DR. FLORENCE 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.
DR. FLORENCE BAERT
Largest movements
- Cash +€44,688
up €44,688 (+99.1%), from €45,080 to €89,769
mainly Net result for the year (+€56,525) and Depreciation (+€34,100)
- Current investments -€30,000
down €30,000 (-100%), from €30,000 to €0
- Intangible fixed assets -€25,000
down €25,000 (-67.0%), from €37,295 to €12,295
- Deferred charges and accrued income -€8,659
down €8,659 (-83.7%), from €10,346 to €1,687
- Tangible fixed assets -€8,081
down €8,081 (-27.3%), from €29,609 to €21,528
of which Furniture and vehicles: -€7,455
- Other debts -€16,437
down €16,437 (-20.3%), from €81,107 to €64,670
- Accrued charges and deferred income -€3,226
down €3,226 (-89.3%), from €3,614 to €388
- Gross operating margin -€43,540
down €43,540 (-28.8%), from €151,332 to €107,792
- Depreciation -€14,281
down €14,281 (-29.5%), from €48,381 to €34,100
- Taxes -€4,571
down €4,571 (-23.0%), from €19,901 to €15,330
- Financial charges -€4,476
down €4,476 (-77.8%), from €5,753 to €1,277
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 | €159,429 | €138,587 | -€20,842 | -13.1% |
| Fixed assets | 21/28 | €66,904 | €33,823 | -€33,081 | -49.4% |
| Intangible fixed assets | 21 | €37,295 | €12,295 | -€25,000 | -67.0% |
| Tangible fixed assets | 22/27 | €29,609 | €21,528 | -€8,081 | -27.3% |
| Furniture and vehicles | 24 | €27,424 | €19,969 | -€7,455 | -27.2% |
| Other tangible fixed assets | 26 | €2,185 | €1,559 | -€626 | -28.6% |
| Current assets | 29/58 | €92,525 | €104,764 | +€12,239 | +13.2% |
| Amounts receivable within one year | 40/41 | €7,099 | €13,309 | +€6,210 | +87.5% |
| Trade receivables | 40 | - | €1,360 | +€1,360 | |
| Other amounts receivable | 41 | €7,099 | €11,949 | +€4,850 | +68.3% |
| Current investments | 50/53 | €30,000 | €0 | -€30,000 | -100% |
| Cash at bank and in hand | 54/58 | €45,080 | €89,769 | +€44,688 | +99.1% |
| Deferred charges and accrued income | 490/1 | €10,346 | €1,687 | -€8,659 | -83.7% |
| Total equity and liabilities | 10/49 | €159,429 | €138,587 | -€20,842 | -13.1% |
| Equity | 10/15 | €59,871 | €59,871 | = | 0.0% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Reserves | 13 | €39,466 | €39,466 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €39,466 | €39,466 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,558 | €78,716 | -€20,842 | -20.9% |
| Amounts payable within one year | 42/48 | €95,945 | €78,329 | -€17,616 | -18.4% |
| Trade debts | 44 | €1,966 | €2,272 | +€306 | +15.6% |
| Suppliers | 440/4 | €1,966 | €2,272 | +€306 | +15.6% |
| Taxes, remuneration and social security | 45 | €12,871 | €11,387 | -€1,485 | -11.5% |
| Taxes | 450/3 | €12,871 | €11,387 | -€1,485 | -11.5% |
| Other amounts payable | 47/48 | €81,107 | €64,670 | -€16,437 | -20.3% |
| Accrued charges and deferred income | 492/3 | €3,614 | €388 | -€3,226 | -89.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €467 | €854 | +€387 | +82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,381 | €34,100 | -€14,281 | -29.5% |
| Other operating charges | 640/8 | €1,346 | €732 | -€613 | -45.6% |
| Gross operating margin | 9900 | €151,332 | €107,792 | -€43,540 | -28.8% |
| Operating profit (loss) | 9901 | €101,138 | €72,105 | -€29,033 | -28.7% |
| Financial income | 75/76B | €0 | €1,028 | +€1,028 | +1,468,286% |
| Recurring financial income | 75 | €0 | €1,028 | +€1,028 | +1,468,286% |
| Financial charges | 65/66B | €5,753 | €1,277 | -€4,476 | -77.8% |
| Recurring financial charges | 65 | €5,753 | €1,277 | -€4,476 | -77.8% |
| Profit (loss) for the period before taxes | 9903 | €95,384 | €71,856 | -€23,529 | -24.7% |
| Income taxes | 67/77 | €19,901 | €15,330 | -€4,571 | -23.0% |
| Profit (loss) for the period | 9904 | €75,484 | €56,525 | -€18,958 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €75,484 | €56,525 | -€18,958 | -25.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.