LAURENT BAETSLÉ: 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.
LAURENT BAETSLÉ
Largest movements
- Current investments +€537,350
up €537,350 (+35.0%), from €1.5m to €2.1m
- Financial fixed assets +€178,250
new in 2025: €178,250
- Intangible fixed assets -€161,908
down €161,908 (-11.5%), from €1.4m to €1.2m
- Tangible fixed assets -€97,462
down €97,462 (-22.6%), from €431,314 to €333,853
of which Furniture and vehicles: -€161,265
- Cash -€59,779
down €59,779 (-41.1%), from €145,298 to €85,519
mainly Current investments (-€537,350) and Investment in fixed assets (net) (-€184,543)
- Reserves +€226,406
up €226,406 (+17.6%), from €1.3m to €1.5m
of which Distributable reserves: +€186,784
- Other debts +€195,753
up €195,753 (+169%), from €115,943 to €311,697
- Current portion of long-term debt -€64,652
down €64,652 (-17.6%), from €367,170 to €302,517
- Debts after one year -€48,840
down €48,840 (-2.9%), from €1.7m to €1.6m
- Tax, wage and social debts +€47,859
up €47,859 (+97.9%), from €48,874 to €96,733
of which Taxes: +€39,001
- Gross operating margin -€1.1m
down €1.1m (-46.2%), from €2.3m to €1.2m
- Taxes -€150,908
down €150,908 (-54.8%), from €275,460 to €124,552
- Staff costs -€145,008
down €145,008 (-24.5%), from €590,767 to €445,759
- Depreciation -€58,433
down €58,433 (-18.0%), from €324,095 to €265,662
- Financial charges +€23,156
up €23,156 (+39.6%), from €58,464 to €81,619
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 | €3,668,651 | €4,041,045 | +€372,394 | +10.2% |
| Fixed assets | 21/28 | €1,834,601 | €1,753,481 | -€81,119 | -4.4% |
| Intangible fixed assets | 21 | €1,403,287 | €1,241,379 | -€161,908 | -11.5% |
| Tangible fixed assets | 22/27 | €431,314 | €333,853 | -€97,462 | -22.6% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €18,816 | €14,248 | -€4,568 | -24.3% |
| Furniture and vehicles | 24 | €310,906 | €149,641 | -€161,265 | -51.9% |
| Leasing and similar rights | 25 | - | €95,954 | +€95,954 | |
| Other tangible fixed assets | 26 | €101,593 | €74,010 | -€27,583 | -27.2% |
| Financial fixed assets | 28 | - | €178,250 | +€178,250 | |
| Current assets | 29/58 | €1,834,050 | €2,287,563 | +€453,513 | +24.7% |
| Amounts receivable after more than one year | 29 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €148,413 | €115,771 | -€32,642 | -22.0% |
| Trade receivables | 40 | €5,167 | €594 | -€4,573 | -88.5% |
| Other amounts receivable | 41 | €143,246 | €115,177 | -€28,070 | -19.6% |
| Current investments | 50/53 | €1,534,945 | €2,072,295 | +€537,350 | +35.0% |
| Cash at bank and in hand | 54/58 | €145,298 | €85,519 | -€59,779 | -41.1% |
| Deferred charges and accrued income | 490/1 | €5,394 | €3,979 | -€1,415 | -26.2% |
| Total equity and liabilities | 10/49 | €3,668,651 | €4,041,045 | +€372,394 | +10.2% |
| Equity | 10/15 | €1,338,570 | €1,564,976 | +€226,406 | +16.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,288,570 | €1,514,976 | +€226,406 | +17.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €264,362 | €303,983 | +€39,622 | +15.0% |
| Distributable reserves | 133 | €1,024,208 | €1,210,992 | +€186,784 | +18.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €67,071 | €59,228 | -€7,843 | -11.7% |
| Deferred taxes | 168 | €67,071 | €59,228 | -€7,843 | -11.7% |
| Amounts payable | 17/49 | €2,263,011 | €2,416,841 | +€153,830 | +6.8% |
| Amounts payable after more than one year | 17 | €1,694,949 | €1,646,108 | -€48,840 | -2.9% |
| Financial debts | 170/4 | €1,694,949 | €1,646,108 | -€48,840 | -2.9% |
| Amounts payable within one year | 42/48 | €568,062 | €763,700 | +€195,638 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €367,170 | €302,517 | -€64,652 | -17.6% |
| Financial debts | 43 | - | €14,591 | +€14,591 | |
| Credit institutions | 430/8 | - | €14,591 | +€14,591 | |
| Trade debts | 44 | €36,075 | €38,162 | +€2,087 | +5.8% |
| Suppliers | 440/4 | €36,075 | €38,162 | +€2,087 | +5.8% |
| Taxes, remuneration and social security | 45 | €48,874 | €96,733 | +€47,859 | +97.9% |
| Taxes | 450/3 | €8,101 | €47,103 | +€39,001 | +481% |
| Remuneration and social security | 454/9 | €40,772 | €49,630 | +€8,858 | +21.7% |
| Other amounts payable | 47/48 | €115,943 | €311,697 | +€195,753 | +169% |
| Accrued charges and deferred income | 492/3 | - | €7,033 | +€7,033 | |
| Non-recurring operating income | 76A | €457,686 | €0 | -€457,686 | -100% |
| Remuneration, social security and pensions | 62 | €590,767 | €445,759 | -€145,008 | -24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324,095 | €265,662 | -€58,433 | -18.0% |
| Other operating charges | 640/8 | €17,200 | €20,247 | +€3,047 | +17.7% |
| Gross operating margin | 9900 | €2,294,087 | €1,234,889 | -€1.1m | -46.2% |
| Operating profit (loss) | 9901 | €1,362,025 | €503,221 | -€858,804 | -63.1% |
| Financial income | 75/76B | €6,434 | €1,862 | -€4,572 | -71.1% |
| Recurring financial income | 75 | €6,434 | €1,862 | -€4,572 | -71.1% |
| Financial charges | 65/66B | €58,464 | €81,619 | +€23,156 | +39.6% |
| Recurring financial charges | 65 | €58,464 | €81,619 | +€23,156 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | €1,309,995 | €423,463 | -€886,532 | -67.7% |
| Transfer from deferred taxes | 780 | €11,357 | €7,843 | -€3,514 | -30.9% |
| Transfer to deferred taxes | 680 | €78,428 | €0 | -€78,428 | -100% |
| Income taxes | 67/77 | €275,460 | €124,552 | -€150,908 | -54.8% |
| Profit (loss) for the period | 9904 | €967,464 | €306,754 | -€660,711 | -68.3% |
| Transfer from tax-exempt reserves | 789 | €34,071 | €23,528 | -€10,543 | -30.9% |
| Transfer to tax-exempt reserves | 689 | €298,433 | €63,150 | -€235,283 | -78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €703,103 | €267,132 | -€435,971 | -62.0% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.