Dr. J. 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. J. Baert
Largest movements
- Tangible fixed assets -€17,145
down €17,145 (-15.8%), from €108,573 to €91,428
of which Leasing and similar rights: -€21,650
- Cash +€14,296
up €14,296 (+9.4%), from €152,406 to €166,702
mainly Net result for the year (+€36,232) and Depreciation (+€22,899)
- Receivables after one year -€14,000
no longer reported in 2025 (was €14,000)
- Receivables within one year -€9,603
down €9,603 (-70.4%), from €13,635 to €4,033
of which Trade receivables: -€12,628
- Debts after one year -€20,005
down €20,005 (-25.0%), from €79,993 to €59,988
- Tax, wage and social debts -€8,056
down €8,056 (-21.9%), from €36,754 to €28,697
of which Taxes: -€8,236
- Reserves +€3,973
up €3,973 (+3.5%), from €113,159 to €117,132
- Gross operating margin -€64,298
down €64,298 (-39.9%), from €160,991 to €96,693
- Taxes -€26,006
down €26,006 (-61.5%), from €42,296 to €16,291
- Depreciation +€20,280
up €20,280 (+774.3%), from €2,619 to €22,899
- Financial charges +€16,606
up €16,606 (+2014.9%), from €824 to €17,430
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 | €316,781 | €292,173 | -€24,608 | -7.8% |
| Fixed assets | 21/28 | €108,573 | €91,428 | -€17,145 | -15.8% |
| Tangible fixed assets | 22/27 | €108,573 | €91,428 | -€17,145 | -15.8% |
| Furniture and vehicles | 24 | €2,204 | €2,922 | +€719 | +32.6% |
| Leasing and similar rights | 25 | €106,299 | €84,649 | -€21,650 | -20.4% |
| Other tangible fixed assets | 26 | €70 | €3,857 | +€3,787 | +5440.4% |
| Current assets | 29/58 | €208,208 | €200,745 | -€7,463 | -3.6% |
| Amounts receivable after more than one year | 29 | €14,000 | - | -€14,000 | |
| Other amounts receivable | 291 | €14,000 | - | -€14,000 | |
| Amounts receivable within one year | 40/41 | €13,635 | €4,033 | -€9,603 | -70.4% |
| Trade receivables | 40 | €13,635 | €1,007 | -€12,628 | -92.6% |
| Other amounts receivable | 41 | - | €3,026 | +€3,026 | |
| Current investments | 50/53 | €25,007 | €25,158 | +€151 | +0.6% |
| Cash at bank and in hand | 54/58 | €152,406 | €166,702 | +€14,296 | +9.4% |
| Deferred charges and accrued income | 490/1 | €3,160 | €4,853 | +€1,692 | +53.6% |
| Total equity and liabilities | 10/49 | €316,781 | €292,173 | -€24,608 | -7.8% |
| Equity | 10/15 | €125,559 | €129,532 | +€3,973 | +3.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €113,159 | €117,132 | +€3,973 | +3.5% |
| Distributable reserves | 133 | €113,159 | €117,132 | +€3,973 | +3.5% |
| Amounts payable | 17/49 | €191,222 | €162,641 | -€28,581 | -14.9% |
| Amounts payable after more than one year | 17 | €79,993 | €59,988 | -€20,005 | -25.0% |
| Financial debts | 170/4 | €79,993 | €59,988 | -€20,005 | -25.0% |
| Amounts payable within one year | 42/48 | €111,112 | €102,653 | -€8,459 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €19,424 | €20,005 | +€581 | +3.0% |
| Trade debts | 44 | €12,883 | €13,704 | +€821 | +6.4% |
| Suppliers | 440/4 | €12,883 | €13,704 | +€821 | +6.4% |
| Taxes, remuneration and social security | 45 | €36,754 | €28,697 | -€8,056 | -21.9% |
| Taxes | 450/3 | €26,282 | €18,046 | -€8,236 | -31.3% |
| Remuneration and social security | 454/9 | €10,472 | €10,652 | +€180 | +1.7% |
| Other amounts payable | 47/48 | €42,051 | €40,247 | -€1,804 | -4.3% |
| Accrued charges and deferred income | 492/3 | €117 | - | -€117 | |
| Non-recurring operating income | 76A | - | €2,282 | +€2,282 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,619 | €22,899 | +€20,280 | +774.3% |
| Other operating charges | 640/8 | €4,706 | €4,060 | -€646 | -13.7% |
| Gross operating margin | 9900 | €160,991 | €96,693 | -€64,298 | -39.9% |
| Operating profit (loss) | 9901 | €153,666 | €69,734 | -€83,932 | -54.6% |
| Financial income | 75/76B | €354 | €218 | -€136 | -38.4% |
| Recurring financial income | 75 | €354 | €218 | -€136 | -38.4% |
| Financial charges | 65/66B | €824 | €17,430 | +€16,606 | +2014.9% |
| Recurring financial charges | 65 | €824 | €17,430 | +€16,606 | +2014.9% |
| Profit (loss) for the period before taxes | 9903 | €153,196 | €52,523 | -€100,674 | -65.7% |
| Income taxes | 67/77 | €42,296 | €16,291 | -€26,006 | -61.5% |
| Profit (loss) for the period | 9904 | €110,900 | €36,232 | -€74,668 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €110,900 | €36,232 | -€74,668 | -67.3% |
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 12 October 2026 via checked.be.