Baeyens: what changed
Two fiscal 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.
Baeyens
Largest movements
- Receivables within one year +€10,985
up €10,985 (+109.5%), from €10,034 to €21,020
- Stocks and contracts -€8,953
down €8,953 (-26.9%), from €33,327 to €24,373
of which Stocks: -€6,250
- Deferred charges and accrued income -€7,016
down €7,016 (-91.8%), from €7,641 to €625
- Tangible fixed assets -€2,045
down €2,045 (-43.0%), from €4,753 to €2,708
- Cash -€1,641
down €1,641 (-55.8%), from €2,938 to €1,297
mainly Receivables within one year (-€10,985) and Other debts (-€5,650)
- Trade debts +€5,952
up €5,952 (+27.7%), from €21,516 to €27,468
- Other debts -€5,650
down €5,650 (-30.2%), from €18,700 to €13,050
- Tax, wage and social debts -€5,550
down €5,550 (-37.0%), from €15,005 to €9,455
of which Remuneration and social security: -€3,951
- Debts after one year -€5,203
down €5,203 (-66.2%), from €7,858 to €2,655
- Profit (loss) carried forward +€1,643
up €1,643 (+1.3%), from -€129,524 to -€127,881
- Staff costs -€31,573
down €31,573 (-73.6%), from €42,885 to €11,312
- Gross operating margin -€19,204
down €19,204 (-44.8%), from €42,844 to €23,640
- Other operating charges +€1,182
up €1,182 (+21.9%), from €5,410 to €6,592
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.
Cash bridge derived
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 | €58,693 | €50,023 | -€8,669 | -14.8% |
| Fixed assets | 21/28 | €4,753 | €2,708 | -€2,045 | -43.0% |
| Tangible fixed assets | 22/27 | €4,753 | €2,708 | -€2,045 | -43.0% |
| Plant, machinery and equipment | 23 | €4,753 | €2,708 | -€2,045 | -43.0% |
| Current assets | 29/58 | €53,940 | €47,315 | -€6,625 | -12.3% |
| Stocks and contracts in progress | 3 | €33,327 | €24,373 | -€8,953 | -26.9% |
| Stocks | 30/36 | €26,635 | €20,385 | -€6,250 | -23.5% |
| Contracts in progress | 37 | €6,692 | €3,988 | -€2,703 | -40.4% |
| Amounts receivable within one year | 40/41 | €10,034 | €21,020 | +€10,985 | +109.5% |
| Trade receivables | 40 | €10,034 | €21,020 | +€10,985 | +109.5% |
| Cash at bank and in hand | 54/58 | €2,938 | €1,297 | -€1,641 | -55.8% |
| Deferred charges and accrued income | 490/1 | €7,641 | €625 | -€7,016 | -91.8% |
| Total equity and liabilities | 10/49 | €58,693 | €50,023 | -€8,669 | -14.8% |
| Equity | 10/15 | -€9,985 | -€8,342 | +€1,643 | +16.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €19,539 | €19,539 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,256 | €2,256 | = | 0.0% |
| Legal reserve | 130 | €2,256 | €2,256 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,493 | €13,493 | = | 0.0% |
| Distributable reserves | 133 | €3,790 | €3,790 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€129,524 | -€127,881 | +€1,643 | +1.3% |
| Amounts payable | 17/49 | €68,678 | €58,365 | -€10,313 | -15.0% |
| Amounts payable after more than one year | 17 | €7,858 | €2,655 | -€5,203 | -66.2% |
| Financial debts | 170/4 | €7,858 | €2,655 | -€5,203 | -66.2% |
| Amounts payable within one year | 42/48 | €60,285 | €55,175 | -€5,110 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €5,064 | €5,203 | +€139 | +2.7% |
| Trade debts | 44 | €21,516 | €27,468 | +€5,952 | +27.7% |
| Suppliers | 440/4 | €21,516 | €27,468 | +€5,952 | +27.7% |
| Taxes, remuneration and social security | 45 | €15,005 | €9,455 | -€5,550 | -37.0% |
| Taxes | 450/3 | €9,613 | €8,014 | -€1,599 | -16.6% |
| Remuneration and social security | 454/9 | €5,391 | €1,440 | -€3,951 | -73.3% |
| Other amounts payable | 47/48 | €18,700 | €13,050 | -€5,650 | -30.2% |
| Accrued charges and deferred income | 492/3 | €535 | €535 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €42,885 | €11,312 | -€31,573 | -73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,377 | €2,045 | -€332 | -14.0% |
| Other operating charges | 640/8 | €5,410 | €6,592 | +€1,182 | +21.9% |
| Gross operating margin | 9900 | €42,844 | €23,640 | -€19,204 | -44.8% |
| Operating profit (loss) | 9901 | -€7,828 | €3,691 | +€11,519 | |
| Financial income | 75/76B | €170 | €11 | -€159 | -93.5% |
| Recurring financial income | 75 | €170 | €11 | -€159 | -93.5% |
| Financial charges | 65/66B | €2,191 | €1,929 | -€262 | -12.0% |
| Recurring financial charges | 65 | €2,191 | €1,929 | -€262 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,849 | €1,773 | +€11,622 | |
| Income taxes | 67/77 | €168 | €130 | -€38 | -22.7% |
| Profit (loss) for the period | 9904 | -€10,017 | €1,643 | +€11,660 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,017 | €1,643 | +€11,660 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.