Jan Baeyens: 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.
Jan Baeyens
Largest movements
- Receivables within one year +€179,427
up €179,427 (+23.0%), from €778,955 to €958,383
of which Trade receivables: +€144,626
- Cash -€53,801
down €53,801 (-71.5%), from €75,247 to €21,446
mainly Debts after one year (-€269,924) and Contributions, distributions and other (-€186,000)
- Tangible fixed assets -€36,862
down €36,862 (-3.2%), from €1.1m to €1.1m
of which Land and buildings: -€37,250
- Debts after one year -€269,924
down €269,924 (-19.8%), from €1.4m to €1.1m
- Trade debts +€200,004
up €200,004 (+33.0%), from €605,604 to €805,608
- Other debts +€173,183
up €173,183 (+267%), from €64,861 to €238,044
- Tax, wage and social debts +€66,792
new in 2025: €66,792
- Current portion of long-term debt -€46,086
down €46,086 (-24.4%), from €188,491 to €142,406
- Gross operating margin +€51,695
up €51,695 (+19.4%), from €265,932 to €317,627
- Taxes +€30,555
up €30,555 (+121%), from €25,159 to €55,714
- Financial charges -€19,631
down €19,631 (-24.3%), from €80,644 to €61,012
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 | €2,565,896 | €2,654,460 | +€88,564 | +3.5% |
| Fixed assets | 21/28 | €1,709,732 | €1,672,870 | -€36,862 | -2.2% |
| Tangible fixed assets | 22/27 | €1,139,472 | €1,102,610 | -€36,862 | -3.2% |
| Land and buildings | 22 | €1,133,821 | €1,096,571 | -€37,250 | -3.3% |
| Plant, machinery and equipment | 23 | €254 | €145 | -€110 | -43.2% |
| Furniture and vehicles | 24 | €5,396 | €5,895 | +€498 | +9.2% |
| Financial fixed assets | 28 | €570,260 | €570,260 | = | 0.0% |
| Current assets | 29/58 | €856,164 | €981,590 | +€125,426 | +14.6% |
| Amounts receivable within one year | 40/41 | €778,955 | €958,383 | +€179,427 | +23.0% |
| Trade receivables | 40 | €42,742 | €187,367 | +€144,626 | +338% |
| Other amounts receivable | 41 | €736,214 | €771,015 | +€34,802 | +4.7% |
| Cash at bank and in hand | 54/58 | €75,247 | €21,446 | -€53,801 | -71.5% |
| Deferred charges and accrued income | 490/1 | €1,961 | €1,761 | -€201 | -10.2% |
| Total equity and liabilities | 10/49 | €2,565,896 | €2,654,460 | +€88,564 | +3.5% |
| Equity | 10/15 | €345,112 | €309,726 | -€35,386 | -10.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €337,052 | €301,666 | -€35,386 | -10.5% |
| Amounts payable | 17/49 | €2,220,784 | €2,344,734 | +€123,950 | +5.6% |
| Amounts payable after more than one year | 17 | €1,361,809 | €1,091,885 | -€269,924 | -19.8% |
| Financial debts | 170/4 | €1,361,809 | €1,091,885 | -€269,924 | -19.8% |
| Amounts payable within one year | 42/48 | €858,975 | €1,252,849 | +€393,874 | +45.9% |
| Current portion of amounts payable after more than one year | 42 | €188,491 | €142,406 | -€46,086 | -24.4% |
| Financial debts | 43 | €19 | - | -€19 | |
| Credit institutions | 430/8 | €19 | - | -€19 | |
| Trade debts | 44 | €605,604 | €805,608 | +€200,004 | +33.0% |
| Suppliers | 440/4 | €605,604 | €805,608 | +€200,004 | +33.0% |
| Taxes, remuneration and social security | 45 | - | €66,792 | +€66,792 | |
| Taxes | 450/3 | - | €66,792 | +€66,792 | |
| Other amounts payable | 47/48 | €64,861 | €238,044 | +€173,183 | +267% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,662 | €43,830 | +€1,168 | +2.7% |
| Other operating charges | 640/8 | €8,257 | €6,567 | -€1,690 | -20.5% |
| Non-recurring operating charges | 66A | €37,107 | - | -€37,107 | |
| Gross operating margin | 9900 | €265,932 | €317,627 | +€51,695 | +19.4% |
| Operating profit (loss) | 9901 | €177,906 | €267,230 | +€89,324 | +50.2% |
| Financial income | 75/76B | €672 | €110 | -€562 | -83.7% |
| Recurring financial income | 75 | €672 | €110 | -€562 | -83.7% |
| Financial charges | 65/66B | €80,644 | €61,012 | -€19,631 | -24.3% |
| Recurring financial charges | 65 | €80,644 | €61,012 | -€19,631 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €97,934 | €206,328 | +€108,394 | +111% |
| Income taxes | 67/77 | €25,159 | €55,714 | +€30,555 | +121% |
| Profit (loss) for the period | 9904 | €72,775 | €150,614 | +€77,839 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €72,775 | €150,614 | +€77,839 | +107% |
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 29 October 2026 via checked.be.