CHRISTOPHE BAUDONCQ: 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.
CHRISTOPHE BAUDONCQ
Largest movements
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Tangible fixed assets -€49,022
down €49,022 (-12.8%), from €382,088 to €333,066
of which Land and buildings: -€48,568
- Cash +€44,572
up €44,572 (+72.4%), from €61,577 to €106,149
mainly Receivables after one year (+€50,000) and Depreciation (+€49,022)
- Receivables within one year -€11,530
down €11,530 (-72.6%), from €15,872 to €4,341
of which Trade receivables: -€12,330
- Debts after one year -€34,804
down €34,804 (-10.4%), from €333,775 to €298,972
- Reserves -€31,577
down €31,577 (-14.3%), from €220,267 to €188,690
of which Distributable reserves: -€31,577
- Other debts -€12,932
down €12,932 (-64.7%), from €19,975 to €7,043
- Gross operating margin +€21,590
up €21,590 (+29.0%), from €74,490 to €96,079
- Taxes +€8,225
up €8,225 (+3,050%), from €270 to €8,495
- Depreciation -€4,466
down €4,466 (-8.3%), from €53,488 to €49,022
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 | €632,784 | €559,209 | -€73,575 | -11.6% |
| Fixed assets | 21/28 | €382,088 | €333,066 | -€49,022 | -12.8% |
| Tangible fixed assets | 22/27 | €382,088 | €333,066 | -€49,022 | -12.8% |
| Land and buildings | 22 | €381,634 | €333,066 | -€48,568 | -12.7% |
| Plant, machinery and equipment | 23 | €454 | - | -€454 | |
| Current assets | 29/58 | €250,696 | €226,143 | -€24,553 | -9.8% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €15,872 | €4,341 | -€11,530 | -72.6% |
| Trade receivables | 40 | €13,798 | €1,468 | -€12,330 | -89.4% |
| Other amounts receivable | 41 | €2,074 | €2,873 | +€800 | +38.6% |
| Current investments | 50/53 | €119,509 | €114,150 | -€5,359 | -4.5% |
| Cash at bank and in hand | 54/58 | €61,577 | €106,149 | +€44,572 | +72.4% |
| Deferred charges and accrued income | 490/1 | €3,738 | €1,503 | -€2,236 | -59.8% |
| Total equity and liabilities | 10/49 | €632,784 | €559,209 | -€73,575 | -11.6% |
| Equity | 10/15 | €237,537 | €205,959 | -€31,577 | -13.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €220,267 | €188,690 | -€31,577 | -14.3% |
| Tax-exempt reserves | 132 | €17,250 | €17,250 | = | 0.0% |
| Distributable reserves | 133 | €203,017 | €171,440 | -€31,577 | -15.6% |
| Profit (loss) carried forward | 14 | €4,869 | €4,869 | = | 0.0% |
| Amounts payable | 17/49 | €395,248 | €353,250 | -€41,998 | -10.6% |
| Amounts payable after more than one year | 17 | €333,775 | €298,972 | -€34,804 | -10.4% |
| Financial debts | 170/4 | €333,775 | €298,972 | -€34,804 | -10.4% |
| Amounts payable within one year | 42/48 | €60,905 | €52,781 | -€8,125 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €35,912 | €36,572 | +€660 | +1.8% |
| Trade debts | 44 | €5,019 | €8,342 | +€3,323 | +66.2% |
| Suppliers | 440/4 | €5,019 | €8,342 | +€3,323 | +66.2% |
| Taxes, remuneration and social security | 45 | - | €824 | +€824 | |
| Taxes | 450/3 | - | €824 | +€824 | |
| Other amounts payable | 47/48 | €19,975 | €7,043 | -€12,932 | -64.7% |
| Accrued charges and deferred income | 492/3 | €567 | €1,498 | +€931 | +164% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,488 | €49,022 | -€4,466 | -8.3% |
| Other operating charges | 640/8 | €11,139 | €11,630 | +€491 | +4.4% |
| Gross operating margin | 9900 | €74,490 | €96,079 | +€21,590 | +29.0% |
| Operating profit (loss) | 9901 | €9,862 | €35,427 | +€25,564 | +259% |
| Financial income | 75/76B | €5,166 | €4,603 | -€563 | -10.9% |
| Recurring financial income | 75 | €5,166 | €4,603 | -€563 | -10.9% |
| Financial charges | 65/66B | €10,356 | €10,760 | +€404 | +3.9% |
| Recurring financial charges | 65 | €10,356 | €10,760 | +€404 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €4,673 | €29,270 | +€24,598 | +526% |
| Income taxes | 67/77 | €270 | €8,495 | +€8,225 | +3,050% |
| Profit (loss) for the period | 9904 | €4,403 | €20,775 | +€16,372 | +372% |
| Profit (loss) for the period to be appropriated | 9905 | €4,403 | €20,775 | +€16,372 | +372% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.