1,580 | -3.2% |
| Other amounts payable | 47/48 | €87,850 | €4,779 | -€83,071 | -94.6% |
| Accrued charges and deferred income | 492/3 | €3,363 | €3,009 | -€354 | -10.5% |
| Non-recurring operating income | 76A | €79,319 | - | -€79,319 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,349 | €25,282 | +€3,932 | +18.4% |
| Other operating charges | 640/8 | €1,803 | €1,859 | +€56 | +3.1% |
| Non-recurring operating charges | 66A | €528 | - | -€528 | |
| Gross operating margin | 9900 | €275,050 | €168,412 | -€106,637 | -38.8% |
| Operating profit (loss) | 9901 | €251,370 | €141,271 | -€110,098 | -43.8% |
| Financial income | 75/76B | €9,161 | €3,441 | -€5,720 | -62.4% |
| Recurring financial income | 75 | €9,161 | €3,441 | -€5,720 | -62.4% |
| Financial charges | 65/66B | €3,823 | €4,217 | +€394 | +10.3% |
| Recurring financial charges | 65 | €3,823 | €4,217 | +€394 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €256,708 | €140,495 | -€116,213 | -45.3% |
| Income taxes | 67/77 | €53,481 | €41,194 | -€12,287 | -23.0% |
| Profit (loss) for the period | 9904 | €203,227 | €99,301 | -€103,926 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €203,227 | €99,301 | -€103,926 | -51.1% |
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 22 October 2026 via checked.be.