B.A.D. 21: 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.
What changed
B.A.D. 21
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€7.1m
2024 · €259.5m-€266.5m
Equity
€763.7m
2024 · €770.8m-€7.1m
Cash
€35.4m
2024 · €31.1m+€4.3m
Balance sheet total
€1.20bn
2024 · €994.5m+€204.4m
Largest movements
Assets
- Financial fixed assets +€336.9m
up €336.9m (+42.0%), from €801.7m to €1.14bn
of which Affiliated companies: +€364.5m
- Receivables within one year -€70.8m
down €70.8m (-77.5%), from €91.4m to €20.5m
of which Other amounts receivable: -€71.7m
- Current investments -€66.1m
down €66.1m (-95.9%), from €69.0m to €2.8m
Equity and liabilities
- Debts after one year +€264.7m
up €264.7m (+184%), from €143.8m to €408.5m
- Other debts -€58.9m
down €58.9m (-98.1%), from €60.0m to €1.1m
Income statement
- Financial income -€264.5m
down €264.5m (-81.7%), from €323.7m to €59.3m
of which Financial income: -€238.6m
- Financial charges -€9.9m
down €9.9m (-18.1%), from €54.6m to €44.7m
of which Non-recurring financial charges: -€15.4m
- Services and other goods +€6.1m
up €6.1m (+61.2%), from €10.0m to €16.2m
- Taxes +€2.2m
up €2.2m (+17,352%), from €12,696 to €2.2m
- Other operating charges +€1.3m
up €1.3m (+442%), from €284,585 to €1.5m
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.
Result 2024
€259.5m
Turnover
+€264,378
Other operating income
-€1,635
Services and other goods
-€6.1m
Depreciation
-€2,077
Other operating charges
-€1.3m
Other operating items
-€2.6m
Financial income
-€264.5m
Financial charges
+€9.9m
Taxes
-€2.2m
Result 2025
-€7.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€11.7m
Investment
-€270.8m
Financing
+€263.4m
Cash 2024
€31.1m
From operations (derived)
+€11.7m
Net result for the year
-€7.1m
Depreciation
+€3,172
Smaller working-capital items
-€615,451
Receivables within one year
+€70.8m
Provisions
+€1.6m
Tax, wage and social debts
+€2.1m
Other debts
-€58.9m
Accrued charges and deferred income
+€3.7m
Investment (derived)
-€270.8m
Investment in fixed assets (net)
-€337.0m
Current investments
+€66.1m
Financing
+€263.4m
Debts after one year
+€264.7m
Current portion of long-term debt
-€1.3m
Cash 2025
€35.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €994,511,324 | €1,198,916,947 | +€204.4m | +20.6% |
| Fixed assets | 21/28 | €801,663,316 | €1,138,613,673 | +€337.0m | +42.0% |
| Tangible fixed assets | 22/27 | €7,437 | €27,301 | +€19,864 | +267% |
| Furniture and vehicles | 24 | €7,437 | €27,301 | +€19,864 | +267% |
| Financial fixed assets | 28 | €801,655,879 | €1,138,586,372 | +€336.9m | +42.0% |
| Affiliated companies | 280/1 | €670,820,538 | €1,035,290,463 | +€364.5m | +54.3% |
| Participating interests | 280 | €380,985,607 | €458,674,482 | +€77.7m | +20.4% |
| Amounts receivable | 281 | €289,834,931 | €576,615,981 | +€286.8m | +98.9% |
| Companies linked by participating interests | 282/3 | €7,273,813 | €7,586,099 | +€312,285 | +4.3% |
| Participating interests | 282 | €5,831,085 | €5,789,453 | -€41,632 | -0.7% |
| Amounts receivable | 283 | €1,442,728 | €1,796,646 | +€353,917 | +24.5% |
| Other financial fixed assets | 284/8 | €123,561,527 | €95,709,810 | -€27.9m | -22.5% |
| Shares | 284 | €113,392,779 | €95,084,450 | -€18.3m | -16.1% |
| Amounts receivable and cash guarantees | 285/8 | €10,168,748 | €625,360 | -€9.5m | -93.9% |
| Current assets | 29/58 | €192,848,008 | €60,303,274 | -€132.5m | -68.7% |
| Amounts receivable after more than one year | 29 | €211,623 | €589,833 | +€378,210 | +179% |
| Other amounts receivable | 291 | €211,623 | €589,833 | +€378,210 | +179% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €91,361,387 | €20,525,748 | -€70.8m | -77.5% |
| Trade receivables | 40 | €201,791 | €1,074,061 | +€872,270 | +432% |
| Other amounts receivable | 41 | €91,159,596 | €19,451,687 | -€71.7m | -78.7% |
| Current investments | 50/53 | €68,955,805 | €2,810,275 | -€66.1m | -95.9% |
| Other investments | 51/53 | €68,955,805 | €2,810,275 | -€66.1m | -95.9% |
| Cash at bank and in hand | 54/58 | €31,123,737 | €35,425,708 | +€4.3m | +13.8% |
