B.A.I.N.: what changed
B.A.I.N.
Largest movements
- Receivables within one year +€187,796
up €187,796 (+10,677%), from €1,759 to €189,555
of which Trade receivables: +€168,060
- Cash -€40,008
down €40,008 (-99.8%), from €40,071 to €63
mainly Receivables within one year (-€187,796) and Current portion of long-term debt (-€26,948)
- Trade debts +€175,868
up €175,868 (+378%), from €46,470 to €222,338
- Current portion of long-term debt -€26,948
down €26,948 (-61.4%), from €43,860 to €16,912
- Other debts +€15,626
up €15,626 (+2.9%), from €533,627 to €549,252
- Profit (loss) carried forward -€12,285
down €12,285 (-4.7%), from -€260,832 to -€273,117
- Debts after one year -€10,000
down €10,000 (-10.9%), from €91,750 to €81,750
- Gross operating margin -€70,535
down €70,535 (-89.9%), from €78,424 to €7,890
- Staff costs -€3,008
down €3,008 (-100%), from €3,008 to €0
- Other operating charges -€2,651
down €2,651 (-17.5%), from €15,122 to €12,471
- Taxes -€2,058
down €2,058 (-82.9%), from €2,483 to €425
- Financial charges -€895
down €895 (-21.3%), from €4,202 to €3,306
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €715,647 | €859,059 | +€143,412 | +20.0% |
| Fixed assets | 21/28 | €536,880 | €532,908 | -€3,972 | -0.7% |
| Tangible fixed assets | 22/27 | €536,880 | €532,908 | -€3,972 | -0.7% |
| Land and buildings | 22 | €536,412 | €532,654 | -€3,758 | -0.7% |
| Furniture and vehicles | 24 | €469 | €254 | -€215 | -45.8% |
| Current assets | 29/58 | €178,767 | €326,151 | +€147,384 | +82.4% |
| Stocks and contracts in progress | 3 | €46,533 | €46,533 | = | 0.0% |
| Stocks | 30/36 | €46,533 | €46,533 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,759 | €189,555 | +€187,796 | +10,677% |
| Trade receivables | 40 | €1,759 | €169,819 | +€168,060 | +9,555% |
| Other amounts receivable | 41 | - | €19,736 | +€19,736 | |
| Current investments | 50/53 | €90,000 | €90,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €40,071 | €63 | -€40,008 | -99.8% |
| Deferred charges and accrued income | 490/1 | €404 | €0 | -€404 | -100% |
| Total equity and liabilities | 10/49 | €715,647 | €859,059 | +€143,412 | +20.0% |
| Equity | 10/15 | -€22,635 | -€34,920 | -€12,285 | -54.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €8,197 | €8,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,197 | €8,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,197 | €8,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€260,832 | -€273,117 | -€12,285 | -4.7% |
| Amounts payable | 17/49 | €738,282 | €893,979 | +€155,697 | +21.1% |
| Amounts payable after more than one year | 17 | €91,750 | €81,750 | -€10,000 | -10.9% |
| Financial debts | 170/4 | €91,750 | €81,750 | -€10,000 | -10.9% |
| Amounts payable within one year | 42/48 | €646,532 | €812,229 | +€165,697 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €43,860 | €16,912 | -€26,948 | -61.4% |
| Trade debts | 44 | €46,470 | €222,338 | +€175,868 | +378% |
| Suppliers | 440/4 | €46,470 | €222,338 | +€175,868 | +378% |
| Taxes, remuneration and social security | 45 | €22,575 | €23,727 | +€1,151 | +5.1% |
| Taxes | 450/3 | €22,575 | €23,727 | +€1,151 | +5.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €533,627 | €549,252 | +€15,626 | +2.9% |
| Non-recurring operating income | 76A | €60,512 | €0 | -€60,512 | -100% |
| Remuneration, social security and pensions | 62 | €3,008 | €0 | -€3,008 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,972 | €3,972 | = | 0.0% |
| Other operating charges | 640/8 | €15,122 | €12,471 | -€2,651 | -17.5% |
| Gross operating margin | 9900 | €78,424 | €7,890 | -€70,535 | -89.9% |
| Operating profit (loss) | 9901 | €56,322 | -€8,554 | -€64,875 | |
| Financial charges | 65/66B | €4,202 | €3,306 | -€895 | -21.3% |
| Recurring financial charges | 65 | €4,202 | €3,306 | -€895 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €52,120 | -€11,860 | -€63,980 | |
| Income taxes | 67/77 | €2,483 | €425 | -€2,058 | -82.9% |
| Profit (loss) for the period | 9904 | €49,637 | -€12,285 | -€61,922 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,637 | -€12,285 | -€61,922 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.