K. BAETEN: 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.
K. BAETEN
Largest movements
- Current investments +€145,000
up €145,000 (+80.6%), from €180,000 to €325,000
- Cash -€118,001
down €118,001 (-48.4%), from €243,814 to €125,813
mainly Current investments (-€145,000) and Other debts (-€1,644)
- Tangible fixed assets -€8,201
down €8,201 (-94.9%), from €8,640 to €439
of which Furniture and vehicles: -€8,030
- Reserves +€18,000
up €18,000 (+4.3%), from €417,340 to €435,340
- Gross operating margin +€7,580
up €7,580 (+36.2%), from €20,962 to €28,542
- Taxes +€6,677
up €6,677 (+298%), from €2,244 to €8,921
- Depreciation -€5,322
down €5,322 (-39.4%), from €13,523 to €8,201
- Financial income +€4,022
up €4,022 (+102%), from €3,935 to €7,957
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 | €432,743 | €451,542 | +€18,798 | +4.3% |
| Fixed assets | 21/28 | €8,689 | €489 | -€8,201 | -94.4% |
| Tangible fixed assets | 22/27 | €8,640 | €439 | -€8,201 | -94.9% |
| Plant, machinery and equipment | 23 | €610 | €439 | -€171 | -28.0% |
| Furniture and vehicles | 24 | €8,030 | €0 | -€8,030 | -100% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €424,054 | €451,053 | +€26,999 | +6.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €180,000 | €325,000 | +€145,000 | +80.6% |
| Cash at bank and in hand | 54/58 | €243,814 | €125,813 | -€118,001 | -48.4% |
| Deferred charges and accrued income | 490/1 | €240 | €240 | = | 0.0% |
| Total equity and liabilities | 10/49 | €432,743 | €451,542 | +€18,798 | +4.3% |
| Equity | 10/15 | €429,344 | €447,777 | +€18,432 | +4.3% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €417,340 | €435,340 | +€18,000 | +4.3% |
| Distributable reserves | 133 | €417,340 | €435,340 | +€18,000 | +4.3% |
| Profit (loss) carried forward | 14 | -€391 | €41 | +€432 | |
| Amounts payable | 17/49 | €3,399 | €3,765 | +€366 | +10.8% |
| Amounts payable within one year | 42/48 | €3,399 | €3,765 | +€366 | +10.8% |
| Trade debts | 44 | €3 | €833 | +€830 | +31,082% |
| Suppliers | 440/4 | €3 | €833 | +€830 | +31,082% |
| Taxes, remuneration and social security | 45 | €354 | €1,534 | +€1,180 | +334% |
| Taxes | 450/3 | €354 | €1,534 | +€1,180 | +334% |
| Other amounts payable | 47/48 | €3,043 | €1,399 | -€1,644 | -54.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,523 | €8,201 | -€5,322 | -39.4% |
| Other operating charges | 640/8 | €735 | €801 | +€66 | +8.9% |
| Gross operating margin | 9900 | €20,962 | €28,542 | +€7,580 | +36.2% |
| Operating profit (loss) | 9901 | €6,704 | €19,541 | +€12,836 | +191% |
| Financial income | 75/76B | €3,935 | €7,957 | +€4,022 | +102% |
| Recurring financial income | 75 | €3,935 | €7,957 | +€4,022 | +102% |
| Financial charges | 65/66B | €127 | €144 | +€17 | +13.4% |
| Recurring financial charges | 65 | €127 | €144 | +€17 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €10,512 | €27,353 | +€16,842 | +160% |
| Income taxes | 67/77 | €2,244 | €8,921 | +€6,677 | +298% |
| Profit (loss) for the period | 9904 | €8,268 | €18,432 | +€10,165 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €8,268 | €18,432 | +€10,165 | +123% |
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.