J. BAATS: 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.
J. BAATS
Largest movements
- Tangible fixed assets -€15,622
down €15,622 (-30.4%), from €51,323 to €35,701
of which Furniture and vehicles: -€11,163
- Cash -€3,753
down €3,753 (-3.9%), from €95,705 to €91,953
mainly Contributions, distributions and other (-€76,600) and Other debts (-€34,967)
- Other debts -€34,967
down €34,967 (-28.3%), from €123,406 to €88,439
- Profit (loss) carried forward +€14,451
new in 2025: €14,451
- Tax, wage and social debts +€11,116
up €11,116 (+433.2%), from €2,566 to €13,682
- Debts after one year -€7,425
no longer reported in 2025 (was €7,425)
- Current portion of long-term debt -€4,217
down €4,217 (-36.2%), from €11,642 to €7,425
- Gross operating margin +€32,868
up €32,868 (+32.4%), from €101,496 to €134,363
- Taxes +€9,731
up €9,731 (+59.6%), from €16,326 to €26,057
- Depreciation -€6,037
down €6,037 (-26.8%), from €22,554 to €16,517
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.
Cash bridge derived
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 | €174,830 | €155,500 | -€19,330 | -11.1% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €55,073 | €39,451 | -€15,622 | -28.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €51,323 | €35,701 | -€15,622 | -30.4% |
| Plant, machinery and equipment | 23 | €52 | €0 | -€52 | -100.0% |
| Furniture and vehicles | 24 | €20,160 | €8,997 | -€11,163 | -55.4% |
| Other tangible fixed assets | 26 | €31,111 | €26,704 | -€4,407 | -14.2% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €119,757 | €116,049 | -€3,707 | -3.1% |
| Amounts receivable within one year | 40/41 | €21,909 | €22,417 | +€508 | +2.3% |
| Trade receivables | 40 | €18,235 | €22,417 | +€4,182 | +22.9% |
| Other amounts receivable | 41 | €3,674 | - | -€3,674 | |
| Cash at bank and in hand | 54/58 | €95,705 | €91,953 | -€3,753 | -3.9% |
| Deferred charges and accrued income | 490/1 | €2,142 | €1,680 | -€463 | -21.6% |
| Total equity and liabilities | 10/49 | €174,830 | €155,500 | -€19,330 | -11.1% |
| Equity | 10/15 | €25,000 | €39,451 | +€14,451 | +57.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €14,451 | +€14,451 | |
| Amounts payable | 17/49 | €149,830 | €116,049 | -€33,781 | -22.5% |
| Amounts payable after more than one year | 17 | €7,425 | - | -€7,425 | |
| Financial debts | 170/4 | €7,425 | - | -€7,425 | |
| Amounts payable within one year | 42/48 | €138,987 | €112,677 | -€26,310 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €11,642 | €7,425 | -€4,217 | -36.2% |
| Trade debts | 44 | €1,373 | €3,131 | +€1,758 | +128.0% |
| Suppliers | 440/4 | €1,373 | €3,131 | +€1,758 | +128.0% |
| Taxes, remuneration and social security | 45 | €2,566 | €13,682 | +€11,116 | +433.2% |
| Taxes | 450/3 | €2,566 | €13,682 | +€11,116 | +433.2% |
| Other amounts payable | 47/48 | €123,406 | €88,439 | -€34,967 | -28.3% |
| Accrued charges and deferred income | 492/3 | €3,418 | €3,373 | -€46 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,554 | €16,517 | -€6,037 | -26.8% |
| Other operating charges | 640/8 | €573 | €568 | -€6 | -1.0% |
| Non-recurring operating charges | 66A | - | €279 | +€279 | |
| Gross operating margin | 9900 | €101,496 | €134,363 | +€32,868 | +32.4% |
| Operating profit (loss) | 9901 | €78,368 | €116,999 | +€38,631 | +49.3% |
| Financial income | 75/76B | €1 | €309 | +€308 | +45342.6% |
| Recurring financial income | 75 | €1 | €309 | +€308 | +45342.6% |
| Financial charges | 65/66B | €647 | €201 | -€446 | -69.0% |
| Recurring financial charges | 65 | €647 | €201 | -€446 | -69.0% |
| Profit (loss) for the period before taxes | 9903 | €77,722 | €117,108 | +€39,386 | +50.7% |
| Income taxes | 67/77 | €16,326 | €26,057 | +€9,731 | +59.6% |
| Profit (loss) for the period | 9904 | €61,396 | €91,051 | +€29,655 | +48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,396 | €91,051 | +€29,655 | +48.3% |
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 9 October 2026 via checked.be.