Carlo Baeten: what changed
Carlo Baeten
Largest movements
- Cash +€3,218
up €3,218 (+26.5%), from €12,146 to €15,364
mainly Trade debts (+€2,815) and Tax, wage and social debts (+€1,698)
- Receivables within one year +€2,170
up €2,170 (+23.3%), from €9,297 to €11,467
of which Trade receivables: +€3,539
- Tangible fixed assets -€1,294
down €1,294 (-42.5%), from €3,045 to €1,752
of which Land and buildings: -€901
- Deferred charges and accrued income +€604
up €604 (+15.2%), from €3,978 to €4,583
- Trade debts +€2,815
up €2,815 (+275%), from €1,024 to €3,839
- Tax, wage and social debts +€1,698
up €1,698 (+214%), from €794 to €2,491
- Gross operating margin -€918
down €918 (-21.7%), from €4,232 to €3,314
- Other operating charges -€848
down €848 (-59.1%), from €1,433 to €586
- Taxes +€369
up €369 (+290%), from €127 to €497
- Financial charges -€205
down €205 (-22.7%), from €901 to €696
- Depreciation -€145
down €145 (-10.1%), from €1,439 to €1,294
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,467 | €33,165 | +€4,698 | +16.5% |
| Fixed assets | 21/28 | €3,045 | €1,752 | -€1,294 | -42.5% |
| Tangible fixed assets | 22/27 | €3,045 | €1,752 | -€1,294 | -42.5% |
| Land and buildings | 22 | €1,800 | €899 | -€901 | -50.0% |
| Plant, machinery and equipment | 23 | €1,246 | €853 | -€393 | -31.5% |
| Current assets | 29/58 | €25,421 | €31,413 | +€5,992 | +23.6% |
| Amounts receivable within one year | 40/41 | €9,297 | €11,467 | +€2,170 | +23.3% |
| Trade receivables | 40 | €7,424 | €10,964 | +€3,539 | +47.7% |
| Other amounts receivable | 41 | €1,873 | €503 | -€1,369 | -73.1% |
| Cash at bank and in hand | 54/58 | €12,146 | €15,364 | +€3,218 | +26.5% |
| Deferred charges and accrued income | 490/1 | €3,978 | €4,583 | +€604 | +15.2% |
| Total equity and liabilities | 10/49 | €28,467 | €33,165 | +€4,698 | +16.5% |
| Equity | 10/15 | €16,762 | €17,005 | +€243 | +1.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €16,559 | €16,559 | = | 0.0% |
| Distributable reserves | 133 | €16,559 | €16,559 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,796 | -€4,554 | +€243 | +5.1% |
| Amounts payable | 17/49 | €11,705 | €16,160 | +€4,456 | +38.1% |
| Amounts payable within one year | 42/48 | €11,705 | €16,160 | +€4,456 | +38.1% |
| Trade debts | 44 | €1,024 | €3,839 | +€2,815 | +275% |
| Suppliers | 440/4 | €1,024 | €3,839 | +€2,815 | +275% |
| Taxes, remuneration and social security | 45 | €794 | €2,491 | +€1,698 | +214% |
| Taxes | 450/3 | €794 | €2,491 | +€1,698 | +214% |
| Other amounts payable | 47/48 | €9,886 | €9,829 | -€57 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,439 | €1,294 | -€145 | -10.1% |
| Other operating charges | 640/8 | €1,433 | €586 | -€848 | -59.1% |
| Gross operating margin | 9900 | €4,232 | €3,314 | -€918 | -21.7% |
| Operating profit (loss) | 9901 | €1,361 | €1,435 | +€75 | +5.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €901 | €696 | -€205 | -22.7% |
| Recurring financial charges | 65 | €901 | €696 | -€205 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €460 | €740 | +€280 | +60.8% |
| Income taxes | 67/77 | €127 | €497 | +€369 | +290% |
| Profit (loss) for the period | 9904 | €332 | €243 | -€90 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €332 | €243 | -€90 | -27.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.