B-A-GEL: 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.
B-A-GEL
Largest movements
- Tangible fixed assets -€30,253
down €30,253 (-35.3%), from €85,583 to €55,330
- Cash +€19,271
up €19,271 (+72.6%), from €26,535 to €45,806
mainly Net result for the year (+€53,367) and Depreciation (+€30,253)
- Receivables within one year -€10,371
down €10,371 (-27.1%), from €38,270 to €27,899
of which Trade receivables: -€6,980
- Other debts +€22,592
up €22,592 (+1,149%), from €1,967 to €24,558
- Debts after one year -€21,011
down €21,011 (-52.2%), from €40,266 to €19,255
- Tax, wage and social debts -€17,848
down €17,848 (-85.1%), from €20,975 to €3,127
of which Remuneration and social security: -€12,871
- Trade debts -€3,629
down €3,629 (-28.4%), from €12,767 to €9,138
- Reserves +€3,367
up €3,367 (+6.5%), from €52,082 to €55,449
- Staff costs -€40,438
down €40,438 (-79.3%), from €51,006 to €10,568
- Taxes +€9,753
up €9,753 (+215%), from €4,532 to €14,284
- Gross operating margin -€6,414
down €6,414 (-5.4%), from €119,271 to €112,857
- Financial charges -€1,470
down €1,470 (-32.6%), from €4,513 to €3,042
- Depreciation +€1,389
up €1,389 (+4.8%), from €28,864 to €30,253
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 | €158,313 | €137,814 | -€20,498 | -12.9% |
| Fixed assets | 21/28 | €85,583 | €55,330 | -€30,253 | -35.3% |
| Tangible fixed assets | 22/27 | €85,583 | €55,330 | -€30,253 | -35.3% |
| Land and buildings | 22 | €3,068 | €1,971 | -€1,098 | -35.8% |
| Plant, machinery and equipment | 23 | €25,652 | €18,092 | -€7,560 | -29.5% |
| Furniture and vehicles | 24 | €36,354 | €22,808 | -€13,546 | -37.3% |
| Leasing and similar rights | 25 | €20,509 | €12,460 | -€8,049 | -39.2% |
| Current assets | 29/58 | €72,729 | €82,484 | +€9,755 | +13.4% |
| Stocks and contracts in progress | 3 | €4,227 | €5,747 | +€1,520 | +35.9% |
| Stocks | 30/36 | €4,227 | €5,747 | +€1,520 | +35.9% |
| Amounts receivable within one year | 40/41 | €38,270 | €27,899 | -€10,371 | -27.1% |
| Trade receivables | 40 | €34,879 | €27,899 | -€6,980 | -20.0% |
| Other amounts receivable | 41 | €3,391 | - | -€3,391 | |
| Cash at bank and in hand | 54/58 | €26,535 | €45,806 | +€19,271 | +72.6% |
| Deferred charges and accrued income | 490/1 | €3,697 | €3,033 | -€664 | -18.0% |
| Total equity and liabilities | 10/49 | €158,313 | €137,814 | -€20,498 | -12.9% |
| Equity | 10/15 | €57,082 | €60,449 | +€3,367 | +5.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €52,082 | €55,449 | +€3,367 | +6.5% |
| Distributable reserves | 133 | €52,082 | €55,449 | +€3,367 | +6.5% |
| Amounts payable | 17/49 | €101,231 | €77,365 | -€23,866 | -23.6% |
| Amounts payable after more than one year | 17 | €40,266 | €19,255 | -€21,011 | -52.2% |
| Financial debts | 170/4 | €40,266 | €19,255 | -€21,011 | -52.2% |
| Amounts payable within one year | 42/48 | €59,140 | €57,834 | -€1,306 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €23,432 | €21,011 | -€2,420 | -10.3% |
| Trade debts | 44 | €12,767 | €9,138 | -€3,629 | -28.4% |
| Suppliers | 440/4 | €12,767 | €9,138 | -€3,629 | -28.4% |
| Taxes, remuneration and social security | 45 | €20,975 | €3,127 | -€17,848 | -85.1% |
| Taxes | 450/3 | €7,372 | €2,395 | -€4,977 | -67.5% |
| Remuneration and social security | 454/9 | €13,603 | €732 | -€12,871 | -94.6% |
| Other amounts payable | 47/48 | €1,967 | €24,558 | +€22,592 | +1,149% |
| Accrued charges and deferred income | 492/3 | €1,825 | €276 | -€1,549 | -84.9% |
| Remuneration, social security and pensions | 62 | €51,006 | €10,568 | -€40,438 | -79.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,864 | €30,253 | +€1,389 | +4.8% |
| Other operating charges | 640/8 | €1,336 | €1,504 | +€169 | +12.6% |
| Gross operating margin | 9900 | €119,271 | €112,857 | -€6,414 | -5.4% |
| Operating profit (loss) | 9901 | €38,066 | €70,532 | +€32,466 | +85.3% |
| Financial income | 75/76B | €48 | €162 | +€115 | +241% |
| Recurring financial income | 75 | €48 | €162 | +€115 | +241% |
| Financial charges | 65/66B | €4,513 | €3,042 | -€1,470 | -32.6% |
| Recurring financial charges | 65 | €4,513 | €3,042 | -€1,470 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €33,601 | €67,652 | +€34,051 | +101% |
| Income taxes | 67/77 | €4,532 | €14,284 | +€9,753 | +215% |
| Profit (loss) for the period | 9904 | €29,069 | €53,367 | +€24,298 | +83.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,069 | €53,367 | +€24,298 | +83.6% |
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 14 October 2026 via checked.be.