Laurent Baudinet: 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.
Laurent Baudinet
Largest movements
- Receivables within one year +€90,540
up €90,540 (+25.0%), from €361,856 to €452,396
of which Trade receivables: +€65,347
- Cash -€64,373
down €64,373 (-50.2%), from €128,170 to €63,797
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€90,540)
- Tangible fixed assets +€34,262
up €34,262 (+304.0%), from €11,270 to €45,533
of which Furniture and vehicles: +€32,783
- Other debts +€96,476
up €96,476 (+101.6%), from €95,000 to €191,476
- Tax, wage and social debts -€61,903
down €61,903 (-68.0%), from €91,021 to €29,118
of which Taxes: -€61,743
- Debts after one year +€19,670
up €19,670 (+101.2%), from €19,443 to €39,113
- Current portion of long-term debt +€8,813
up €8,813 (+87.7%), from €10,049 to €18,862
- Gross operating margin -€19,394
down €19,394 (-11.1%), from €174,243 to €154,849
- Depreciation +€6,699
up €6,699 (+155.0%), from €4,323 to €11,022
- Taxes -€6,614
down €6,614 (-17.4%), from €37,980 to €31,367
- Other operating charges +€2,861
up €2,861 (+218.9%), from €1,307 to €4,168
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 | €679,730 | €744,910 | +€65,180 | +9.6% |
| Fixed assets | 21/28 | €189,444 | €223,706 | +€34,262 | +18.1% |
| Tangible fixed assets | 22/27 | €11,270 | €45,533 | +€34,262 | +304.0% |
| Plant, machinery and equipment | 23 | - | €1,479 | +€1,479 | |
| Furniture and vehicles | 24 | €11,270 | €44,053 | +€32,783 | +290.9% |
| Financial fixed assets | 28 | €178,174 | €178,174 | = | 0.0% |
| Current assets | 29/58 | €490,286 | €521,204 | +€30,918 | +6.3% |
| Amounts receivable within one year | 40/41 | €361,856 | €452,396 | +€90,540 | +25.0% |
| Trade receivables | 40 | €28,455 | €93,802 | +€65,347 | +229.7% |
| Other amounts receivable | 41 | €333,401 | €358,594 | +€25,193 | +7.6% |
| Cash at bank and in hand | 54/58 | €128,170 | €63,797 | -€64,373 | -50.2% |
| Deferred charges and accrued income | 490/1 | €259 | €5,011 | +€4,752 | +1831.6% |
| Total equity and liabilities | 10/49 | €679,730 | €744,910 | +€65,180 | +9.6% |
| Equity | 10/15 | €460,705 | €462,835 | +€2,130 | +0.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €455,705 | €457,835 | +€2,130 | +0.5% |
| Amounts payable | 17/49 | €219,025 | €282,075 | +€63,050 | +28.8% |
| Amounts payable after more than one year | 17 | €19,443 | €39,113 | +€19,670 | +101.2% |
| Financial debts | 170/4 | €19,443 | €39,113 | +€19,670 | +101.2% |
| Amounts payable within one year | 42/48 | €197,399 | €242,882 | +€45,483 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €10,049 | €18,862 | +€8,813 | +87.7% |
| Trade debts | 44 | €1,328 | €3,426 | +€2,098 | +157.9% |
| Suppliers | 440/4 | €1,328 | €3,426 | +€2,098 | +157.9% |
| Taxes, remuneration and social security | 45 | €91,021 | €29,118 | -€61,903 | -68.0% |
| Taxes | 450/3 | €89,139 | €27,396 | -€61,743 | -69.3% |
| Remuneration and social security | 454/9 | €1,882 | €1,722 | -€160 | -8.5% |
| Other amounts payable | 47/48 | €95,000 | €191,476 | +€96,476 | +101.6% |
| Accrued charges and deferred income | 492/3 | €2,183 | €80 | -€2,103 | -96.3% |
| Remuneration, social security and pensions | 62 | €2,698 | €3,899 | +€1,201 | +44.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,323 | €11,022 | +€6,699 | +155.0% |
| Other operating charges | 640/8 | €1,307 | €4,168 | +€2,861 | +218.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €174,243 | €154,849 | -€19,394 | -11.1% |
| Operating profit (loss) | 9901 | €165,915 | €135,760 | -€30,155 | -18.2% |
| Financial income | 75/76B | €1 | €69 | +€67 | +6129.1% |
| Recurring financial income | 75 | €1 | €69 | +€67 | +6129.1% |
| Financial charges | 65/66B | €1,768 | €2,332 | +€564 | +31.9% |
| Recurring financial charges | 65 | €1,768 | €2,332 | +€564 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €164,148 | €133,497 | -€30,652 | -18.7% |
| Income taxes | 67/77 | €37,980 | €31,367 | -€6,614 | -17.4% |
| Profit (loss) for the period | 9904 | €126,168 | €102,130 | -€24,038 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €126,168 | €102,130 | -€24,038 | -19.1% |
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 7 October 2026 via checked.be.