Baeten R.: what changed
Baeten R.
Largest movements
- Receivables within one year +€24,035
up €24,035 (+25.5%), from €94,307 to €118,342
of which Other amounts receivable: +€31,852
- Tangible fixed assets -€5,493
down €5,493 (-95.1%), from €5,775 to €282
of which Furniture and vehicles: -€4,821
- Short-term financial debts +€25,544
new in 2025: €25,544
- Reserves +€15,711
up €15,711 (+34.5%), from €45,486 to €61,197
of which Distributable reserves: +€15,711
- Trade debts +€14,733
new in 2025: €14,733
- Other debts -€14,285
no longer reported in 2025 (was €14,285)
- Tax, wage and social debts -€11,748
down €11,748 (-67.8%), from €17,321 to €5,573
- Depreciation -€2,729
down €2,729 (-74.2%), from €3,676 to €947
- Taxes +€1,853
up €1,853 (+48.7%), from €3,806 to €5,659
- Gross operating margin +€1,828
up €1,828 (+6.6%), from €27,503 to €29,331
- Financial charges +€562
up €562 (+10.9%), from €5,165 to €5,727
- Other operating charges +€424
up €424 (+18.9%), from €2,241 to €2,665
Change in the result, 2023 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,082 | €118,624 | +€18,542 | +18.5% |
| Fixed assets | 21/28 | €5,775 | €282 | -€5,493 | -95.1% |
| Tangible fixed assets | 22/27 | €5,775 | €282 | -€5,493 | -95.1% |
| Plant, machinery and equipment | 23 | €954 | €282 | -€672 | -70.5% |
| Furniture and vehicles | 24 | €4,821 | - | -€4,821 | |
| Current assets | 29/58 | €94,307 | €118,342 | +€24,035 | +25.5% |
| Amounts receivable within one year | 40/41 | €94,307 | €118,342 | +€24,035 | +25.5% |
| Trade receivables | 40 | €14,994 | €7,177 | -€7,817 | -52.1% |
| Other amounts receivable | 41 | €79,313 | €111,166 | +€31,852 | +40.2% |
| Total equity and liabilities | 10/49 | €100,082 | €118,624 | +€18,542 | +18.5% |
| Equity | 10/15 | €51,686 | €67,397 | +€15,711 | +30.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €45,486 | €61,197 | +€15,711 | +34.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €43,626 | €59,337 | +€15,711 | +36.0% |
| Amounts payable | 17/49 | €48,397 | €51,227 | +€2,831 | +5.8% |
| Amounts payable after more than one year | 17 | €11,565 | - | -€11,565 | |
| Financial debts | 170/4 | €11,565 | - | -€11,565 | |
| Amounts payable within one year | 42/48 | €36,831 | €45,850 | +€9,018 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €5,225 | - | -€5,225 | |
| Financial debts | 43 | - | €25,544 | +€25,544 | |
| Credit institutions | 430/8 | - | €25,544 | +€25,544 | |
| Trade debts | 44 | - | €14,733 | +€14,733 | |
| Suppliers | 440/4 | - | €14,733 | +€14,733 | |
| Taxes, remuneration and social security | 45 | €17,321 | €5,573 | -€11,748 | -67.8% |
| Taxes | 450/3 | €17,321 | €5,573 | -€11,748 | -67.8% |
| Other amounts payable | 47/48 | €14,285 | - | -€14,285 | |
| Accrued charges and deferred income | 492/3 | - | €5,378 | +€5,378 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,676 | €947 | -€2,729 | -74.2% |
| Other operating charges | 640/8 | €2,241 | €2,665 | +€424 | +18.9% |
| Gross operating margin | 9900 | €27,503 | €29,331 | +€1,828 | +6.6% |
| Operating profit (loss) | 9901 | €21,585 | €25,718 | +€4,133 | +19.1% |
| Financial income | 75/76B | €0 | €67 | +€66 | +25,546% |
| Recurring financial income | 75 | €0 | €67 | +€66 | +25,546% |
| Financial charges | 65/66B | €5,165 | €5,727 | +€562 | +10.9% |
| Recurring financial charges | 65 | €5,165 | €5,727 | +€562 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €16,421 | €20,059 | +€3,638 | +22.2% |
| Income taxes | 67/77 | €3,806 | €5,659 | +€1,853 | +48.7% |
| Profit (loss) for the period | 9904 | €12,614 | €14,400 | +€1,785 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,614 | €14,400 | +€1,785 | +14.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.