David Baute: 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.
David Baute
Largest movements
- Stocks and contracts -€38,675
down €38,675 (-100.0%), from €38,675 to €0
- Receivables within one year +€34,978
up €34,978 (+20.3%), from €172,105 to €207,083
of which Other amounts receivable: +€50,686
- Tangible fixed assets -€11,976
down €11,976 (-100.0%), from €11,976 to €0
- Reserves +€123,877
up €123,877 (+154.1%), from €80,401 to €204,278
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Tax, wage and social debts -€20,531
down €20,531 (-41.2%), from €49,799 to €29,268
of which Taxes: -€20,531
- Trade debts -€19,920
down €19,920 (-79.3%), from €25,114 to €5,193
- Gross operating margin +€85,155
up €85,155 (+93.1%), from €91,467 to €176,622
- Taxes +€22,879
up €22,879 (+190.7%), from €12,000 to €34,879
- Other operating charges -€7,481
down €7,481 (-87.5%), from €8,552 to €1,071
- Financial charges -€5,398
down €5,398 (-51.3%), from €10,523 to €5,125
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 | €270,572 | €255,974 | -€14,599 | -5.4% |
| Fixed assets | 21/28 | €11,976 | €0 | -€11,976 | -100.0% |
| Tangible fixed assets | 22/27 | €11,976 | €0 | -€11,976 | -100.0% |
| Furniture and vehicles | 24 | €11,976 | €0 | -€11,976 | -100.0% |
| Current assets | 29/58 | €258,596 | €255,974 | -€2,623 | -1.0% |
| Stocks and contracts in progress | 3 | €38,675 | €0 | -€38,675 | -100.0% |
| Stocks | 30/36 | €38,675 | €0 | -€38,675 | -100.0% |
| Amounts receivable within one year | 40/41 | €172,105 | €207,083 | +€34,978 | +20.3% |
| Trade receivables | 40 | €75,870 | €60,161 | -€15,708 | -20.7% |
| Other amounts receivable | 41 | €96,235 | €146,921 | +€50,686 | +52.7% |
| Cash at bank and in hand | 54/58 | €46,636 | €47,613 | +€977 | +2.1% |
| Deferred charges and accrued income | 490/1 | €1,180 | €1,278 | +€98 | +8.3% |
| Total equity and liabilities | 10/49 | €270,572 | €255,974 | -€14,599 | -5.4% |
| Equity | 10/15 | €81,401 | €205,278 | +€123,877 | +152.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €80,401 | €204,278 | +€123,877 | +154.1% |
| Distributable reserves | 133 | €80,401 | €204,278 | +€123,877 | +154.1% |
| Amounts payable | 17/49 | €189,171 | €50,696 | -€138,476 | -73.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €189,171 | €49,958 | -€139,213 | -73.6% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €25,114 | €5,193 | -€19,920 | -79.3% |
| Suppliers | 440/4 | €25,114 | €5,193 | -€19,920 | -79.3% |
| Taxes, remuneration and social security | 45 | €49,799 | €29,268 | -€20,531 | -41.2% |
| Taxes | 450/3 | €47,899 | €27,368 | -€20,531 | -42.9% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €14,258 | €15,497 | +€1,238 | +8.7% |
| Accrued charges and deferred income | 492/3 | - | €737 | +€737 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,383 | €11,976 | -€407 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €8,552 | €1,071 | -€7,481 | -87.5% |
| Gross operating margin | 9900 | €91,467 | €176,622 | +€85,155 | +93.1% |
| Operating profit (loss) | 9901 | €70,532 | €163,575 | +€93,043 | +131.9% |
| Financial income | 75/76B | €0 | €306 | +€306 | |
| Recurring financial income | 75 | €0 | €306 | +€306 | |
| Financial charges | 65/66B | €10,523 | €5,125 | -€5,398 | -51.3% |
| Recurring financial charges | 65 | €10,523 | €5,125 | -€5,398 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €60,009 | €158,756 | +€98,747 | +164.6% |
| Income taxes | 67/77 | €12,000 | €34,879 | +€22,879 | +190.7% |
| Profit (loss) for the period | 9904 | €48,009 | €123,877 | +€75,868 | +158.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,009 | €123,877 | +€75,868 | +158.0% |
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 10 October 2026 via checked.be.