DE BAETS PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Cash -€181,586
down €181,586 (-86.7%), from €209,324 to €27,737
mainly Net result for the year (-€94,251) and Current investments (-€57,789)
- Current investments +€57,789
up €57,789 (+27301.4%), from €212 to €58,001
- Tangible fixed assets +€26,529
up €26,529 (+131.9%), from €20,115 to €46,644
- Receivables within one year +€9,616
up €9,616 (+24.7%), from €38,956 to €48,572
of which Other amounts receivable: +€9,616
- Reserves -€95,000
down €95,000 (-41.4%), from €229,400 to €134,400
- Tax, wage and social debts +€7,764
up €7,764 (+38.6%), from €20,115 to €27,879
- Financial charges +€118,850
up €118,850 (+1775.1%), from €6,695 to €125,545
- Financial income -€32,110
down €32,110 (-34.6%), from €92,728 to €60,618
- Taxes -€11,252
down €11,252 (-59.2%), from €19,017 to €7,764
- Depreciation -€6,442
down €6,442 (-54.2%), from €11,891 to €5,449
- Gross operating margin -€418
down €418 (-2.9%), from -€14,510 to -€14,929
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 | €275,751 | €186,728 | -€89,023 | -32.3% |
| Formation expenses | 20 | €840 | €617 | -€223 | -26.6% |
| Fixed assets | 21/28 | €20,115 | €46,644 | +€26,529 | +131.9% |
| Tangible fixed assets | 22/27 | €20,115 | €46,644 | +€26,529 | +131.9% |
| Furniture and vehicles | 24 | €20,115 | €46,644 | +€26,529 | +131.9% |
| Current assets | 29/58 | €254,796 | €139,467 | -€115,329 | -45.3% |
| Stocks and contracts in progress | 3 | €4,483 | €4,483 | = | 0.0% |
| Stocks | 30/36 | €4,483 | €4,483 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €38,956 | €48,572 | +€9,616 | +24.7% |
| Trade receivables | 40 | €27,716 | €27,716 | = | 0.0% |
| Other amounts receivable | 41 | €11,240 | €20,856 | +€9,616 | +85.5% |
| Current investments | 50/53 | €212 | €58,001 | +€57,789 | +27301.4% |
| Cash at bank and in hand | 54/58 | €209,324 | €27,737 | -€181,586 | -86.7% |
| Deferred charges and accrued income | 490/1 | €1,822 | €675 | -€1,147 | -63.0% |
| Total equity and liabilities | 10/49 | €275,751 | €186,728 | -€89,023 | -32.3% |
| Equity | 10/15 | €249,609 | €155,358 | -€94,251 | -37.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €229,400 | €134,400 | -€95,000 | -41.4% |
| Distributable reserves | 133 | €229,400 | €134,400 | -€95,000 | -41.4% |
| Profit (loss) carried forward | 14 | €209 | €958 | +€749 | +358.4% |
| Amounts payable | 17/49 | €26,142 | €31,370 | +€5,228 | +20.0% |
| Amounts payable within one year | 42/48 | €26,142 | €31,370 | +€5,228 | +20.0% |
| Taxes, remuneration and social security | 45 | €20,115 | €27,879 | +€7,764 | +38.6% |
| Taxes | 450/3 | €20,115 | €27,879 | +€7,764 | +38.6% |
| Other amounts payable | 47/48 | €6,027 | €3,490 | -€2,537 | -42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,891 | €5,449 | -€6,442 | -54.2% |
| Other operating charges | 640/8 | €1,164 | €1,182 | +€17 | +1.5% |
| Gross operating margin | 9900 | -€14,510 | -€14,929 | -€418 | -2.9% |
| Operating profit (loss) | 9901 | -€27,565 | -€21,559 | +€6,006 | +21.8% |
| Financial income | 75/76B | €92,728 | €60,618 | -€32,110 | -34.6% |
| Recurring financial income | 75 | €92,728 | €60,618 | -€32,110 | -34.6% |
| Financial charges | 65/66B | €6,695 | €125,545 | +€118,850 | +1775.1% |
| Recurring financial charges | 65 | €6,695 | €125,545 | +€118,850 | +1775.1% |
| Profit (loss) for the period before taxes | 9903 | €58,467 | -€86,486 | -€144,954 | |
| Income taxes | 67/77 | €19,017 | €7,764 | -€11,252 | -59.2% |
| Profit (loss) for the period | 9904 | €39,451 | -€94,251 | -€133,701 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,451 | -€94,251 | -€133,701 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.