PHILIPPE BAECKE: 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.
PHILIPPE BAECKE
Largest movements
- Cash -€326,708
down €326,708 (-75.3%), from €433,937 to €107,229
mainly Other debts (-€300,470) and Contributions, distributions and other (-€106,037)
- Tangible fixed assets +€26,876
new in 2025: €26,876
- Other debts -€300,470
down €300,470 (-71.9%), from €417,990 to €117,521
- Gross operating margin +€10,830
up €10,830 (+8.4%), from €129,522 to €140,352
- Depreciation +€3,512
new in 2025: €3,512
- Taxes +€1,897
up €1,897 (+6.7%), from €28,414 to €30,311
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 | €434,942 | €135,182 | -€299,760 | -68.9% |
| Fixed assets | 21/28 | €70 | €26,946 | +€26,876 | +38393.7% |
| Tangible fixed assets | 22/27 | - | €26,876 | +€26,876 | |
| Furniture and vehicles | 24 | - | €26,876 | +€26,876 | |
| Financial fixed assets | 28 | €70 | €70 | = | 0.0% |
| Current assets | 29/58 | €434,872 | €108,236 | -€326,636 | -75.1% |
| Amounts receivable within one year | 40/41 | €935 | €1,007 | +€72 | +7.7% |
| Trade receivables | 40 | €935 | €1,007 | +€72 | +7.7% |
| Cash at bank and in hand | 54/58 | €433,937 | €107,229 | -€326,708 | -75.3% |
| Total equity and liabilities | 10/49 | €434,942 | €135,182 | -€299,760 | -68.9% |
| Equity | 10/15 | €2,500 | €2,500 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €432,442 | €132,682 | -€299,760 | -69.3% |
| Amounts payable within one year | 42/48 | €432,442 | €132,682 | -€299,760 | -69.3% |
| Trade debts | 44 | €853 | €1,565 | +€712 | +83.4% |
| Suppliers | 440/4 | €853 | €1,565 | +€712 | +83.4% |
| Taxes, remuneration and social security | 45 | €13,598 | €13,596 | -€2 | 0.0% |
| Taxes | 450/3 | €13,598 | €13,596 | -€2 | 0.0% |
| Other amounts payable | 47/48 | €417,990 | €117,521 | -€300,470 | -71.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,512 | +€3,512 | |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €129,522 | €140,352 | +€10,830 | +8.4% |
| Operating profit (loss) | 9901 | €128,995 | €136,297 | +€7,302 | +5.7% |
| Financial income | 75/76B | €207 | €298 | +€91 | +44.2% |
| Recurring financial income | 75 | €207 | €298 | +€91 | +44.2% |
| Financial charges | 65/66B | €659 | €246 | -€413 | -62.6% |
| Recurring financial charges | 65 | €659 | €246 | -€413 | -62.6% |
| Profit (loss) for the period before taxes | 9903 | €128,542 | €136,348 | +€7,806 | +6.1% |
| Income taxes | 67/77 | €28,414 | €30,311 | +€1,897 | +6.7% |
| Profit (loss) for the period | 9904 | €100,128 | €106,037 | +€5,909 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €100,128 | €106,037 | +€5,909 | +5.9% |
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 9 October 2026 via checked.be.