Van Baelen Projects: 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.
Van Baelen Projects
Largest movements
- Cash +€24,080
up €24,080 (+38.3%), from €62,891 to €86,971
mainly Depreciation (+€25,261) and Net result for the year (+€24,805)
- Tangible fixed assets -€22,592
down €22,592 (-17.0%), from €132,833 to €110,241
of which Furniture and vehicles: -€17,238
- Receivables within one year -€17,072
down €17,072 (-20.6%), from €82,775 to €65,704
of which Other amounts receivable: -€24,051
- Deferred charges and accrued income -€8,163
down €8,163 (-48.5%), from €16,828 to €8,665
- Reserves -€17,836
down €17,836 (-9.0%), from €197,408 to €179,572
of which Distributable reserves: -€15,976
- Debts after one year -€16,473
down €16,473 (-31.4%), from €52,389 to €35,917
- Tax, wage and social debts +€7,948
up €7,948 (+225.7%), from €3,522 to €11,470
- Current portion of long-term debt -€4,622
down €4,622 (-21.9%), from €21,095 to €16,473
- Trade debts +€3,843
up €3,843 (+166.0%), from €2,315 to €6,158
- Gross operating margin -€4,728
down €4,728 (-6.6%), from €71,703 to €66,975
- Financial income +€2,438
up €2,438 (+24383900.0%), from €0 to €2,438
- Depreciation +€1,684
up €1,684 (+7.1%), from €23,577 to €25,261
- Other operating charges +€1,396
up €1,396 (+310.7%), from €449 to €1,845
- Taxes +€1,222
up €1,222 (+8.9%), from €13,805 to €15,027
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 | €295,329 | €271,582 | -€23,747 | -8.0% |
| Fixed assets | 21/28 | €132,833 | €110,241 | -€22,592 | -17.0% |
| Tangible fixed assets | 22/27 | €132,833 | €110,241 | -€22,592 | -17.0% |
| Plant, machinery and equipment | 23 | €487 | - | -€487 | |
| Furniture and vehicles | 24 | €78,409 | €61,171 | -€17,238 | -22.0% |
| Other tangible fixed assets | 26 | €53,937 | €49,070 | -€4,867 | -9.0% |
| Current assets | 29/58 | €162,495 | €161,340 | -€1,155 | -0.7% |
| Amounts receivable within one year | 40/41 | €82,775 | €65,704 | -€17,072 | -20.6% |
| Trade receivables | 40 | €16,394 | €23,373 | +€6,980 | +42.6% |
| Other amounts receivable | 41 | €66,382 | €42,331 | -€24,051 | -36.2% |
| Cash at bank and in hand | 54/58 | €62,891 | €86,971 | +€24,080 | +38.3% |
| Deferred charges and accrued income | 490/1 | €16,828 | €8,665 | -€8,163 | -48.5% |
| Total equity and liabilities | 10/49 | €295,329 | €271,582 | -€23,747 | -8.0% |
| Equity | 10/15 | €216,008 | €198,172 | -€17,836 | -8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €197,408 | €179,572 | -€17,836 | -9.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €195,548 | €179,572 | -€15,976 | -8.2% |
| Amounts payable | 17/49 | €79,321 | €73,410 | -€5,911 | -7.5% |
| Amounts payable after more than one year | 17 | €52,389 | €35,917 | -€16,473 | -31.4% |
| Financial debts | 170/4 | €52,389 | €35,917 | -€16,473 | -31.4% |
| Amounts payable within one year | 42/48 | €26,931 | €37,493 | +€10,562 | +39.2% |
| Current portion of amounts payable after more than one year | 42 | €21,095 | €16,473 | -€4,622 | -21.9% |
| Financial debts | 43 | - | €3,393 | +€3,393 | |
| Credit institutions | 430/8 | - | €3,393 | +€3,393 | |
| Trade debts | 44 | €2,315 | €6,158 | +€3,843 | +166.0% |
| Suppliers | 440/4 | €2,315 | €6,158 | +€3,843 | +166.0% |
| Taxes, remuneration and social security | 45 | €3,522 | €11,470 | +€7,948 | +225.7% |
| Taxes | 450/3 | €3,522 | €11,470 | +€7,948 | +225.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,577 | €25,261 | +€1,684 | +7.1% |
| Other operating charges | 640/8 | €449 | €1,845 | +€1,396 | +310.7% |
| Gross operating margin | 9900 | €71,703 | €66,975 | -€4,728 | -6.6% |
| Operating profit (loss) | 9901 | €47,677 | €39,868 | -€7,809 | -16.4% |
| Financial income | 75/76B | €0 | €2,438 | +€2,438 | +24383900.0% |
| Recurring financial income | 75 | €0 | €2,438 | +€2,438 | +24383900.0% |
| Financial charges | 65/66B | €2,490 | €2,475 | -€15 | -0.6% |
| Recurring financial charges | 65 | €2,490 | €2,475 | -€15 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €45,187 | €39,832 | -€5,355 | -11.9% |
| Income taxes | 67/77 | €13,805 | €15,027 | +€1,222 | +8.9% |
| Profit (loss) for the period | 9904 | €31,382 | €24,805 | -€6,577 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,382 | €24,805 | -€6,577 | -21.0% |
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 7 October 2026 via checked.be.