BARONIE: what changed
Two fiscal 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.
What changed
BARONIE
NACE 64.210, Activities of holding companies
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€96.8m
31-12-2024 · €142.9m-€46.1m
Equity
€391.0m
31-12-2024 · €294.2m+€96.8m
Cash
€2.6m
31-12-2024 · €351,636+€2.2m
Balance sheet total
€450.6m
31-12-2024 · €471.8m-€21.2m
Largest movements
Assets
- Financial fixed assets -€46.7m
down €46.7m (-12.5%), from €373.1m to €326.3m
of which Affiliated companies: -€46.7m
- Receivables within one year +€19.4m
up €19.4m (+20.1%), from €96.4m to €115.8m
of which Other amounts receivable: +€20.7m
Equity and liabilities
- Reserves +€96.8m
up €96.8m (+32.9%), from €294.1m to €390.9m
of which Distributable reserves: +€97.8m
- Short-term financial debts -€81.6m
down €81.6m (-97.3%), from €83.8m to €2.2m
- Debts after one year -€25.0m
no longer reported in 2025 (was €25.0m)
- Other debts -€10.3m
down €10.3m (-15.3%), from €67.1m to €56.8m
Income statement
- Financial income -€50.2m
down €50.2m (-32.9%), from €152.4m to €102.2m
- Financial charges -€4.4m
down €4.4m (-45.0%), from €9.7m to €5.4m
- Services and other goods +€1.6m
up €1.6m (+56.7%), from €2.9m to €4.5m
- Turnover +€1.3m
up €1.3m (+33.2%), from €4.0m to €5.4m
- Other operating income +€475,020
up €475,020 (+5123.8%), from €9,271 to €484,291
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€142.9m
Turnover
+€1.3m
Other operating income
+€475,020
Services and other goods
-€1.6m
Staff costs
-€99,546
Depreciation
-€346,302
Other operating charges
+€271
Financial income
-€50.2m
Financial charges
+€4.4m
Taxes
-€90,354
Result 31-12-2025
€96.8m
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€66.7m
Investment
+€42.1m
Financing
-€106.6m
Cash 31-12-2024
€351,636
From operations (derived)
+€66.7m
Net result for the year
+€96.8m
Depreciation
+€752,855
Receivables within one year
-€19.4m
Smaller working-capital items
-€148,473
Other debts
-€10.3m
Accrued charges and deferred income
-€989,206
Investment (derived)
+€42.1m
Investment in fixed assets (net)
+€42.1m
Financing
-€106.6m
Debts after one year
-€25.0m
Short-term financial debts
-€81.6m
Cash 31-12-2025
€2.6m
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €471,787,600 | €450,632,603 | -€21.2m | -4.5% |
| Formation expenses | 20 | €66,301 | €22,301 | -€44,000 | -66.4% |
| Fixed assets | 21/28 | €374,155,295 | €331,344,116 | -€42.8m | -11.4% |
| Intangible fixed assets | 21 | €394,741 | €1,152,117 | +€757,376 | +191.9% |
| Tangible fixed assets | 22/27 | €667,428 | €3,843,414 | +€3.2m | +475.9% |
| Furniture and vehicles | 24 | €667,428 | €3,843,414 | +€3.2m | +475.9% |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Financial fixed assets | 28 | €373,093,125 | €326,348,586 | -€46.7m | -12.5% |
| Affiliated companies | 280/1 | €373,093,075 | €326,348,536 | -€46.7m | -12.5% |
| Participating interests | 280 | €270,363,132 | €270,363,132 | = | 0.0% |
| Amounts receivable | 281 | €102,729,944 | €55,985,404 | -€46.7m | -45.5% |
| Other financial fixed assets | 284/8 | €50 | €50 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €97,566,004 | €119,266,186 | +€21.7m | +22.2% |
| Amounts receivable within one year | 40/41 | €96,369,085 | €115,759,312 | +€19.4m | +20.1% |
| Trade receivables | 40 | €4,058,525 | €2,773,816 | -€1.3m | -31.7% |
| Other amounts receivable | 41 | €92,310,561 | €112,985,496 | +€20.7m | +22.4% |
| Cash at bank and in hand | 54/58 | €351,636 | €2,589,416 | +€2.2m | +636.4% |
