VALERIE BAUDUIN: what changed
VALERIE BAUDUIN
Largest movements
- Receivables within one year +€12,391
up €12,391 (+27.1%), from €45,655 to €58,046
of which Other amounts receivable: +€9,960
- Reserves +€13,536
up €13,536 (+22.8%), from €59,391 to €72,927
of which Distributable reserves: +€13,536
- Short-term financial debts -€3,221
down €3,221 (-39.9%), from €8,069 to €4,848
- Tax, wage and social debts +€1,739
up €1,739 (+93.7%), from €1,856 to €3,596
- Gross operating margin +€25,390
up €25,390, from -€3,384 to €22,006
- Taxes +€4,894
up €4,894 (+957%), from €511 to €5,405
- Financial income -€1,777
down €1,777 (-98.4%), from €1,807 to €30
of which Non-recurring financial income: -€1,807
- Financial charges -€588
down €588 (-25.9%), from €2,268 to €1,680
- Other operating charges -€376
down €376 (-24.5%), from €1,537 to €1,161
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
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €122,121 | €134,175 | +€12,054 | +9.9% |
| Fixed assets | 21/28 | €692 | €438 | -€254 | -36.7% |
| Tangible fixed assets | 22/27 | €692 | €438 | -€254 | -36.7% |
| Plant, machinery and equipment | 23 | €272 | €201 | -€71 | -26.1% |
| Furniture and vehicles | 24 | €420 | €237 | -€183 | -43.6% |
| Current assets | 29/58 | €121,429 | €133,737 | +€12,308 | +10.1% |
| Amounts receivable after more than one year | 29 | €75,691 | €75,691 | = | 0.0% |
| Other amounts receivable | 291 | €75,691 | €75,691 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €45,655 | €58,046 | +€12,391 | +27.1% |
| Trade receivables | 40 | €8,012 | €10,443 | +€2,431 | +30.3% |
| Other amounts receivable | 41 | €37,643 | €47,604 | +€9,960 | +26.5% |
| Deferred charges and accrued income | 490/1 | €83 | - | -€83 | |
| Total equity and liabilities | 10/49 | €122,121 | €134,175 | +€12,054 | +9.9% |
| Equity | 10/15 | €71,684 | €85,220 | +€13,536 | +18.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €59,391 | €72,927 | +€13,536 | +22.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €57,532 | €71,068 | +€13,536 | +23.5% |
| Profit (loss) carried forward | 14 | -€6,299 | -€6,299 | = | 0.0% |
| Provisions and deferred taxes | 16 | €40,000 | €40,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €40,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €10,437 | €8,955 | -€1,482 | -14.2% |
| Amounts payable within one year | 42/48 | €10,437 | €8,955 | -€1,482 | -14.2% |
| Financial debts | 43 | €8,069 | €4,848 | -€3,221 | -39.9% |
| Credit institutions | 430/8 | €8,069 | €4,848 | -€3,221 | -39.9% |
| Trade debts | 44 | €512 | €512 | -€0 | -0.1% |
| Suppliers | 440/4 | €512 | €512 | -€0 | -0.1% |
| Taxes, remuneration and social security | 45 | €1,856 | €3,596 | +€1,739 | +93.7% |
| Taxes | 450/3 | €1,856 | €3,596 | +€1,739 | +93.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €405 | €254 | -€151 | -37.2% |
| Other operating charges | 640/8 | €1,537 | €1,161 | -€376 | -24.5% |
| Gross operating margin | 9900 | -€3,384 | €22,006 | +€25,390 | |
| Operating profit (loss) | 9901 | -€5,326 | €20,591 | +€25,917 | |
| Financial income | 75/76B | €1,807 | €30 | -€1,777 | -98.4% |
| Recurring financial income | 75 | €1,807 | €30 | -€1,777 | -98.4% |
| Non-recurring financial income | 76B | €1,807 | - | -€1,807 | |
| Financial charges | 65/66B | €2,268 | €1,680 | -€588 | -25.9% |
| Recurring financial charges | 65 | €2,268 | €1,680 | -€588 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,788 | €18,940 | +€24,728 | |
| Income taxes | 67/77 | €511 | €5,405 | +€4,894 | +957% |
| Profit (loss) for the period | 9904 | -€6,299 | €13,536 | +€19,835 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,299 | €13,536 | +€19,835 |
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.