Baron: 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.
Baron
Largest movements
- Cash +€17,751
up €17,751 (+27.7%), from €63,985 to €81,736
mainly Depreciation (+€47,230) and Net result for the year (+€37,485)
- Tangible fixed assets -€7,351
down €7,351 (-4.6%), from €159,942 to €152,592
of which Furniture and vehicles: -€29,117
- Receivables within one year -€2,602
down €2,602 (-21.6%), from €12,063 to €9,461
of which Trade receivables: -€7,732
- Reserves +€37,485
up €37,485 (+46.3%), from €81,010 to €118,495
- Trade debts -€19,200
down €19,200 (-69.7%), from €27,558 to €8,358
- Other debts -€10,069
down €10,069 (-20.3%), from €49,633 to €39,563
- Tax, wage and social debts -€4,456
down €4,456 (-58.8%), from €7,584 to €3,128
of which Remuneration and social security: -€2,878
- Debts after one year +€4,227
up €4,227 (+9.5%), from €44,519 to €48,746
- Gross operating margin +€15,998
up €15,998 (+18.4%), from €86,816 to €102,814
- Taxes +€2,762
up €2,762 (+36.8%), from €7,497 to €10,260
- Financial charges +€1,576
up €1,576 (+37.0%), from €4,254 to €5,830
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 | €239,726 | €247,571 | +€7,845 | +3.3% |
| Fixed assets | 21/28 | €159,942 | €152,592 | -€7,351 | -4.6% |
| Tangible fixed assets | 22/27 | €159,942 | €152,592 | -€7,351 | -4.6% |
| Land and buildings | 22 | €4,596 | €4,114 | -€481 | -10.5% |
| Plant, machinery and equipment | 23 | €49,166 | €72,318 | +€23,152 | +47.1% |
| Furniture and vehicles | 24 | €99,169 | €70,051 | -€29,117 | -29.4% |
| Other tangible fixed assets | 26 | €7,012 | €6,108 | -€904 | -12.9% |
| Current assets | 29/58 | €79,784 | €94,979 | +€15,196 | +19.0% |
| Stocks and contracts in progress | 3 | €301 | €2,579 | +€2,277 | +755.4% |
| Stocks | 30/36 | €301 | €542 | +€241 | +79.9% |
| Contracts in progress | 37 | - | €2,036 | +€2,036 | |
| Amounts receivable within one year | 40/41 | €12,063 | €9,461 | -€2,602 | -21.6% |
| Trade receivables | 40 | €11,943 | €4,211 | -€7,732 | -64.7% |
| Other amounts receivable | 41 | €120 | €5,250 | +€5,130 | +4271.8% |
| Cash at bank and in hand | 54/58 | €63,985 | €81,736 | +€17,751 | +27.7% |
| Deferred charges and accrued income | 490/1 | €3,434 | €1,204 | -€2,230 | -64.9% |
| Total equity and liabilities | 10/49 | €239,726 | €247,571 | +€7,845 | +3.3% |
| Equity | 10/15 | €86,010 | €123,495 | +€37,485 | +43.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €81,010 | €118,495 | +€37,485 | +46.3% |
| Distributable reserves | 133 | €81,010 | €118,495 | +€37,485 | +46.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €153,716 | €124,076 | -€29,640 | -19.3% |
| Amounts payable after more than one year | 17 | €44,519 | €48,746 | +€4,227 | +9.5% |
| Financial debts | 170/4 | €44,519 | €48,746 | +€4,227 | +9.5% |
| Amounts payable within one year | 42/48 | €109,197 | €74,890 | -€34,307 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €24,423 | €23,840 | -€582 | -2.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €27,558 | €8,358 | -€19,200 | -69.7% |
| Suppliers | 440/4 | €27,558 | €8,358 | -€19,200 | -69.7% |
| Taxes, remuneration and social security | 45 | €7,584 | €3,128 | -€4,456 | -58.8% |
| Taxes | 450/3 | €4,706 | €3,128 | -€1,577 | -33.5% |
| Remuneration and social security | 454/9 | €2,878 | €0 | -€2,878 | -100.0% |
| Other amounts payable | 47/48 | €49,633 | €39,563 | -€10,069 | -20.3% |
| Accrued charges and deferred income | 492/3 | €0 | €440 | +€440 | |
| Non-recurring operating income | 76A | €0 | €8,380 | +€8,380 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,892 | €47,230 | +€338 | +0.7% |
| Other operating charges | 640/8 | €1,426 | €2,295 | +€870 | +61.0% |
| Non-recurring operating charges | 66A | €227 | €0 | -€227 | -100.0% |
| Gross operating margin | 9900 | €86,816 | €102,814 | +€15,998 | +18.4% |
| Operating profit (loss) | 9901 | €38,272 | €53,288 | +€15,016 | +39.2% |
| Financial income | 75/76B | €369 | €287 | -€82 | -22.2% |
| Recurring financial income | 75 | €369 | €287 | -€82 | -22.2% |
| Financial charges | 65/66B | €4,254 | €5,830 | +€1,576 | +37.0% |
| Recurring financial charges | 65 | €4,254 | €5,830 | +€1,576 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €34,386 | €47,745 | +€13,359 | +38.8% |
| Income taxes | 67/77 | €7,497 | €10,260 | +€2,762 | +36.8% |
| Profit (loss) for the period | 9904 | €26,889 | €37,485 | +€10,596 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,889 | €37,485 | +€10,596 | +39.4% |
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 9 October 2026 via checked.be.