DR KATRIEN BAGGERMAN: 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 KATRIEN BAGGERMAN
Largest movements
- Cash +€97,311
up €97,311 (+201%), from €48,338 to €145,649
mainly Net result for the year (+€93,895) and Depreciation (+€20,456)
- Tangible fixed assets -€18,456
down €18,456 (-19.8%), from €93,066 to €74,610
of which Furniture and vehicles: -€15,412
- Current investments -€12,200
down €12,200 (-9.2%), from €132,200 to €120,000
- Receivables after one year -€6,006
down €6,006 (-19.2%), from €31,319 to €25,312
- Deferred charges and accrued income +€4,353
up €4,353 (+26.7%), from €16,297 to €20,650
- Reserves +€93,895
up €93,895 (+47.1%), from €199,352 to €293,247
of which Distributable reserves: +€94,642
- Other debts -€27,874
down €27,874 (-62.1%), from €44,850 to €16,976
- Debts after one year -€10,554
down €10,554 (-19.7%), from €53,533 to €42,979
of which Financial debts: -€14,031
- Trade debts +€6,573
up €6,573 (+248%), from €2,655 to €9,228
- Financial income +€16,230
up €16,230 (+51.4%), from €31,556 to €47,785
of which Financial income: +€16,230
- Gross operating margin +€9,265
up €9,265 (+9.0%), from €102,609 to €111,873
- Taxes +€8,883
up €8,883 (+28.5%), from €31,191 to €40,075
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 | €327,814 | €392,856 | +€65,042 | +19.8% |
| Fixed assets | 21/28 | €93,066 | €74,610 | -€18,456 | -19.8% |
| Tangible fixed assets | 22/27 | €93,066 | €74,610 | -€18,456 | -19.8% |
| Land and buildings | 22 | €30,100 | €27,950 | -€2,150 | -7.1% |
| Plant, machinery and equipment | 23 | €2,191 | €1,298 | -€894 | -40.8% |
| Furniture and vehicles | 24 | €60,774 | €45,362 | -€15,412 | -25.4% |
| Current assets | 29/58 | €234,749 | €318,246 | +€83,498 | +35.6% |
| Amounts receivable after more than one year | 29 | €31,319 | €25,312 | -€6,006 | -19.2% |
| Other amounts receivable | 291 | €31,319 | €25,312 | -€6,006 | -19.2% |
| Amounts receivable within one year | 40/41 | €6,595 | €6,636 | +€41 | +0.6% |
| Trade receivables | 40 | €20 | €2,938 | +€2,918 | +14,590% |
| Other amounts receivable | 41 | €6,575 | €3,698 | -€2,877 | -43.8% |
| Current investments | 50/53 | €132,200 | €120,000 | -€12,200 | -9.2% |
| Cash at bank and in hand | 54/58 | €48,338 | €145,649 | +€97,311 | +201% |
| Deferred charges and accrued income | 490/1 | €16,297 | €20,650 | +€4,353 | +26.7% |
| Total equity and liabilities | 10/49 | €327,814 | €392,856 | +€65,042 | +19.8% |
| Equity | 10/15 | €211,752 | €305,647 | +€93,895 | +44.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €199,352 | €293,247 | +€93,895 | +47.1% |
| Non-distributable reserves | 130/1 | €747 | - | -€747 | |
| Reserves not available under the articles | 1311 | €747 | - | -€747 | |
| Distributable reserves | 133 | €198,605 | €293,247 | +€94,642 | +47.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €116,063 | €87,209 | -€28,853 | -24.9% |
| Amounts payable after more than one year | 17 | €53,533 | €42,979 | -€10,554 | -19.7% |
| Financial debts | 170/4 | €44,683 | €30,652 | -€14,031 | -31.4% |
| Other amounts payable | 178/9 | €8,850 | €12,327 | +€3,476 | +39.3% |
| Amounts payable within one year | 42/48 | €62,530 | €44,231 | -€18,299 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €13,503 | €14,031 | +€528 | +3.9% |
| Trade debts | 44 | €2,655 | €9,228 | +€6,573 | +248% |
| Suppliers | 440/4 | €2,655 | €9,228 | +€6,573 | +248% |
| Taxes, remuneration and social security | 45 | €1,521 | €3,996 | +€2,474 | +163% |
| Taxes | 450/3 | - | €2,511 | +€2,511 | |
| Remuneration and social security | 454/9 | €1,521 | €1,484 | -€37 | -2.4% |
| Other amounts payable | 47/48 | €44,850 | €16,976 | -€27,874 | -62.1% |
| Non-recurring operating income | 76A | €37 | - | -€37 | |
| Remuneration, social security and pensions | 62 | €1,654 | €2,500 | +€846 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,838 | €20,456 | -€382 | -1.8% |
| Other operating charges | 640/8 | €148 | €638 | +€490 | +331% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €102,609 | €111,873 | +€9,265 | +9.0% |
| Operating profit (loss) | 9901 | €79,968 | €88,280 | +€8,311 | +10.4% |
| Financial income | 75/76B | €31,556 | €47,785 | +€16,230 | +51.4% |
| Recurring financial income | 75 | €31,556 | €47,785 | +€16,230 | +51.4% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €2,573 | €2,095 | -€478 | -18.6% |
| Recurring financial charges | 65 | €2,573 | €2,095 | -€478 | -18.6% |
| Non-recurring financial charges | 66B | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €108,951 | €133,970 | +€25,019 | +23.0% |
| Income taxes | 67/77 | €31,191 | €40,075 | +€8,883 | +28.5% |
| Profit (loss) for the period | 9904 | €77,760 | €93,895 | +€16,135 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,760 | €93,895 | +€16,135 | +20.7% |
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 14 October 2026 via checked.be.