N. BAURENS: 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.
N. BAURENS
Largest movements
- Tangible fixed assets +€19,738
up €19,738 (+21.7%), from €90,876 to €110,615
of which Furniture and vehicles: +€24,133
- Stocks and contracts +€16,608
up €16,608 (+3.1%), from €538,923 to €555,531
- Cash +€14,532
up €14,532 (+15.3%), from €95,036 to €109,568
mainly Net result for the year (+€85,774) and Other debts (+€37,370)
- Other debts +€37,370
up €37,370 (+73.5%), from €50,868 to €88,238
- Reserves +€19,620
up €19,620 (+3.4%), from €576,665 to €596,285
of which Distributable reserves: +€19,620
- Gross operating margin +€30,622
up €30,622 (+18.5%), from €165,874 to €196,495
- Other operating charges +€12,654
up €12,654 (+188%), from €6,733 to €19,386
- Taxes +€5,201
up €5,201 (+15.5%), from €33,455 to €38,657
- Depreciation +€3,757
up €3,757 (+29.6%), from €12,679 to €16,436
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 | €749,488 | €811,597 | +€62,109 | +8.3% |
| Fixed assets | 21/28 | €91,226 | €113,766 | +€22,540 | +24.7% |
| Intangible fixed assets | 21 | €0 | €2,801 | +€2,801 | |
| Tangible fixed assets | 22/27 | €90,876 | €110,615 | +€19,738 | +21.7% |
| Plant, machinery and equipment | 23 | €10,036 | €6,598 | -€3,438 | -34.3% |
| Furniture and vehicles | 24 | €61,959 | €86,092 | +€24,133 | +38.9% |
| Other tangible fixed assets | 26 | €18,881 | €17,925 | -€956 | -5.1% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €658,262 | €697,831 | +€39,569 | +6.0% |
| Stocks and contracts in progress | 3 | €538,923 | €555,531 | +€16,608 | +3.1% |
| Stocks | 30/36 | €538,923 | €555,531 | +€16,608 | +3.1% |
| Amounts receivable within one year | 40/41 | €20,800 | €28,713 | +€7,913 | +38.0% |
| Trade receivables | 40 | €20,150 | €11,354 | -€8,796 | -43.7% |
| Other amounts receivable | 41 | €649 | €17,358 | +€16,709 | +2,573% |
| Cash at bank and in hand | 54/58 | €95,036 | €109,568 | +€14,532 | +15.3% |
| Deferred charges and accrued income | 490/1 | €3,503 | €4,019 | +€516 | +14.7% |
| Total equity and liabilities | 10/49 | €749,488 | €811,597 | +€62,109 | +8.3% |
| Equity | 10/15 | €638,665 | €658,285 | +€19,620 | +3.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €576,665 | €596,285 | +€19,620 | +3.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €570,465 | €590,085 | +€19,620 | +3.4% |
| Amounts payable | 17/49 | €110,823 | €153,312 | +€42,489 | +38.3% |
| Amounts payable within one year | 42/48 | €110,823 | €153,312 | +€42,489 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €29,971 | €30,259 | +€287 | +1.0% |
| Suppliers | 440/4 | €29,971 | €30,259 | +€287 | +1.0% |
| Taxes, remuneration and social security | 45 | €29,984 | €34,815 | +€4,831 | +16.1% |
| Taxes | 450/3 | €23,032 | €28,262 | +€5,229 | +22.7% |
| Remuneration and social security | 454/9 | €6,951 | €6,554 | -€398 | -5.7% |
| Other amounts payable | 47/48 | €50,868 | €88,238 | +€37,370 | +73.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €38,966 | €39,716 | +€750 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,679 | €16,436 | +€3,757 | +29.6% |
| Other operating charges | 640/8 | €6,733 | €19,386 | +€12,654 | +188% |
| Gross operating margin | 9900 | €165,874 | €196,495 | +€30,622 | +18.5% |
| Operating profit (loss) | 9901 | €107,496 | €120,957 | +€13,461 | +12.5% |
| Financial income | 75/76B | €4,513 | €4,134 | -€379 | -8.4% |
| Recurring financial income | 75 | €4,513 | €4,134 | -€379 | -8.4% |
| Financial charges | 65/66B | €533 | €660 | +€127 | +23.7% |
| Recurring financial charges | 65 | €533 | €660 | +€127 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €111,475 | €124,430 | +€12,955 | +11.6% |
| Income taxes | 67/77 | €33,455 | €38,657 | +€5,201 | +15.5% |
| Profit (loss) for the period | 9904 | €78,020 | €85,774 | +€7,754 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,020 | €85,774 | +€7,754 | +9.9% |
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 29 October 2026 via checked.be.