Dokter Thibault Baert: 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.
Dokter Thibault Baert
Largest movements
- Deferred charges and accrued income +€113,293
up €113,293 (+12,332%), from €919 to €114,212
- Cash -€101,247
down €101,247 (-73.5%), from €137,800 to €36,553
mainly Deferred charges and accrued income (-€113,293) and Investment in fixed assets (net) (-€103,802)
- Tangible fixed assets +€92,028
new in 2025: €92,028
of which Furniture and vehicles: +€81,653
- Current investments +€60,000
new in 2025: €60,000
- Reserves +€122,295
up €122,295 (+111%), from €109,790 to €232,085
- Other debts -€62,821
no longer reported in 2025 (was €62,821)
- Debts after one year +€45,264
new in 2025: €45,264
- Current portion of long-term debt +€27,511
new in 2025: €27,511
- Tax, wage and social debts +€23,353
up €23,353 (+186%), from €12,546 to €35,898
- Gross operating margin +€118,873
up €118,873 (+229%), from €51,918 to €170,791
- Taxes +€24,916
up €24,916 (+219%), from €11,365 to €36,281
- Depreciation +€11,774
new in 2025: €11,774
- Financial charges -€2,785
down €2,785 (-66.7%), from €4,177 to €1,392
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 | €191,501 | €352,741 | +€161,240 | +84.2% |
| Fixed assets | 21/28 | - | €92,028 | +€92,028 | |
| Tangible fixed assets | 22/27 | - | €92,028 | +€92,028 | |
| Furniture and vehicles | 24 | - | €81,653 | +€81,653 | |
| Other tangible fixed assets | 26 | - | €10,375 | +€10,375 | |
| Current assets | 29/58 | €191,501 | €260,714 | +€69,213 | +36.1% |
| Amounts receivable within one year | 40/41 | €52,782 | €49,949 | -€2,834 | -5.4% |
| Trade receivables | 40 | €52,782 | €46,253 | -€6,530 | -12.4% |
| Other amounts receivable | 41 | - | €3,696 | +€3,696 | |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €137,800 | €36,553 | -€101,247 | -73.5% |
| Deferred charges and accrued income | 490/1 | €919 | €114,212 | +€113,293 | +12,332% |
| Total equity and liabilities | 10/49 | €191,501 | €352,741 | +€161,240 | +84.2% |
| Equity | 10/15 | €110,790 | €233,085 | +€122,295 | +110% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €109,790 | €232,085 | +€122,295 | +111% |
| Distributable reserves | 133 | €109,790 | €232,085 | +€122,295 | +111% |
| Amounts payable | 17/49 | €80,711 | €119,657 | +€38,946 | +48.3% |
| Amounts payable after more than one year | 17 | - | €45,264 | +€45,264 | |
| Financial debts | 170/4 | - | €45,264 | +€45,264 | |
| Amounts payable within one year | 42/48 | €77,956 | €72,869 | -€5,087 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | - | €27,511 | +€27,511 | |
| Trade debts | 44 | €2,590 | €9,459 | +€6,869 | +265% |
| Suppliers | 440/4 | €2,590 | €9,459 | +€6,869 | +265% |
| Taxes, remuneration and social security | 45 | €12,546 | €35,898 | +€23,353 | +186% |
| Taxes | 450/3 | €12,546 | €35,898 | +€23,353 | +186% |
| Other amounts payable | 47/48 | €62,821 | - | -€62,821 | |
| Accrued charges and deferred income | 492/3 | €2,755 | €1,524 | -€1,231 | -44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €11,774 | +€11,774 | |
| Other operating charges | 640/8 | €263 | €528 | +€266 | +101% |
| Gross operating margin | 9900 | €51,918 | €170,791 | +€118,873 | +229% |
| Operating profit (loss) | 9901 | €51,656 | €158,488 | +€106,833 | +207% |
| Financial income | 75/76B | - | €1,480 | +€1,480 | |
| Recurring financial income | 75 | - | €1,480 | +€1,480 | |
| Financial charges | 65/66B | €4,177 | €1,392 | -€2,785 | -66.7% |
| Recurring financial charges | 65 | €4,177 | €1,392 | -€2,785 | -66.7% |
| Profit (loss) for the period before taxes | 9903 | €47,478 | €158,576 | +€111,098 | +234% |
| Income taxes | 67/77 | €11,365 | €36,281 | +€24,916 | +219% |
| Profit (loss) for the period | 9904 | €36,113 | €122,295 | +€86,181 | +239% |
| Profit (loss) for the period to be appropriated | 9905 | €36,113 | €122,295 | +€86,181 | +239% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.