Baguetelle: 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.
Baguetelle
Largest movements
- Tangible fixed assets -€13,454
down €13,454 (-42.5%), from €31,652 to €18,198
of which Furniture and vehicles: -€9,480
- Cash -€3,953
down €3,953 (-31.0%), from €12,761 to €8,808
mainly Contributions, distributions and other (-€27,000) and Debts after one year (-€8,415)
- Intangible fixed assets -€2,436
down €2,436 (-100%), from €2,436 to €0
- Reserves -€12,867
down €12,867 (-45.8%), from €28,074 to €15,207
- Trade debts +€8,792
up €8,792, from €0 to €8,792
- Debts after one year -€8,415
down €8,415 (-62.9%), from €13,373 to €4,959
- Current portion of long-term debt -€7,093
down €7,093 (-45.7%), from €15,507 to €8,415
- Gross operating margin -€25,541
down €25,541 (-28.5%), from €89,703 to €64,162
- Staff costs -€23,595
down €23,595 (-47.0%), from €50,216 to €26,621
- Depreciation -€3,513
down €3,513 (-17.8%), from €19,738 to €16,225
- Financial charges -€1,062
down €1,062 (-37.9%), from €2,800 to €1,738
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 | €67,112 | €47,161 | -€19,951 | -29.7% |
| Fixed assets | 21/28 | €36,484 | €20,593 | -€15,890 | -43.6% |
| Intangible fixed assets | 21 | €2,436 | €0 | -€2,436 | -100% |
| Tangible fixed assets | 22/27 | €31,652 | €18,198 | -€13,454 | -42.5% |
| Plant, machinery and equipment | 23 | €6,763 | €3,639 | -€3,125 | -46.2% |
| Furniture and vehicles | 24 | €24,021 | €14,540 | -€9,480 | -39.5% |
| Other tangible fixed assets | 26 | €868 | €19 | -€849 | -97.8% |
| Financial fixed assets | 28 | €2,395 | €2,395 | = | 0.0% |
| Current assets | 29/58 | €30,628 | €26,568 | -€4,060 | -13.3% |
| Stocks and contracts in progress | 3 | €2,999 | €3,004 | +€6 | +0.2% |
| Stocks | 30/36 | €2,999 | €3,004 | +€6 | +0.2% |
| Amounts receivable within one year | 40/41 | €13,465 | €13,121 | -€345 | -2.6% |
| Trade receivables | 40 | €789 | €3,856 | +€3,068 | +389% |
| Other amounts receivable | 41 | €12,677 | €9,264 | -€3,413 | -26.9% |
| Cash at bank and in hand | 54/58 | €12,761 | €8,808 | -€3,953 | -31.0% |
| Deferred charges and accrued income | 490/1 | €1,404 | €1,635 | +€232 | +16.5% |
| Total equity and liabilities | 10/49 | €67,112 | €47,161 | -€19,951 | -29.7% |
| Equity | 10/15 | €33,074 | €20,207 | -€12,867 | -38.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €28,074 | €15,207 | -€12,867 | -45.8% |
| Distributable reserves | 133 | €28,074 | €15,207 | -€12,867 | -45.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €34,038 | €26,954 | -€7,084 | -20.8% |
| Amounts payable after more than one year | 17 | €13,373 | €4,959 | -€8,415 | -62.9% |
| Financial debts | 170/4 | €13,373 | €4,959 | -€8,415 | -62.9% |
| Amounts payable within one year | 42/48 | €20,275 | €21,996 | +€1,721 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €15,507 | €8,415 | -€7,093 | -45.7% |
| Trade debts | 44 | €0 | €8,792 | +€8,792 | |
| Suppliers | 440/4 | €0 | €8,792 | +€8,792 | |
| Taxes, remuneration and social security | 45 | €4,767 | €4,789 | +€22 | +0.5% |
| Taxes | 450/3 | €846 | €2,647 | +€1,801 | +213% |
| Remuneration and social security | 454/9 | €3,921 | €2,143 | -€1,779 | -45.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €390 | €0 | -€390 | -100% |
| Remuneration, social security and pensions | 62 | €50,216 | €26,621 | -€23,595 | -47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,738 | €16,225 | -€3,513 | -17.8% |
| Other operating charges | 640/8 | €2,406 | €2,202 | -€204 | -8.5% |
| Gross operating margin | 9900 | €89,703 | €64,162 | -€25,541 | -28.5% |
| Operating profit (loss) | 9901 | €17,343 | €19,113 | +€1,771 | +10.2% |
| Financial income | 75/76B | €398 | €725 | +€327 | +82.1% |
| Recurring financial income | 75 | €398 | €725 | +€327 | +82.1% |
| Financial charges | 65/66B | €2,800 | €1,738 | -€1,062 | -37.9% |
| Recurring financial charges | 65 | €2,800 | €1,738 | -€1,062 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | €14,941 | €18,100 | +€3,159 | +21.1% |
| Income taxes | 67/77 | €3,682 | €3,967 | +€285 | +7.7% |
| Profit (loss) for the period | 9904 | €11,259 | €14,133 | +€2,874 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,259 | €14,133 | +€2,874 | +25.5% |
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 17 October 2026 via checked.be.