BAIZHU: 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.
BAIZHU
Largest movements
- Cash -€128,704
down €128,704 (-85.7%), from €150,105 to €21,402
mainly Other debts (-€90,395) and Contributions, distributions and other (-€53,400)
- Receivables within one year +€21,852
up €21,852 (+76.3%), from €28,644 to €50,496
of which Trade receivables: +€18,535
- Financial fixed assets +€7,000
up €7,000 (+350%), from €2,000 to €9,000
- Other debts -€90,395
down €90,395 (-60.0%), from €150,571 to €60,176
- Profit (loss) carried forward -€8,955
down €8,955 (-99.1%), from €9,035 to €79
- Gross operating margin -€46,760
down €46,760 (-42.1%), from €111,194 to €64,434
- Turnover -€41,488
down €41,488 (-20.0%), from €207,629 to €166,141
- Taxes -€9,238
down €9,238 (-42.6%), from €21,695 to €12,457
- Other operating charges -€3,521
down €3,521 (-35.0%), from €10,050 to €6,529
- Depreciation -€2,633
down €2,633 (-49.1%), from €5,363 to €2,730
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 | €186,125 | €86,324 | -€99,801 | -53.6% |
| Fixed assets | 21/28 | €6,410 | €13,418 | +€7,008 | +109% |
| Tangible fixed assets | 22/27 | €4,410 | €4,418 | +€8 | +0.2% |
| Furniture and vehicles | 24 | €4,410 | €4,418 | +€8 | +0.2% |
| Financial fixed assets | 28 | €2,000 | €9,000 | +€7,000 | +350% |
| Current assets | 29/58 | €179,715 | €72,906 | -€106,810 | -59.4% |
| Amounts receivable within one year | 40/41 | €28,644 | €50,496 | +€21,852 | +76.3% |
| Trade receivables | 40 | €28,176 | €46,711 | +€18,535 | +65.8% |
| Other amounts receivable | 41 | €468 | €3,784 | +€3,317 | +709% |
| Cash at bank and in hand | 54/58 | €150,105 | €21,402 | -€128,704 | -85.7% |
| Deferred charges and accrued income | 490/1 | €966 | €1,008 | +€43 | +4.4% |
| Total equity and liabilities | 10/49 | €186,125 | €86,324 | -€99,801 | -53.6% |
| Equity | 10/15 | €29,440 | €18,629 | -€10,810 | -36.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €0 | -€1,855 | -100% |
| Distributable reserves | 133 | €1,855 | €0 | -€1,855 | -100% |
| Profit (loss) carried forward | 14 | €9,035 | €79 | -€8,955 | -99.1% |
| Amounts payable | 17/49 | €156,685 | €67,695 | -€88,991 | -56.8% |
| Amounts payable within one year | 42/48 | €156,685 | €67,695 | -€88,991 | -56.8% |
| Financial debts | 43 | €2,137 | €2,512 | +€375 | +17.6% |
| Credit institutions | 430/8 | €2,137 | €2,512 | +€375 | +17.6% |
| Trade debts | 44 | €683 | €1,006 | +€324 | +47.5% |
| Suppliers | 440/4 | €683 | €1,006 | +€324 | +47.5% |
| Taxes, remuneration and social security | 45 | €3,295 | €4,000 | +€705 | +21.4% |
| Taxes | 450/3 | €3,295 | €0 | -€3,295 | -100% |
| Remuneration and social security | 454/9 | €0 | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €150,571 | €60,176 | -€90,395 | -60.0% |
| Turnover | 70 | €207,629 | €166,141 | -€41,488 | -20.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €110,922 | €112,456 | +€1,534 | +1.4% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,363 | €2,730 | -€2,633 | -49.1% |
| Other operating charges | 640/8 | €10,050 | €6,529 | -€3,521 | -35.0% |
| Gross operating margin | 9900 | €111,194 | €64,434 | -€46,760 | -42.1% |
| Operating profit (loss) | 9901 | €95,781 | €55,175 | -€40,606 | -42.4% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €119 | €131 | +€12 | +10.5% |
| Recurring financial charges | 65 | €119 | €131 | +€12 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €95,662 | €55,046 | -€40,616 | -42.5% |
| Income taxes | 67/77 | €21,695 | €12,457 | -€9,238 | -42.6% |
| Profit (loss) for the period | 9904 | €73,967 | €42,590 | -€31,377 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €73,967 | €42,590 | -€31,377 | -42.4% |
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 25 October 2026 via checked.be.