CHRISTOPHE BAUDOUIN: 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 BAUDOUIN
Largest movements
- Receivables within one year +€21,599
up €21,599 (+296%), from €7,294 to €28,893
of which Trade receivables: +€23,782
- Cash +€8,483
new in 2025: €8,483
mainly Net result for the year (+€35,589) and Tax, wage and social debts (+€9,696)
- Tangible fixed assets +€5,625
up €5,625 (+348%), from €1,617 to €7,242
of which Furniture and vehicles: +€5,873
- Profit (loss) carried forward +€35,589
up €35,589, from -€28,736 to €6,853
- Tax, wage and social debts +€9,696
up €9,696 (+351%), from €2,762 to €12,458
of which Taxes: +€9,096
- Trade debts -€4,817
down €4,817 (-28.7%), from €16,785 to €11,969
- Other debts -€4,091
no longer reported in 2025 (was €4,091)
- Short-term financial debts -€548
no longer reported in 2025 (was €548)
- Gross operating margin +€49,635
up €49,635 (+645%), from €7,698 to €57,333
- Taxes +€10,350
up €10,350 (+1,358%), from €762 to €11,112
- Financial charges -€2,284
down €2,284 (-29.8%), from €7,659 to €5,375
- Other operating charges -€2,068
down €2,068 (-53.2%), from €3,887 to €1,819
- Depreciation +€675
up €675 (+29.9%), from €2,257 to €2,933
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 | €9,710 | €45,540 | +€35,829 | +369% |
| Fixed assets | 21/28 | €1,617 | €7,242 | +€5,625 | +348% |
| Tangible fixed assets | 22/27 | €1,617 | €7,242 | +€5,625 | +348% |
| Land and buildings | 22 | €248 | - | -€248 | |
| Furniture and vehicles | 24 | €1,369 | €7,242 | +€5,873 | +429% |
| Current assets | 29/58 | €8,093 | €38,297 | +€30,204 | +373% |
| Amounts receivable within one year | 40/41 | €7,294 | €28,893 | +€21,599 | +296% |
| Trade receivables | 40 | €2,468 | €26,251 | +€23,782 | +964% |
| Other amounts receivable | 41 | €4,826 | €2,642 | -€2,184 | -45.2% |
| Cash at bank and in hand | 54/58 | - | €8,483 | +€8,483 | |
| Deferred charges and accrued income | 490/1 | €799 | €921 | +€122 | +15.3% |
| Total equity and liabilities | 10/49 | €9,710 | €45,540 | +€35,829 | +369% |
| Equity | 10/15 | -€14,476 | €21,113 | +€35,589 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€28,736 | €6,853 | +€35,589 | |
| Amounts payable | 17/49 | €24,187 | €24,426 | +€240 | +1.0% |
| Amounts payable within one year | 42/48 | €24,187 | €24,426 | +€240 | +1.0% |
| Financial debts | 43 | €548 | - | -€548 | |
| Credit institutions | 430/8 | €548 | - | -€548 | |
| Trade debts | 44 | €16,785 | €11,969 | -€4,817 | -28.7% |
| Suppliers | 440/4 | €16,785 | €11,969 | -€4,817 | -28.7% |
| Taxes, remuneration and social security | 45 | €2,762 | €12,458 | +€9,696 | +351% |
| Taxes | 450/3 | €762 | €9,858 | +€9,096 | +1,194% |
| Remuneration and social security | 454/9 | €2,000 | €2,600 | +€600 | +30.0% |
| Other amounts payable | 47/48 | €4,091 | - | -€4,091 | |
| Non-recurring operating income | 76A | - | €303 | +€303 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,257 | €2,933 | +€675 | +29.9% |
| Other operating charges | 640/8 | €3,887 | €1,819 | -€2,068 | -53.2% |
| Non-recurring operating charges | 66A | - | €552 | +€552 | |
| Gross operating margin | 9900 | €7,698 | €57,333 | +€49,635 | +645% |
| Operating profit (loss) | 9901 | €1,553 | €52,029 | +€50,475 | +3,250% |
| Financial income | 75/76B | - | €48 | +€48 | |
| Recurring financial income | 75 | - | €48 | +€48 | |
| Financial charges | 65/66B | €7,659 | €5,375 | -€2,284 | -29.8% |
| Recurring financial charges | 65 | €7,659 | €5,375 | -€2,284 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,106 | €46,702 | +€52,807 | |
| Income taxes | 67/77 | €762 | €11,112 | +€10,350 | +1,358% |
| Profit (loss) for the period | 9904 | -€6,868 | €35,589 | +€42,457 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,868 | €35,589 | +€42,457 |
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 29 October 2026 via checked.be.