De Baets: 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 Baets
Largest movements
- Tangible fixed assets -€16,909
down €16,909 (-28.7%), from €58,885 to €41,976
of which Furniture and vehicles: -€14,839
- Cash -€5,956
down €5,956 (-28.8%), from €20,718 to €14,761
mainly Debts after one year (-€14,798) and Net result for the year (-€7,346)
- Debts after one year -€14,798
down €14,798 (-35.1%), from €42,213 to €27,415
- Profit (loss) carried forward -€7,346
down €7,346 (-24.9%), from -€29,467 to -€36,814
- Tax, wage and social debts -€1,301
down €1,301 (-67.2%), from €1,937 to €636
- Gross operating margin +€23,799
up €23,799 (+20.3%), from €117,099 to €140,898
- Staff costs +€23,032
up €23,032 (+22.1%), from €104,382 to €127,414
- Depreciation +€3,227
up €3,227 (+23.6%), from €13,683 to €16,909
- Other operating charges -€2,061
down €2,061 (-65.9%), from €3,126 to €1,065
- Financial charges -€1,463
down €1,463 (-38.2%), from €3,826 to €2,363
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 | €100,092 | €76,554 | -€23,538 | -23.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €58,954 | €42,045 | -€16,909 | -28.7% |
| Tangible fixed assets | 22/27 | €58,885 | €41,976 | -€16,909 | -28.7% |
| Land and buildings | 22 | €1,439 | €1,189 | -€250 | -17.4% |
| Plant, machinery and equipment | 23 | €3,226 | €1,406 | -€1,820 | -56.4% |
| Furniture and vehicles | 24 | €54,219 | €39,380 | -€14,839 | -27.4% |
| Financial fixed assets | 28 | €70 | €70 | = | 0.0% |
| Current assets | 29/58 | €41,138 | €34,509 | -€6,629 | -16.1% |
| Stocks and contracts in progress | 3 | €9,050 | €9,097 | +€46 | +0.5% |
| Stocks | 30/36 | €7,550 | €7,097 | -€454 | -6.0% |
| Contracts in progress | 37 | €1,500 | €2,000 | +€500 | +33.3% |
| Amounts receivable within one year | 40/41 | €11,370 | €10,651 | -€719 | -6.3% |
| Trade receivables | 40 | €7,174 | €7,307 | +€133 | +1.8% |
| Other amounts receivable | 41 | €4,196 | €3,344 | -€851 | -20.3% |
| Cash at bank and in hand | 54/58 | €20,718 | €14,761 | -€5,956 | -28.8% |
| Total equity and liabilities | 10/49 | €100,092 | €76,554 | -€23,538 | -23.5% |
| Equity | 10/15 | €32,215 | €24,868 | -€7,346 | -22.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €43,090 | €43,090 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,231 | €6,231 | = | 0.0% |
| Distributable reserves | 133 | €36,859 | €36,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,467 | -€36,814 | -€7,346 | -24.9% |
| Amounts payable | 17/49 | €67,878 | €51,686 | -€16,192 | -23.9% |
| Amounts payable after more than one year | 17 | €42,213 | €27,415 | -€14,798 | -35.1% |
| Financial debts | 170/4 | €42,213 | €27,415 | -€14,798 | -35.1% |
| Amounts payable within one year | 42/48 | €25,665 | €24,040 | -€1,626 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €14,197 | €14,798 | +€601 | +4.2% |
| Trade debts | 44 | €9,532 | €8,606 | -€926 | -9.7% |
| Suppliers | 440/4 | €9,532 | €8,606 | -€926 | -9.7% |
| Taxes, remuneration and social security | 45 | €1,937 | €636 | -€1,301 | -67.2% |
| Remuneration and social security | 454/9 | €1,937 | €636 | -€1,301 | -67.2% |
| Accrued charges and deferred income | 492/3 | - | €232 | +€232 | |
| Non-recurring operating income | 76A | €7,828 | - | -€7,828 | |
| Remuneration, social security and pensions | 62 | €104,382 | €127,414 | +€23,032 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,683 | €16,909 | +€3,227 | +23.6% |
| Other operating charges | 640/8 | €3,126 | €1,065 | -€2,061 | -65.9% |
| Gross operating margin | 9900 | €117,099 | €140,898 | +€23,799 | +20.3% |
| Operating profit (loss) | 9901 | -€4,092 | -€4,490 | -€399 | -9.7% |
| Financial income | 75/76B | €29 | €40 | +€11 | +39.6% |
| Recurring financial income | 75 | €29 | €40 | +€11 | +39.6% |
| Financial charges | 65/66B | €3,826 | €2,363 | -€1,463 | -38.2% |
| Recurring financial charges | 65 | €3,826 | €2,363 | -€1,463 | -38.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,889 | -€6,813 | +€1,076 | +13.6% |
| Income taxes | 67/77 | €611 | €533 | -€77 | -12.6% |
| Profit (loss) for the period | 9904 | -€8,499 | -€7,346 | +€1,153 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,499 | -€7,346 | +€1,153 | +13.6% |
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 14 October 2026 via checked.be.