Birgit Baeke: 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.
Birgit Baeke
Largest movements
- Receivables within one year -€61,467
down €61,467 (-74.5%), from €82,543 to €21,076
of which Trade receivables: -€44,323
- Tangible fixed assets -€7,900
down €7,900 (-28.9%), from €27,360 to €19,460
of which Furniture and vehicles: -€7,900
- Receivables after one year -€5,183
down €5,183 (-17.2%), from €30,081 to €24,898
- Reserves -€56,263
down €56,263 (-48.8%), from €115,228 to €58,964
- Debts after one year -€8,048
down €8,048 (-38.8%), from €20,737 to €12,690
- Profit (loss) carried forward -€6,119
down €6,119, from €0 to -€6,119
- Current portion of long-term debt -€4,725
down €4,725 (-37.0%), from €12,773 to €8,048
- Gross operating margin -€111,887
down €111,887 (-97.8%), from €114,417 to €2,530
- Taxes -€23,319
down €23,319 (-99.1%), from €23,519 to €200
- Staff costs -€21,896
down €21,896 (-99.1%), from €22,102 to €206
- Other operating charges -€1,588
down €1,588 (-59.2%), from €2,685 to €1,097
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 | €173,674 | €98,641 | -€75,033 | -43.2% |
| Fixed assets | 21/28 | €35,760 | €27,860 | -€7,900 | -22.1% |
| Tangible fixed assets | 22/27 | €27,360 | €19,460 | -€7,900 | -28.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €27,360 | €19,460 | -€7,900 | -28.9% |
| Financial fixed assets | 28 | €8,400 | €8,400 | = | 0.0% |
| Current assets | 29/58 | €137,914 | €70,781 | -€67,133 | -48.7% |
| Amounts receivable after more than one year | 29 | €30,081 | €24,898 | -€5,183 | -17.2% |
| Other amounts receivable | 291 | €30,081 | €24,898 | -€5,183 | -17.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €82,543 | €21,076 | -€61,467 | -74.5% |
| Trade receivables | 40 | €44,323 | €0 | -€44,323 | -100.0% |
| Other amounts receivable | 41 | €38,220 | €21,076 | -€17,144 | -44.9% |
| Cash at bank and in hand | 54/58 | €23,860 | €24,439 | +€579 | +2.4% |
| Deferred charges and accrued income | 490/1 | €1,430 | €368 | -€1,062 | -74.3% |
| Total equity and liabilities | 10/49 | €173,674 | €98,641 | -€75,033 | -43.2% |
| Equity | 10/15 | €133,828 | €71,445 | -€62,383 | -46.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €115,228 | €58,964 | -€56,263 | -48.8% |
| Distributable reserves | 133 | €115,228 | €58,964 | -€56,263 | -48.8% |
| Profit (loss) carried forward | 14 | €0 | -€6,119 | -€6,119 | |
| Amounts payable | 17/49 | €39,846 | €27,196 | -€12,650 | -31.7% |
| Amounts payable after more than one year | 17 | €20,737 | €12,690 | -€8,048 | -38.8% |
| Financial debts | 170/4 | €20,737 | €12,690 | -€8,048 | -38.8% |
| Amounts payable within one year | 42/48 | €19,108 | €14,506 | -€4,602 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €12,773 | €8,048 | -€4,725 | -37.0% |
| Trade debts | 44 | €245 | €7 | -€238 | -97.2% |
| Suppliers | 440/4 | €245 | €7 | -€238 | -97.2% |
| Taxes, remuneration and social security | 45 | €6,091 | €6,091 | = | 0.0% |
| Taxes | 450/3 | €6,091 | €6,091 | = | 0.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €361 | +€361 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €70,099 | €0 | -€70,099 | -100.0% |
| Remuneration, social security and pensions | 62 | €22,102 | €206 | -€21,896 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,900 | €7,900 | = | 0.0% |
| Other operating charges | 640/8 | €2,685 | €1,097 | -€1,588 | -59.2% |
| Gross operating margin | 9900 | €114,417 | €2,530 | -€111,887 | -97.8% |
| Operating profit (loss) | 9901 | €81,731 | -€6,672 | -€88,403 | |
| Financial income | 75/76B | €2,724 | €1,986 | -€739 | -27.1% |
| Recurring financial income | 75 | €2,724 | €1,986 | -€739 | -27.1% |
| Financial charges | 65/66B | €2,145 | €1,324 | -€821 | -38.3% |
| Recurring financial charges | 65 | €2,145 | €1,324 | -€821 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €82,310 | -€6,011 | -€88,321 | |
| Income taxes | 67/77 | €23,519 | €200 | -€23,319 | -99.1% |
| Profit (loss) for the period | 9904 | €58,791 | -€6,211 | -€65,002 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,791 | -€6,211 | -€65,002 |
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 8 October 2026 via checked.be.