Baron P: 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 P
Largest movements
- Tangible fixed assets +€47,856
up €47,856 (+52.9%), from €90,432 to €138,289
of which Furniture and vehicles: +€44,019
- Current investments +€36,000
up €36,000 (+37.8%), from €95,252 to €131,251
- Cash -€19,224
down €19,224 (-11.3%), from €170,559 to €151,335
mainly Investment in fixed assets (net) (-€66,937) and Current investments (-€36,000)
- Deferred charges and accrued income -€7,320
no longer reported in 2026 (was €7,320)
- Intangible fixed assets -€7,091
down €7,091 (-3.5%), from €201,345 to €194,254
- Debts after one year +€24,956
new in 2026: €24,956
- Reserves +€10,500
up €10,500 (+191%), from €5,502 to €16,002
of which Distributable reserves: +€10,500
- Current portion of long-term debt +€9,849
new in 2026: €9,849
- Staff costs -€56,825
down €56,825 (-50.8%), from €111,895 to €55,070
- Gross operating margin -€32,926
down €32,926 (-23.9%), from €138,040 to €105,114
- Depreciation +€9,979
up €9,979 (+61.6%), from €16,194 to €26,172
- Financial charges +€8,090
up €8,090 (+412%), from €1,962 to €10,051
- Taxes -€3,169
down €3,169 (-77.8%), from €4,073 to €904
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €622,290 | €677,339 | +€55,049 | +8.8% |
| Fixed assets | 21/28 | €291,777 | €332,542 | +€40,765 | +14.0% |
| Intangible fixed assets | 21 | €201,345 | €194,254 | -€7,091 | -3.5% |
| Tangible fixed assets | 22/27 | €90,432 | €138,289 | +€47,856 | +52.9% |
| Land and buildings | 22 | €88,449 | €92,742 | +€4,293 | +4.9% |
| Plant, machinery and equipment | 23 | €1,367 | €911 | -€456 | -33.4% |
| Furniture and vehicles | 24 | €617 | €44,636 | +€44,019 | +7,135% |
| Current assets | 29/58 | €330,513 | €344,797 | +€14,284 | +4.3% |
| Stocks and contracts in progress | 3 | €42,228 | €42,228 | = | 0.0% |
| Stocks | 30/36 | €42,228 | €42,228 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,154 | €19,982 | +€4,828 | +31.9% |
| Trade receivables | 40 | €13,594 | €17,650 | +€4,055 | +29.8% |
| Other amounts receivable | 41 | €1,560 | €2,332 | +€773 | +49.5% |
| Current investments | 50/53 | €95,252 | €131,251 | +€36,000 | +37.8% |
| Cash at bank and in hand | 54/58 | €170,559 | €151,335 | -€19,224 | -11.3% |
| Deferred charges and accrued income | 490/1 | €7,320 | - | -€7,320 | |
| Total equity and liabilities | 10/49 | €622,290 | €677,339 | +€55,049 | +8.8% |
| Equity | 10/15 | €467,302 | €477,802 | +€10,500 | +2.2% |
| Contributions | 10/11 | €461,800 | €461,800 | = | 0.0% |
| Reserves | 13 | €5,502 | €16,002 | +€10,500 | +191% |
| Non-distributable reserves | 130/1 | €1,907 | €1,907 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,907 | €1,907 | = | 0.0% |
| Distributable reserves | 133 | €3,595 | €14,095 | +€10,500 | +292% |
| Amounts payable | 17/49 | €154,988 | €199,537 | +€44,549 | +28.7% |
| Amounts payable after more than one year | 17 | - | €24,956 | +€24,956 | |
| Financial debts | 170/4 | - | €24,956 | +€24,956 | |
| Amounts payable within one year | 42/48 | €154,988 | €168,055 | +€13,067 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | - | €9,849 | +€9,849 | |
| Trade debts | 44 | €9,500 | €14,806 | +€5,306 | +55.8% |
| Suppliers | 440/4 | €9,500 | €14,806 | +€5,306 | +55.8% |
| Taxes, remuneration and social security | 45 | €15,116 | €9,985 | -€5,131 | -33.9% |
| Taxes | 450/3 | €3,907 | €4,677 | +€770 | +19.7% |
| Remuneration and social security | 454/9 | €11,209 | €5,308 | -€5,901 | -52.6% |
| Other amounts payable | 47/48 | €130,372 | €133,416 | +€3,044 | +2.3% |
| Accrued charges and deferred income | 492/3 | - | €6,525 | +€6,525 | |
| Non-recurring operating income | 76A | €8,184 | - | -€8,184 | |
| Remuneration, social security and pensions | 62 | €111,895 | €55,070 | -€56,825 | -50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,194 | €26,172 | +€9,979 | +61.6% |
| Other operating charges | 640/8 | €3,255 | €3,466 | +€211 | +6.5% |
| Gross operating margin | 9900 | €138,040 | €105,114 | -€32,926 | -23.9% |
| Operating profit (loss) | 9901 | €6,695 | €20,405 | +€13,709 | +205% |
| Financial income | 75/76B | €1,479 | €1,051 | -€428 | -29.0% |
| Recurring financial income | 75 | €1,479 | €1,051 | -€428 | -29.0% |
| Financial charges | 65/66B | €1,962 | €10,051 | +€8,090 | +412% |
| Recurring financial charges | 65 | €1,962 | €10,051 | +€8,090 | +412% |
| Profit (loss) for the period before taxes | 9903 | €6,213 | €11,404 | +€5,192 | +83.6% |
| Income taxes | 67/77 | €4,073 | €904 | -€3,169 | -77.8% |
| Profit (loss) for the period | 9904 | €2,140 | €10,500 | +€8,360 | +391% |
| Profit (loss) for the period to be appropriated | 9905 | €2,140 | €10,500 | +€8,360 | +391% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.