Baut Victor: 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.
Baut Victor
Largest movements
- Tangible fixed assets -€29,582
down €29,582 (-3.0%), from €975,527 to €945,945
of which Land and buildings: -€26,665
- Reserves -€25,000
down €25,000 (-5.5%), from €456,869 to €431,869
- Debts after one year -€10,023
down €10,023 (-18.6%), from €53,891 to €43,868
- Gross operating margin +€1,023
up €1,023 (+2.5%), from €41,430 to €42,454
- Taxes +€458
up €458 (+33.1%), from €1,384 to €1,842
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.
Derived cash bridge
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 | €976,930 | €947,234 | -€29,697 | -3.0% |
| Fixed assets | 21/28 | €975,651 | €946,069 | -€29,582 | -3.0% |
| Tangible fixed assets | 22/27 | €975,527 | €945,945 | -€29,582 | -3.0% |
| Land and buildings | 22 | €923,224 | €896,559 | -€26,665 | -2.9% |
| Plant, machinery and equipment | 23 | €52,302 | €49,386 | -€2,916 | -5.6% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €1,280 | €1,165 | -€115 | -9.0% |
| Cash at bank and in hand | 54/58 | €394 | €277 | -€117 | -29.8% |
| Deferred charges and accrued income | 490/1 | €886 | €888 | +€3 | +0.3% |
| Total equity and liabilities | 10/49 | €976,930 | €947,234 | -€29,697 | -3.0% |
| Equity | 10/15 | €864,860 | €843,766 | -€21,094 | -2.4% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €456,869 | €431,869 | -€25,000 | -5.5% |
| Distributable reserves | 133 | €456,869 | €431,869 | -€25,000 | -5.5% |
| Profit (loss) carried forward | 14 | €282,991 | €286,897 | +€3,906 | +1.4% |
| Amounts payable | 17/49 | €112,070 | €103,468 | -€8,603 | -7.7% |
| Amounts payable after more than one year | 17 | €53,891 | €43,868 | -€10,023 | -18.6% |
| Financial debts | 170/4 | €53,891 | €43,868 | -€10,023 | -18.6% |
| Amounts payable within one year | 42/48 | €58,179 | €59,600 | +€1,421 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €9,912 | €10,023 | +€111 | +1.1% |
| Trade debts | 44 | - | €236 | +€236 | |
| Suppliers | 440/4 | - | €236 | +€236 | |
| Taxes, remuneration and social security | 45 | €1,803 | €2,225 | +€423 | +23.5% |
| Taxes | 450/3 | €1,803 | €2,225 | +€423 | +23.5% |
| Other amounts payable | 47/48 | €46,464 | €47,115 | +€651 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,582 | €29,582 | = | 0.0% |
| Other operating charges | 640/8 | €6,449 | €6,291 | -€158 | -2.4% |
| Gross operating margin | 9900 | €41,430 | €42,454 | +€1,023 | +2.5% |
| Operating profit (loss) | 9901 | €5,400 | €6,581 | +€1,181 | +21.9% |
| Financial charges | 65/66B | €970 | €833 | -€137 | -14.1% |
| Recurring financial charges | 65 | €970 | €833 | -€137 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €4,430 | €5,748 | +€1,318 | +29.8% |
| Income taxes | 67/77 | €1,384 | €1,842 | +€458 | +33.1% |
| Profit (loss) for the period | 9904 | €3,046 | €3,906 | +€860 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,046 | €3,906 | +€860 | +28.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.