BAUDOIN: 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.
BAUDOIN
Largest movements
- Tangible fixed assets -€84,067
down €84,067 (-17.3%), from €485,632 to €401,565
of which Plant, machinery and equipment: -€68,302
- Stocks and contracts +€47,154
up €47,154 (+160%), from €29,446 to €76,601
- Cash -€18,742
down €18,742 (-9.9%), from €188,426 to €169,684
mainly Contributions, distributions and other (-€75,410) and Stocks and contracts (-€47,154)
- Receivables within one year +€15,957
up €15,957 (+173%), from €9,202 to €25,158
of which Trade receivables: +€10,627
- Reserves -€68,350
down €68,350 (-26.2%), from €260,625 to €192,275
of which Distributable reserves: -€60,100
- Other debts +€67,122
up €67,122 (+789%), from €8,502 to €75,624
- Debts after one year -€19,929
down €19,929 (-19.4%), from €102,857 to €82,929
of which Financial debts: -€11,429
- Tax, wage and social debts -€9,773
down €9,773 (-62.7%), from €15,596 to €5,823
- Gross operating margin -€152,990
down €152,990 (-54.4%), from €281,144 to €128,154
- Taxes -€7,923
down €7,923 (-65.2%), from €12,144 to €4,222
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 | €712,705 | €673,007 | -€39,698 | -5.6% |
| Fixed assets | 21/28 | €485,632 | €401,565 | -€84,067 | -17.3% |
| Tangible fixed assets | 22/27 | €485,632 | €401,565 | -€84,067 | -17.3% |
| Land and buildings | 22 | €3,837 | €3,331 | -€506 | -13.2% |
| Plant, machinery and equipment | 23 | €384,514 | €316,212 | -€68,302 | -17.8% |
| Furniture and vehicles | 24 | €5,006 | - | -€5,006 | |
| Other tangible fixed assets | 26 | €92,274 | €82,022 | -€10,253 | -11.1% |
| Current assets | 29/58 | €227,074 | €271,442 | +€44,369 | +19.5% |
| Stocks and contracts in progress | 3 | €29,446 | €76,601 | +€47,154 | +160% |
| Stocks | 30/36 | €29,446 | €76,601 | +€47,154 | +160% |
| Amounts receivable within one year | 40/41 | €9,202 | €25,158 | +€15,957 | +173% |
| Trade receivables | 40 | €9,045 | €19,671 | +€10,627 | +117% |
| Other amounts receivable | 41 | €157 | €5,487 | +€5,330 | +3,393% |
| Cash at bank and in hand | 54/58 | €188,426 | €169,684 | -€18,742 | -9.9% |
| Total equity and liabilities | 10/49 | €712,705 | €673,007 | -€39,698 | -5.6% |
| Equity | 10/15 | €522,027 | €450,336 | -€71,691 | -13.7% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €260,625 | €192,275 | -€68,350 | -26.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €125,625 | €117,375 | -€8,250 | -6.6% |
| Distributable reserves | 133 | €133,000 | €72,900 | -€60,100 | -45.2% |
| Profit (loss) carried forward | 14 | €78,675 | €78,744 | +€69 | +0.1% |
| Investment grants | 15 | €12,727 | €9,317 | -€3,410 | -26.8% |
| Provisions and deferred taxes | 16 | €41,875 | €39,125 | -€2,750 | -6.6% |
| Deferred taxes | 168 | €41,875 | €39,125 | -€2,750 | -6.6% |
| Amounts payable | 17/49 | €148,803 | €183,547 | +€34,743 | +23.3% |
| Amounts payable after more than one year | 17 | €102,857 | €82,929 | -€19,929 | -19.4% |
| Financial debts | 170/4 | €22,857 | €11,429 | -€11,429 | -50.0% |
| Other amounts payable | 178/9 | €80,000 | €71,500 | -€8,500 | -10.6% |
| Amounts payable within one year | 42/48 | €45,946 | €100,618 | +€54,672 | +119% |
| Current portion of amounts payable after more than one year | 42 | €11,429 | €11,429 | = | 0.0% |
| Trade debts | 44 | €5,681 | €3,005 | -€2,677 | -47.1% |
| Suppliers | 440/4 | €5,681 | €3,005 | -€2,677 | -47.1% |
| Advances received on contracts in progress | 46 | €4,738 | €4,738 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €15,596 | €5,823 | -€9,773 | -62.7% |
| Taxes | 450/3 | €15,596 | €5,823 | -€9,773 | -62.7% |
| Other amounts payable | 47/48 | €8,502 | €75,624 | +€67,122 | +789% |
| Non-recurring operating income | 76A | €134,500 | €10,000 | -€124,500 | -92.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,062 | €118,537 | -€525 | -0.4% |
| Other operating charges | 640/8 | €1,722 | €2,088 | +€367 | +21.3% |
| Gross operating margin | 9900 | €281,144 | €128,154 | -€152,990 | -54.4% |
| Operating profit (loss) | 9901 | €160,360 | €7,529 | -€152,832 | -95.3% |
| Financial income | 75/76B | €3,833 | €3,433 | -€400 | -10.4% |
| Recurring financial income | 75 | €3,833 | €3,433 | -€400 | -10.4% |
| Financial charges | 65/66B | €7,321 | €5,771 | -€1,550 | -21.2% |
| Recurring financial charges | 65 | €7,321 | €5,771 | -€1,550 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €156,872 | €5,190 | -€151,682 | -96.7% |
| Transfer from deferred taxes | 780 | €2,750 | €2,750 | = | 0.0% |
| Transfer to deferred taxes | 680 | €33,625 | - | -€33,625 | |
| Income taxes | 67/77 | €12,144 | €4,222 | -€7,923 | -65.2% |
| Profit (loss) for the period | 9904 | €113,853 | €3,719 | -€110,134 | -96.7% |
| Transfer from tax-exempt reserves | 789 | €8,250 | €8,250 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €100,875 | - | -€100,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,228 | €11,969 | -€9,259 | -43.6% |
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 13 October 2026 via checked.be.