BAA-LEE: what changed
Two fiscal 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.
BAA-LEE
Largest movements
- Receivables within one year -€90,821
down €90,821 (-36.3%), from €250,285 to €159,464
of which Other amounts receivable: -€91,032
- Cash +€52,608
up €52,608 (+7292.0%), from €721 to €53,329
mainly Receivables within one year (+€90,821) and Depreciation (+€34,005)
- Tangible fixed assets -€27,193
down €27,193 (-3.1%), from €882,144 to €854,951
of which Land and buildings: -€23,499
- Tax, wage and social debts -€49,374
down €49,374 (-99.9%), from €49,418 to €45
- Reserves -€17,850
down €17,850 (-2.5%), from €713,710 to €695,860
of which Tax-exempt reserves: -€17,850
- Gross operating margin -€441,093
down €441,093, from €437,740 to -€3,354
- Taxes -€125,872
down €125,872 (-99.7%), from €126,199 to €327
- Financial income +€20,006
up €20,006 (+7714.8%), from €259 to €20,265
- Other operating charges -€17,114
down €17,114 (-71.2%), from €24,025 to €6,910
- Depreciation -€9,619
down €9,619 (-22.0%), from €43,624 to €34,005
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.
Cash bridge derived
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 | €1,134,391 | €1,071,140 | -€63,251 | -5.6% |
| Fixed assets | 21/28 | €882,144 | €854,951 | -€27,193 | -3.1% |
| Tangible fixed assets | 22/27 | €882,144 | €854,951 | -€27,193 | -3.1% |
| Land and buildings | 22 | €877,262 | €853,763 | -€23,499 | -2.7% |
| Plant, machinery and equipment | 23 | €2,946 | €897 | -€2,049 | -69.5% |
| Furniture and vehicles | 24 | €1,936 | €290 | -€1,645 | -85.0% |
| Current assets | 29/58 | €252,246 | €216,189 | -€36,058 | -14.3% |
| Amounts receivable within one year | 40/41 | €250,285 | €159,464 | -€90,821 | -36.3% |
| Trade receivables | 40 | - | €211 | +€211 | |
| Other amounts receivable | 41 | €250,285 | €159,253 | -€91,032 | -36.4% |
| Cash at bank and in hand | 54/58 | €721 | €53,329 | +€52,608 | +7292.0% |
| Deferred charges and accrued income | 490/1 | €1,239 | €3,395 | +€2,156 | +173.9% |
| Total equity and liabilities | 10/49 | €1,134,391 | €1,071,140 | -€63,251 | -5.6% |
| Equity | 10/15 | €1,032,310 | €1,013,890 | -€18,420 | -1.8% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €713,710 | €695,860 | -€17,850 | -2.5% |
| Tax-exempt reserves | 132 | €146,250 | €128,400 | -€17,850 | -12.2% |
| Distributable reserves | 133 | €567,460 | €567,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€570 | -€570 | |
| Provisions and deferred taxes | 16 | €48,750 | €42,800 | -€5,950 | -12.2% |
| Deferred taxes | 168 | €48,750 | €42,800 | -€5,950 | -12.2% |
| Amounts payable | 17/49 | €53,330 | €14,449 | -€38,881 | -72.9% |
| Amounts payable within one year | 42/48 | €53,330 | €14,449 | -€38,881 | -72.9% |
| Trade debts | 44 | €706 | €8,378 | +€7,672 | +1086.4% |
| Suppliers | 440/4 | €706 | €8,378 | +€7,672 | +1086.4% |
| Taxes, remuneration and social security | 45 | €49,418 | €45 | -€49,374 | -99.9% |
| Taxes | 450/3 | €49,418 | €45 | -€49,374 | -99.9% |
| Other amounts payable | 47/48 | €3,206 | €6,027 | +€2,821 | +88.0% |
| Non-recurring operating income | 76A | €432,870 | - | -€432,870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,624 | €34,005 | -€9,619 | -22.0% |
| Other operating charges | 640/8 | €24,025 | €6,910 | -€17,114 | -71.2% |
| Gross operating margin | 9900 | €437,740 | -€3,354 | -€441,093 | |
| Operating profit (loss) | 9901 | €370,092 | -€44,269 | -€414,360 | |
| Financial income | 75/76B | €259 | €20,265 | +€20,006 | +7714.8% |
| Recurring financial income | 75 | €259 | €20,265 | +€20,006 | +7714.8% |
| Financial charges | 65/66B | €52 | €40 | -€11 | -21.6% |
| Recurring financial charges | 65 | €52 | €40 | -€11 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €370,299 | -€24,044 | -€394,343 | |
| Transfer from deferred taxes | 780 | €3,750 | €5,950 | +€2,200 | +58.7% |
| Income taxes | 67/77 | €126,199 | €327 | -€125,872 | -99.7% |
| Profit (loss) for the period | 9904 | €247,850 | -€18,420 | -€266,270 | |
| Transfer from tax-exempt reserves | 789 | €11,250 | €17,850 | +€6,600 | +58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €259,100 | -€570 | -€259,670 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.