BAUDOUIN: 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.
BAUDOUIN
Largest movements
- Cash +€53,927
up €53,927 (+4021.3%), from €1,341 to €55,268
mainly Other debts (+€217,408) and Tax, wage and social debts (+€26,552)
- Receivables within one year +€47,638
up €47,638 (+791.7%), from €6,017 to €53,654
of which Other amounts receivable: +€24,935
- Other debts +€217,408
up €217,408 (+117.4%), from €185,245 to €402,653
- Debts after one year -€146,428
down €146,428 (-12.3%), from €1.2m to €1.0m
- Financial charges -€266,288
down €266,288 (-90.9%), from €292,800 to €26,513
of which Non-recurring financial charges: -€290,943
- Gross operating margin +€144,177
up €144,177, from -€136,458 to €7,719
- Financial income +€6,667
up €6,667 (+301.3%), from €2,212 to €8,879
- Other operating charges -€1,889
down €1,889 (-18.6%), from €10,158 to €8,269
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 | €4,635,445 | €4,731,238 | +€95,792 | +2.1% |
| Fixed assets | 21/28 | €4,626,959 | €4,621,305 | -€5,655 | -0.1% |
| Tangible fixed assets | 22/27 | €24,039 | €18,385 | -€5,655 | -23.5% |
| Furniture and vehicles | 24 | €1,482 | €469 | -€1,013 | -68.3% |
| Other tangible fixed assets | 26 | €22,557 | €17,915 | -€4,642 | -20.6% |
| Financial fixed assets | 28 | €4,602,920 | €4,602,920 | = | 0.0% |
| Current assets | 29/58 | €8,486 | €109,933 | +€101,447 | +1195.5% |
| Amounts receivable within one year | 40/41 | €6,017 | €53,654 | +€47,638 | +791.7% |
| Trade receivables | 40 | - | €22,703 | +€22,703 | |
| Other amounts receivable | 41 | €6,017 | €30,952 | +€24,935 | +414.4% |
| Cash at bank and in hand | 54/58 | €1,341 | €55,268 | +€53,927 | +4021.3% |
| Deferred charges and accrued income | 490/1 | €1,128 | €1,011 | -€117 | -10.4% |
| Total equity and liabilities | 10/49 | €4,635,445 | €4,731,238 | +€95,792 | +2.1% |
| Equity | 10/15 | €3,253,398 | €3,229,559 | -€23,839 | -0.7% |
| Contributions | 10/11 | €2,169,500 | €2,169,500 | = | 0.0% |
| Reserves | 13 | €1,083,898 | €1,060,059 | -€23,839 | -2.2% |
| Non-distributable reserves | 130/1 | €469,744 | €469,744 | = | 0.0% |
| Other | 1319 | €469,744 | €469,744 | = | 0.0% |
| Distributable reserves | 133 | €614,154 | €590,315 | -€23,839 | -3.9% |
| Amounts payable | 17/49 | €1,382,047 | €1,501,679 | +€119,632 | +8.7% |
| Amounts payable after more than one year | 17 | €1,187,189 | €1,040,762 | -€146,428 | -12.3% |
| Financial debts | 170/4 | €1,187,189 | €1,040,762 | -€146,428 | -12.3% |
| Amounts payable within one year | 42/48 | €192,998 | €439,709 | +€246,711 | +127.8% |
| Trade debts | 44 | €4,696 | €7,447 | +€2,752 | +58.6% |
| Suppliers | 440/4 | €4,696 | €7,447 | +€2,752 | +58.6% |
| Taxes, remuneration and social security | 45 | €3,056 | €29,608 | +€26,552 | +868.7% |
| Taxes | 450/3 | €3,056 | €29,608 | +€26,552 | +868.7% |
| Other amounts payable | 47/48 | €185,245 | €402,653 | +€217,408 | +117.4% |
| Accrued charges and deferred income | 492/3 | €1,860 | €21,209 | +€19,348 | +1040.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,887 | €5,655 | -€232 | -3.9% |
| Other operating charges | 640/8 | €10,158 | €8,269 | -€1,889 | -18.6% |
| Non-recurring operating charges | 66A | €75 | - | -€75 | |
| Gross operating margin | 9900 | -€136,458 | €7,719 | +€144,177 | |
| Operating profit (loss) | 9901 | -€152,578 | -€6,206 | +€146,373 | +95.9% |
| Financial income | 75/76B | €2,212 | €8,879 | +€6,667 | +301.3% |
| Recurring financial income | 75 | €2,212 | €8,879 | +€6,667 | +301.3% |
| Financial charges | 65/66B | €292,800 | €26,513 | -€266,288 | -90.9% |
| Recurring financial charges | 65 | €1,857 | €26,513 | +€24,656 | +1327.6% |
| Non-recurring financial charges | 66B | €290,943 | - | -€290,943 | |
| Profit (loss) for the period before taxes | 9903 | -€443,166 | -€23,839 | +€419,327 | +94.6% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€443,166 | -€23,839 | +€419,327 | +94.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€443,166 | -€23,839 | +€419,327 | +94.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.