SA BAUDRY: what changed
Two fiscal 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.
What changed
SA BAUDRY
NACE 43.120, Site preparation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€64,852
2024 · €56,319+€8,533
Equity
€180,252
2024 · €121,136+€59,116
Cash
€14,737
2024 · €6,857+€7,880
Balance sheet total
€1.1m
2024 · €1.2m-€84,862
Largest movements
Assets
- Tangible fixed assets -€89,667
down €89,667 (-7.8%), from €1.1m to €1.1m
of which Land and buildings: -€79,803
Equity and liabilities
- Debts after one year -€102,261
down €102,261 (-16.9%), from €604,390 to €502,130
- Profit (loss) carried forward +€64,852
up €64,852 (+72.6%), from -€89,329 to -€24,477
- Trade debts -€44,635
down €44,635 (-99.8%), from €44,729 to €95
Income statement
- Staff costs -€16,208
down €16,208 (-20.1%), from €80,739 to €64,531
- Gross operating margin -€9,850
down €9,850 (-3.9%), from €253,781 to €243,932
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.
Result 2024
€56,319
Gross operating margin
-€9,850
Staff costs
+€16,208
Depreciation
-€324
Other operating charges
+€422
Financial income
-€45
Financial charges
+€2,119
Taxes
+€3
Result 2025
€64,852
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.
From operations
+€130,518
Investment
-€7,873
Financing
-€114,765
Cash 2024
€6,857
From operations (derived)
+€130,518
Net result for the year
+€64,852
Depreciation
+€97,540
Receivables within one year
+€10,446
Deferred charges and accrued income
-€7,371
Trade debts
-€44,635
Tax, wage and social debts
+€10,676
Other debts
-€990
Investment (derived)
-€7,873
Investment in fixed assets (net)
-€7,873
Financing
-€114,765
Debts after one year
-€102,261
Current portion of long-term debt
-€6,769
Contributions, distributions and other
-€5,736
Cash 2025
€14,737
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,224,893 | €1,140,032 | -€84,862 | -6.9% |
| Fixed assets | 21/28 | €1,142,643 | €1,052,977 | -€89,667 | -7.8% |
| Tangible fixed assets | 22/27 | €1,142,443 | €1,052,777 | -€89,667 | -7.8% |
| Land and buildings | 22 | €1,109,958 | €1,030,155 | -€79,803 | -7.2% |
| Plant, machinery and equipment | 23 | €28,305 | €15,153 | -€13,152 | -46.5% |
| Furniture and vehicles | 24 | €4,181 | €7,469 | +€3,288 | +78.7% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €82,250 | €87,055 | +€4,805 | +5.8% |
| Amounts receivable within one year | 40/41 | €75,394 | €64,947 | -€10,446 | -13.9% |
| Trade receivables | 40 | €75,258 | €64,439 | -€10,819 | -14.4% |
| Other amounts receivable | 41 | €136 | €508 | +€373 | +275.2% |
| Cash at bank and in hand | 54/58 | €6,857 | €14,737 | +€7,880 | +114.9% |
| Deferred charges and accrued income | 490/1 | - | €7,371 | +€7,371 | |
| Total equity and liabilities | 10/49 | €1,224,893 | €1,140,032 | -€84,862 | -6.9% |
| Equity | 10/15 | €121,136 | €180,252 | +€59,116 | +48.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €69,598 | €69,598 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,398 | €4,398 | = | 0.0% |
| Legal reserve | 130 | €4,398 | €4,398 | = | 0.0% |
| Distributable reserves | 133 | €65,200 | €65,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,329 | -€24,477 | +€64,852 | +72.6% |
| Investment grants | 15 | €78,894 | €73,158 | -€5,736 | -7.3% |
| Amounts payable | 17/49 | €1,103,757 | €959,780 | -€143,977 | -13.0% |
| Amounts payable after more than one year | 17 | €604,390 | €502,130 | -€102,261 | -16.9% |
| Financial debts | 170/4 | €604,390 | €502,130 | -€102,261 | -16.9% |
| Amounts payable within one year | 42/48 | €499,367 | €457,650 | -€41,717 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €109,029 | €102,261 | -€6,769 | -6.2% |
| Trade debts | 44 | €44,729 | €95 | -€44,635 | -99.8% |
| Suppliers | 440/4 | €44,729 | €95 | -€44,635 | -99.8% |
| Taxes, remuneration and social security | 45 | €20,773 | €31,449 | +€10,676 | +51.4% |
| Taxes | 450/3 | €1,809 | €10,094 | +€8,285 | +458.1% |
| Remuneration and social security | 454/9 | €18,964 | €21,356 | +€2,391 | +12.6% |
| Other amounts payable | 47/48 | €324,835 | €323,846 | -€990 | -0.3% |
| Non-recurring operating income | 76A | - | €3,072 | +€3,072 | |
| Remuneration, social security and pensions | 62 | €80,739 | €64,531 | -€16,208 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,216 | €97,540 | +€324 | +0.3% |
| Other operating charges | 640/8 | €10,742 | €10,320 | -€422 | -3.9% |
| Gross operating margin | 9900 | €253,781 | €243,932 | -€9,850 | -3.9% |
| Operating profit (loss) | 9901 | €65,085 | €71,541 | +€6,456 | +9.9% |
| Financial income | 75/76B | €5,781 | €5,736 | -€45 | -0.8% |
| Recurring financial income | 75 | €5,781 | €5,736 | -€45 | -0.8% |
| Financial charges | 65/66B | €14,369 | €12,250 | -€2,119 | -14.7% |
| Recurring financial charges | 65 | €14,369 | €12,250 | -€2,119 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €56,497 | €65,027 | +€8,530 | +15.1% |
| Income taxes | 67/77 | €178 | €175 | -€3 | -1.8% |
| Profit (loss) for the period | 9904 | €56,319 | €64,852 | +€8,533 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,319 | €64,852 | +€8,533 | +15.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.