JOHN BAELDE: what changed
Two fiscal 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.
JOHN BAELDE
Largest movements
- Receivables within one year -€231,817
down €231,817 (-86.9%), from €266,788 to €34,971
of which Other amounts receivable: -€214,598
- Tangible fixed assets +€16,621
up €16,621 (+11.3%), from €147,652 to €164,272
of which Furniture and vehicles: +€24,894
- Cash +€5,489
up €5,489 (+12090.4%), from €45 to €5,534
mainly Receivables within one year (+€231,817) and Net result for the year (+€60,240)
- Debts after one year -€101,811
no longer reported in 2025 (was €101,811)
- Reserves -€48,817
down €48,817 (-14.0%), from €349,933 to €301,115
- Current portion of long-term debt -€43,312
no longer reported in 2025 (was €43,312)
- Short-term financial debts -€9,995
no longer reported in 2025 (was €9,995)
- Tax, wage and social debts -€7,265
down €7,265 (-82.4%), from €8,815 to €1,550
of which Taxes: -€4,765
- Financial income +€11,606
up €11,606 (+2810.4%), from €413 to €12,019
- Gross operating margin +€5,347
up €5,347 (+5.9%), from €90,603 to €95,950
- Taxes +€2,872
up €2,872 (+15.5%), from €18,535 to €21,407
- Financial charges -€2,027
down €2,027 (-15.7%), from €12,874 to €10,847
- Depreciation +€1,801
up €1,801 (+15.3%), from €11,793 to €13,594
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 | €530,712 | €317,415 | -€213,297 | -40.2% |
| Fixed assets | 21/28 | €147,652 | €164,272 | +€16,621 | +11.3% |
| Tangible fixed assets | 22/27 | €147,652 | €164,272 | +€16,621 | +11.3% |
| Land and buildings | 22 | €125,259 | €118,011 | -€7,248 | -5.8% |
| Furniture and vehicles | 24 | €12,906 | €37,800 | +€24,894 | +192.9% |
| Other tangible fixed assets | 26 | €9,486 | €8,462 | -€1,025 | -10.8% |
| Current assets | 29/58 | €383,061 | €153,142 | -€229,918 | -60.0% |
| Amounts receivable within one year | 40/41 | €266,788 | €34,971 | -€231,817 | -86.9% |
| Trade receivables | 40 | €17,218 | - | -€17,218 | |
| Other amounts receivable | 41 | €249,570 | €34,971 | -€214,598 | -86.0% |
| Current investments | 50/53 | €114,084 | €109,521 | -€4,563 | -4.0% |
| Cash at bank and in hand | 54/58 | €45 | €5,534 | +€5,489 | +12090.4% |
| Deferred charges and accrued income | 490/1 | €2,144 | €3,116 | +€972 | +45.3% |
| Total equity and liabilities | 10/49 | €530,712 | €317,415 | -€213,297 | -40.2% |
| Equity | 10/15 | €362,333 | €313,515 | -€48,817 | -13.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €349,933 | €301,115 | -€48,817 | -14.0% |
| Distributable reserves | 133 | €349,933 | €301,115 | -€48,817 | -14.0% |
| Amounts payable | 17/49 | €168,380 | €3,900 | -€164,480 | -97.7% |
| Amounts payable after more than one year | 17 | €101,811 | - | -€101,811 | |
| Financial debts | 170/4 | €101,811 | - | -€101,811 | |
| Amounts payable within one year | 42/48 | €66,569 | €3,659 | -€62,910 | -94.5% |
| Current portion of amounts payable after more than one year | 42 | €43,312 | - | -€43,312 | |
| Financial debts | 43 | €9,995 | - | -€9,995 | |
| Credit institutions | 430/8 | €9,995 | - | -€9,995 | |
| Trade debts | 44 | €4,448 | €2,109 | -€2,338 | -52.6% |
| Suppliers | 440/4 | €4,448 | €2,109 | -€2,338 | -52.6% |
| Taxes, remuneration and social security | 45 | €8,815 | €1,550 | -€7,265 | -82.4% |
| Taxes | 450/3 | €6,315 | €1,550 | -€4,765 | -75.5% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Accrued charges and deferred income | 492/3 | - | €240 | +€240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,793 | €13,594 | +€1,801 | +15.3% |
| Other operating charges | 640/8 | €1,824 | €1,881 | +€57 | +3.1% |
| Gross operating margin | 9900 | €90,603 | €95,950 | +€5,347 | +5.9% |
| Operating profit (loss) | 9901 | €76,986 | €80,475 | +€3,489 | +4.5% |
| Financial income | 75/76B | €413 | €12,019 | +€11,606 | +2810.4% |
| Recurring financial income | 75 | €413 | €12,019 | +€11,606 | +2810.4% |
| Financial charges | 65/66B | €12,874 | €10,847 | -€2,027 | -15.7% |
| Recurring financial charges | 65 | €12,874 | €10,847 | -€2,027 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €64,525 | €81,647 | +€17,122 | +26.5% |
| Income taxes | 67/77 | €18,535 | €21,407 | +€2,872 | +15.5% |
| Profit (loss) for the period | 9904 | €45,990 | €60,240 | +€14,250 | +31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,990 | €60,240 | +€14,250 | +31.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.