Dr BAROUD: 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.
Dr BAROUD
Largest movements
- Current investments +€400,000
up €400,000 (+80.0%), from €500,000 to €900,000
- Cash -€324,596
down €324,596 (-78.3%), from €414,331 to €89,736
mainly Current investments (-€400,000) and Other debts (-€29,963)
- Reserves +€113,037
up €113,037 (+14.0%), from €809,940 to €922,977
of which Distributable reserves: +€113,037
- Other debts -€29,963
down €29,963 (-35.4%), from €84,563 to €54,600
- Gross operating margin +€85,284
up €85,284 (+101.1%), from €84,375 to €169,660
- Taxes +€32,883
up €32,883 (+163.6%), from €20,102 to €52,986
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 | €920,260 | €1,004,341 | +€84,081 | +9.1% |
| Fixed assets | 21/28 | €879 | €480 | -€400 | -45.5% |
| Tangible fixed assets | 22/27 | €879 | €480 | -€400 | -45.5% |
| Plant, machinery and equipment | 23 | €879 | €480 | -€400 | -45.5% |
| Current assets | 29/58 | €919,381 | €1,003,862 | +€84,481 | +9.2% |
| Amounts receivable within one year | 40/41 | - | €8,664 | +€8,664 | |
| Other amounts receivable | 41 | - | €8,664 | +€8,664 | |
| Current investments | 50/53 | €500,000 | €900,000 | +€400,000 | +80.0% |
| Cash at bank and in hand | 54/58 | €414,331 | €89,736 | -€324,596 | -78.3% |
| Deferred charges and accrued income | 490/1 | €5,049 | €5,462 | +€412 | +8.2% |
| Total equity and liabilities | 10/49 | €920,260 | €1,004,341 | +€84,081 | +9.1% |
| Equity | 10/15 | €822,340 | €935,377 | +€113,037 | +13.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €809,940 | €922,977 | +€113,037 | +14.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €808,080 | €921,117 | +€113,037 | +14.0% |
| Amounts payable | 17/49 | €97,920 | €68,965 | -€28,955 | -29.6% |
| Amounts payable within one year | 42/48 | €93,749 | €66,006 | -€27,743 | -29.6% |
| Trade debts | 44 | €157 | - | -€157 | |
| Suppliers | 440/4 | €157 | - | -€157 | |
| Taxes, remuneration and social security | 45 | €9,030 | €11,406 | +€2,377 | +26.3% |
| Taxes | 450/3 | €9,030 | €11,406 | +€2,377 | +26.3% |
| Other amounts payable | 47/48 | €84,563 | €54,600 | -€29,963 | -35.4% |
| Accrued charges and deferred income | 492/3 | €4,171 | €2,958 | -€1,212 | -29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €320 | €400 | +€80 | +25.0% |
| Gross operating margin | 9900 | €84,375 | €169,660 | +€85,284 | +101.1% |
| Operating profit (loss) | 9901 | €84,056 | €169,260 | +€85,204 | +101.4% |
| Financial charges | 65/66B | €4,439 | €3,238 | -€1,202 | -27.1% |
| Recurring financial charges | 65 | €4,439 | €3,238 | -€1,202 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €79,616 | €166,022 | +€86,406 | +108.5% |
| Income taxes | 67/77 | €20,102 | €52,986 | +€32,883 | +163.6% |
| Profit (loss) for the period | 9904 | €59,514 | €113,037 | +€53,523 | +89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,514 | €113,037 | +€53,523 | +89.9% |
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 7 October 2026 via checked.be.