BADEN BADEN: 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.
BADEN BADEN
Largest movements
- Receivables after one year -€150,000
no longer reported in 2025 (was €150,000)
- Tangible fixed assets -€89,819
down €89,819 (-6.6%), from €1.4m to €1.3m
of which Furniture and vehicles: -€49,165
- Receivables within one year +€85,514
up €85,514 (+45.5%), from €188,087 to €273,601
of which Trade receivables: +€74,488
- Cash +€59,718
up €59,718 (+15.7%), from €380,818 to €440,536
mainly Receivables after one year (+€150,000) and Net result for the year (+€107,615)
- Current investments +€25,000
up €25,000 (+25.0%), from €100,000 to €125,000
- Debts after one year -€108,903
down €108,903 (-16.8%), from €648,823 to €539,920
- Reserves -€97,500
down €97,500 (-14.3%), from €682,637 to €585,137
- Tax, wage and social debts +€80,744
up €80,744 (+25.6%), from €315,505 to €396,249
of which Taxes: +€55,842
- Accrued charges and deferred income +€69,906
up €69,906 (+208%), from €33,679 to €103,585
- Current portion of long-term debt -€23,100
down €23,100 (-16.4%), from €140,809 to €117,709
- Gross operating margin +€282,327
up €282,327 (+76.4%), from €369,521 to €651,848
- Staff costs +€60,267
up €60,267 (+19.9%), from €302,462 to €362,729
- Taxes +€51,557
up €51,557 (+283%), from €18,217 to €69,774
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.
Derived cash bridge
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 | €2,293,307 | €2,215,418 | -€77,889 | -3.4% |
| Fixed assets | 21/28 | €1,363,519 | €1,264,550 | -€98,969 | -7.3% |
| Tangible fixed assets | 22/27 | €1,353,369 | €1,263,550 | -€89,819 | -6.6% |
| Land and buildings | 22 | €1,261,323 | €1,221,762 | -€39,561 | -3.1% |
| Plant, machinery and equipment | 23 | €1,580 | €487 | -€1,093 | -69.2% |
| Furniture and vehicles | 24 | €89,227 | €40,062 | -€49,165 | -55.1% |
| Other tangible fixed assets | 26 | €1,239 | €1,239 | = | 0.0% |
| Financial fixed assets | 28 | €10,150 | €1,000 | -€9,150 | -90.1% |
| Current assets | 29/58 | €929,788 | €950,868 | +€21,080 | +2.3% |
| Amounts receivable after more than one year | 29 | €150,000 | - | -€150,000 | |
| Other amounts receivable | 291 | €150,000 | - | -€150,000 | |
| Stocks and contracts in progress | 3 | €96,679 | €95,593 | -€1,086 | -1.1% |
| Stocks | 30/36 | €96,679 | €95,593 | -€1,086 | -1.1% |
| Amounts receivable within one year | 40/41 | €188,087 | €273,601 | +€85,514 | +45.5% |
| Trade receivables | 40 | €131,662 | €206,150 | +€74,488 | +56.6% |
| Other amounts receivable | 41 | €56,425 | €67,451 | +€11,026 | +19.5% |
| Current investments | 50/53 | €100,000 | €125,000 | +€25,000 | +25.0% |
| Cash at bank and in hand | 54/58 | €380,818 | €440,536 | +€59,718 | +15.7% |
| Deferred charges and accrued income | 490/1 | €14,204 | €16,138 | +€1,934 | +13.6% |
| Total equity and liabilities | 10/49 | €2,293,307 | €2,215,418 | -€77,889 | -3.4% |
| Equity | 10/15 | €985,994 | €886,836 | -€99,158 | -10.1% |
| Contributions | 10/11 | €111,552 | €111,552 | = | 0.0% |
| Reserves | 13 | €682,637 | €585,137 | -€97,500 | -14.3% |
| Distributable reserves | 133 | €682,637 | €585,137 | -€97,500 | -14.3% |
| Profit (loss) carried forward | 14 | €139,361 | €139,476 | +€115 | +0.1% |
| Investment grants | 15 | €52,444 | €50,671 | -€1,773 | -3.4% |
| Amounts payable | 17/49 | €1,307,313 | €1,328,582 | +€21,269 | +1.6% |
| Amounts payable after more than one year | 17 | €648,823 | €539,920 | -€108,903 | -16.8% |
| Financial debts | 170/4 | €648,823 | €539,920 | -€108,903 | -16.8% |
| Amounts payable within one year | 42/48 | €624,811 | €685,077 | +€60,266 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €140,809 | €117,709 | -€23,100 | -16.4% |
| Trade debts | 44 | €168,497 | €165,869 | -€2,628 | -1.6% |
| Suppliers | 440/4 | €168,497 | €165,869 | -€2,628 | -1.6% |
| Advances received on contracts in progress | 46 | - | €5,250 | +€5,250 | |
| Taxes, remuneration and social security | 45 | €315,505 | €396,249 | +€80,744 | +25.6% |
| Taxes | 450/3 | €281,177 | €337,019 | +€55,842 | +19.9% |
| Remuneration and social security | 454/9 | €34,328 | €59,230 | +€24,902 | +72.5% |
| Accrued charges and deferred income | 492/3 | €33,679 | €103,585 | +€69,906 | +208% |
| Non-recurring operating income | 76A | €25,041 | €19,142 | -€5,899 | -23.6% |
| Remuneration, social security and pensions | 62 | €302,462 | €362,729 | +€60,267 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,930 | €90,818 | -€6,112 | -6.3% |
| Other operating charges | 640/8 | €7,364 | €10,495 | +€3,131 | +42.5% |
| Non-recurring operating charges | 66A | - | €137 | +€137 | |
| Gross operating margin | 9900 | €369,521 | €651,848 | +€282,327 | +76.4% |
| Operating profit (loss) | 9901 | -€37,235 | €187,669 | +€224,904 | |
| Financial income | 75/76B | €1,878 | €1,773 | -€105 | -5.6% |
| Recurring financial income | 75 | €1,878 | €1,773 | -€105 | -5.6% |
| Financial charges | 65/66B | €13,963 | €12,053 | -€1,910 | -13.7% |
| Recurring financial charges | 65 | €13,963 | €12,053 | -€1,910 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | -€49,320 | €177,389 | +€226,709 | |
| Transfer from deferred taxes | 780 | €32,862 | - | -€32,862 | |
| Income taxes | 67/77 | €18,217 | €69,774 | +€51,557 | +283% |
| Profit (loss) for the period | 9904 | -€34,675 | €107,615 | +€142,290 | |
| Transfer from tax-exempt reserves | 789 | €36,396 | - | -€36,396 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,721 | €107,615 | +€105,894 | +6,153% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.