B.A.O. CONSTRUCT: 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.O. CONSTRUCT
Largest movements
- Receivables within one year +€366,815
up €366,815 (+23.6%), from €1.6m to €1.9m
of which Trade receivables: +€250,749
- Cash +€169,925
up €169,925 (+475%), from €35,800 to €205,725
mainly Trade debts (+€316,829) and Tax, wage and social debts (+€143,760)
- Tangible fixed assets -€40,700
down €40,700 (-9.3%), from €436,066 to €395,366
of which Furniture and vehicles: -€24,928
- Trade debts +€316,829
up €316,829 (+37.7%), from €840,344 to €1.2m
- Tax, wage and social debts +€143,760
up €143,760 (+208%), from €69,228 to €212,988
of which Taxes: +€112,716
- Reserves +€90,411
up €90,411 (+4,861%), from €1,860 to €92,271
of which Distributable reserves: +€90,411
- Debts after one year -€43,888
down €43,888 (-14.3%), from €307,026 to €263,138
- Staff costs +€138,719
up €138,719 (+36.1%), from €383,736 to €522,455
- Gross operating margin +€102,111
up €102,111 (+14.8%), from €688,966 to €791,078
- Other operating charges +€38,525
up €38,525 (+302%), from €12,739 to €51,264
- Financial charges -€37,647
down €37,647 (-63.2%), from €59,613 to €21,966
- Taxes +€22,797
up €22,797 (+50.5%), from €45,179 to €67,976
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 | €2,118,796 | €2,615,315 | +€496,520 | +23.4% |
| Fixed assets | 21/28 | €458,300 | €418,600 | -€39,700 | -8.7% |
| Tangible fixed assets | 22/27 | €436,066 | €395,366 | -€40,700 | -9.3% |
| Land and buildings | 22 | €334,507 | €322,084 | -€12,423 | -3.7% |
| Plant, machinery and equipment | 23 | €22,338 | €18,989 | -€3,349 | -15.0% |
| Furniture and vehicles | 24 | €79,221 | €54,293 | -€24,928 | -31.5% |
| Financial fixed assets | 28 | €22,234 | €23,234 | +€1,000 | +4.5% |
| Current assets | 29/58 | €1,660,496 | €2,196,715 | +€536,219 | +32.3% |
| Amounts receivable after more than one year | 29 | €70,000 | €70,000 | = | 0.0% |
| Other amounts receivable | 291 | €70,000 | €70,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,554,175 | €1,920,991 | +€366,815 | +23.6% |
| Trade receivables | 40 | €1,386,853 | €1,637,602 | +€250,749 | +18.1% |
| Other amounts receivable | 41 | €167,322 | €283,388 | +€116,066 | +69.4% |
| Cash at bank and in hand | 54/58 | €35,800 | €205,725 | +€169,925 | +475% |
| Deferred charges and accrued income | 490/1 | €521 | - | -€521 | |
| Total equity and liabilities | 10/49 | €2,118,796 | €2,615,315 | +€496,520 | +23.4% |
| Equity | 10/15 | €833,221 | €923,632 | +€90,411 | +10.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €92,271 | +€90,411 | +4,861% |
| 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 | - | €90,411 | +€90,411 | |
| Profit (loss) carried forward | 14 | €818,961 | €818,961 | = | 0.0% |
| Amounts payable | 17/49 | €1,285,574 | €1,691,684 | +€406,109 | +31.6% |
| Amounts payable after more than one year | 17 | €307,026 | €263,138 | -€43,888 | -14.3% |
| Financial debts | 170/4 | €307,026 | €263,138 | -€43,888 | -14.3% |
| Amounts payable within one year | 42/48 | €978,548 | €1,428,545 | +€449,997 | +46.0% |
| Current portion of amounts payable after more than one year | 42 | €46,626 | €47,384 | +€758 | +1.6% |
| Trade debts | 44 | €840,344 | €1,157,173 | +€316,829 | +37.7% |
| Suppliers | 440/4 | €840,344 | €1,157,173 | +€316,829 | +37.7% |
| Taxes, remuneration and social security | 45 | €69,228 | €212,988 | +€143,760 | +208% |
| Taxes | 450/3 | €27,836 | €140,552 | +€112,716 | +405% |
| Remuneration and social security | 454/9 | €41,392 | €72,436 | +€31,044 | +75.0% |
| Other amounts payable | 47/48 | €22,350 | €11,000 | -€11,350 | -50.8% |
| Remuneration, social security and pensions | 62 | €383,736 | €522,455 | +€138,719 | +36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,073 | €43,207 | +€2,134 | +5.2% |
| Other operating charges | 640/8 | €12,739 | €51,264 | +€38,525 | +302% |
| Non-recurring operating charges | 66A | - | €1,567 | +€1,567 | |
| Gross operating margin | 9900 | €688,966 | €791,078 | +€102,111 | +14.8% |
| Operating profit (loss) | 9901 | €251,418 | €172,585 | -€78,833 | -31.4% |
| Financial income | 75/76B | €100 | €7,767 | +€7,667 | +7,670% |
| Recurring financial income | 75 | €100 | €7,767 | +€7,667 | +7,670% |
| Financial charges | 65/66B | €59,613 | €21,966 | -€37,647 | -63.2% |
| Recurring financial charges | 65 | €59,613 | €21,966 | -€37,647 | -63.2% |
| Profit (loss) for the period before taxes | 9903 | €191,905 | €158,386 | -€33,518 | -17.5% |
| Income taxes | 67/77 | €45,179 | €67,976 | +€22,797 | +50.5% |
| Profit (loss) for the period | 9904 | €146,726 | €90,411 | -€56,315 | -38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €146,726 | €90,411 | -€56,315 | -38.4% |
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.