Baan-Chang: what changed
Baan-Chang
Largest movements
- Receivables after one year +€345,198
up €345,198 (+1,817%), from €19,001 to €364,199
- Tangible fixed assets +€144,165
up €144,165 (+23.8%), from €604,500 to €748,665
of which Plant, machinery and equipment: +€86,963
- Receivables within one year -€137,344
down €137,344 (-34.2%), from €401,158 to €263,814
of which Trade receivables: -€90,668
- Financial fixed assets +€60,000
new in 2025: €60,000
- Cash -€55,778
down €55,778 (-51.1%), from €109,224 to €53,446
mainly Receivables after one year (-€345,198) and Investment in fixed assets (net) (-€245,422)
- Reserves +€208,612
up €208,612 (+28.8%), from €724,649 to €933,261
- Other debts +€198,074
new in 2025: €198,074
- Trade debts -€92,312
down €92,312 (-76.8%), from €120,169 to €27,856
- Tax, wage and social debts +€30,679
new in 2025: €30,679
- Debts after one year +€22,168
up €22,168 (+10.0%), from €221,299 to €243,466
- Gross operating margin -€205,755
down €205,755 (-36.1%), from €569,653 to €363,897
- Taxes -€58,223
down €58,223 (-39.3%), from €148,316 to €90,093
- Staff costs -€32,492
down €32,492 (-98.8%), from €32,899 to €407
- Financial income -€13,787
down €13,787 (-92.0%), from €14,991 to €1,204
- Financial charges -€8,677
down €8,677 (-32.9%), from €26,409 to €17,732
of which Non-recurring financial charges: -€19,741
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 | €1,135,494 | €1,491,880 | +€356,385 | +31.4% |
| Fixed assets | 21/28 | €604,500 | €808,665 | +€204,165 | +33.8% |
| Tangible fixed assets | 22/27 | €604,500 | €748,665 | +€144,165 | +23.8% |
| Land and buildings | 22 | €508,038 | €523,459 | +€15,421 | +3.0% |
| Plant, machinery and equipment | 23 | €24,604 | €111,567 | +€86,963 | +353% |
| Furniture and vehicles | 24 | €14,892 | €60,435 | +€45,543 | +306% |
| Other tangible fixed assets | 26 | €56,966 | €53,204 | -€3,762 | -6.6% |
| Financial fixed assets | 28 | - | €60,000 | +€60,000 | |
| Current assets | 29/58 | €530,994 | €683,215 | +€152,220 | +28.7% |
| Amounts receivable after more than one year | 29 | €19,001 | €364,199 | +€345,198 | +1,817% |
| Other amounts receivable | 291 | €19,001 | €364,199 | +€345,198 | +1,817% |
| Amounts receivable within one year | 40/41 | €401,158 | €263,814 | -€137,344 | -34.2% |
| Trade receivables | 40 | €152,820 | €62,152 | -€90,668 | -59.3% |
| Other amounts receivable | 41 | €248,338 | €201,662 | -€46,676 | -18.8% |
| Cash at bank and in hand | 54/58 | €109,224 | €53,446 | -€55,778 | -51.1% |
| Deferred charges and accrued income | 490/1 | €1,612 | €1,757 | +€145 | +9.0% |
| Total equity and liabilities | 10/49 | €1,135,494 | €1,491,880 | +€356,385 | +31.4% |
| Equity | 10/15 | €726,649 | €935,261 | +€208,612 | +28.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €724,649 | €933,261 | +€208,612 | +28.8% |
| Distributable reserves | 133 | €724,649 | €933,261 | +€208,612 | +28.8% |
| Amounts payable | 17/49 | €408,846 | €556,618 | +€147,773 | +36.1% |
| Amounts payable after more than one year | 17 | €221,299 | €243,466 | +€22,168 | +10.0% |
| Financial debts | 170/4 | €221,299 | €243,466 | +€22,168 | +10.0% |
| Amounts payable within one year | 42/48 | €174,822 | €313,152 | +€138,330 | +79.1% |
| Current portion of amounts payable after more than one year | 42 | €54,653 | €56,543 | +€1,890 | +3.5% |
| Trade debts | 44 | €120,169 | €27,856 | -€92,312 | -76.8% |
| Suppliers | 440/4 | €120,169 | €27,856 | -€92,312 | -76.8% |
| Taxes, remuneration and social security | 45 | - | €30,679 | +€30,679 | |
| Taxes | 450/3 | - | €30,679 | +€30,679 | |
| Other amounts payable | 47/48 | - | €198,074 | +€198,074 | |
| Accrued charges and deferred income | 492/3 | €12,725 | - | -€12,725 | |
| Non-recurring operating income | 76A | - | €29,156 | +€29,156 | |
| Remuneration, social security and pensions | 62 | €32,899 | €407 | -€32,492 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,510 | €41,258 | +€5,747 | +16.2% |
| Other operating charges | 640/8 | €12,007 | €6,604 | -€5,403 | -45.0% |
| Non-recurring operating charges | 66A | - | €396 | +€396 | |
| Gross operating margin | 9900 | €569,653 | €363,897 | -€205,755 | -36.1% |
| Operating profit (loss) | 9901 | €489,236 | €315,233 | -€174,003 | -35.6% |
| Financial income | 75/76B | €14,991 | €1,204 | -€13,787 | -92.0% |
| Recurring financial income | 75 | €14,991 | €1,204 | -€13,787 | -92.0% |
| Financial charges | 65/66B | €26,409 | €17,732 | -€8,677 | -32.9% |
| Recurring financial charges | 65 | €6,669 | €17,732 | +€11,063 | +166% |
| Non-recurring financial charges | 66B | €19,741 | - | -€19,741 | |
| Profit (loss) for the period before taxes | 9903 | €477,818 | €298,705 | -€179,112 | -37.5% |
| Income taxes | 67/77 | €148,316 | €90,093 | -€58,223 | -39.3% |
| Profit (loss) for the period | 9904 | €329,502 | €208,612 | -€120,890 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €329,502 | €208,612 | -€120,890 | -36.7% |
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 7 November 2026 via checked.be.