EMMANUEL BAERT PROJECTS: 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.
EMMANUEL BAERT PROJECTS
Largest movements
- Cash -€10,961
down €10,961 (-87.3%), from €12,548 to €1,587
mainly Trade debts (-€19,403) and Debts after one year (-€9,442)
- Tangible fixed assets -€4,327
down €4,327 (-39.1%), from €11,054 to €6,728
of which Land and buildings: -€2,811
- Receivables within one year +€1,423
up €1,423 (+2.9%), from €48,415 to €49,838
of which Trade receivables: +€1,818
- Trade debts -€19,403
down €19,403 (-84.4%), from €23,000 to €3,597
- Other debts +€13,827
up €13,827 (+172%), from €8,049 to €21,876
- Debts after one year -€9,442
down €9,442 (-25.3%), from €37,247 to €27,805
- Profit (loss) carried forward +€1,332
up €1,332 (+1.9%), from -€68,423 to -€67,091
- Gross operating margin -€9,893
down €9,893 (-47.9%), from €20,633 to €10,740
- Depreciation -€2,315
down €2,315 (-34.9%), from €6,642 to €4,327
- Other operating charges +€391
up €391 (+15.6%), from €2,514 to €2,905
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 | €119,377 | €106,578 | -€12,799 | -10.7% |
| Fixed assets | 21/28 | €11,073 | €6,747 | -€4,327 | -39.1% |
| Tangible fixed assets | 22/27 | €11,054 | €6,728 | -€4,327 | -39.1% |
| Land and buildings | 22 | €5,487 | €2,676 | -€2,811 | -51.2% |
| Plant, machinery and equipment | 23 | €4,574 | €3,842 | -€731 | -16.0% |
| Furniture and vehicles | 24 | €994 | €209 | -€785 | -78.9% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €108,304 | €99,831 | -€8,472 | -7.8% |
| Amounts receivable within one year | 40/41 | €48,415 | €49,838 | +€1,423 | +2.9% |
| Trade receivables | 40 | €47,596 | €49,414 | +€1,818 | +3.8% |
| Other amounts receivable | 41 | €819 | €424 | -€395 | -48.3% |
| Cash at bank and in hand | 54/58 | €12,548 | €1,587 | -€10,961 | -87.3% |
| Deferred charges and accrued income | 490/1 | €47,341 | €48,406 | +€1,066 | +2.3% |
| Total equity and liabilities | 10/49 | €119,377 | €106,578 | -€12,799 | -10.7% |
| Equity | 10/15 | €34,344 | €35,676 | +€1,332 | +3.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €84,216 | €84,216 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,870 | €1,870 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,870 | €1,870 | = | 0.0% |
| Tax-exempt reserves | 132 | €39,061 | €39,061 | = | 0.0% |
| Distributable reserves | 133 | €43,286 | €43,286 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,423 | -€67,091 | +€1,332 | +1.9% |
| Amounts payable | 17/49 | €85,033 | €70,902 | -€14,131 | -16.6% |
| Amounts payable after more than one year | 17 | €37,247 | €27,805 | -€9,442 | -25.3% |
| Financial debts | 170/4 | €37,247 | €27,805 | -€9,442 | -25.3% |
| Amounts payable within one year | 42/48 | €47,574 | €42,117 | -€5,457 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €7,753 | €8,726 | +€973 | +12.6% |
| Trade debts | 44 | €23,000 | €3,597 | -€19,403 | -84.4% |
| Suppliers | 440/4 | €23,000 | €3,597 | -€19,403 | -84.4% |
| Taxes, remuneration and social security | 45 | €8,773 | €7,918 | -€855 | -9.7% |
| Taxes | 450/3 | €8,578 | €7,918 | -€660 | -7.7% |
| Remuneration and social security | 454/9 | €195 | €0 | -€195 | -100% |
| Other amounts payable | 47/48 | €8,049 | €21,876 | +€13,827 | +172% |
| Accrued charges and deferred income | 492/3 | €212 | €980 | +€768 | +362% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,642 | €4,327 | -€2,315 | -34.9% |
| Other operating charges | 640/8 | €2,514 | €2,905 | +€391 | +15.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €20,633 | €10,740 | -€9,893 | -47.9% |
| Operating profit (loss) | 9901 | €11,477 | €3,509 | -€7,968 | -69.4% |
| Financial income | 75/76B | €16 | €3 | -€13 | -82.1% |
| Recurring financial income | 75 | €16 | €3 | -€13 | -82.1% |
| Financial charges | 65/66B | €1,428 | €1,576 | +€148 | +10.3% |
| Recurring financial charges | 65 | €1,428 | €1,576 | +€148 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €10,064 | €1,936 | -€8,129 | -80.8% |
| Income taxes | 67/77 | €590 | €604 | +€13 | +2.3% |
| Profit (loss) for the period | 9904 | €9,474 | €1,332 | -€8,142 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,474 | €1,332 | -€8,142 | -85.9% |
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 15 October 2026 via checked.be.