DR. BAELE – DR. TIMPERMAN: 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.
DR. BAELE – DR. TIMPERMAN
Largest movements
- Cash +€129,897
up €129,897 (+80.2%), from €161,928 to €291,825
mainly Other debts (+€426,617) and Net result for the year (+€174,661)
- Current investments +€36,214
up €36,214 (+8.9%), from €409,000 to €445,214
- Tangible fixed assets -€35,307
down €35,307 (-5.5%), from €644,555 to €609,248
of which Land and buildings: -€37,096
- Intangible fixed assets +€24,938
new in 2025: €24,938
- Other debts +€426,617
up €426,617 (+535%), from €79,677 to €506,294
- Reserves -€275,340
down €275,340 (-45.5%), from €604,794 to €329,454
- Debts after one year -€40,864
down €40,864 (-8.4%), from €488,359 to €447,495
- Trade debts +€31,109
up €31,109 (+1,356%), from €2,294 to €33,403
- Turnover +€448,795
new in 2025: €448,795
- Purchases and services +€127,886
new in 2025: €127,886
- Gross operating margin +€56,214
up €56,214 (+21.2%), from €264,695 to €320,909
- Taxes +€27,047
up €27,047 (+54.7%), from €49,429 to €76,476
- Staff costs +€24,492
up €24,492 (+642%), from €3,813 to €28,304
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 | €1,236,412 | €1,391,098 | +€154,686 | +12.5% |
| Fixed assets | 21/28 | €644,555 | €634,186 | -€10,369 | -1.6% |
| Intangible fixed assets | 21 | - | €24,938 | +€24,938 | |
| Tangible fixed assets | 22/27 | €644,555 | €609,248 | -€35,307 | -5.5% |
| Land and buildings | 22 | €636,983 | €599,887 | -€37,096 | -5.8% |
| Plant, machinery and equipment | 23 | €7,572 | €9,362 | +€1,790 | +23.6% |
| Current assets | 29/58 | €591,857 | €756,912 | +€165,055 | +27.9% |
| Amounts receivable within one year | 40/41 | €67 | €396 | +€329 | +491% |
| Trade receivables | 40 | €67 | €198 | +€131 | +196% |
| Other amounts receivable | 41 | - | €198 | +€198 | |
| Current investments | 50/53 | €409,000 | €445,214 | +€36,214 | +8.9% |
| Cash at bank and in hand | 54/58 | €161,928 | €291,825 | +€129,897 | +80.2% |
| Deferred charges and accrued income | 490/1 | €20,862 | €19,478 | -€1,384 | -6.6% |
| Total equity and liabilities | 10/49 | €1,236,412 | €1,391,098 | +€154,686 | +12.5% |
| Equity | 10/15 | €610,994 | €335,655 | -€275,339 | -45.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €604,794 | €329,454 | -€275,340 | -45.5% |
| Distributable reserves | 133 | €604,794 | €329,454 | -€275,340 | -45.5% |
| Profit (loss) carried forward | 14 | - | €1 | +€1 | |
| Amounts payable | 17/49 | €625,418 | €1,055,443 | +€430,025 | +68.8% |
| Amounts payable after more than one year | 17 | €488,359 | €447,495 | -€40,864 | -8.4% |
| Financial debts | 170/4 | €488,359 | €447,495 | -€40,864 | -8.4% |
| Amounts payable within one year | 42/48 | €137,059 | €607,940 | +€470,880 | +344% |
| Current portion of amounts payable after more than one year | 42 | €40,409 | €40,864 | +€454 | +1.1% |
| Trade debts | 44 | €2,294 | €33,403 | +€31,109 | +1,356% |
| Suppliers | 440/4 | €2,294 | €33,403 | +€31,109 | +1,356% |
| Taxes, remuneration and social security | 45 | €14,679 | €27,379 | +€12,700 | +86.5% |
| Taxes | 450/3 | €10,679 | €23,675 | +€12,996 | +122% |
| Remuneration and social security | 454/9 | €4,000 | €3,704 | -€296 | -7.4% |
| Other amounts payable | 47/48 | €79,677 | €506,294 | +€426,617 | +535% |
| Accrued charges and deferred income | 492/3 | - | €8 | +€8 | |
| Turnover | 70 | - | €448,795 | +€448,795 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €127,886 | +€127,886 | |
| Remuneration, social security and pensions | 62 | €3,813 | €28,304 | +€24,492 | +642% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,213 | €45,286 | +€3,073 | +7.3% |
| Other operating charges | 640/8 | €2,634 | €2,726 | +€92 | +3.5% |
| Gross operating margin | 9900 | €264,695 | €320,909 | +€56,214 | +21.2% |
| Operating profit (loss) | 9901 | €216,035 | €244,593 | +€28,558 | +13.2% |
| Financial income | 75/76B | €3 | €13,958 | +€13,955 | +465,152% |
| Recurring financial income | 75 | €3 | €13,958 | +€13,955 | +465,152% |
| Non-recurring financial income | 76B | €3 | €13,958 | +€13,955 | +465,152% |
| Financial charges | 65/66B | €8,177 | €7,414 | -€764 | -9.3% |
| Recurring financial charges | 65 | €8,177 | €7,414 | -€764 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €207,860 | €251,137 | +€43,276 | +20.8% |
| Income taxes | 67/77 | €49,429 | €76,476 | +€27,047 | +54.7% |
| Profit (loss) for the period | 9904 | €158,431 | €174,661 | +€16,229 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €158,431 | €174,661 | +€16,229 | +10.2% |
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 20 October 2026 via checked.be.