De Baene: 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.
De Baene
Largest movements
- Receivables within one year -€149,088
down €149,088 (-72.8%), from €204,865 to €55,776
of which Trade receivables: -€148,816
- Cash -€6,909
down €6,909 (-96.7%), from €7,148 to €238
mainly Trade debts (-€134,368) and Short-term financial debts (-€16,735)
- Stocks and contracts -€6,200
down €6,200 (-3.9%), from €157,346 to €151,146
- Trade debts -€134,368
down €134,368 (-86.4%), from €155,556 to €21,187
- Short-term financial debts -€16,735
down €16,735 (-77.4%), from €21,625 to €4,889
- Advances received -€7,488
no longer reported in 2025 (was €7,488)
- Depreciation -€2,437
down €2,437 (-70.1%), from €3,475 to €1,038
- Gross operating margin +€2,402
up €2,402 (+38.4%), from €6,258 to €8,660
- Financial charges -€1,299
down €1,299 (-12.1%), from €10,728 to €9,429
- Other operating charges +€1,212
up €1,212 (+3,431%), from €35 to €1,248
- Financial income +€178
up €178 (+334%), from €53 to €232
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 | €371,038 | €207,802 | -€163,235 | -44.0% |
| Fixed assets | 21/28 | €1,680 | €642 | -€1,038 | -61.8% |
| Tangible fixed assets | 22/27 | €1,680 | €642 | -€1,038 | -61.8% |
| Plant, machinery and equipment | 23 | €1,504 | €557 | -€947 | -63.0% |
| Furniture and vehicles | 24 | €176 | €85 | -€91 | -51.6% |
| Current assets | 29/58 | €369,358 | €207,160 | -€162,198 | -43.9% |
| Stocks and contracts in progress | 3 | €157,346 | €151,146 | -€6,200 | -3.9% |
| Stocks | 30/36 | €157,346 | €151,146 | -€6,200 | -3.9% |
| Amounts receivable within one year | 40/41 | €204,865 | €55,776 | -€149,088 | -72.8% |
| Trade receivables | 40 | €204,593 | €55,776 | -€148,816 | -72.7% |
| Other amounts receivable | 41 | €272 | - | -€272 | |
| Cash at bank and in hand | 54/58 | €7,148 | €238 | -€6,909 | -96.7% |
| Total equity and liabilities | 10/49 | €371,038 | €207,802 | -€163,235 | -44.0% |
| Equity | 10/15 | €64,864 | €61,811 | -€3,053 | -4.7% |
| Contributions | 10/11 | €92,960 | €92,960 | = | 0.0% |
| Reserves | 13 | €8,578 | €8,578 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,584 | €2,584 | = | 0.0% |
| Distributable reserves | 133 | €5,994 | €5,994 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,674 | -€39,727 | -€3,053 | -8.3% |
| Amounts payable | 17/49 | €306,174 | €145,992 | -€160,182 | -52.3% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €206,174 | €45,992 | -€160,182 | -77.7% |
| Financial debts | 43 | €21,625 | €4,889 | -€16,735 | -77.4% |
| Credit institutions | 430/8 | €21,625 | €4,889 | -€16,735 | -77.4% |
| Trade debts | 44 | €155,556 | €21,187 | -€134,368 | -86.4% |
| Suppliers | 440/4 | €155,556 | €21,187 | -€134,368 | -86.4% |
| Advances received on contracts in progress | 46 | €7,488 | - | -€7,488 | |
| Taxes, remuneration and social security | 45 | €664 | €959 | +€295 | +44.4% |
| Taxes | 450/3 | €664 | €959 | +€295 | +44.4% |
| Other amounts payable | 47/48 | €20,842 | €18,956 | -€1,886 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,475 | €1,038 | -€2,437 | -70.1% |
| Other operating charges | 640/8 | €35 | €1,248 | +€1,212 | +3,431% |
| Gross operating margin | 9900 | €6,258 | €8,660 | +€2,402 | +38.4% |
| Operating profit (loss) | 9901 | €2,748 | €6,375 | +€3,627 | +132% |
| Financial income | 75/76B | €53 | €232 | +€178 | +334% |
| Recurring financial income | 75 | €53 | €232 | +€178 | +334% |
| Financial charges | 65/66B | €10,728 | €9,429 | -€1,299 | -12.1% |
| Recurring financial charges | 65 | €10,728 | €9,429 | -€1,299 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,927 | -€2,823 | +€5,105 | +64.4% |
| Income taxes | 67/77 | €281 | €231 | -€50 | -18.0% |
| Profit (loss) for the period | 9904 | -€8,208 | -€3,053 | +€5,155 | +62.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,208 | -€3,053 | +€5,155 | +62.8% |
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 17 October 2026 via checked.be.