Baard & Co: 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.
Baard & Co
Largest movements
- Current investments +€154,903
new in 2025: €154,903
- Cash -€144,380
down €144,380 (-99.7%), from €144,785 to €405
mainly Current investments (-€154,903) and Investment in fixed assets (net) (-€63,677)
- Tangible fixed assets +€58,768
new in 2025: €58,768
of which Plant, machinery and equipment: +€39,477
- Stocks and contracts +€25,194
up €25,194 (+1959.5%), from €1,286 to €26,480
- Receivables within one year -€10,349
down €10,349 (-68.9%), from €15,026 to €4,677
of which Trade receivables: -€10,323
- Other debts +€104,054
new in 2025: €104,054
- Profit (loss) carried forward -€17,086
down €17,086 (-20.7%), from €82,433 to €65,346
- Tax, wage and social debts -€3,648
down €3,648 (-86.0%), from €4,244 to €596
- Gross operating margin -€33,955
down €33,955, from €25,053 to -€8,902
- Taxes -€6,759
down €6,759 (-94.7%), from €7,134 to €375
- Depreciation +€4,908
new in 2025: €4,908
- Financial charges +€1,996
up €1,996 (+4433.6%), from €45 to €2,041
- Financial income +€613
up €613 (+168.5%), from €364 to €977
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 | €161,497 | €245,233 | +€83,736 | +51.9% |
| Fixed assets | 21/28 | - | €58,768 | +€58,768 | |
| Tangible fixed assets | 22/27 | - | €58,768 | +€58,768 | |
| Land and buildings | 22 | - | €15,090 | +€15,090 | |
| Plant, machinery and equipment | 23 | - | €39,477 | +€39,477 | |
| Furniture and vehicles | 24 | - | €4,201 | +€4,201 | |
| Current assets | 29/58 | €161,497 | €186,465 | +€24,968 | +15.5% |
| Stocks and contracts in progress | 3 | €1,286 | €26,480 | +€25,194 | +1959.5% |
| Stocks | 30/36 | €1,286 | €26,480 | +€25,194 | +1959.5% |
| Amounts receivable within one year | 40/41 | €15,026 | €4,677 | -€10,349 | -68.9% |
| Trade receivables | 40 | €15,000 | €4,677 | -€10,323 | -68.8% |
| Other amounts receivable | 41 | €26 | - | -€26 | |
| Current investments | 50/53 | - | €154,903 | +€154,903 | |
| Cash at bank and in hand | 54/58 | €144,785 | €405 | -€144,380 | -99.7% |
| Deferred charges and accrued income | 490/1 | €400 | - | -€400 | |
| Total equity and liabilities | 10/49 | €161,497 | €245,233 | +€83,736 | +51.9% |
| Equity | 10/15 | €154,115 | €137,029 | -€17,086 | -11.1% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €40,682 | €40,682 | = | 0.0% |
| Distributable reserves | 133 | €40,682 | €40,682 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,433 | €65,346 | -€17,086 | -20.7% |
| Amounts payable | 17/49 | €7,382 | €108,205 | +€100,823 | +1365.8% |
| Amounts payable within one year | 42/48 | €5,243 | €106,065 | +€100,823 | +1923.2% |
| Trade debts | 44 | €998 | €1,415 | +€417 | +41.8% |
| Suppliers | 440/4 | €998 | €1,415 | +€417 | +41.8% |
| Taxes, remuneration and social security | 45 | €4,244 | €596 | -€3,648 | -86.0% |
| Taxes | 450/3 | €4,244 | €596 | -€3,648 | -86.0% |
| Other amounts payable | 47/48 | - | €104,054 | +€104,054 | |
| Accrued charges and deferred income | 492/3 | €2,139 | €2,139 | = | 0.0% |
| Non-recurring operating income | 76A | €30,000 | - | -€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,908 | +€4,908 | |
| Other operating charges | 640/8 | €2,261 | €1,837 | -€424 | -18.7% |
| Gross operating margin | 9900 | €25,053 | -€8,902 | -€33,955 | |
| Operating profit (loss) | 9901 | €22,792 | -€15,647 | -€38,439 | |
| Financial income | 75/76B | €364 | €977 | +€613 | +168.5% |
| Recurring financial income | 75 | €364 | €977 | +€613 | +168.5% |
| Financial charges | 65/66B | €45 | €2,041 | +€1,996 | +4433.6% |
| Recurring financial charges | 65 | €45 | €2,041 | +€1,996 | +4433.6% |
| Profit (loss) for the period before taxes | 9903 | €23,111 | -€16,711 | -€39,822 | |
| Income taxes | 67/77 | €7,134 | €375 | -€6,759 | -94.7% |
| Profit (loss) for the period | 9904 | €15,977 | -€17,086 | -€33,063 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,977 | -€17,086 | -€33,063 |
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 9 October 2026 via checked.be.