BADER.MA: 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.
BADER.MA
Largest movements
- Tangible fixed assets -€27,924
down €27,924 (-6.9%), from €402,229 to €374,305
of which Land and buildings: -€17,736
- Cash -€5,417
down €5,417 (-59.3%), from €9,130 to €3,713
mainly Debts after one year (-€29,798) and Other debts (-€13,439)
- Receivables within one year -€4,386
no longer reported in 2025 (was €4,386)
- Debts after one year -€29,798
down €29,798 (-11.3%), from €263,481 to €233,683
of which Financial debts: -€29,798
- Investment grants +€15,366
new in 2025: €15,366
- Other debts -€13,439
down €13,439 (-12.5%), from €107,829 to €94,390
- Tax, wage and social debts -€13,301
down €13,301 (-81.3%), from €16,370 to €3,069
- Trade debts -€10,141
down €10,141 (-43.4%), from €23,392 to €13,251
- Gross operating margin +€31,567
up €31,567 (+229%), from €13,795 to €45,362
- Purchases and services -€28,580
down €28,580 (-25.0%), from €114,321 to €85,741
- Depreciation +€7,588
up €7,588 (+34.8%), from €21,836 to €29,424
- Other operating charges -€5,195
down €5,195 (-57.6%), from €9,024 to €3,829
- Turnover +€2,987
up €2,987 (+2.3%), from €128,116 to €131,104
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 | €432,456 | €392,909 | -€39,547 | -9.1% |
| Fixed assets | 21/28 | €417,961 | €388,537 | -€29,424 | -7.0% |
| Intangible fixed assets | 21 | €13,500 | €12,000 | -€1,500 | -11.1% |
| Tangible fixed assets | 22/27 | €402,229 | €374,305 | -€27,924 | -6.9% |
| Land and buildings | 22 | €319,247 | €301,511 | -€17,736 | -5.6% |
| Plant, machinery and equipment | 23 | €75,880 | €68,292 | -€7,588 | -10.0% |
| Furniture and vehicles | 24 | €7,102 | €4,502 | -€2,600 | -36.6% |
| Financial fixed assets | 28 | €2,232 | €2,232 | = | 0.0% |
| Current assets | 29/58 | €14,495 | €4,372 | -€10,123 | -69.8% |
| Stocks and contracts in progress | 3 | €979 | - | -€979 | |
| Stocks | 30/36 | €979 | - | -€979 | |
| Amounts receivable within one year | 40/41 | €4,386 | - | -€4,386 | |
| Other amounts receivable | 41 | €4,386 | - | -€4,386 | |
| Cash at bank and in hand | 54/58 | €9,130 | €3,713 | -€5,417 | -59.3% |
| Deferred charges and accrued income | 490/1 | - | €659 | +€659 | |
| Total equity and liabilities | 10/49 | €432,456 | €392,909 | -€39,547 | -9.1% |
| Equity | 10/15 | -€10,726 | €13,539 | +€24,266 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161 | €161 | = | 0.0% |
| Non-distributable reserves | 130/1 | €161 | €161 | = | 0.0% |
| Reserves not available under the articles | 1311 | €161 | €161 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,488 | -€20,588 | +€8,900 | +30.2% |
| Investment grants | 15 | - | €15,366 | +€15,366 | |
| Provisions and deferred taxes | 16 | - | €5,122 | +€5,122 | |
| Deferred taxes | 168 | - | €5,122 | +€5,122 | |
| Amounts payable | 17/49 | €443,182 | €374,248 | -€68,934 | -15.6% |
| Amounts payable after more than one year | 17 | €263,481 | €233,683 | -€29,798 | -11.3% |
| Financial debts | 170/4 | €261,249 | €231,451 | -€29,798 | -11.4% |
| Other amounts payable | 178/9 | €2,232 | €2,232 | = | 0.0% |
| Amounts payable within one year | 42/48 | €179,701 | €140,565 | -€39,136 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €32,111 | €29,856 | -€2,256 | -7.0% |
| Trade debts | 44 | €23,392 | €13,251 | -€10,141 | -43.4% |
| Suppliers | 440/4 | €23,392 | €13,251 | -€10,141 | -43.4% |
| Taxes, remuneration and social security | 45 | €16,370 | €3,069 | -€13,301 | -81.3% |
| Taxes | 450/3 | €16,370 | €3,069 | -€13,301 | -81.3% |
| Other amounts payable | 47/48 | €107,829 | €94,390 | -€13,439 | -12.5% |
| Turnover | 70 | €128,116 | €131,104 | +€2,987 | +2.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €114,321 | €85,741 | -€28,580 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,836 | €29,424 | +€7,588 | +34.8% |
| Other operating charges | 640/8 | €9,024 | €3,829 | -€5,195 | -57.6% |
| Gross operating margin | 9900 | €13,795 | €45,362 | +€31,567 | +229% |
| Operating profit (loss) | 9901 | -€17,065 | €12,109 | +€29,174 | |
| Financial income | 75/76B | - | €1,707 | +€1,707 | |
| Recurring financial income | 75 | - | €1,707 | +€1,707 | |
| Financial charges | 65/66B | €8,052 | €5,284 | -€2,768 | -34.4% |
| Recurring financial charges | 65 | €8,052 | €5,284 | -€2,768 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,117 | €8,533 | +€33,649 | |
| Transfer from deferred taxes | 780 | - | €569 | +€569 | |
| Income taxes | 67/77 | €984 | €202 | -€782 | -79.5% |
| Profit (loss) for the period | 9904 | -€26,100 | €8,900 | +€35,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,100 | €8,900 | +€35,000 |
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 23 October 2026 via checked.be.