PAUL BAETENS: what changed
What changed
PAUL BAETENS
filed annual accounts (NBB)
Net result for the year
€4,161
2024 · €258,426-€254,265
Equity
€499,681
2024 · €592,296-€92,615
Cash
€142,590
2024 · €559,195-€416,605
Balance sheet total
€607,467
2024 · €684,079-€76,612
Largest movements
Assets
- Cash -€416,605
down €416,605 (-74.5%), from €559,195 to €142,590
mainly Current investments (-€400,000) and Contributions, distributions and other (-€96,776)
- Current investments +€400,000
up €400,000, from €0 to €400,000
- Receivables within one year -€54,515
down €54,515 (-86.9%), from €62,715 to €8,199
of which Other amounts receivable: -€54,515
Equity and liabilities
- Reserves -€92,615
down €92,615 (-23.3%), from €397,545 to €304,931
of which Distributable reserves: -€90,206
- Other debts +€15,965
up €15,965 (+21.0%), from €75,972 to €91,937
Income statement
- Gross operating margin -€390,550
down €390,550, from €383,970 to -€6,580
- Taxes -€117,399
down €117,399 (-97.5%), from €120,465 to €3,066
- Financial income +€15,134
up €15,134 (+292%), from €5,190 to €20,324
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.
Result 2024
€258,426
Gross operating margin
-€390,550
Depreciation
+€192
Other operating charges
+€312
Other operating items
+€3,249
Financial income
+€15,134
Financial charges
-€2
Taxes
+€117,399
Result 2025
€4,161
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€80,171
Investment
-€400,000
Financing
-€96,776
Cash 2024
€559,195
From operations (derived)
+€80,171
Net result for the year
+€4,161
Depreciation
+€4,365
Receivables within one year
+€54,515
Deferred charges and accrued income
+€1,127
Smaller working-capital items
+€37
Other debts
+€15,965
Investment (derived)
-€400,000
Current investments
-€400,000
Financing
-€96,776
Contributions, distributions and other
-€96,776
Cash 2025
€142,590
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €684,079 | €607,467 | -€76,612 | -11.2% |
| Fixed assets | 21/28 | €61,043 | €56,678 | -€4,365 | -7.2% |
| Tangible fixed assets | 22/27 | €61,043 | €56,678 | -€4,365 | -7.2% |
| Land and buildings | 22 | €61,043 | €56,678 | -€4,365 | -7.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €623,036 | €550,789 | -€72,247 | -11.6% |
| Amounts receivable within one year | 40/41 | €62,715 | €8,199 | -€54,515 | -86.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €62,715 | €8,199 | -€54,515 | -86.9% |
| Current investments | 50/53 | €0 | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €559,195 | €142,590 | -€416,605 | -74.5% |
| Deferred charges and accrued income | 490/1 | €1,127 | €0 | -€1,127 | -100% |
| Total equity and liabilities | 10/49 | €684,079 | €607,467 | -€76,612 | -11.2% |
| Equity | 10/15 | €592,296 | €499,681 | -€92,615 | -15.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €176,151 | €176,151 | = | 0.0% |
| Reserves | 13 | €397,545 | €304,931 | -€92,615 | -23.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,439 | €33,030 | -€2,409 | -6.8% |
| Distributable reserves | 133 | €360,247 | €270,040 | -€90,206 | -25.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €11,813 | €11,010 | -€803 | -6.8% |
| Deferred taxes | 168 | €11,813 | €11,010 | -€803 | -6.8% |
| Amounts payable | 17/49 | €79,970 | €96,776 | +€16,806 | +21.0% |
| Amounts payable within one year | 42/48 | €79,970 | €96,776 | +€16,806 | +21.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,999 | €4,839 | +€840 | +21.0% |
| Taxes | 450/3 | €3,999 | €4,839 | +€840 | +21.0% |
| Other amounts payable | 47/48 | €75,972 | €91,937 | +€15,965 | +21.0% |
| Non-recurring operating income | 76A | €418,853 | €0 | -€418,853 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,557 | €4,365 | -€192 | -4.2% |
| Other operating charges | 640/8 | €3,113 | €2,801 | -€312 | -10.0% |
| Non-recurring operating charges | 66A | €3,249 | €0 | -€3,249 | -100% |
| Gross operating margin | 9900 | €383,970 | -€6,580 | -€390,550 | |
| Operating profit (loss) | 9901 | €373,050 | -€13,747 | -€386,797 | |
| Financial income | 75/76B | €5,190 | €20,324 | +€15,134 | +292% |
| Recurring financial income | 75 | €5,190 | €20,324 | +€15,134 | +292% |
| Financial charges | 65/66B | €152 | €153 | +€2 | +1.0% |
| Recurring financial charges | 65 | €152 | €153 | +€2 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €378,088 | €6,424 | -€371,664 | -98.3% |
| Transfer from deferred taxes | 780 | €803 | €803 | = | 0.0% |
| Income taxes | 67/77 | €120,465 | €3,066 | -€117,399 | -97.5% |
| Profit (loss) for the period | 9904 | €258,426 | €4,161 | -€254,265 | -98.4% |
| Transfer from tax-exempt reserves | 789 | €2,409 | €2,409 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €260,835 | €6,570 | -€254,265 | -97.5% |
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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 7 November 2026 via checked.be.