MURIEL BAUDONCQ: 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.
MURIEL BAUDONCQ
Largest movements
- Receivables within one year +€107,099
up €107,099 (+93.2%), from €114,925 to €222,025
of which Other amounts receivable: +€106,919
- Current investments -€24,837
no longer reported in 2025 (was €24,837)
- Cash +€11,404
up €11,404 (+13.3%), from €85,852 to €97,256
mainly Net result for the year (+€116,993) and Current investments (+€24,837)
- Tangible fixed assets -€5,343
down €5,343 (-22.3%), from €23,955 to €18,612
of which Furniture and vehicles: -€3,408
- Reserves +€116,993
up €116,993 (+34.2%), from €341,724 to €458,717
of which Distributable reserves: +€116,993
- Tax, wage and social debts -€15,725
down €15,725 (-26.2%), from €59,981 to €44,256
of which Taxes: -€18,325
- Trade debts -€10,583
down €10,583 (-75.0%), from €14,115 to €3,533
- Current portion of long-term debt -€8,590
no longer reported in 2025 (was €8,590)
- Short-term financial debts +€8,565
new in 2025: €8,565
- Gross operating margin -€16,762
down €16,762 (-8.8%), from €190,047 to €173,285
- Taxes -€6,219
down €6,219 (-11.0%), from €56,690 to €50,471
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 | €436,811 | €527,897 | +€91,086 | +20.9% |
| Fixed assets | 21/28 | €23,955 | €18,612 | -€5,343 | -22.3% |
| Tangible fixed assets | 22/27 | €23,955 | €18,612 | -€5,343 | -22.3% |
| Plant, machinery and equipment | 23 | €1,145 | €753 | -€392 | -34.2% |
| Furniture and vehicles | 24 | €11,538 | €8,130 | -€3,408 | -29.5% |
| Other tangible fixed assets | 26 | €11,272 | €9,729 | -€1,543 | -13.7% |
| Current assets | 29/58 | €412,856 | €509,285 | +€96,430 | +23.4% |
| Amounts receivable after more than one year | 29 | €186,869 | €189,729 | +€2,861 | +1.5% |
| Other amounts receivable | 291 | €186,869 | €189,729 | +€2,861 | +1.5% |
| Amounts receivable within one year | 40/41 | €114,925 | €222,025 | +€107,099 | +93.2% |
| Trade receivables | 40 | €18,453 | €18,633 | +€180 | +1.0% |
| Other amounts receivable | 41 | €96,473 | €203,392 | +€106,919 | +111% |
| Current investments | 50/53 | €24,837 | - | -€24,837 | |
| Cash at bank and in hand | 54/58 | €85,852 | €97,256 | +€11,404 | +13.3% |
| Deferred charges and accrued income | 490/1 | €373 | €275 | -€98 | -26.2% |
| Total equity and liabilities | 10/49 | €436,811 | €527,897 | +€91,086 | +20.9% |
| Equity | 10/15 | €354,124 | €471,117 | +€116,993 | +33.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €341,724 | €458,717 | +€116,993 | +34.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €339,864 | €456,857 | +€116,993 | +34.4% |
| Amounts payable | 17/49 | €82,687 | €56,780 | -€25,907 | -31.3% |
| Amounts payable within one year | 42/48 | €82,687 | €56,354 | -€26,333 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €8,590 | - | -€8,590 | |
| Financial debts | 43 | - | €8,565 | +€8,565 | |
| Credit institutions | 430/8 | - | €8,565 | +€8,565 | |
| Trade debts | 44 | €14,115 | €3,533 | -€10,583 | -75.0% |
| Suppliers | 440/4 | €14,115 | €3,533 | -€10,583 | -75.0% |
| Taxes, remuneration and social security | 45 | €59,981 | €44,256 | -€15,725 | -26.2% |
| Taxes | 450/3 | €59,981 | €41,656 | -€18,325 | -30.6% |
| Remuneration and social security | 454/9 | - | €2,600 | +€2,600 | |
| Accrued charges and deferred income | 492/3 | - | €426 | +€426 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,382 | €6,486 | -€895 | -12.1% |
| Other operating charges | 640/8 | €1,013 | €1,037 | +€24 | +2.4% |
| Gross operating margin | 9900 | €190,047 | €173,285 | -€16,762 | -8.8% |
| Operating profit (loss) | 9901 | €181,652 | €165,762 | -€15,891 | -8.7% |
| Financial income | 75/76B | €3,319 | €2,986 | -€333 | -10.0% |
| Recurring financial income | 75 | €3,319 | €2,986 | -€333 | -10.0% |
| Financial charges | 65/66B | €1,280 | €1,284 | +€4 | +0.3% |
| Recurring financial charges | 65 | €1,280 | €1,284 | +€4 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €183,692 | €167,464 | -€16,227 | -8.8% |
| Income taxes | 67/77 | €56,690 | €50,471 | -€6,219 | -11.0% |
| Profit (loss) for the period | 9904 | €127,001 | €116,993 | -€10,008 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €127,001 | €116,993 | -€10,008 | -7.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.