BAAZ: 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.
What changed
BAAZ
NACE 46.323, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1,200
2024 · €107,852-€109,053
Equity
€338,958
2024 · €340,158-€1,200
Cash
€43,552
2024 · €121,842-€78,291
Balance sheet total
€1.8m
2024 · €1.3m+€523,346
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+238.7%), from €440,676 to €1.5m
of which Land and buildings: +€1.0m
- Receivables within one year -€242,519
down €242,519 (-89.2%), from €271,780 to €29,260
of which Other amounts receivable: -€253,503
- Receivables after one year -€210,000
down €210,000 (-100.0%), from €210,000 to €0
- Cash -€78,291
down €78,291 (-64.3%), from €121,842 to €43,552
mainly Investment in fixed assets (net) (-€1.1m) and Other debts (-€280,567)
Equity and liabilities
- Debts after one year +€777,946
up €777,946 (+135.7%), from €573,187 to €1.4m
of which Financial debts: +€787,548
- Other debts -€280,567
down €280,567 (-100.0%), from €280,567 to €0
Income statement
- Gross operating margin -€56,848
down €56,848 (-38.0%), from €149,688 to €92,841
- Staff costs +€33,751
new in 2025: €33,751
- Provisions +€32,599
up €32,599, from -€32,599 to €0
- Taxes -€31,406
down €31,406 (-100.0%), from €31,406 to €0
- Financial charges +€9,651
up €9,651 (+85.1%), from €11,341 to €20,991
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.
Result 2024
€107,852
Gross operating margin
-€56,848
Staff costs
-€33,751
Depreciation
-€7,922
Provisions
-€32,599
Other operating charges
+€304
Other operating items
-€1,463
Financial income
+€1,213
Financial charges
-€9,651
Taxes
+€31,406
Deferred taxes and other
+€258
Result 2025
-€1,200
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.
From operations
+€206,739
Investment
-€1.1m
Financing
+€794,005
Cash 2024
€121,842
From operations (derived)
+€206,739
Net result for the year
-€1,200
Depreciation
+€27,181
Receivables after one year
+€210,000
Receivables within one year
+€242,519
Smaller working-capital items
-€1,779
Trade debts
+€10,584
Other debts
-€280,567
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€794,005
Debts after one year
+€777,946
Current portion of long-term debt
+€16,059
Cash 2025
€43,552
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,325,446 | €1,848,793 | +€523,346 | +39.5% |
| Fixed assets | 21/28 | €440,676 | €1,492,529 | +€1.1m | +238.7% |
| Tangible fixed assets | 22/27 | €440,676 | €1,492,529 | +€1.1m | +238.7% |
| Land and buildings | 22 | €419,009 | €1,440,108 | +€1.0m | +243.7% |
| Plant, machinery and equipment | 23 | €2,736 | €10,591 | +€7,855 | +287.1% |
| Furniture and vehicles | 24 | €2,935 | €25,901 | +€22,965 | +782.4% |
| Other tangible fixed assets | 26 | €15,996 | €15,929 | -€67 | -0.4% |
| Current assets | 29/58 | €884,770 | €356,264 | -€528,506 | -59.7% |
| Amounts receivable after more than one year | 29 | €210,000 | €0 | -€210,000 | -100.0% |
| Other amounts receivable | 291 | €210,000 | €0 | -€210,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €271,780 | €29,260 | -€242,519 | -89.2% |
| Trade receivables | 40 | €6,780 | €17,763 | +€10,983 | +162.0% |
| Other amounts receivable | 41 | €265,000 | €11,497 | -€253,503 | -95.7% |
| Current investments | 50/53 | €280,567 | €280,567 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €121,842 | €43,552 | -€78,291 | -64.3% |
