Frank 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.
Frank Baert
Largest movements
- Tangible fixed assets -€10,467
down €10,467 (-71.4%), from €14,655 to €4,187
- Cash +€10,410
up €10,410 (+40.2%), from €25,922 to €36,332
mainly Net result for the year (+€19,697) and Investment in fixed assets (net) (+€9,333)
- Receivables within one year -€5,908
down €5,908 (-29.3%), from €20,172 to €14,264
of which Trade receivables: -€3,418
- Other debts -€25,000
down €25,000 (-83.3%), from €30,000 to €5,000
- Reserves +€19,697
up €19,697 (+101%), from €19,417 to €39,115
- Tax, wage and social debts -€1,522
down €1,522 (-16.5%), from €9,240 to €7,718
- Trade debts +€727
up €727 (+19.9%), from €3,657 to €4,384
- Gross operating margin -€9,150
down €9,150 (-22.4%), from €40,767 to €31,617
- Other operating charges -€6,646
down €6,646 (-77.4%), from €8,581 to €1,936
- Depreciation -€3,030
down €3,030 (-72.8%), from €4,164 to €1,135
- Taxes -€566
down €566 (-9.1%), from €6,221 to €5,655
- Financial income -€433
down €433 (-68.4%), from €633 to €200
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 | €64,815 | €58,717 | -€6,098 | -9.4% |
| Fixed assets | 21/28 | €14,655 | €4,187 | -€10,467 | -71.4% |
| Tangible fixed assets | 22/27 | €14,655 | €4,187 | -€10,467 | -71.4% |
| Furniture and vehicles | 24 | €14,655 | €4,187 | -€10,467 | -71.4% |
| Current assets | 29/58 | €50,160 | €54,530 | +€4,370 | +8.7% |
| Amounts receivable within one year | 40/41 | €20,172 | €14,264 | -€5,908 | -29.3% |
| Trade receivables | 40 | €15,724 | €12,306 | -€3,418 | -21.7% |
| Other amounts receivable | 41 | €4,448 | €1,959 | -€2,490 | -56.0% |
| Cash at bank and in hand | 54/58 | €25,922 | €36,332 | +€10,410 | +40.2% |
| Deferred charges and accrued income | 490/1 | €4,066 | €3,933 | -€133 | -3.3% |
| Total equity and liabilities | 10/49 | €64,815 | €58,717 | -€6,098 | -9.4% |
| Equity | 10/15 | €21,917 | €41,615 | +€19,697 | +89.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €19,417 | €39,115 | +€19,697 | +101% |
| Distributable reserves | 133 | €19,417 | €39,115 | +€19,697 | +101% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,897 | €17,102 | -€25,795 | -60.1% |
| Amounts payable within one year | 42/48 | €42,897 | €17,102 | -€25,795 | -60.1% |
| Trade debts | 44 | €3,657 | €4,384 | +€727 | +19.9% |
| Suppliers | 440/4 | €3,657 | €4,384 | +€727 | +19.9% |
| Taxes, remuneration and social security | 45 | €9,240 | €7,718 | -€1,522 | -16.5% |
| Taxes | 450/3 | €9,240 | €7,718 | -€1,522 | -16.5% |
| Other amounts payable | 47/48 | €30,000 | €5,000 | -€25,000 | -83.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,164 | €1,135 | -€3,030 | -72.8% |
| Other operating charges | 640/8 | €8,581 | €1,936 | -€6,646 | -77.4% |
| Gross operating margin | 9900 | €40,767 | €31,617 | -€9,150 | -22.4% |
| Operating profit (loss) | 9901 | €28,022 | €28,547 | +€525 | +1.9% |
| Financial income | 75/76B | €633 | €200 | -€433 | -68.4% |
| Recurring financial income | 75 | €633 | €200 | -€433 | -68.4% |
| Financial charges | 65/66B | €3,056 | €3,394 | +€338 | +11.1% |
| Recurring financial charges | 65 | €3,056 | €3,394 | +€338 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €25,598 | €25,353 | -€246 | -1.0% |
| Income taxes | 67/77 | €6,221 | €5,655 | -€566 | -9.1% |
| Profit (loss) for the period | 9904 | €19,377 | €19,697 | +€320 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,377 | €19,697 | +€320 | +1.7% |
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 27 October 2026 via checked.be.