Céline Baudry: 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.
Céline Baudry
Largest movements
- Receivables within one year +€14,918
up €14,918 (+35.6%), from €41,944 to €56,861
of which Other amounts receivable: +€15,563
- Cash +€5,464
up €5,464 (+20.4%), from €26,757 to €32,221
mainly Net result for the year (+€21,756) and Depreciation (+€17,397)
- Tangible fixed assets +€5,446
up €5,446 (+1.9%), from €293,336 to €298,782
of which Plant, machinery and equipment: +€12,150
- Profit (loss) carried forward +€21,756
up €21,756 (+23.1%), from €94,173 to €115,929
- Debts after one year -€8,793
down €8,793 (-5.3%), from €165,633 to €156,839
- Current portion of long-term debt +€5,581
up €5,581 (+41.4%), from €13,493 to €19,074
- Trade debts +€5,436
up €5,436 (+41.1%), from €13,227 to €18,663
- Depreciation +€7,177
up €7,177 (+70.2%), from €10,219 to €17,397
- Gross operating margin +€2,033
up €2,033 (+3.8%), from €53,640 to €55,673
- Financial charges +€1,104
up €1,104 (+10.4%), from €10,655 to €11,759
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 | €362,036 | €387,864 | +€25,828 | +7.1% |
| Fixed assets | 21/28 | €293,336 | €298,782 | +€5,446 | +1.9% |
| Tangible fixed assets | 22/27 | €293,336 | €298,782 | +€5,446 | +1.9% |
| Land and buildings | 22 | €282,873 | €277,986 | -€4,887 | -1.7% |
| Plant, machinery and equipment | 23 | €7,087 | €19,236 | +€12,150 | +171% |
| Furniture and vehicles | 24 | €3,376 | €1,560 | -€1,816 | -53.8% |
| Current assets | 29/58 | €68,700 | €89,082 | +€20,382 | +29.7% |
| Amounts receivable within one year | 40/41 | €41,944 | €56,861 | +€14,918 | +35.6% |
| Trade receivables | 40 | €30,597 | €29,952 | -€645 | -2.1% |
| Other amounts receivable | 41 | €11,346 | €26,909 | +€15,563 | +137% |
| Cash at bank and in hand | 54/58 | €26,757 | €32,221 | +€5,464 | +20.4% |
| Total equity and liabilities | 10/49 | €362,036 | €387,864 | +€25,828 | +7.1% |
| Equity | 10/15 | €102,173 | €123,929 | +€21,756 | +21.3% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,173 | €115,929 | +€21,756 | +23.1% |
| Amounts payable | 17/49 | €259,863 | €263,935 | +€4,072 | +1.6% |
| Amounts payable after more than one year | 17 | €165,633 | €156,839 | -€8,793 | -5.3% |
| Financial debts | 170/4 | €165,633 | €156,839 | -€8,793 | -5.3% |
| Amounts payable within one year | 42/48 | €94,230 | €107,096 | +€12,865 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €13,493 | €19,074 | +€5,581 | +41.4% |
| Trade debts | 44 | €13,227 | €18,663 | +€5,436 | +41.1% |
| Suppliers | 440/4 | €13,227 | €18,663 | +€5,436 | +41.1% |
| Taxes, remuneration and social security | 45 | €2,265 | €2,771 | +€506 | +22.4% |
| Taxes | 450/3 | €2,265 | €2,771 | +€506 | +22.4% |
| Other amounts payable | 47/48 | €65,246 | €66,587 | +€1,341 | +2.1% |
| Non-recurring operating income | 76A | - | €117 | +€117 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,219 | €17,397 | +€7,177 | +70.2% |
| Other operating charges | 640/8 | €392 | €42 | -€350 | -89.2% |
| Gross operating margin | 9900 | €53,640 | €55,673 | +€2,033 | +3.8% |
| Operating profit (loss) | 9901 | €43,029 | €38,235 | -€4,794 | -11.1% |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | €10,655 | €11,759 | +€1,104 | +10.4% |
| Recurring financial charges | 65 | €10,655 | €11,759 | +€1,104 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €32,374 | €26,501 | -€5,873 | -18.1% |
| Income taxes | 67/77 | €4,246 | €4,745 | +€498 | +11.7% |
| Profit (loss) for the period | 9904 | €28,127 | €21,756 | -€6,371 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,127 | €21,756 | -€6,371 | -22.7% |
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 25 October 2026 via checked.be.