| Deferred charges and accrued income | 490/1 | €581 | €2,885 | +€2,304 | +396.6% |
| Total equity and liabilities | 10/49 | €1,325,446 | €1,848,793 | +€523,346 | +39.5% |
| Equity | 10/15 | €340,158 | €338,958 | -€1,200 | -0.4% |
| Contributions | 10/11 | €12,546 | €12,546 | = | 0.0% |
| Reserves | 13 | €500,007 | €498,656 | -€1,351 | -0.3% |
| Non-distributable reserves | 130/1 | €280,567 | €280,567 | = | 0.0% |
| Own shares acquired | 1312 | €280,567 | €280,567 | = | 0.0% |
| Tax-exempt reserves | 132 | €60,181 | €58,830 | -€1,351 | -2.2% |
| Distributable reserves | 133 | €159,259 | €159,259 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€172,395 | -€172,244 | +€151 | +0.1% |
| Provisions and deferred taxes | 16 | €38,976 | €38,638 | -€338 | -0.9% |
| Provisions for liabilities and charges | 160/5 | €23,931 | €23,931 | = | 0.0% |
| Pensions and similar obligations | 160 | €23,931 | €23,931 | = | 0.0% |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Deferred taxes | 168 | €15,045 | €14,707 | -€338 | -2.2% |
| Amounts payable | 17/49 | €946,312 | €1,471,196 | +€524,884 | +55.5% |
| Amounts payable after more than one year | 17 | €573,187 | €1,351,133 | +€777,946 | +135.7% |
| Financial debts | 170/4 | €544,269 | €1,331,818 | +€787,548 | +144.7% |
| Other amounts payable | 178/9 | €28,918 | €19,316 | -€9,602 | -33.2% |
| Amounts payable within one year | 42/48 | €370,015 | €117,133 | -€252,882 | -68.3% |
| Current portion of amounts payable after more than one year | 42 | €71,393 | €87,452 | +€16,059 | +22.5% |
| Trade debts | 44 | €9,219 | €19,803 | +€10,584 | +114.8% |
| Suppliers | 440/4 | €9,219 | €19,803 | +€10,584 | +114.8% |
| Taxes, remuneration and social security | 45 | €8,835 | €9,878 | +€1,043 | +11.8% |
| Taxes | 450/3 | €3,989 | €1,211 | -€2,778 | -69.6% |
| Remuneration and social security | 454/9 | €4,846 | €8,667 | +€3,821 | +78.9% |
| Other amounts payable | 47/48 | €280,567 | €0 | -€280,567 | -100.0% |
| Accrued charges and deferred income | 492/3 | €3,110 | €2,930 | -€180 | -5.8% |
| Remuneration, social security and pensions | 62 | - | €33,751 | +€33,751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,259 | €27,181 | +€7,922 | +41.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€32,599 | €0 | +€32,599 | |
| Other operating charges | 640/8 | €12,590 | €12,286 | -€304 | -2.4% |
| Non-recurring operating charges | 66A | €571 | €2,034 | +€1,463 | +256.3% |
| Gross operating margin | 9900 | €149,688 | €92,841 | -€56,848 | -38.0% |
| Operating profit (loss) | 9901 | €149,868 | €17,588 | -€132,279 | -88.3% |
| Financial income | 75/76B | €652 | €1,865 | +€1,213 | +186.1% |
| Recurring financial income | 75 | €652 | €1,865 | +€1,213 | +186.1% |
| Financial charges | 65/66B | €11,341 | €20,991 | +€9,651 | +85.1% |
| Recurring financial charges | 65 | €11,341 | €20,991 | +€9,651 | +85.1% |
| Profit (loss) for the period before taxes | 9903 | €139,179 | -€1,538 | -€140,717 | |
| Transfer from deferred taxes | 780 | €80 | €338 | +€258 | +322.1% |
| Income taxes | 67/77 | €31,406 | €0 | -€31,406 | -100.0% |
| Profit (loss) for the period | 9904 | €107,852 | -€1,200 | -€109,053 | |
| Transfer from tax-exempt reserves | 789 | €320 | €1,351 | +€1,031 | +322.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,172 | €151 | -€108,022 | -99.9% |
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 8 October 2026 via checked.be.