Koen Baert: 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.
Koen Baert
Largest movements
- Cash +€898,018
up €898,018 (+176%), from €509,292 to €1.4m
mainly Net result for the year (+€927,930) and Current investments (+€399,001)
- Receivables within one year +€605,866
up €605,866 (+280%), from €216,421 to €822,288
of which Trade receivables: +€695,809
- Current investments -€399,001
down €399,001 (-30.9%), from €1.3m to €893,332
- Stocks and contracts -€336,942
down €336,942 (-61.2%), from €550,996 to €214,053
- Tangible fixed assets -€197,452
down €197,452 (-14.8%), from €1.3m to €1.1m
- Reserves +€927,930
up €927,930 (+61.4%), from €1.5m to €2.4m
- Debts after one year -€181,334
down €181,334 (-33.5%), from €541,890 to €360,556
- Trade debts -€95,675
down €95,675 (-36.9%), from €259,410 to €163,735
- Other debts -€48,848
down €48,848 (-5.9%), from €827,436 to €778,589
- Gross operating margin +€580,351
up €580,351 (+55.7%), from €1.0m to €1.6m
- Taxes +€187,668
up €187,668 (+78.0%), from €240,720 to €428,388
- Financial charges +€38,026
up €38,026 (+96.0%), from €39,622 to €77,647
- Financial income +€16,361
up €16,361 (+70.8%), from €23,095 to €39,456
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 | €3,914,399 | €4,488,260 | +€573,861 | +14.7% |
| Fixed assets | 21/28 | €1,337,781 | €1,140,329 | -€197,452 | -14.8% |
| Tangible fixed assets | 22/27 | €1,337,781 | €1,140,329 | -€197,452 | -14.8% |
| Land and buildings | 22 | €927,513 | €832,228 | -€95,285 | -10.3% |
| Plant, machinery and equipment | 23 | €165,882 | €115,028 | -€50,854 | -30.7% |
| Furniture and vehicles | 24 | €244,386 | €193,073 | -€51,313 | -21.0% |
| Current assets | 29/58 | €2,576,618 | €3,347,931 | +€771,313 | +29.9% |
| Stocks and contracts in progress | 3 | €550,996 | €214,053 | -€336,942 | -61.2% |
| Stocks | 30/36 | €550,996 | €214,053 | -€336,942 | -61.2% |
| Amounts receivable within one year | 40/41 | €216,421 | €822,288 | +€605,866 | +280% |
| Trade receivables | 40 | €118,226 | €814,034 | +€695,809 | +589% |
| Other amounts receivable | 41 | €98,195 | €8,253 | -€89,942 | -91.6% |
| Current investments | 50/53 | €1,292,334 | €893,332 | -€399,001 | -30.9% |
| Cash at bank and in hand | 54/58 | €509,292 | €1,407,311 | +€898,018 | +176% |
| Deferred charges and accrued income | 490/1 | €7,575 | €10,947 | +€3,372 | +44.5% |
| Total equity and liabilities | 10/49 | €3,914,399 | €4,488,260 | +€573,861 | +14.7% |
| Equity | 10/15 | €1,976,818 | €2,904,748 | +€927,930 | +46.9% |
| Contributions | 10/11 | €465,000 | €465,000 | = | 0.0% |
| Reserves | 13 | €1,511,818 | €2,439,748 | +€927,930 | +61.4% |
| Distributable reserves | 133 | €1,511,818 | €2,439,748 | +€927,930 | +61.4% |
| Amounts payable | 17/49 | €1,937,580 | €1,583,512 | -€354,069 | -18.3% |
| Amounts payable after more than one year | 17 | €541,890 | €360,556 | -€181,334 | -33.5% |
| Financial debts | 170/4 | €541,890 | €360,556 | -€181,334 | -33.5% |
| Amounts payable within one year | 42/48 | €1,336,753 | €1,153,459 | -€183,294 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €181,332 | €181,334 | +€2 | 0.0% |
| Trade debts | 44 | €259,410 | €163,735 | -€95,675 | -36.9% |
| Suppliers | 440/4 | €259,410 | €163,735 | -€95,675 | -36.9% |
| Taxes, remuneration and social security | 45 | €68,574 | €29,801 | -€38,773 | -56.5% |
| Taxes | 450/3 | €64,074 | €25,301 | -€38,773 | -60.5% |
| Remuneration and social security | 454/9 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 47/48 | €827,436 | €778,589 | -€48,848 | -5.9% |
| Accrued charges and deferred income | 492/3 | €58,938 | €69,497 | +€10,560 | +17.9% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,591 | €200,842 | +€9,251 | +4.8% |
| Other operating charges | 640/8 | €23,735 | €26,279 | +€2,544 | +10.7% |
| Gross operating margin | 9900 | €1,041,279 | €1,621,629 | +€580,351 | +55.7% |
| Operating profit (loss) | 9901 | €825,953 | €1,394,508 | +€568,555 | +68.8% |
| Financial income | 75/76B | €23,095 | €39,456 | +€16,361 | +70.8% |
| Recurring financial income | 75 | €23,095 | €39,456 | +€16,361 | +70.8% |
| Financial charges | 65/66B | €39,622 | €77,647 | +€38,026 | +96.0% |
| Recurring financial charges | 65 | €39,622 | €77,647 | +€38,026 | +96.0% |
| Profit (loss) for the period before taxes | 9903 | €809,427 | €1,356,318 | +€546,891 | +67.6% |
| Income taxes | 67/77 | €240,720 | €428,388 | +€187,668 | +78.0% |
| Profit (loss) for the period | 9904 | €568,707 | €927,930 | +€359,222 | +63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €568,707 | €927,930 | +€359,222 | +63.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.