Docteur E. BAUDUIN: 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.
Docteur E. BAUDUIN
Largest movements
- Cash -€104,664
down €104,664 (-37.6%), from €278,551 to €173,888
mainly Contributions, distributions and other (-€130,000) and Investment in fixed assets (net) (-€79,392)
- Tangible fixed assets +€71,450
up €71,450 (+449.1%), from €15,911 to €87,360
of which Furniture and vehicles: +€67,048
- Current investments +€49,254
up €49,254 (+22.2%), from €221,812 to €271,066
- Receivables within one year +€44,259
up €44,259 (+38.6%), from €114,625 to €158,883
- Deferred charges and accrued income -€19,784
down €19,784 (-22.1%), from €89,380 to €69,596
- Other debts +€47,752
up €47,752 (+56.2%), from €85,000 to €132,752
- Reserves -€8,000
down €8,000 (-1.3%), from €597,395 to €589,395
of which Distributable reserves: -€8,000
- Financial income +€29,164
up €29,164 (+246.0%), from €11,855 to €41,018
of which Non-recurring financial income: +€16,500
- Taxes +€13,312
up €13,312 (+35.9%), from €37,120 to €50,431
- Gross operating margin +€10,185
up €10,185 (+5.8%), from €175,294 to €185,480
- Financial charges -€5,924
down €5,924 (-11.9%), from €49,956 to €44,031
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 | €720,279 | €760,794 | +€40,515 | +5.6% |
| Fixed assets | 21/28 | €15,911 | €87,360 | +€71,450 | +449.1% |
| Tangible fixed assets | 22/27 | €15,911 | €87,360 | +€71,450 | +449.1% |
| Plant, machinery and equipment | 23 | €672 | €5,074 | +€4,402 | +654.9% |
| Furniture and vehicles | 24 | €15,239 | €82,287 | +€67,048 | +440.0% |
| Current assets | 29/58 | €704,368 | €673,433 | -€30,935 | -4.4% |
| Amounts receivable within one year | 40/41 | €114,625 | €158,883 | +€44,259 | +38.6% |
| Other amounts receivable | 41 | €114,625 | €158,883 | +€44,259 | +38.6% |
| Current investments | 50/53 | €221,812 | €271,066 | +€49,254 | +22.2% |
| Cash at bank and in hand | 54/58 | €278,551 | €173,888 | -€104,664 | -37.6% |
| Deferred charges and accrued income | 490/1 | €89,380 | €69,596 | -€19,784 | -22.1% |
| Total equity and liabilities | 10/49 | €720,279 | €760,794 | +€40,515 | +5.6% |
| Equity | 10/15 | €633,623 | €626,202 | -€7,421 | -1.2% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €597,395 | €589,395 | -€8,000 | -1.3% |
| Tax-exempt reserves | 132 | €2,221 | €2,221 | = | 0.0% |
| Distributable reserves | 133 | €595,174 | €587,174 | -€8,000 | -1.3% |
| Profit (loss) carried forward | 14 | €23,728 | €24,308 | +€579 | +2.4% |
| Amounts payable | 17/49 | €86,656 | €134,592 | +€47,936 | +55.3% |
| Amounts payable within one year | 42/48 | €86,269 | €134,192 | +€47,923 | +55.6% |
| Trade debts | 44 | €1,269 | €494 | -€775 | -61.0% |
| Suppliers | 440/4 | €1,269 | €494 | -€775 | -61.0% |
| Taxes, remuneration and social security | 45 | - | €946 | +€946 | |
| Taxes | 450/3 | - | €946 | +€946 | |
| Other amounts payable | 47/48 | €85,000 | €132,752 | +€47,752 | +56.2% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,299 | €7,942 | -€357 | -4.3% |
| Other operating charges | 640/8 | €1,687 | €1,514 | -€173 | -10.3% |
| Gross operating margin | 9900 | €175,294 | €185,480 | +€10,185 | +5.8% |
| Operating profit (loss) | 9901 | €165,308 | €176,023 | +€10,716 | +6.5% |
| Financial income | 75/76B | €11,855 | €41,018 | +€29,164 | +246.0% |
| Recurring financial income | 75 | €11,855 | €24,518 | +€12,664 | +106.8% |
| Non-recurring financial income | 76B | - | €16,500 | +€16,500 | |
| Financial charges | 65/66B | €49,956 | €44,031 | -€5,924 | -11.9% |
| Recurring financial charges | 65 | €49,956 | €44,031 | -€5,924 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €127,207 | €173,010 | +€45,804 | +36.0% |
| Income taxes | 67/77 | €37,120 | €50,431 | +€13,312 | +35.9% |
| Profit (loss) for the period | 9904 | €90,087 | €122,579 | +€32,492 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €90,087 | €122,579 | +€32,492 | +36.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.