Sam Baetens: 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.
Sam Baetens
Largest movements
- Cash +€7,262
up €7,262 (+16.8%), from €43,354 to €50,616
mainly Depreciation (+€9,067) and Net result for the year (+€4,749)
- Tangible fixed assets -€2,700
down €2,700 (-22.8%), from €11,826 to €9,125
of which Furniture and vehicles: -€8,333
- Reserves +€4,749
up €4,749 (+24.0%), from €19,772 to €24,521
- Other debts -€1,063
down €1,063 (-4.6%), from €23,119 to €22,057
- Gross operating margin -€2,526
down €2,526 (-10.2%), from €24,691 to €22,165
- Taxes -€910
down €910 (-19.1%), from €4,778 to €3,868
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 | €58,528 | €62,716 | +€4,188 | +7.2% |
| Fixed assets | 21/28 | €11,826 | €9,125 | -€2,700 | -22.8% |
| Tangible fixed assets | 22/27 | €11,826 | €9,125 | -€2,700 | -22.8% |
| Plant, machinery and equipment | 23 | €1,438 | €955 | -€483 | -33.6% |
| Furniture and vehicles | 24 | €10,388 | €2,055 | -€8,333 | -80.2% |
| Other tangible fixed assets | 26 | - | €6,116 | +€6,116 | |
| Current assets | 29/58 | €46,702 | €53,591 | +€6,888 | +14.7% |
| Amounts receivable within one year | 40/41 | €1,156 | €624 | -€532 | -46.0% |
| Trade receivables | 40 | €1,156 | €624 | -€532 | -46.0% |
| Cash at bank and in hand | 54/58 | €43,354 | €50,616 | +€7,262 | +16.8% |
| Deferred charges and accrued income | 490/1 | €2,192 | €2,351 | +€158 | +7.2% |
| Total equity and liabilities | 10/49 | €58,528 | €62,716 | +€4,188 | +7.2% |
| Equity | 10/15 | €22,272 | €27,021 | +€4,749 | +21.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €19,772 | €24,521 | +€4,749 | +24.0% |
| Distributable reserves | 133 | €19,772 | €24,521 | +€4,749 | +24.0% |
| Amounts payable | 17/49 | €36,256 | €35,695 | -€561 | -1.5% |
| Amounts payable within one year | 42/48 | €34,945 | €34,057 | -€888 | -2.5% |
| Financial debts | 43 | €47 | €9 | -€38 | -80.8% |
| Credit institutions | 430/8 | €47 | €9 | -€38 | -80.8% |
| Trade debts | 44 | €1,204 | €1,240 | +€37 | +3.0% |
| Suppliers | 440/4 | €1,204 | €1,240 | +€37 | +3.0% |
| Taxes, remuneration and social security | 45 | €10,575 | €10,752 | +€176 | +1.7% |
| Taxes | 450/3 | €10,575 | €10,752 | +€176 | +1.7% |
| Other amounts payable | 47/48 | €23,119 | €22,057 | -€1,063 | -4.6% |
| Accrued charges and deferred income | 492/3 | €1,311 | €1,638 | +€327 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,167 | €9,067 | -€99 | -1.1% |
| Other operating charges | 640/8 | €1,185 | €1,034 | -€151 | -12.7% |
| Gross operating margin | 9900 | €24,691 | €22,165 | -€2,526 | -10.2% |
| Operating profit (loss) | 9901 | €14,340 | €12,064 | -€2,276 | -15.9% |
| Financial income | 75/76B | €9 | €121 | +€112 | +1,235% |
| Recurring financial income | 75 | €9 | €121 | +€112 | +1,235% |
| Financial charges | 65/66B | €3,645 | €3,568 | -€77 | -2.1% |
| Recurring financial charges | 65 | €3,645 | €3,568 | -€77 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €10,704 | €8,616 | -€2,087 | -19.5% |
| Income taxes | 67/77 | €4,778 | €3,868 | -€910 | -19.1% |
| Profit (loss) for the period | 9904 | €5,926 | €4,749 | -€1,177 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,926 | €4,749 | -€1,177 | -19.9% |
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 13 October 2026 via checked.be.