NAOMI BAECK: what changed
NAOMI BAECK
Largest movements
- Receivables within one year -€31,784
down €31,784 (-39.2%), from €81,016 to €49,231
of which Trade receivables: -€16,639
- Cash +€6,722
up €6,722 (+110%), from €6,112 to €12,834
mainly Receivables within one year (+€31,784) and Deferred charges and accrued income (+€5,111)
- Deferred charges and accrued income -€5,111
no longer reported in 2025 (was €5,111)
- Tax, wage and social debts -€28,634
down €28,634 (-74.1%), from €38,646 to €10,011
of which Remuneration and social security: -€16,858
- Other debts -€11,500
down €11,500 (-71.7%), from €16,050 to €4,550
- Trade debts +€3,884
up €3,884 (+18.8%), from €20,699 to €24,583
- Short-term financial debts +€3,689
new in 2025: €3,689
- Profit (loss) carried forward +€2,921
up €2,921 (+10.6%), from €27,475 to €30,396
- Staff costs -€22,440
down €22,440 (-57.9%), from €38,772 to €16,332
- Gross operating margin -€6,683
down €6,683 (-18.9%), from €35,273 to €28,591
- Taxes +€5,474
up €5,474 (+4,750%), from €115 to €5,589
- Financial charges +€889
up €889 (+70.9%), from €1,254 to €2,143
- Financial income -€490
down €490 (-21.2%), from €2,306 to €1,816
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,929 | €81,289 | -€29,640 | -26.7% |
| Fixed assets | 21/28 | €535 | €552 | +€17 | +3.3% |
| Tangible fixed assets | 22/27 | €237 | €105 | -€133 | -55.8% |
| Furniture and vehicles | 24 | €237 | €105 | -€133 | -55.8% |
| Financial fixed assets | 28 | €297 | €447 | +€150 | +50.5% |
| Current assets | 29/58 | €110,395 | €80,737 | -€29,658 | -26.9% |
| Stocks and contracts in progress | 3 | €18,156 | €18,672 | +€516 | +2.8% |
| Stocks | 30/36 | €18,156 | €18,672 | +€516 | +2.8% |
| Amounts receivable within one year | 40/41 | €81,016 | €49,231 | -€31,784 | -39.2% |
| Trade receivables | 40 | €34,609 | €17,970 | -€16,639 | -48.1% |
| Other amounts receivable | 41 | €46,407 | €31,261 | -€15,145 | -32.6% |
| Cash at bank and in hand | 54/58 | €6,112 | €12,834 | +€6,722 | +110% |
| Deferred charges and accrued income | 490/1 | €5,111 | - | -€5,111 | |
| Total equity and liabilities | 10/49 | €110,929 | €81,289 | -€29,640 | -26.7% |
| Equity | 10/15 | €35,535 | €38,456 | +€2,921 | +8.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €27,475 | €30,396 | +€2,921 | +10.6% |
| Amounts payable | 17/49 | €75,395 | €42,834 | -€32,561 | -43.2% |
| Amounts payable within one year | 42/48 | €75,395 | €42,834 | -€32,561 | -43.2% |
| Financial debts | 43 | - | €3,689 | +€3,689 | |
| Credit institutions | 430/8 | - | €3,689 | +€3,689 | |
| Trade debts | 44 | €20,699 | €24,583 | +€3,884 | +18.8% |
| Suppliers | 440/4 | €20,699 | €24,583 | +€3,884 | +18.8% |
| Taxes, remuneration and social security | 45 | €38,646 | €10,011 | -€28,634 | -74.1% |
| Taxes | 450/3 | €21,787 | €10,011 | -€11,776 | -54.0% |
| Remuneration and social security | 454/9 | €16,858 | - | -€16,858 | |
| Other amounts payable | 47/48 | €16,050 | €4,550 | -€11,500 | -71.7% |
| Remuneration, social security and pensions | 62 | €38,772 | €16,332 | -€22,440 | -57.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €558 | €133 | -€426 | -76.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €286 | +€286 | |
| Other operating charges | 640/8 | €1,992 | €2,186 | +€194 | +9.7% |
| Non-recurring operating charges | 66A | - | €817 | +€817 | |
| Gross operating margin | 9900 | €35,273 | €28,591 | -€6,683 | -18.9% |
| Operating profit (loss) | 9901 | -€6,049 | €8,837 | +€14,886 | |
| Financial income | 75/76B | €2,306 | €1,816 | -€490 | -21.2% |
| Recurring financial income | 75 | €2,306 | €1,816 | -€490 | -21.2% |
| Financial charges | 65/66B | €1,254 | €2,143 | +€889 | +70.9% |
| Recurring financial charges | 65 | €1,254 | €2,143 | +€889 | +70.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,997 | €8,510 | +€13,507 | |
| Income taxes | 67/77 | €115 | €5,589 | +€5,474 | +4,750% |
| Profit (loss) for the period | 9904 | -€5,113 | €2,921 | +€8,034 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,113 | €2,921 | +€8,034 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.