WALTER BAECK: 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.
WALTER BAECK
Largest movements
- Tangible fixed assets -€13,793
down €13,793 (-13.9%), from €98,983 to €85,190
of which Land and buildings: -€11,646
- Receivables within one year -€8,060
down €8,060 (-98.2%), from €8,209 to €149
of which Trade receivables: -€8,209
- Cash +€7,538
up €7,538 (+22.9%), from €32,904 to €40,442
mainly Depreciation (+€13,793) and Receivables within one year (+€8,060)
- Deferred charges and accrued income +€7,077
up €7,077 (+499.2%), from €1,418 to €8,494
- Other debts -€9,467
down €9,467 (-33.8%), from €27,975 to €18,508
- Reserves +€5,140
up €5,140 (+5.7%), from €90,168 to €95,308
of which Distributable reserves: +€5,140
- Tax, wage and social debts -€3,765
down €3,765 (-86.2%), from €4,368 to €603
- Gross operating margin -€14,902
down €14,902 (-38.9%), from €38,351 to €23,449
- Taxes -€3,727
down €3,727 (-53.9%), from €6,910 to €3,183
- Depreciation -€462
down €462 (-3.2%), from €14,255 to €13,793
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 | €141,513 | €134,275 | -€7,238 | -5.1% |
| Fixed assets | 21/28 | €98,983 | €85,190 | -€13,793 | -13.9% |
| Tangible fixed assets | 22/27 | €98,983 | €85,190 | -€13,793 | -13.9% |
| Land and buildings | 22 | €90,926 | €79,280 | -€11,646 | -12.8% |
| Plant, machinery and equipment | 23 | €5,107 | €4,507 | -€600 | -11.7% |
| Furniture and vehicles | 24 | €2,950 | €1,403 | -€1,547 | -52.4% |
| Current assets | 29/58 | €42,530 | €49,085 | +€6,555 | +15.4% |
| Amounts receivable within one year | 40/41 | €8,209 | €149 | -€8,060 | -98.2% |
| Trade receivables | 40 | €8,209 | €0 | -€8,209 | -100.0% |
| Other amounts receivable | 41 | - | €149 | +€149 | |
| Cash at bank and in hand | 54/58 | €32,904 | €40,442 | +€7,538 | +22.9% |
| Deferred charges and accrued income | 490/1 | €1,418 | €8,494 | +€7,077 | +499.2% |
| Total equity and liabilities | 10/49 | €141,513 | €134,275 | -€7,238 | -5.1% |
| Equity | 10/15 | €108,768 | €113,908 | +€5,140 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €90,168 | €95,308 | +€5,140 | +5.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €88,308 | €93,448 | +€5,140 | +5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €32,745 | €20,367 | -€12,377 | -37.8% |
| Amounts payable within one year | 42/48 | €32,745 | €20,367 | -€12,377 | -37.8% |
| Trade debts | 44 | €402 | €1,256 | +€855 | +212.8% |
| Suppliers | 440/4 | €402 | €1,256 | +€855 | +212.8% |
| Taxes, remuneration and social security | 45 | €4,368 | €603 | -€3,765 | -86.2% |
| Taxes | 450/3 | €4,368 | €603 | -€3,765 | -86.2% |
| Other amounts payable | 47/48 | €27,975 | €18,508 | -€9,467 | -33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,255 | €13,793 | -€462 | -3.2% |
| Other operating charges | 640/8 | €1,086 | €1,177 | +€91 | +8.4% |
| Gross operating margin | 9900 | €38,351 | €23,449 | -€14,902 | -38.9% |
| Operating profit (loss) | 9901 | €23,010 | €8,479 | -€14,532 | -63.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €127 | €156 | +€29 | +22.8% |
| Recurring financial charges | 65 | €127 | €156 | +€29 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €22,883 | €8,323 | -€14,560 | -63.6% |
| Income taxes | 67/77 | €6,910 | €3,183 | -€3,727 | -53.9% |
| Profit (loss) for the period | 9904 | €15,973 | €5,140 | -€10,834 | -67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,973 | €5,140 | -€10,834 | -67.8% |
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 8 October 2026 via checked.be.