BAIWIR SYLVAIN: 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.
BAIWIR SYLVAIN
Largest movements
- Tangible fixed assets +€52,002
up €52,002 (+74.1%), from €70,222 to €122,224
of which Leasing and similar rights: +€36,315
- Receivables within one year -€8,931
down €8,931 (-35.3%), from €25,314 to €16,382
of which Other amounts receivable: -€7,310
- Cash -€4,069
down €4,069 (-6.0%), from €67,647 to €63,578
mainly Investment in fixed assets (net) (-€77,869) and Trade debts (-€6,359)
- Debts after one year +€21,766
up €21,766, from €0 to €21,766
- Reserves +€17,000
up €17,000 (+14.5%), from €116,860 to €133,860
- Trade debts -€6,359
down €6,359 (-66.4%), from €9,582 to €3,223
- Current portion of long-term debt +€6,056
up €6,056, from €0 to €6,056
- Taxes +€8,785
up €8,785 (+736%), from €1,193 to €9,977
- Gross operating margin +€7,483
up €7,483 (+16.3%), from €46,029 to €53,512
- Depreciation +€5,889
up €5,889 (+29.5%), from €19,979 to €25,867
- Financial charges +€765
up €765 (+349%), from €219 to €984
- Financial income +€639
up €639 (+36.5%), from €1,749 to €2,388
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 | €198,642 | €239,587 | +€40,945 | +20.6% |
| Fixed assets | 21/28 | €70,222 | €122,224 | +€52,002 | +74.1% |
| Tangible fixed assets | 22/27 | €70,222 | €122,224 | +€52,002 | +74.1% |
| Land and buildings | 22 | €9,974 | €8,468 | -€1,506 | -15.1% |
| Plant, machinery and equipment | 23 | €49,191 | €37,110 | -€12,081 | -24.6% |
| Furniture and vehicles | 24 | €11,058 | €40,332 | +€29,274 | +265% |
| Leasing and similar rights | 25 | - | €36,315 | +€36,315 | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €128,420 | €117,363 | -€11,057 | -8.6% |
| Stocks and contracts in progress | 3 | €31,118 | €33,160 | +€2,042 | +6.6% |
| Stocks | 30/36 | €31,118 | €33,160 | +€2,042 | +6.6% |
| Amounts receivable within one year | 40/41 | €25,314 | €16,382 | -€8,931 | -35.3% |
| Trade receivables | 40 | €5,166 | €3,544 | -€1,621 | -31.4% |
| Other amounts receivable | 41 | €20,148 | €12,838 | -€7,310 | -36.3% |
| Cash at bank and in hand | 54/58 | €67,647 | €63,578 | -€4,069 | -6.0% |
| Deferred charges and accrued income | 490/1 | €4,341 | €4,242 | -€99 | -2.3% |
| Total equity and liabilities | 10/49 | €198,642 | €239,587 | +€40,945 | +20.6% |
| Equity | 10/15 | €178,739 | €196,105 | +€17,366 | +9.7% |
| Reserves | 13 | €116,860 | €133,860 | +€17,000 | +14.5% |
| Distributable reserves | 133 | €116,860 | €133,860 | +€17,000 | +14.5% |
| Profit (loss) carried forward | 14 | €61,879 | €62,245 | +€366 | +0.6% |
| Amounts payable | 17/49 | €19,903 | €43,482 | +€23,579 | +118% |
| Amounts payable after more than one year | 17 | €0 | €21,766 | +€21,766 | |
| Financial debts | 170/4 | €0 | €21,766 | +€21,766 | |
| Amounts payable within one year | 42/48 | €19,873 | €21,547 | +€1,674 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €6,056 | +€6,056 | |
| Trade debts | 44 | €9,582 | €3,223 | -€6,359 | -66.4% |
| Suppliers | 440/4 | €9,582 | €3,223 | -€6,359 | -66.4% |
| Taxes, remuneration and social security | 45 | €9,105 | €11,083 | +€1,977 | +21.7% |
| Taxes | 450/3 | €6,455 | €8,433 | +€1,977 | +30.6% |
| Remuneration and social security | 454/9 | €2,650 | €2,650 | = | 0.0% |
| Other amounts payable | 47/48 | €1,185 | €1,185 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €31 | €169 | +€138 | +452% |
| Turnover | 70 | - | €0 | = | |
| Non-recurring operating income | 76A | - | €28,178 | +€28,178 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,979 | €25,867 | +€5,889 | +29.5% |
| Other operating charges | 640/8 | €1,768 | €1,604 | -€165 | -9.3% |
| Non-recurring operating charges | 66A | - | €102 | +€102 | |
| Gross operating margin | 9900 | €46,029 | €53,512 | +€7,483 | +16.3% |
| Operating profit (loss) | 9901 | €24,282 | €25,939 | +€1,657 | +6.8% |
| Financial income | 75/76B | €1,749 | €2,388 | +€639 | +36.5% |
| Recurring financial income | 75 | €1,749 | €2,388 | +€639 | +36.5% |
| Financial charges | 65/66B | €219 | €984 | +€765 | +349% |
| Recurring financial charges | 65 | €219 | €984 | +€765 | +349% |
| Profit (loss) for the period before taxes | 9903 | €25,812 | €27,343 | +€1,531 | +5.9% |
| Income taxes | 67/77 | €1,193 | €9,977 | +€8,785 | +736% |
| Profit (loss) for the period | 9904 | €24,619 | €17,366 | -€7,253 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,619 | €17,366 | -€7,253 | -29.5% |
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 20 October 2026 via checked.be.