Johan 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.
Johan Baeyens
Largest movements
- Cash -€32,552
down €32,552 (-10.3%), from €316,907 to €284,355
mainly Other debts (-€43,629) and Debts after one year (-€14,774)
- Tangible fixed assets -€22,141
down €22,141 (-32.7%), from €67,784 to €45,643
of which Furniture and vehicles: -€22,093
- Other debts -€43,629
down €43,629 (-65.9%), from €66,243 to €22,614
- Debts after one year -€14,774
down €14,774 (-52.0%), from €28,392 to €13,618
- Reserves +€10,631
up €10,631 (+5.2%), from €203,057 to €213,687
- Tax, wage and social debts -€6,847
down €6,847 (-77.8%), from €8,800 to €1,953
- Gross operating margin -€89,292
down €89,292 (-66.7%), from €133,859 to €44,568
- Taxes -€23,582
down €23,582 (-81.8%), from €28,818 to €5,236
- Financial charges -€3,025
down €3,025 (-40.9%), from €7,401 to €4,376
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 | €396,379 | €343,785 | -€52,594 | -13.3% |
| Fixed assets | 21/28 | €67,784 | €45,643 | -€22,141 | -32.7% |
| Tangible fixed assets | 22/27 | €67,784 | €45,643 | -€22,141 | -32.7% |
| Plant, machinery and equipment | 23 | €51 | €3 | -€48 | -94.6% |
| Furniture and vehicles | 24 | €67,734 | €45,641 | -€22,093 | -32.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €328,594 | €298,141 | -€30,453 | -9.3% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,018 | €8,382 | +€1,365 | +19.4% |
| Trade receivables | 40 | €1,476 | €1,634 | +€158 | +10.7% |
| Other amounts receivable | 41 | €5,542 | €6,748 | +€1,206 | +21.8% |
| Cash at bank and in hand | 54/58 | €316,907 | €284,355 | -€32,552 | -10.3% |
| Deferred charges and accrued income | 490/1 | €1,670 | €2,404 | +€735 | +44.0% |
| Total equity and liabilities | 10/49 | €396,379 | €343,785 | -€52,594 | -13.3% |
| Equity | 10/15 | €278,412 | €289,043 | +€10,631 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €203,057 | €213,687 | +€10,631 | +5.2% |
| Distributable reserves | 133 | €203,057 | €213,687 | +€10,631 | +5.2% |
| Profit (loss) carried forward | 14 | €56,756 | €56,756 | = | 0.0% |
| Amounts payable | 17/49 | €117,966 | €54,742 | -€63,224 | -53.6% |
| Amounts payable after more than one year | 17 | €28,392 | €13,618 | -€14,774 | -52.0% |
| Financial debts | 170/4 | €28,392 | €13,618 | -€14,774 | -52.0% |
| Amounts payable within one year | 42/48 | €89,574 | €41,123 | -€48,451 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €14,323 | €14,774 | +€450 | +3.1% |
| Trade debts | 44 | €207 | €1,782 | +€1,575 | +761% |
| Suppliers | 440/4 | €207 | €1,782 | +€1,575 | +761% |
| Taxes, remuneration and social security | 45 | €8,800 | €1,953 | -€6,847 | -77.8% |
| Taxes | 450/3 | €8,800 | €1,953 | -€6,847 | -77.8% |
| Other amounts payable | 47/48 | €66,243 | €22,614 | -€43,629 | -65.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,667 | €22,719 | +€52 | +0.2% |
| Other operating charges | 640/8 | €1,916 | €1,593 | -€323 | -16.9% |
| Gross operating margin | 9900 | €133,859 | €44,568 | -€89,292 | -66.7% |
| Operating profit (loss) | 9901 | €109,276 | €20,257 | -€89,020 | -81.5% |
| Financial income | 75/76B | €459 | €819 | +€360 | +78.5% |
| Recurring financial income | 75 | €459 | €819 | +€360 | +78.5% |
| Financial charges | 65/66B | €7,401 | €4,376 | -€3,025 | -40.9% |
| Recurring financial charges | 65 | €7,401 | €4,376 | -€3,025 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €102,334 | €16,699 | -€85,634 | -83.7% |
| Income taxes | 67/77 | €28,818 | €5,236 | -€23,582 | -81.8% |
| Profit (loss) for the period | 9904 | €73,516 | €11,464 | -€62,052 | -84.4% |
| Profit (loss) for the period to be appropriated | 9905 | €73,516 | €11,464 | -€62,052 | -84.4% |
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 29 October 2026 via checked.be.