Baetens - Van Nespen: 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.
Baetens - Van Nespen
Largest movements
- Cash +€99,595
up €99,595 (+205%), from €48,481 to €148,076
mainly Receivables within one year (+€54,977) and Depreciation (+€46,372)
- Receivables within one year -€54,977
down €54,977 (-66.4%), from €82,774 to €27,796
of which Trade receivables: -€36,070
- Tangible fixed assets -€42,896
down €42,896 (-7.3%), from €586,771 to €543,875
of which Land and buildings: -€33,726
- Stocks and contracts -€29,088
down €29,088 (-23.2%), from €125,357 to €96,269
- Advances received +€44,970
new in 2025: €44,970
- Debts after one year -€42,314
down €42,314 (-25.3%), from €167,311 to €124,997
- Short-term financial debts -€15,000
no longer reported in 2025 (was €15,000)
- Staff costs +€35,562
up €35,562 (+33.7%), from €105,542 to €141,104
- Gross operating margin +€10,001
up €10,001 (+5.5%), from €182,086 to €192,087
- Taxes -€8,828
down €8,828 (-89.6%), from €9,850 to €1,021
- Depreciation +€3,116
up €3,116 (+7.2%), from €43,256 to €46,372
- Financial income +€3,015
up €3,015 (+41.4%), from €7,277 to €10,292
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 | €856,494 | €836,160 | -€20,333 | -2.4% |
| Fixed assets | 21/28 | €586,771 | €543,875 | -€42,896 | -7.3% |
| Tangible fixed assets | 22/27 | €586,771 | €543,875 | -€42,896 | -7.3% |
| Land and buildings | 22 | €493,186 | €459,459 | -€33,726 | -6.8% |
| Plant, machinery and equipment | 23 | €70,450 | €65,249 | -€5,200 | -7.4% |
| Furniture and vehicles | 24 | €23,136 | €19,166 | -€3,970 | -17.2% |
| Current assets | 29/58 | €269,723 | €292,286 | +€22,563 | +8.4% |
| Stocks and contracts in progress | 3 | €125,357 | €96,269 | -€29,088 | -23.2% |
| Stocks | 30/36 | €125,357 | €96,269 | -€29,088 | -23.2% |
| Amounts receivable within one year | 40/41 | €82,774 | €27,796 | -€54,977 | -66.4% |
| Trade receivables | 40 | €52,342 | €16,272 | -€36,070 | -68.9% |
| Other amounts receivable | 41 | €30,432 | €11,525 | -€18,907 | -62.1% |
| Current investments | 50/53 | €8,519 | €8,519 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €48,481 | €148,076 | +€99,595 | +205% |
| Deferred charges and accrued income | 490/1 | €4,592 | €11,625 | +€7,033 | +153% |
| Total equity and liabilities | 10/49 | €856,494 | €836,160 | -€20,333 | -2.4% |
| Equity | 10/15 | €133,485 | €128,871 | -€4,614 | -3.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,992 | €134,992 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,388 | €4,388 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,388 | €4,388 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,250 | €30,250 | = | 0.0% |
| Distributable reserves | 133 | €100,354 | €100,354 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,107 | -€24,721 | -€4,614 | -22.9% |
| Amounts payable | 17/49 | €723,009 | €707,290 | -€15,719 | -2.2% |
| Amounts payable after more than one year | 17 | €167,311 | €124,997 | -€42,314 | -25.3% |
| Financial debts | 170/4 | €167,311 | €124,997 | -€42,314 | -25.3% |
| Amounts payable within one year | 42/48 | €552,528 | €578,587 | +€26,059 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €45,092 | €42,313 | -€2,779 | -6.2% |
| Financial debts | 43 | €15,000 | - | -€15,000 | |
| Credit institutions | 430/8 | €15,000 | - | -€15,000 | |
| Trade debts | 44 | €311,521 | €309,128 | -€2,393 | -0.8% |
| Suppliers | 440/4 | €311,521 | €309,128 | -€2,393 | -0.8% |
| Advances received on contracts in progress | 46 | - | €44,970 | +€44,970 | |
| Taxes, remuneration and social security | 45 | €15,855 | €12,116 | -€3,739 | -23.6% |
| Taxes | 450/3 | €10,644 | €1,470 | -€9,174 | -86.2% |
| Remuneration and social security | 454/9 | €5,212 | €10,646 | +€5,435 | +104% |
| Other amounts payable | 47/48 | €165,060 | €170,060 | +€5,000 | +3.0% |
| Accrued charges and deferred income | 492/3 | €3,169 | €3,705 | +€536 | +16.9% |
| Remuneration, social security and pensions | 62 | €105,542 | €141,104 | +€35,562 | +33.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,256 | €46,372 | +€3,116 | +7.2% |
| Other operating charges | 640/8 | €16,105 | €13,579 | -€2,526 | -15.7% |
| Gross operating margin | 9900 | €182,086 | €192,087 | +€10,001 | +5.5% |
| Operating profit (loss) | 9901 | €17,182 | -€8,968 | -€26,150 | |
| Financial income | 75/76B | €7,277 | €10,292 | +€3,015 | +41.4% |
| Recurring financial income | 75 | €7,277 | €10,292 | +€3,015 | +41.4% |
| Financial charges | 65/66B | €4,722 | €4,917 | +€195 | +4.1% |
| Recurring financial charges | 65 | €4,722 | €4,917 | +€195 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €19,736 | -€3,593 | -€23,329 | |
| Income taxes | 67/77 | €9,850 | €1,021 | -€8,828 | -89.6% |
| Profit (loss) for the period | 9904 | €9,887 | -€4,614 | -€14,501 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,887 | -€4,614 | -€14,501 |
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 21 October 2026 via checked.be.