| Deferred charges and accrued income | 490/1 | €845,283 | €917,458 | +€72,175 | +8.5% |
| Total equity and liabilities | 10/49 | €471,787,600 | €450,632,603 | -€21.2m | -4.5% |
| Equity | 10/15 | €294,204,321 | €390,984,873 | +€96.8m | +32.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €294,142,321 | €390,922,873 | +€96.8m | +32.9% |
| Non-distributable reserves | 130/1 | €1,963,717 | €990,916 | -€972,801 | -49.5% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €1,957,517 | €984,716 | -€972,801 | -49.7% |
| Distributable reserves | 133 | €292,178,605 | €389,931,958 | +€97.8m | +33.5% |
| Amounts payable | 17/49 | €177,583,279 | €59,647,730 | -€117.9m | -66.4% |
| Amounts payable after more than one year | 17 | €25,000,000 | - | -€25.0m | |
| Other amounts payable | 178/9 | €25,000,000 | - | -€25.0m | |
| Amounts payable within one year | 42/48 | €151,522,019 | €59,575,676 | -€91.9m | -60.7% |
| Financial debts | 43 | €83,830,607 | €2,235,090 | -€81.6m | -97.3% |
| Credit institutions | 430/8 | €83,830,607 | €2,235,090 | -€81.6m | -97.3% |
| Trade debts | 44 | €478,452 | €330,467 | -€147,985 | -30.9% |
| Suppliers | 440/4 | €478,452 | €330,467 | -€147,985 | -30.9% |
| Taxes, remuneration and social security | 45 | €159,370 | €231,057 | +€71,686 | +45.0% |
| Taxes | 450/3 | €16,269 | €99,046 | +€82,777 | +508.8% |
| Remuneration and social security | 454/9 | €143,101 | €132,010 | -€11,091 | -7.8% |
| Other amounts payable | 47/48 | €67,053,589 | €56,779,062 | -€10.3m | -15.3% |
| Accrued charges and deferred income | 492/3 | €1,061,260 | €72,054 | -€989,206 | -93.2% |
| Operating income | 70/76A | €4,034,953 | €5,846,620 | +€1.8m | +44.9% |
| Turnover | 70 | €4,025,682 | €5,362,329 | +€1.3m | +33.2% |
| Other operating income | 74 | €9,271 | €484,291 | +€475,020 | +5123.8% |
| Operating charges | 60/66A | €3,775,821 | €5,838,286 | +€2.1m | +54.6% |
| Services and other goods | 61 | €2,850,283 | €4,467,171 | +€1.6m | +56.7% |
| Remuneration, social security and pensions | 62 | €517,787 | €617,333 | +€99,546 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €406,553 | €752,855 | +€346,302 | +85.2% |
| Other operating charges | 640/8 | €1,198 | €927 | -€271 | -22.6% |
| Operating profit (loss) | 9901 | €259,132 | €8,334 | -€250,798 | -96.8% |
| Financial income | 75/76B | €152,387,875 | €102,224,778 | -€50.2m | -32.9% |
| Recurring financial income | 75 | €152,387,875 | €102,224,778 | -€50.2m | -32.9% |
| Income from financial fixed assets | 750 | €149,228,753 | €99,262,825 | -€50.0m | -33.5% |
| Income from current assets | 751 | €2,540,448 | €2,169,131 | -€371,317 | -14.6% |
| Other financial income | 752/9 | €618,675 | €792,822 | +€174,148 | +28.1% |
| Financial charges | 65/66B | €9,744,940 | €5,362,208 | -€4.4m | -45.0% |
| Recurring financial charges | 65 | €9,744,940 | €5,362,208 | -€4.4m | -45.0% |
| Debt charges | 650 | €9,661,577 | €4,238,306 | -€5.4m | -56.1% |
| Other financial charges | 652/9 | €83,363 | €1,123,902 | +€1.0m | +1248.2% |
| Profit (loss) for the period before taxes | 9903 | €142,902,067 | €96,870,904 | -€46.0m | -32.2% |
| Income taxes | 67/77 | -€2 | €90,352 | +€90,354 | |
| Taxes | 670/3 | €0 | €90,352 | +€90,352 | |
| Tax adjustments and reversals of tax provisions | 77 | €2 | - | -€2 | |
| Profit (loss) for the period | 9904 | €142,902,069 | €96,780,552 | -€46.1m | -32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €142,902,069 | €96,780,552 | -€46.1m | -32.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.