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
- Cash +€169,370
up €169,370 (+263.5%), from €64,282 to €233,652
mainly Depreciation (+€192,574) and Net result for the year (+€158,722)
- Receivables within one year -€32,379
down €32,379 (-7.9%), from €408,209 to €375,829
of which Trade receivables: -€23,066
- Tangible fixed assets +€29,426
up €29,426 (+3.6%), from €819,371 to €848,797
of which Furniture and vehicles: +€36,118
- Deferred charges and accrued income +€19,586
up €19,586 (+319.9%), from €6,123 to €25,708
- Reserves +€158,722
up €158,722 (+34.6%), from €458,470 to €617,192
- Trade debts +€89,571
up €89,571 (+107.5%), from €83,296 to €172,866
- Debts after one year -€68,178
down €68,178 (-15.7%), from €434,534 to €366,356
- Current portion of long-term debt +€20,512
up €20,512 (+12.1%), from €169,023 to €189,534
- Depreciation +€36,338
up €36,338 (+23.3%), from €156,237 to €192,574
- Gross operating margin +€20,642
up €20,642 (+2.8%), from €741,394 to €762,036
- Other operating charges -€12,446
down €12,446 (-28.0%), from €44,487 to €32,041
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 | €1,314,912 | €1,500,197 | +€185,285 | +14.1% |
| Fixed assets | 21/28 | €822,277 | €855,303 | +€33,026 | +4.0% |
| Intangible fixed assets | 21 | €1,516 | €1,316 | -€200 | -13.2% |
| Tangible fixed assets | 22/27 | €819,371 | €848,797 | +€29,426 | +3.6% |
| Plant, machinery and equipment | 23 | €328,850 | €322,158 | -€6,692 | -2.0% |
| Furniture and vehicles | 24 | €490,521 | €526,639 | +€36,118 | +7.4% |
| Financial fixed assets | 28 | €1,390 | €5,190 | +€3,800 | +273.4% |
| Current assets | 29/58 | €492,635 | €644,894 | +€152,259 | +30.9% |
| Stocks and contracts in progress | 3 | €14,022 | €9,705 | -€4,317 | -30.8% |
| Stocks | 30/36 | €14,022 | €9,705 | -€4,317 | -30.8% |
| Amounts receivable within one year | 40/41 | €408,209 | €375,829 | -€32,379 | -7.9% |
| Trade receivables | 40 | €387,764 | €364,698 | -€23,066 | -5.9% |
| Other amounts receivable | 41 | €20,444 | €11,131 | -€9,313 | -45.6% |
| Cash at bank and in hand | 54/58 | €64,282 | €233,652 | +€169,370 | +263.5% |
| Deferred charges and accrued income | 490/1 | €6,123 | €25,708 | +€19,586 | +319.9% |
| Total equity and liabilities | 10/49 | €1,314,912 | €1,500,197 | +€185,285 | +14.1% |
| Equity | 10/15 | €533,470 | €692,192 | +€158,722 | +29.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €458,470 | €617,192 | +€158,722 | +34.6% |
| Distributable reserves | 133 | €458,470 | €617,192 | +€158,722 | +34.6% |
| Amounts payable | 17/49 | €781,441 | €808,005 | +€26,563 | +3.4% |
| Amounts payable after more than one year | 17 | €434,534 | €366,356 | -€68,178 | -15.7% |
| Financial debts | 170/4 | €434,534 | €366,356 | -€68,178 | -15.7% |
| Amounts payable within one year | 42/48 | €346,908 | €441,649 | +€94,741 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €169,023 | €189,534 | +€20,512 | +12.1% |
| Trade debts | 44 | €83,296 | €172,866 | +€89,571 | +107.5% |
| Suppliers | 440/4 | €83,296 | €172,866 | +€89,571 | +107.5% |
| Taxes, remuneration and social security | 45 | €81,328 | €74,302 | -€7,026 | -8.6% |
| Taxes | 450/3 | €53,532 | €48,215 | -€5,317 | -9.9% |
| Remuneration and social security | 454/9 | €27,796 | €26,087 | -€1,709 | -6.1% |
| Other amounts payable | 47/48 | €13,261 | €4,946 | -€8,315 | -62.7% |
| Remuneration, social security and pensions | 62 | €312,251 | €311,521 | -€730 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,237 | €192,574 | +€36,338 | +23.3% |
| Other operating charges | 640/8 | €44,487 | €32,041 | -€12,446 | -28.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €741,394 | €762,036 | +€20,642 | +2.8% |
| Operating profit (loss) | 9901 | €228,420 | €225,900 | -€2,519 | -1.1% |
| Financial income | 75/76B | €28 | €26 | -€2 | -6.9% |
| Recurring financial income | 75 | €28 | €26 | -€2 | -6.9% |
| Financial charges | 65/66B | €19,913 | €18,335 | -€1,578 | -7.9% |
| Recurring financial charges | 65 | €19,913 | €18,335 | -€1,578 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €208,534 | €207,591 | -€943 | -0.5% |
| Income taxes | 67/77 | €52,358 | €48,869 | -€3,490 | -6.7% |
| Profit (loss) for the period | 9904 | €156,176 | €158,722 | +€2,546 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €156,176 | €158,722 | +€2,546 | +1.6% |
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 10 October 2026 via checked.be.