Herman Baecke: 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.
Herman Baecke
Largest movements
- Cash +€199,279
up €199,279 (+45.4%), from €439,278 to €638,557
mainly Net result for the year (+€173,455) and Receivables within one year (+€31,913)
- Stocks and contracts +€41,369
up €41,369 (+32.0%), from €129,166 to €170,535
- Receivables within one year -€31,913
down €31,913 (-22.7%), from €140,600 to €108,686
of which Other amounts receivable: -€28,714
- Tangible fixed assets -€11,654
down €11,654 (-10.8%), from €107,739 to €96,086
of which Furniture and vehicles: -€14,338
- Reserves +€173,455
up €173,455 (+43.2%), from €401,672 to €575,127
- Advances received +€21,097
up €21,097 (+44.4%), from €47,498 to €68,595
- Trade debts +€13,658
up €13,658 (+61.2%), from €22,312 to €35,970
- Other debts -€11,838
down €11,838 (-4.0%), from €297,871 to €286,033
- Gross operating margin +€124,278
up €124,278 (+83.3%), from €149,268 to €273,547
- Taxes +€41,139
up €41,139 (+97.0%), from €42,415 to €83,554
- Financial income +€6,221
up €6,221 (+1,821%), from €342 to €6,563
- Depreciation +€2,850
up €2,850 (+17.6%), from €16,175 to €19,025
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 | €821,312 | €1,019,044 | +€197,732 | +24.1% |
| Fixed assets | 21/28 | €107,739 | €96,086 | -€11,654 | -10.8% |
| Tangible fixed assets | 22/27 | €107,739 | €96,086 | -€11,654 | -10.8% |
| Plant, machinery and equipment | 23 | €10,860 | €13,545 | +€2,685 | +24.7% |
| Furniture and vehicles | 24 | €96,879 | €82,541 | -€14,338 | -14.8% |
| Current assets | 29/58 | €713,573 | €922,958 | +€209,386 | +29.3% |
| Stocks and contracts in progress | 3 | €129,166 | €170,535 | +€41,369 | +32.0% |
| Stocks | 30/36 | €129,166 | €170,535 | +€41,369 | +32.0% |
| Amounts receivable within one year | 40/41 | €140,600 | €108,686 | -€31,913 | -22.7% |
| Trade receivables | 40 | €111,815 | €108,616 | -€3,199 | -2.9% |
| Other amounts receivable | 41 | €28,784 | €70 | -€28,714 | -99.8% |
| Cash at bank and in hand | 54/58 | €439,278 | €638,557 | +€199,279 | +45.4% |
| Deferred charges and accrued income | 490/1 | €4,529 | €5,180 | +€651 | +14.4% |
| Total equity and liabilities | 10/49 | €821,312 | €1,019,044 | +€197,732 | +24.1% |
| Equity | 10/15 | €420,222 | €593,677 | +€173,455 | +41.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €401,672 | €575,127 | +€173,455 | +43.2% |
| Distributable reserves | 133 | €401,672 | €575,127 | +€173,455 | +43.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €401,090 | €425,367 | +€24,277 | +6.1% |
| Amounts payable within one year | 42/48 | €401,090 | €425,367 | +€24,277 | +6.1% |
| Trade debts | 44 | €22,312 | €35,970 | +€13,658 | +61.2% |
| Suppliers | 440/4 | €22,312 | €35,970 | +€13,658 | +61.2% |
| Advances received on contracts in progress | 46 | €47,498 | €68,595 | +€21,097 | +44.4% |
| Taxes, remuneration and social security | 45 | €33,409 | €34,769 | +€1,360 | +4.1% |
| Taxes | 450/3 | €33,409 | €34,769 | +€1,360 | +4.1% |
| Other amounts payable | 47/48 | €297,871 | €286,033 | -€11,838 | -4.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,175 | €19,025 | +€2,850 | +17.6% |
| Other operating charges | 640/8 | €2,524 | €1,811 | -€713 | -28.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €149,268 | €273,547 | +€124,278 | +83.3% |
| Operating profit (loss) | 9901 | €130,569 | €252,711 | +€122,142 | +93.5% |
| Financial income | 75/76B | €342 | €6,563 | +€6,221 | +1,821% |
| Recurring financial income | 75 | €342 | €6,563 | +€6,221 | +1,821% |
| Financial charges | 65/66B | €1,014 | €2,266 | +€1,251 | +123% |
| Recurring financial charges | 65 | €1,014 | €2,266 | +€1,251 | +123% |
| Profit (loss) for the period before taxes | 9903 | €129,897 | €257,009 | +€127,112 | +97.9% |
| Income taxes | 67/77 | €42,415 | €83,554 | +€41,139 | +97.0% |
| Profit (loss) for the period | 9904 | €87,482 | €173,455 | +€85,973 | +98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,482 | €173,455 | +€85,973 | +98.3% |
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 25 October 2026 via checked.be.