DE BAERE: 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 BAERE
Largest movements
- Tangible fixed assets +€2.9m
up €2.9m (+185.4%), from €1.5m to €4.4m
of which Land and buildings: +€2.8m
- Receivables after one year -€1.0m
down €1.0m (-80.0%), from €1.3m to €250,000
- Short-term financial debts +€1.2m
new in 2025: €1.2m
- Debts after one year +€744,630
up €744,630 (+166.5%), from €447,250 to €1.2m
of which Financial debts: +€744,630
- Profit (loss) carried forward -€114,917
down €114,917 (-52.8%), from -€217,775 to -€332,692
- Other debts +€104,123
up €104,123 (+342.3%), from €30,421 to €134,543
- Reserves -€67,429
down €67,429 (-3.7%), from €1.8m to €1.8m
of which Tax-exempt reserves: -€67,429
- Depreciation +€108,645
up €108,645 (+82.9%), from €131,074 to €239,720
- Taxes -€19,051
down €19,051 (-68.0%), from €28,034 to €8,982
- Other operating charges -€6,151
down €6,151 (-20.2%), from €30,458 to €24,307
- Financial income -€2,887
down €2,887 (-8.9%), from €32,607 to €29,720
- Gross operating margin -€2,679
down €2,679 (-4.7%), from €57,453 to €54,774
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 | €2,848,451 | €4,733,253 | +€1.9m | +66.2% |
| Fixed assets | 21/28 | €1,544,488 | €4,407,544 | +€2.9m | +185.4% |
| Tangible fixed assets | 22/27 | €1,544,488 | €4,407,544 | +€2.9m | +185.4% |
| Land and buildings | 22 | €1,441,178 | €4,253,376 | +€2.8m | +195.1% |
| Plant, machinery and equipment | 23 | €20,823 | €79,395 | +€58,572 | +281.3% |
| Furniture and vehicles | 24 | €82,488 | €74,773 | -€7,714 | -9.4% |
| Current assets | 29/58 | €1,303,962 | €325,709 | -€978,254 | -75.0% |
| Amounts receivable after more than one year | 29 | €1,250,000 | €250,000 | -€1.0m | -80.0% |
| Other amounts receivable | 291 | €1,250,000 | €250,000 | -€1.0m | -80.0% |
| Amounts receivable within one year | 40/41 | €1,656 | €2,664 | +€1,009 | +60.9% |
| Trade receivables | 40 | €1,656 | €2,664 | +€1,009 | +60.9% |
| Cash at bank and in hand | 54/58 | €17,244 | €41,532 | +€24,288 | +140.8% |
| Deferred charges and accrued income | 490/1 | €35,063 | €31,513 | -€3,550 | -10.1% |
| Total equity and liabilities | 10/49 | €2,848,451 | €4,733,253 | +€1.9m | +66.2% |
| Equity | 10/15 | €1,690,662 | €1,508,316 | -€182,346 | -10.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,846,938 | €1,779,508 | -€67,429 | -3.7% |
| Non-distributable reserves | 130/1 | €193 | €193 | = | 0.0% |
| Legal reserve | 130 | €193 | €193 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,846,745 | €1,779,316 | -€67,429 | -3.7% |
| Profit (loss) carried forward | 14 | -€217,775 | -€332,692 | -€114,917 | -52.8% |
| Provisions and deferred taxes | 16 | €615,582 | €593,105 | -€22,476 | -3.7% |
| Deferred taxes | 168 | €615,582 | €593,105 | -€22,476 | -3.7% |
| Amounts payable | 17/49 | €542,207 | €2,631,831 | +€2.1m | +385.4% |
| Amounts payable after more than one year | 17 | €447,250 | €1,191,879 | +€744,630 | +166.5% |
| Financial debts | 170/4 | €442,000 | €1,186,629 | +€744,630 | +168.5% |
| Other amounts payable | 178/9 | €5,250 | €5,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €94,957 | €1,439,952 | +€1.3m | +1416.4% |
| Current portion of amounts payable after more than one year | 42 | €25,409 | €55,370 | +€29,962 | +117.9% |
| Financial debts | 43 | - | €1,200,000 | +€1.2m | |
| Credit institutions | 430/8 | - | €1,200,000 | +€1.2m | |
| Trade debts | 44 | €4,978 | €10,267 | +€5,289 | +106.2% |
| Suppliers | 440/4 | €4,978 | €10,267 | +€5,289 | +106.2% |
| Advances received on contracts in progress | 46 | €2,104 | €138 | -€1,966 | -93.4% |
| Taxes, remuneration and social security | 45 | €32,045 | €39,633 | +€7,588 | +23.7% |
| Taxes | 450/3 | €32,045 | €39,633 | +€7,588 | +23.7% |
| Other amounts payable | 47/48 | €30,421 | €134,543 | +€104,123 | +342.3% |
| Remuneration, social security and pensions | 62 | €175 | €0 | -€175 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,074 | €239,720 | +€108,645 | +82.9% |
| Other operating charges | 640/8 | €30,458 | €24,307 | -€6,151 | -20.2% |
| Gross operating margin | 9900 | €57,453 | €54,774 | -€2,679 | -4.7% |
| Operating profit (loss) | 9901 | -€104,254 | -€209,253 | -€104,999 | -100.7% |
| Financial income | 75/76B | €32,607 | €29,720 | -€2,887 | -8.9% |
| Recurring financial income | 75 | €32,607 | €29,720 | -€2,887 | -8.9% |
| Financial charges | 65/66B | €15,451 | €16,308 | +€857 | +5.5% |
| Recurring financial charges | 65 | €15,451 | €16,308 | +€857 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | -€87,098 | -€195,840 | -€108,742 | -124.9% |
| Transfer from deferred taxes | 780 | €20,801 | €22,476 | +€1,675 | +8.1% |
| Income taxes | 67/77 | €28,034 | €8,982 | -€19,051 | -68.0% |
| Profit (loss) for the period | 9904 | -€94,330 | -€182,346 | -€88,016 | -93.3% |
| Transfer from tax-exempt reserves | 789 | €62,404 | €67,429 | +€5,026 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,927 | -€114,917 | -€82,990 | -259.9% |
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 11 October 2026 via checked.be.