DOKTER BAERT: 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.
DOKTER BAERT
Largest movements
- Current investments +€159,348
up €159,348 (+51.3%), from €310,361 to €469,708
- Receivables within one year -€123,274
down €123,274 (-38.8%), from €317,366 to €194,092
of which Other amounts receivable: -€103,236
- Cash -€42,259
down €42,259 (-16.4%), from €256,938 to €214,679
mainly Other debts (-€174,207) and Current investments (-€159,348)
- Tangible fixed assets -€23,328
down €23,328 (-7.0%), from €335,587 to €312,260
of which Land and buildings: -€22,660
- Deferred charges and accrued income +€20,112
up €20,112 (+68.8%), from €29,234 to €49,347
- Other debts -€174,207
down €174,207 (-100.0%), from €174,207 to €0
- Reserves +€168,407
up €168,407 (+17.7%), from €951,189 to €1.1m
- Gross operating margin -€11,671
down €11,671 (-4.4%), from €266,582 to €254,911
- Taxes -€5,343
down €5,343 (-6.8%), from €79,082 to €73,739
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 | €1,250,282 | €1,240,209 | -€10,073 | -0.8% |
| Fixed assets | 21/28 | €336,383 | €312,383 | -€24,000 | -7.1% |
| Intangible fixed assets | 21 | €796 | €123 | -€672 | -84.5% |
| Tangible fixed assets | 22/27 | €335,587 | €312,260 | -€23,328 | -7.0% |
| Land and buildings | 22 | €294,580 | €271,920 | -€22,660 | -7.7% |
| Plant, machinery and equipment | 23 | €938 | €588 | -€350 | -37.3% |
| Furniture and vehicles | 24 | €40,069 | €39,751 | -€318 | -0.8% |
| Current assets | 29/58 | €913,899 | €927,826 | +€13,927 | +1.5% |
| Amounts receivable within one year | 40/41 | €317,366 | €194,092 | -€123,274 | -38.8% |
| Trade receivables | 40 | €20,038 | €0 | -€20,038 | -100.0% |
| Other amounts receivable | 41 | €297,328 | €194,092 | -€103,236 | -34.7% |
| Current investments | 50/53 | €310,361 | €469,708 | +€159,348 | +51.3% |
| Cash at bank and in hand | 54/58 | €256,938 | €214,679 | -€42,259 | -16.4% |
| Deferred charges and accrued income | 490/1 | €29,234 | €49,347 | +€20,112 | +68.8% |
| Total equity and liabilities | 10/49 | €1,250,282 | €1,240,209 | -€10,073 | -0.8% |
| Equity | 10/15 | €970,189 | €1,138,596 | +€168,407 | +17.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €951,189 | €1,119,596 | +€168,407 | +17.7% |
| Distributable reserves | 133 | €951,189 | €1,119,596 | +€168,407 | +17.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €65,283 | €65,283 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €65,283 | €65,283 | = | 0.0% |
| Pensions and similar obligations | 160 | €65,283 | €65,283 | = | 0.0% |
| Amounts payable | 17/49 | €214,810 | €36,330 | -€178,480 | -83.1% |
| Amounts payable within one year | 42/48 | €190,135 | €19,852 | -€170,283 | -89.6% |
| Trade debts | 44 | €3,529 | €1,816 | -€1,713 | -48.5% |
| Suppliers | 440/4 | €3,529 | €1,816 | -€1,713 | -48.5% |
| Taxes, remuneration and social security | 45 | €12,399 | €18,036 | +€5,637 | +45.5% |
| Taxes | 450/3 | €12,399 | €18,036 | +€5,637 | +45.5% |
| Other amounts payable | 47/48 | €174,207 | €0 | -€174,207 | -100.0% |
| Accrued charges and deferred income | 492/3 | €24,675 | €16,478 | -€8,197 | -33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,223 | €24,720 | +€497 | +2.0% |
| Other operating charges | 640/8 | €3,960 | €2,986 | -€974 | -24.6% |
| Gross operating margin | 9900 | €266,582 | €254,911 | -€11,671 | -4.4% |
| Operating profit (loss) | 9901 | €238,399 | €227,205 | -€11,194 | -4.7% |
| Financial income | 75/76B | €19,260 | €17,077 | -€2,183 | -11.3% |
| Recurring financial income | 75 | €19,260 | €17,077 | -€2,183 | -11.3% |
| Financial charges | 65/66B | €1,001 | €2,136 | +€1,135 | +113.3% |
| Recurring financial charges | 65 | €1,001 | €2,136 | +€1,135 | +113.3% |
| Profit (loss) for the period before taxes | 9903 | €256,658 | €242,146 | -€14,512 | -5.7% |
| Income taxes | 67/77 | €79,082 | €73,739 | -€5,343 | -6.8% |
| Profit (loss) for the period | 9904 | €177,576 | €168,407 | -€9,169 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €177,576 | €168,407 | -€9,169 | -5.2% |
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 8 October 2026 via checked.be.