| Deferred charges and accrued income | 490/1 | €1,195,456 | €951,710 | -€243,746 | -20.4% |
| Total equity and liabilities | 10/49 | €994,511,324 | €1,198,916,947 | +€204.4m | +20.6% |
| Equity | 10/15 | €770,814,488 | €763,740,303 | -€7.1m | -0.9% |
| Contributions | 10/11 | €183,340,000 | €183,340,000 | = | 0.0% |
| Reserves | 13 | €106,474,880 | €106,971,450 | +€496,570 | +0.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €81,648,327 | €82,144,897 | +€496,570 | +0.6% |
| Distributable reserves | 133 | €24,826,553 | €24,826,553 | = | 0.0% |
| Profit (loss) carried forward | 14 | €480,999,608 | €473,428,854 | -€7.6m | -1.6% |
| Provisions and deferred taxes | 16 | - | €1,622,464 | +€1.6m | |
| Provisions for liabilities and charges | 160/5 | - | €1,622,464 | +€1.6m | |
| Taxes | 161 | - | €1,622,464 | +€1.6m | |
| Amounts payable | 17/49 | €223,696,836 | €433,554,180 | +€209.9m | +93.8% |
| Amounts payable after more than one year | 17 | €143,771,338 | €408,478,368 | +€264.7m | +184% |
| Financial debts | 170/4 | €143,771,338 | €408,478,368 | +€264.7m | +184% |
| Credit institutions | 173 | €122,500,000 | €236,609,000 | +€114.1m | +93.2% |
| Other loans | 174 | €21,271,338 | €171,869,368 | +€150.6m | +708% |
| Amounts payable within one year | 42/48 | €79,008,216 | €20,409,996 | -€58.6m | -74.2% |
| Current portion of amounts payable after more than one year | 42 | €11,593,392 | €10,248,457 | -€1.3m | -11.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,167,930 | €6,686,943 | -€480,987 | -6.7% |
| Suppliers | 440/4 | €7,167,930 | €6,686,943 | -€480,987 | -6.7% |
| Taxes, remuneration and social security | 45 | €272,429 | €2,360,846 | +€2.1m | +767% |
| Taxes | 450/3 | €272,429 | €2,360,846 | +€2.1m | +767% |
| Other amounts payable | 47/48 | €59,974,467 | €1,113,750 | -€58.9m | -98.1% |
| Accrued charges and deferred income | 492/3 | €917,282 | €4,665,816 | +€3.7m | +409% |
| Operating income | 70/76A | €627,507 | €890,250 | +€262,743 | +41.9% |
| Turnover | 70 | €620,171 | €884,549 | +€264,378 | +42.6% |
| Other operating income | 74 | €7,336 | €5,701 | -€1,635 | -22.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €10,320,862 | €20,357,399 | +€10.0m | +97.2% |
| Services and other goods | 61 | €10,035,182 | €16,173,205 | +€6.1m | +61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,095 | €3,172 | +€2,077 | +190% |
| Other operating charges | 640/8 | €284,585 | €1,543,456 | +€1.3m | +442% |
| Non-recurring operating charges | 66A | €0 | €2,637,566 | +€2.6m | |
| Operating profit (loss) | 9901 | -€9,693,355 | -€19,467,149 | -€9.8m | -101% |
| Financial income | 75/76B | €323,740,222 | €59,279,275 | -€264.5m | -81.7% |
| Recurring financial income | 75 | €296,984,255 | €58,361,318 | -€238.6m | -80.3% |
| Income from financial fixed assets | 750 | €255,904,232 | €25,507,196 | -€230.4m | -90.0% |
| Income from current assets | 751 | €6,879,196 | €11,782,176 | +€4.9m | +71.3% |
| Other financial income | 752/9 | €34,200,827 | €21,071,946 | -€13.1m | -38.4% |
| Non-recurring financial income | 76B | €26,755,967 | €917,957 | -€25.8m | -96.6% |
| Financial charges | 65/66B | €54,568,502 | €44,670,565 | -€9.9m | -18.1% |
| Recurring financial charges | 65 | €21,129,517 | €26,664,157 | +€5.5m | +26.2% |
| Debt charges | 650 | €15,951,180 | €21,339,170 | +€5.4m | +33.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€453,207 | €3,752,252 | +€4.2m | |
| Other financial charges | 652/9 | €5,631,544 | €1,572,735 | -€4.1m | -72.1% |
| Non-recurring financial charges | 66B | €33,438,985 | €18,006,408 | -€15.4m | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €259,478,364 | -€4,858,439 | -€264.3m | |
| Income taxes | 67/77 | €12,696 | €2,215,746 | +€2.2m | +17,352% |
| Taxes | 670/3 | €12,696 | €2,215,746 | +€2.2m | +17,352% |
| Profit (loss) for the period | 9904 | €259,465,668 | -€7,074,185 | -€266.5m | |
| Transfer to tax-exempt reserves | 689 | - | €496,570 | +€496,570 | |
| Profit (loss) for the period to be appropriated | 9905 | €259,465,668 | -€7,570,754 | -€267.0m |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.