Baeten Sarah: 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 Sarah
Largest movements
- Receivables within one year +€28,532
up €28,532 (+22.1%), from €129,145 to €157,676
of which Other amounts receivable: +€37,362
- Cash +€2,665
up €2,665 (+33.6%), from €7,927 to €10,592
mainly Net result for the year (+€21,626) and Tax, wage and social debts (+€8,913)
- Profit (loss) carried forward +€21,626
up €21,626 (+26.1%), from €82,871 to €104,497
- Tax, wage and social debts +€8,913
up €8,913 (+45.0%), from €19,812 to €28,725
of which Taxes: +€5,846
- Taxes +€10,276
up €10,276 (+141%), from €7,293 to €17,568
- Gross operating margin +€3,493
up €3,493 (+8.9%), from €39,183 to €42,676
- Other operating charges +€930
new in 2025: €930
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 | €137,756 | €168,346 | +€30,590 | +22.2% |
| Formation expenses | 20 | €513 | €78 | -€435 | -84.9% |
| Fixed assets | 21/28 | €172 | - | -€172 | |
| Tangible fixed assets | 22/27 | €172 | - | -€172 | |
| Furniture and vehicles | 24 | €172 | - | -€172 | |
| Current assets | 29/58 | €137,072 | €168,268 | +€31,197 | +22.8% |
| Amounts receivable within one year | 40/41 | €129,145 | €157,676 | +€28,532 | +22.1% |
| Trade receivables | 40 | €14,685 | €5,855 | -€8,830 | -60.1% |
| Other amounts receivable | 41 | €114,460 | €151,821 | +€37,362 | +32.6% |
| Cash at bank and in hand | 54/58 | €7,927 | €10,592 | +€2,665 | +33.6% |
| Total equity and liabilities | 10/49 | €137,756 | €168,346 | +€30,590 | +22.2% |
| Equity | 10/15 | €117,871 | €139,497 | +€21,626 | +18.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,871 | €104,497 | +€21,626 | +26.1% |
| Amounts payable | 17/49 | €19,885 | €28,849 | +€8,963 | +45.1% |
| Amounts payable within one year | 42/48 | €19,885 | €28,849 | +€8,963 | +45.1% |
| Trade debts | 44 | €74 | €124 | +€50 | +68.3% |
| Suppliers | 440/4 | €74 | €124 | +€50 | +68.3% |
| Taxes, remuneration and social security | 45 | €19,812 | €28,725 | +€8,913 | +45.0% |
| Taxes | 450/3 | €19,812 | €25,657 | +€5,846 | +29.5% |
| Remuneration and social security | 454/9 | - | €3,068 | +€3,068 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €700 | €607 | -€93 | -13.3% |
| Other operating charges | 640/8 | - | €930 | +€930 | |
| Gross operating margin | 9900 | €39,183 | €42,676 | +€3,493 | +8.9% |
| Operating profit (loss) | 9901 | €38,483 | €41,139 | +€2,656 | +6.9% |
| Financial income | 75/76B | - | €74 | +€74 | |
| Recurring financial income | 75 | - | €74 | +€74 | |
| Financial charges | 65/66B | €2,020 | €2,017 | -€3 | -0.1% |
| Recurring financial charges | 65 | €2,020 | €2,017 | -€3 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €36,463 | €39,195 | +€2,732 | +7.5% |
| Income taxes | 67/77 | €7,293 | €17,568 | +€10,276 | +141% |
| Profit (loss) for the period | 9904 | €29,170 | €21,626 | -€7,544 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,170 | €21,626 | -€7,544 | -25.9% |
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 30 October 2026 via checked.be.