BAULARD MICHEL: what changed
What changed
BAULARD MICHEL
filed annual accounts (NBB)
Net result for the year
€70,957
2024 · €67,147+€3,810
Equity
€549,402
2024 · €478,445+€70,957
Cash
€69,536
2024 · €15,359+€54,177
Balance sheet total
€571,588
2024 · €512,750+€58,838
Largest movements
Assets
- Cash +€54,177
up €54,177 (+353%), from €15,359 to €69,536
mainly Net result for the year (+€70,957) and Depreciation (+€27,499)
- Tangible fixed assets +€26,899
up €26,899 (+90.8%), from €29,630 to €56,529
of which Furniture and vehicles: +€28,169
- Receivables within one year -€20,821
down €20,821 (-77.8%), from €26,747 to €5,926
of which Other amounts receivable: -€16,829
Equity and liabilities
- Reserves +€70,957
up €70,957 (+15.9%), from €445,890 to €516,847
Income statement
- Gross operating margin +€22,088
up €22,088 (+22.5%), from €98,257 to €120,344
- Depreciation +€9,451
up €9,451 (+52.4%), from €18,049 to €27,499
- Taxes +€5,687
up €5,687 (+21.7%), from €26,179 to €31,866
- Financial charges +€1,956
up €1,956, from -€1,692 to €264
- Financial income -€1,479
down €1,479 (-11.3%), from €13,129 to €11,650
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€67,147
Gross operating margin
+€22,088
Staff costs
-€205
Depreciation
-€9,451
Other operating charges
+€499
Financial income
-€1,479
Financial charges
-€1,956
Taxes
-€5,687
Result 2025
€70,957
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€109,564
Investment
-€52,000
Financing
-€3,386
Cash 2024
€15,359
From operations (derived)
+€109,564
Net result for the year
+€70,957
Depreciation
+€27,499
Receivables within one year
+€20,821
Deferred charges and accrued income
-€981
Trade debts
-€1,004
Tax, wage and social debts
-€5,619
Other debts
-€281
Accrued charges and deferred income
-€1,828
Investment (derived)
-€52,000
Investment in fixed assets (net)
-€54,398
Current investments
+€2,397
Financing
-€3,386
Current portion of long-term debt
-€3,386
Cash 2025
€69,536
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €512,750 | €571,588 | +€58,838 | +11.5% |
| Fixed assets | 21/28 | €29,696 | €56,595 | +€26,899 | +90.6% |
| Tangible fixed assets | 22/27 | €29,630 | €56,529 | +€26,899 | +90.8% |
| Furniture and vehicles | 24 | €25,233 | €53,402 | +€28,169 | +112% |
| Other tangible fixed assets | 26 | €4,397 | €3,127 | -€1,270 | -28.9% |
| Financial fixed assets | 28 | €66 | €66 | = | 0.0% |
| Current assets | 29/58 | €483,054 | €514,993 | +€31,939 | +6.6% |
| Amounts receivable within one year | 40/41 | €26,747 | €5,926 | -€20,821 | -77.8% |
| Trade receivables | 40 | €4,000 | €8 | -€3,992 | -99.8% |
| Other amounts receivable | 41 | €22,747 | €5,918 | -€16,829 | -74.0% |
| Current investments | 50/53 | €439,738 | €437,341 | -€2,397 | -0.5% |
| Cash at bank and in hand | 54/58 | €15,359 | €69,536 | +€54,177 | +353% |
| Deferred charges and accrued income | 490/1 | €1,210 | €2,191 | +€981 | +81.1% |
| Total equity and liabilities | 10/49 | €512,750 | €571,588 | +€58,838 | +11.5% |
| Equity | 10/15 | €478,445 | €549,402 | +€70,957 | +14.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €445,890 | €516,847 | +€70,957 | +15.9% |
| Distributable reserves | 133 | €445,890 | €516,847 | +€70,957 | +15.9% |
| Profit (loss) carried forward | 14 | €20,155 | €20,155 | = | 0.0% |
| Amounts payable | 17/49 | €34,304 | €22,186 | -€12,118 | -35.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €28,476 | €18,186 | -€10,290 | -36.1% |
| Current portion of amounts payable after more than one year | 42 | €3,386 | €0 | -€3,386 | -100% |
| Trade debts | 44 | €1,056 | €52 | -€1,004 | -95.1% |
| Suppliers | 440/4 | €1,056 | €52 | -€1,004 | -95.1% |
| Taxes, remuneration and social security | 45 | €12,715 | €7,096 | -€5,619 | -44.2% |
| Taxes | 450/3 | €12,715 | €7,096 | -€5,619 | -44.2% |
| Other amounts payable | 47/48 | €11,320 | €11,038 | -€281 | -2.5% |
| Accrued charges and deferred income | 492/3 | €5,828 | €4,000 | -€1,828 | -31.4% |
| Remuneration, social security and pensions | 62 | €398 | €602 | +€205 | +51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,049 | €27,499 | +€9,451 | +52.4% |
| Other operating charges | 640/8 | €1,306 | €807 | -€499 | -38.2% |
| Gross operating margin | 9900 | €98,257 | €120,344 | +€22,088 | +22.5% |
| Operating profit (loss) | 9901 | €78,505 | €91,436 | +€12,931 | +16.5% |
| Financial income | 75/76B | €13,129 | €11,650 | -€1,479 | -11.3% |
| Recurring financial income | 75 | €13,129 | €11,650 | -€1,479 | -11.3% |
| Financial charges | 65/66B | -€1,692 | €264 | +€1,956 | |
| Recurring financial charges | 65 | -€1,692 | €264 | +€1,956 | |
| Profit (loss) for the period before taxes | 9903 | €93,326 | €102,823 | +€9,496 | +10.2% |
| Income taxes | 67/77 | €26,179 | €31,866 | +€5,687 | +21.7% |
| Profit (loss) for the period | 9904 | €67,147 | €70,957 | +€3,810 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €67,147 | €70,957 | +€3,810 | +5.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.