Ilse Baes: 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.
Ilse Baes
Largest movements
- Receivables within one year -€51,177
down €51,177 (-64.6%), from €79,179 to €28,002
of which Trade receivables: -€34,799
- Cash -€50,733
down €50,733 (-91.2%), from €55,610 to €4,877
mainly Debts after one year (-€85,233) and Investment in fixed assets (net) (-€68,030)
- Tangible fixed assets -€26,265
down €26,265 (-8.2%), from €318,572 to €292,308
of which Furniture and vehicles: -€76,990
- Debts after one year -€85,233
down €85,233 (-41.8%), from €203,771 to €118,538
of which Financial debts: -€84,483
- Tax, wage and social debts -€67,392
down €67,392 (-48.9%), from €137,695 to €70,303
of which Remuneration and social security: -€49,886
- Other debts +€48,963
up €48,963 (+117%), from €41,926 to €90,889
- Current portion of long-term debt -€45,221
down €45,221 (-34.9%), from €129,704 to €84,483
- Short-term financial debts +€39,131
up €39,131 (+34,938%), from €112 to €39,243
- Staff costs -€112,432
down €112,432 (-11.2%), from €1.0m to €894,451
- Gross operating margin -€101,275
down €101,275 (-9.4%), from €1.1m to €980,906
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 | €666,542 | €533,027 | -€133,515 | -20.0% |
| Fixed assets | 21/28 | €318,738 | €292,308 | -€26,431 | -8.3% |
| Intangible fixed assets | 21 | €166 | €0 | -€166 | -100% |
| Tangible fixed assets | 22/27 | €318,572 | €292,308 | -€26,265 | -8.2% |
| Plant, machinery and equipment | 23 | €8,403 | €7,500 | -€903 | -10.7% |
| Furniture and vehicles | 24 | €310,169 | €233,180 | -€76,990 | -24.8% |
| Other tangible fixed assets | 26 | - | €51,628 | +€51,628 | |
| Current assets | 29/58 | €347,804 | €240,719 | -€107,085 | -30.8% |
| Amounts receivable within one year | 40/41 | €79,179 | €28,002 | -€51,177 | -64.6% |
| Trade receivables | 40 | €39,695 | €4,896 | -€34,799 | -87.7% |
| Other amounts receivable | 41 | €39,484 | €23,106 | -€16,378 | -41.5% |
| Cash at bank and in hand | 54/58 | €55,610 | €4,877 | -€50,733 | -91.2% |
| Deferred charges and accrued income | 490/1 | €213,015 | €207,840 | -€5,175 | -2.4% |
| Total equity and liabilities | 10/49 | €666,542 | €533,027 | -€133,515 | -20.0% |
| Equity | 10/15 | €79,693 | €48,320 | -€31,372 | -39.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €103,509 | €103,509 | = | 0.0% |
| Distributable reserves | 133 | €103,509 | €103,509 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,816 | -€75,189 | -€31,372 | -71.6% |
| Amounts payable | 17/49 | €586,849 | €484,706 | -€102,143 | -17.4% |
| Amounts payable after more than one year | 17 | €203,771 | €118,538 | -€85,233 | -41.8% |
| Financial debts | 170/4 | €203,021 | €118,538 | -€84,483 | -41.6% |
| Other amounts payable | 178/9 | €750 | €0 | -€750 | -100% |
| Amounts payable within one year | 42/48 | €381,742 | €366,169 | -€15,574 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €129,704 | €84,483 | -€45,221 | -34.9% |
| Financial debts | 43 | €112 | €39,243 | +€39,131 | +34,938% |
| Credit institutions | 430/8 | €112 | €39,243 | +€39,131 | +34,938% |
| Trade debts | 44 | €72,305 | €81,251 | +€8,946 | +12.4% |
| Suppliers | 440/4 | €72,305 | €81,251 | +€8,946 | +12.4% |
| Taxes, remuneration and social security | 45 | €137,695 | €70,303 | -€67,392 | -48.9% |
| Taxes | 450/3 | €17,506 | €0 | -€17,506 | -100% |
| Remuneration and social security | 454/9 | €120,189 | €70,303 | -€49,886 | -41.5% |
| Other amounts payable | 47/48 | €41,926 | €90,889 | +€48,963 | +117% |
| Accrued charges and deferred income | 492/3 | €1,336 | €0 | -€1,336 | -100% |
| Remuneration, social security and pensions | 62 | €1,006,883 | €894,451 | -€112,432 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,181 | €94,461 | +€2,280 | +2.5% |
| Other operating charges | 640/8 | €4,934 | €7,397 | +€2,463 | +49.9% |
| Gross operating margin | 9900 | €1,082,181 | €980,906 | -€101,275 | -9.4% |
| Operating profit (loss) | 9901 | -€21,817 | -€15,403 | +€6,414 | +29.4% |
| Financial income | 75/76B | €148 | €1,731 | +€1,583 | +1,066% |
| Recurring financial income | 75 | €148 | €1,731 | +€1,583 | +1,066% |
| Financial charges | 65/66B | €17,584 | €10,637 | -€6,947 | -39.5% |
| Recurring financial charges | 65 | €17,584 | €10,637 | -€6,947 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | -€39,253 | -€24,309 | +€14,944 | +38.1% |
| Income taxes | 67/77 | €4,564 | €7,064 | +€2,500 | +54.8% |
| Profit (loss) for the period | 9904 | -€43,816 | -€31,372 | +€12,444 | +28.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,816 | -€31,372 | +€12,444 | +28.4% |
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 23 October 2026 via checked.be.