De Baere D.: 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 D.
Largest movements
- Cash +€151,771
up €151,771 (+43.5%), from €348,740 to €500,511
mainly Net result for the year (+€331,800) and Receivables within one year (+€91,871)
- Current investments +€139,305
up €139,305 (+10.0%), from €1.4m to €1.5m
- Receivables within one year -€91,871
down €91,871 (-67.5%), from €136,049 to €44,178
of which Trade receivables: -€96,800
- Tangible fixed assets +€29,727
up €29,727 (+6,913%), from €430 to €30,157
- Reserves +€331,800
up €331,800 (+18.4%), from €1.8m to €2.1m
- Other debts -€55,672
down €55,672 (-16.9%), from €328,978 to €273,306
- Tax, wage and social debts -€48,435
down €48,435 (-73.7%), from €65,757 to €17,322
- Gross operating margin -€75,442
down €75,442 (-13.3%), from €565,301 to €489,859
- Taxes -€36,079
down €36,079 (-19.5%), from €185,470 to €149,391
- Write-downs +€21,467
new in 2025: €21,467
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 | €2,216,166 | €2,447,293 | +€231,127 | +10.4% |
| Fixed assets | 21/28 | €330,812 | €360,539 | +€29,727 | +9.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €430 | €30,157 | +€29,727 | +6,913% |
| Furniture and vehicles | 24 | €430 | €30,157 | +€29,727 | +6,913% |
| Financial fixed assets | 28 | €330,382 | €330,382 | = | 0.0% |
| Current assets | 29/58 | €1,885,354 | €2,086,754 | +€201,400 | +10.7% |
| Amounts receivable within one year | 40/41 | €136,049 | €44,178 | -€91,871 | -67.5% |
| Trade receivables | 40 | €136,049 | €39,249 | -€96,800 | -71.2% |
| Other amounts receivable | 41 | - | €4,929 | +€4,929 | |
| Current investments | 50/53 | €1,386,602 | €1,525,907 | +€139,305 | +10.0% |
| Cash at bank and in hand | 54/58 | €348,740 | €500,511 | +€151,771 | +43.5% |
| Deferred charges and accrued income | 490/1 | €13,963 | €16,158 | +€2,195 | +15.7% |
| Total equity and liabilities | 10/49 | €2,216,166 | €2,447,293 | +€231,127 | +10.4% |
| Equity | 10/15 | €1,814,941 | €2,146,741 | +€331,800 | +18.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,802,541 | €2,134,341 | +€331,800 | +18.4% |
| Distributable reserves | 133 | €1,802,541 | €2,134,341 | +€331,800 | +18.4% |
| Amounts payable | 17/49 | €401,225 | €300,552 | -€100,673 | -25.1% |
| Amounts payable within one year | 42/48 | €394,878 | €291,100 | -€103,778 | -26.3% |
| Trade debts | 44 | €143 | €472 | +€329 | +230% |
| Suppliers | 440/4 | €143 | €472 | +€329 | +230% |
| Taxes, remuneration and social security | 45 | €65,757 | €17,322 | -€48,435 | -73.7% |
| Taxes | 450/3 | €65,757 | €17,322 | -€48,435 | -73.7% |
| Other amounts payable | 47/48 | €328,978 | €273,306 | -€55,672 | -16.9% |
| Accrued charges and deferred income | 492/3 | €6,347 | €9,452 | +€3,105 | +48.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €479 | €5,489 | +€5,010 | +1,046% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €21,467 | +€21,467 | |
| Other operating charges | 640/8 | €1,527 | €4,996 | +€3,469 | +227% |
| Gross operating margin | 9900 | €565,301 | €489,859 | -€75,442 | -13.3% |
| Operating profit (loss) | 9901 | €563,295 | €457,907 | -€105,388 | -18.7% |
| Financial income | 75/76B | €41,819 | €36,568 | -€5,251 | -12.6% |
| Recurring financial income | 75 | €41,819 | €36,568 | -€5,251 | -12.6% |
| Financial charges | 65/66B | €9,016 | €13,284 | +€4,268 | +47.3% |
| Recurring financial charges | 65 | €9,016 | €13,284 | +€4,268 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €596,098 | €481,191 | -€114,907 | -19.3% |
| Income taxes | 67/77 | €185,470 | €149,391 | -€36,079 | -19.5% |
| Profit (loss) for the period | 9904 | €410,628 | €331,800 | -€78,828 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €410,628 | €331,800 | -€78,828 | -19.2% |
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 20 October 2026 via checked.be.