LUC 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.
LUC BAERT
Largest movements
- Tangible fixed assets -€11,872
down €11,872 (-66.0%), from €17,991 to €6,119
- Receivables within one year -€7,966
down €7,966 (-88.3%), from €9,024 to €1,059
of which Other amounts receivable: -€8,344
- Profit (loss) carried forward -€21,652
down €21,652 (-404.7%), from -€5,350 to -€27,001
- Gross operating margin -€14,027
down €14,027, from €3,529 to -€10,498
- Financial charges -€1,078
down €1,078 (-94.1%), from €1,146 to €68
- Financial income +€349
up €349 (+27.7%), from €1,257 to €1,606
- Other operating charges +€301
up €301 (+77.8%), from €387 to €689
- Depreciation -€201
down €201 (-1.7%), from €12,073 to €11,872
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 | €162,322 | €140,905 | -€21,417 | -13.2% |
| Fixed assets | 21/28 | €17,991 | €6,119 | -€11,872 | -66.0% |
| Tangible fixed assets | 22/27 | €17,991 | €6,119 | -€11,872 | -66.0% |
| Furniture and vehicles | 24 | €17,991 | €6,119 | -€11,872 | -66.0% |
| Current assets | 29/58 | €144,331 | €134,786 | -€9,545 | -6.6% |
| Amounts receivable within one year | 40/41 | €9,024 | €1,059 | -€7,966 | -88.3% |
| Trade receivables | 40 | €0 | €378 | +€378 | |
| Other amounts receivable | 41 | €9,024 | €681 | -€8,344 | -92.5% |
| Current investments | 50/53 | €110,122 | €110,160 | +€38 | 0.0% |
| Cash at bank and in hand | 54/58 | €23,882 | €22,577 | -€1,305 | -5.5% |
| Deferred charges and accrued income | 490/1 | €1,303 | €990 | -€313 | -24.0% |
| Total equity and liabilities | 10/49 | €162,322 | €140,905 | -€21,417 | -13.2% |
| Equity | 10/15 | €159,312 | €137,660 | -€21,652 | -13.6% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €157,161 | €157,161 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €155,161 | €155,161 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,350 | -€27,001 | -€21,652 | -404.7% |
| Amounts payable | 17/49 | €3,010 | €3,245 | +€234 | +7.8% |
| Amounts payable within one year | 42/48 | €1,393 | €2,990 | +€1,597 | +114.6% |
| Trade debts | 44 | €349 | €464 | +€115 | +32.9% |
| Suppliers | 440/4 | €349 | €464 | +€115 | +32.9% |
| Taxes, remuneration and social security | 45 | €7 | €0 | -€7 | -100.0% |
| Taxes | 450/3 | €7 | €0 | -€7 | -100.0% |
| Other amounts payable | 47/48 | €1,037 | €2,526 | +€1,489 | +143.5% |
| Accrued charges and deferred income | 492/3 | €1,617 | €255 | -€1,363 | -84.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,073 | €11,872 | -€201 | -1.7% |
| Other operating charges | 640/8 | €387 | €689 | +€301 | +77.8% |
| Gross operating margin | 9900 | €3,529 | -€10,498 | -€14,027 | |
| Operating profit (loss) | 9901 | -€8,931 | -€23,058 | -€14,128 | -158.2% |
| Financial income | 75/76B | €1,257 | €1,606 | +€349 | +27.7% |
| Recurring financial income | 75 | €1,257 | €1,606 | +€349 | +27.7% |
| Financial charges | 65/66B | €1,146 | €68 | -€1,078 | -94.1% |
| Recurring financial charges | 65 | €1,146 | €68 | -€1,078 | -94.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,819 | -€21,520 | -€12,701 | -144.0% |
| Income taxes | 67/77 | €163 | €132 | -€31 | -19.1% |
| Profit (loss) for the period | 9904 | -€8,982 | -€21,652 | -€12,670 | -141.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,982 | -€21,652 | -€12,670 | -141.1% |
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 12 October 2026 via checked.be.