Dr. Christine BAUER: what changed
Dr. Christine BAUER
Largest movements
- Receivables within one year -€34,200
down €34,200 (-72.2%), from €47,340 to €13,140
- Cash +€30,580
up €30,580 (+51.4%), from €59,546 to €90,126
mainly Net result for the year (+€61,744) and Receivables within one year (+€34,200)
- Deferred charges and accrued income -€6,114
down €6,114 (-27.7%), from €22,036 to €15,922
- Reserves -€39,965
down €39,965 (-95.6%), from €41,825 to €1,860
of which Distributable reserves: -€38,105
- Other debts +€32,948
up €32,948 (+57.5%), from €57,276 to €90,225
- Trade debts -€5,036
down €5,036 (-58.8%), from €8,565 to €3,529
- Tax, wage and social debts +€2,007
up €2,007 (+12.1%), from €16,616 to €18,624
of which Taxes: +€1,848
- Gross operating margin -€3,239
down €3,239 (-2.7%), from €119,139 to €115,900
- Financial income -€2,400
down €2,400 (-68.5%), from €3,503 to €1,103
- Financial charges -€2,145
down €2,145 (-65.1%), from €3,295 to €1,150
- Depreciation +€1,942
up €1,942 (+70.4%), from €2,758 to €4,701
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €143,162 | €132,837 | -€10,325 | -7.2% |
| Fixed assets | 21/28 | €14,241 | €13,650 | -€591 | -4.1% |
| Tangible fixed assets | 22/27 | €14,241 | €13,650 | -€591 | -4.1% |
| Plant, machinery and equipment | 23 | €1,655 | €675 | -€980 | -59.2% |
| Furniture and vehicles | 24 | €9,174 | €7,004 | -€2,170 | -23.7% |
| Other tangible fixed assets | 26 | €3,412 | €5,972 | +€2,560 | +75.0% |
| Current assets | 29/58 | €128,922 | €119,187 | -€9,734 | -7.6% |
| Amounts receivable within one year | 40/41 | €47,340 | €13,140 | -€34,200 | -72.2% |
| Other amounts receivable | 41 | €47,340 | €13,140 | -€34,200 | -72.2% |
| Cash at bank and in hand | 54/58 | €59,546 | €90,126 | +€30,580 | +51.4% |
| Deferred charges and accrued income | 490/1 | €22,036 | €15,922 | -€6,114 | -27.7% |
| Total equity and liabilities | 10/49 | €143,162 | €132,837 | -€10,325 | -7.2% |
| Equity | 10/15 | €60,425 | €20,460 | -€39,965 | -66.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €41,825 | €1,860 | -€39,965 | -95.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €39,965 | €1,860 | -€38,105 | -95.3% |
| Amounts payable | 17/49 | €82,737 | €112,377 | +€29,640 | +35.8% |
| Amounts payable within one year | 42/48 | €82,737 | €112,377 | +€29,640 | +35.8% |
| Trade debts | 44 | €8,565 | €3,529 | -€5,036 | -58.8% |
| Suppliers | 440/4 | €8,565 | €3,529 | -€5,036 | -58.8% |
| Advances received on contracts in progress | 46 | €280 | - | -€280 | |
| Taxes, remuneration and social security | 45 | €16,616 | €18,624 | +€2,007 | +12.1% |
| Taxes | 450/3 | €12,126 | €13,974 | +€1,848 | +15.2% |
| Remuneration and social security | 454/9 | €4,490 | €4,650 | +€160 | +3.6% |
| Other amounts payable | 47/48 | €57,276 | €90,225 | +€32,948 | +57.5% |
| Remuneration, social security and pensions | 62 | €31,237 | €31,781 | +€544 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,758 | €4,701 | +€1,942 | +70.4% |
| Other operating charges | 640/8 | €511 | €528 | +€17 | +3.4% |
| Gross operating margin | 9900 | €119,139 | €115,900 | -€3,239 | -2.7% |
| Operating profit (loss) | 9901 | €84,632 | €78,890 | -€5,742 | -6.8% |
| Financial income | 75/76B | €3,503 | €1,103 | -€2,400 | -68.5% |
| Recurring financial income | 75 | €3,503 | €1,103 | -€2,400 | -68.5% |
| Financial charges | 65/66B | €3,295 | €1,150 | -€2,145 | -65.1% |
| Recurring financial charges | 65 | €3,295 | €1,150 | -€2,145 | -65.1% |
| Profit (loss) for the period before taxes | 9903 | €84,840 | €78,844 | -€5,996 | -7.1% |
| Income taxes | 67/77 | €17,897 | €17,100 | -€797 | -4.5% |
| Profit (loss) for the period | 9904 | €66,943 | €61,744 | -€5,199 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,943 | €61,744 | -€5,199 | -7.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.