BADEL: 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.
BADEL
Largest movements
- Tangible fixed assets -€127,846
down €127,846 (-11.1%), from €1.2m to €1.0m
of which Land and buildings: -€101,862
- Cash +€87,070
up €87,070 (+15.3%), from €567,283 to €654,352
mainly Depreciation (+€137,038) and Net result for the year (+€114,786)
- Current investments -€40,885
no longer reported in 2025 (was €40,885)
- Receivables within one year +€27,830
up €27,830 (+32.6%), from €85,276 to €113,107
of which Trade receivables: +€26,756
- Stocks and contracts -€23,180
down €23,180 (-12.9%), from €179,176 to €155,996
- Profit (loss) carried forward +€109,701
up €109,701 (+12.2%), from €898,099 to €1.0m
- Other debts -€106,275
down €106,275 (-45.7%), from €232,540 to €126,265
- Debts after one year -€50,223
down €50,223 (-9.2%), from €544,117 to €493,894
- Accrued charges and deferred income -€22,691
down €22,691 (-35.1%), from €64,558 to €41,867
- Gross operating margin +€41,245
up €41,245 (+7.9%), from €520,378 to €561,623
- Financial charges +€38,978
up €38,978 (+267.6%), from €14,566 to €53,543
- Staff costs +€6,901
up €6,901 (+3.4%), from €202,535 to €209,436
- Taxes -€6,684
down €6,684 (-14.6%), from €45,631 to €38,947
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 | €2,045,295 | €1,965,818 | -€79,477 | -3.9% |
| Fixed assets | 21/28 | €1,163,127 | €1,032,482 | -€130,646 | -11.2% |
| Intangible fixed assets | 21 | €7,871 | €5,071 | -€2,800 | -35.6% |
| Tangible fixed assets | 22/27 | €1,155,133 | €1,027,287 | -€127,846 | -11.1% |
| Land and buildings | 22 | €1,091,589 | €989,727 | -€101,862 | -9.3% |
| Plant, machinery and equipment | 23 | €2,448 | €1,548 | -€900 | -36.8% |
| Furniture and vehicles | 24 | €61,096 | €36,012 | -€25,084 | -41.1% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €882,168 | €933,336 | +€51,169 | +5.8% |
| Stocks and contracts in progress | 3 | €179,176 | €155,996 | -€23,180 | -12.9% |
| Stocks | 30/36 | €179,176 | €155,996 | -€23,180 | -12.9% |
| Amounts receivable within one year | 40/41 | €85,276 | €113,107 | +€27,830 | +32.6% |
| Trade receivables | 40 | €65,276 | €92,032 | +€26,756 | +41.0% |
| Other amounts receivable | 41 | €20,000 | €21,074 | +€1,074 | +5.4% |
| Current investments | 50/53 | €40,885 | - | -€40,885 | |
| Cash at bank and in hand | 54/58 | €567,283 | €654,352 | +€87,070 | +15.3% |
| Deferred charges and accrued income | 490/1 | €9,548 | €9,881 | +€333 | +3.5% |
| Total equity and liabilities | 10/49 | €2,045,295 | €1,965,818 | -€79,477 | -3.9% |
| Equity | 10/15 | €974,432 | €1,084,134 | +€109,701 | +11.3% |
| Contributions | 10/11 | €34,705 | €34,705 | = | 0.0% |
| Reserves | 13 | €41,628 | €41,628 | = | 0.0% |
| Distributable reserves | 133 | €41,628 | €41,628 | = | 0.0% |
| Profit (loss) carried forward | 14 | €898,099 | €1,007,800 | +€109,701 | +12.2% |
| Amounts payable | 17/49 | €1,070,863 | €881,685 | -€189,178 | -17.7% |
| Amounts payable after more than one year | 17 | €544,117 | €493,894 | -€50,223 | -9.2% |
| Financial debts | 170/4 | €544,117 | €493,894 | -€50,223 | -9.2% |
| Amounts payable within one year | 42/48 | €462,187 | €345,924 | -€116,264 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €57,317 | €50,223 | -€7,093 | -12.4% |
| Trade debts | 44 | €83,850 | €89,680 | +€5,830 | +7.0% |
| Suppliers | 440/4 | €83,850 | €89,680 | +€5,830 | +7.0% |
| Taxes, remuneration and social security | 45 | €88,480 | €79,756 | -€8,724 | -9.9% |
| Taxes | 450/3 | €48,043 | €38,079 | -€9,964 | -20.7% |
| Remuneration and social security | 454/9 | €40,437 | €41,677 | +€1,240 | +3.1% |
| Other amounts payable | 47/48 | €232,540 | €126,265 | -€106,275 | -45.7% |
| Accrued charges and deferred income | 492/3 | €64,558 | €41,867 | -€22,691 | -35.1% |
| Non-recurring operating income | 76A | €1,071 | €1,003 | -€68 | -6.3% |
| Remuneration, social security and pensions | 62 | €202,535 | €209,436 | +€6,901 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,779 | €137,038 | +€3,259 | +2.4% |
| Other operating charges | 640/8 | €12,026 | €12,513 | +€486 | +4.0% |
| Non-recurring operating charges | 66A | €2,040 | €1,308 | -€732 | -35.9% |
| Gross operating margin | 9900 | €520,378 | €561,623 | +€41,245 | +7.9% |
| Operating profit (loss) | 9901 | €169,998 | €201,329 | +€31,331 | +18.4% |
| Financial income | 75/76B | €7,977 | €5,948 | -€2,030 | -25.4% |
| Recurring financial income | 75 | €7,977 | €5,948 | -€2,030 | -25.4% |
| Financial charges | 65/66B | €14,566 | €53,543 | +€38,978 | +267.6% |
| Recurring financial charges | 65 | €14,566 | €53,543 | +€38,978 | +267.6% |
| Profit (loss) for the period before taxes | 9903 | €163,410 | €153,733 | -€9,676 | -5.9% |
| Income taxes | 67/77 | €45,631 | €38,947 | -€6,684 | -14.6% |
| Profit (loss) for the period | 9904 | €117,779 | €114,786 | -€2,992 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €117,779 | €114,786 | -€2,992 | -2.5% |
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 29 September 2026 via checked.be.