Dr. P. Baetslé: 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. P. Baetslé
Largest movements
- Receivables after one year -€634,948
down €634,948 (-72.8%), from €871,636 to €236,688
- Tangible fixed assets -€75,868
down €75,868 (-8.3%), from €915,015 to €839,147
of which Land and buildings: -€72,272
- Receivables within one year +€42,998
up €42,998, from €0 to €42,998
- Deferred charges and accrued income -€28,290
down €28,290 (-18.6%), from €151,934 to €123,644
- Profit (loss) carried forward -€745,591
down €745,591 (-100%), from €745,591 to €0
- Tax, wage and social debts +€207,926
up €207,926 (+809%), from €25,714 to €233,640
- Debts after one year -€75,556
down €75,556 (-15.8%), from €478,017 to €402,462
- Reserves -€60,543
down €60,543 (-10.5%), from €574,401 to €513,858
of which Distributable reserves: -€58,683
- Financial income -€20,180
down €20,180 (-70.2%), from €28,764 to €8,584
- Taxes -€7,545
down €7,545 (-14.9%), from €50,669 to €43,125
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 | €1,977,016 | €1,292,506 | -€684,510 | -34.6% |
| Fixed assets | 21/28 | €915,015 | €839,147 | -€75,868 | -8.3% |
| Tangible fixed assets | 22/27 | €915,015 | €839,147 | -€75,868 | -8.3% |
| Land and buildings | 22 | €888,937 | €816,665 | -€72,272 | -8.1% |
| Plant, machinery and equipment | 23 | €6,428 | €9,837 | +€3,409 | +53.0% |
| Furniture and vehicles | 24 | €19,651 | €12,646 | -€7,005 | -35.6% |
| Current assets | 29/58 | €1,062,001 | €453,359 | -€608,642 | -57.3% |
| Amounts receivable after more than one year | 29 | €871,636 | €236,688 | -€634,948 | -72.8% |
| Other amounts receivable | 291 | €871,636 | €236,688 | -€634,948 | -72.8% |
| Amounts receivable within one year | 40/41 | €0 | €42,998 | +€42,998 | |
| Other amounts receivable | 41 | €0 | €42,998 | +€42,998 | |
| Cash at bank and in hand | 54/58 | €38,430 | €50,029 | +€11,599 | +30.2% |
| Deferred charges and accrued income | 490/1 | €151,934 | €123,644 | -€28,290 | -18.6% |
| Total equity and liabilities | 10/49 | €1,977,016 | €1,292,506 | -€684,510 | -34.6% |
| Equity | 10/15 | €1,332,392 | €526,258 | -€806,134 | -60.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €574,401 | €513,858 | -€60,543 | -10.5% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Other | 1319 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €57,202 | €57,202 | = | 0.0% |
| Distributable reserves | 133 | €515,339 | €456,657 | -€58,683 | -11.4% |
| Profit (loss) carried forward | 14 | €745,591 | €0 | -€745,591 | -100% |
| Amounts payable | 17/49 | €644,624 | €766,248 | +€121,624 | +18.9% |
| Amounts payable after more than one year | 17 | €478,017 | €402,462 | -€75,556 | -15.8% |
| Financial debts | 170/4 | €478,017 | €402,462 | -€75,556 | -15.8% |
| Amounts payable within one year | 42/48 | €166,607 | €363,786 | +€197,179 | +118% |
| Current portion of amounts payable after more than one year | 42 | €73,892 | €75,556 | +€1,664 | +2.3% |
| Financial debts | 43 | €50,510 | €44,352 | -€6,158 | -12.2% |
| Credit institutions | 430/8 | €50,510 | €44,352 | -€6,158 | -12.2% |
| Trade debts | 44 | €9,841 | €6,890 | -€2,951 | -30.0% |
| Suppliers | 440/4 | €9,841 | €6,890 | -€2,951 | -30.0% |
| Taxes, remuneration and social security | 45 | €25,714 | €233,640 | +€207,926 | +809% |
| Taxes | 450/3 | €25,714 | €233,640 | +€207,926 | +809% |
| Other amounts payable | 47/48 | €6,650 | €3,348 | -€3,302 | -49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,592 | €82,293 | -€299 | -0.4% |
| Other operating charges | 640/8 | €11,853 | €9,773 | -€2,080 | -17.5% |
| Gross operating margin | 9900 | €234,054 | €235,870 | +€1,816 | +0.8% |
| Operating profit (loss) | 9901 | €139,610 | €143,805 | +€4,196 | +3.0% |
| Financial income | 75/76B | €28,764 | €8,584 | -€20,180 | -70.2% |
| Recurring financial income | 75 | €28,764 | €8,584 | -€20,180 | -70.2% |
| Financial charges | 65/66B | €20,022 | €18,152 | -€1,870 | -9.3% |
| Recurring financial charges | 65 | €20,022 | €18,152 | -€1,870 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €148,352 | €134,238 | -€14,114 | -9.5% |
| Income taxes | 67/77 | €50,669 | €43,125 | -€7,545 | -14.9% |
| Profit (loss) for the period | 9904 | €97,683 | €91,113 | -€6,570 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €97,683 | €91,113 | -€6,570 | -6.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.