BAERT EDDY: 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.
BAERT EDDY
Largest movements
- Receivables within one year +€470,744
up €470,744 (+481%), from €97,888 to €568,632
- Receivables after one year -€369,927
down €369,927 (-100%), from €369,927 to €0
- Cash +€155,128
up €155,128 (+102%), from €152,505 to €307,633
mainly Receivables after one year (+€369,927) and Net result for the year (+€145,130)
- Tangible fixed assets -€36,352
down €36,352 (-55.7%), from €65,242 to €28,891
of which Land and buildings: -€36,707
- Current investments -€30,450
down €30,450 (-100%), from €30,450 to €0
- Reserves +€145,130
up €145,130 (+21.9%), from €662,667 to €807,797
of which Distributable reserves: +€190,228
- Tax, wage and social debts +€26,012
up €26,012 (+135%), from €19,297 to €45,309
of which Taxes: +€27,049
- Gross operating margin +€87,334
up €87,334 (+54.3%), from €160,967 to €248,301
- Taxes +€53,926
up €53,926 (+143%), from €37,834 to €91,761
- Financial income +€15,744
up €15,744 (+120%), from €13,096 to €28,840
- Depreciation -€4,707
down €4,707 (-23.6%), from €19,980 to €15,273
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 | €738,358 | €905,156 | +€166,798 | +22.6% |
| Fixed assets | 21/28 | €65,242 | €28,891 | -€36,352 | -55.7% |
| Tangible fixed assets | 22/27 | €65,242 | €28,891 | -€36,352 | -55.7% |
| Land and buildings | 22 | €58,441 | €21,734 | -€36,707 | -62.8% |
| Plant, machinery and equipment | 23 | €4,880 | €3,445 | -€1,435 | -29.4% |
| Furniture and vehicles | 24 | €1,921 | €3,712 | +€1,790 | +93.2% |
| Current assets | 29/58 | €673,115 | €876,265 | +€203,150 | +30.2% |
| Amounts receivable after more than one year | 29 | €369,927 | €0 | -€369,927 | -100% |
| Other amounts receivable | 291 | €369,927 | €0 | -€369,927 | -100% |
| Stocks and contracts in progress | 3 | €7,776 | €0 | -€7,776 | -100% |
| Stocks | 30/36 | €7,776 | €0 | -€7,776 | -100% |
| Amounts receivable within one year | 40/41 | €97,888 | €568,632 | +€470,744 | +481% |
| Other amounts receivable | 41 | €97,888 | €568,632 | +€470,744 | +481% |
| Current investments | 50/53 | €30,450 | €0 | -€30,450 | -100% |
| Cash at bank and in hand | 54/58 | €152,505 | €307,633 | +€155,128 | +102% |
| Deferred charges and accrued income | 490/1 | €14,570 | €0 | -€14,570 | -100% |
| Total equity and liabilities | 10/49 | €738,358 | €905,156 | +€166,798 | +22.6% |
| Equity | 10/15 | €694,650 | €839,779 | +€145,130 | +20.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €662,667 | €807,797 | +€145,130 | +21.9% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,098 | €0 | -€45,098 | -100% |
| Distributable reserves | 133 | €616,949 | €807,177 | +€190,228 | +30.8% |
| Profit (loss) carried forward | 14 | €25,785 | €25,785 | = | 0.0% |
| Provisions and deferred taxes | 16 | €20,000 | €20,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €20,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable | 17/49 | €23,708 | €45,376 | +€21,668 | +91.4% |
| Amounts payable within one year | 42/48 | €23,708 | €45,376 | +€21,668 | +91.4% |
| Trade debts | 44 | €4,411 | €67 | -€4,343 | -98.5% |
| Suppliers | 440/4 | €4,411 | €67 | -€4,343 | -98.5% |
| Taxes, remuneration and social security | 45 | €19,297 | €45,309 | +€26,012 | +135% |
| Taxes | 450/3 | €18,260 | €45,309 | +€27,049 | +148% |
| Remuneration and social security | 454/9 | €1,037 | €0 | -€1,037 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €171,455 | +€171,455 | |
| Remuneration, social security and pensions | 62 | €17,923 | €19,445 | +€1,522 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,980 | €15,273 | -€4,707 | -23.6% |
| Other operating charges | 640/8 | €5,897 | €5,408 | -€489 | -8.3% |
| Gross operating margin | 9900 | €160,967 | €248,301 | +€87,334 | +54.3% |
| Operating profit (loss) | 9901 | €117,167 | €208,175 | +€91,008 | +77.7% |
| Financial income | 75/76B | €13,096 | €28,840 | +€15,744 | +120% |
| Recurring financial income | 75 | €13,096 | €28,840 | +€15,744 | +120% |
| Financial charges | 65/66B | €493 | €125 | -€369 | -74.7% |
| Recurring financial charges | 65 | €493 | €125 | -€369 | -74.7% |
| Profit (loss) for the period before taxes | 9903 | €129,770 | €236,891 | +€107,121 | +82.5% |
| Income taxes | 67/77 | €37,834 | €91,761 | +€53,926 | +143% |
| Profit (loss) for the period | 9904 | €91,936 | €145,130 | +€53,194 | +57.9% |
| Transfer from tax-exempt reserves | 789 | - | €45,098 | +€45,098 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,936 | €190,228 | +€98,292 | +107% |
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 20 October 2026 via checked.be.