BADGEMAN: 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.
BADGEMAN
Largest movements
- Receivables within one year -€31,878
down €31,878 (-57.0%), from €55,929 to €24,051
of which Trade receivables: -€31,878
- Tangible fixed assets -€15,272
down €15,272 (-30.3%), from €50,363 to €35,091
of which Leasing and similar rights: -€13,015
- Cash +€3,986
up €3,986 (+66.4%), from €6,002 to €9,988
mainly Receivables within one year (+€31,878) and Net result for the year (+€19,569)
- Stocks and contracts -€3,672
down €3,672 (-3.7%), from €98,357 to €94,685
- Intangible fixed assets -€3,123
down €3,123 (-40.6%), from €7,690 to €4,567
- Other debts -€58,703
down €58,703 (-72.9%), from €80,499 to €21,796
- Reserves +€19,569
up €19,569 (+73.3%), from €26,700 to €46,269
- Debts after one year -€12,280
down €12,280 (-41.5%), from €29,590 to €17,310
- Trade debts +€6,789
up €6,789 (+23.4%), from €28,999 to €35,789
- Tax, wage and social debts -€6,206
down €6,206 (-27.0%), from €22,966 to €16,760
of which Taxes: -€9,261
- Staff costs -€6,955
down €6,955 (-7.6%), from €91,138 to €84,183
- Gross operating margin +€5,624
up €5,624 (+4.8%), from €116,488 to €122,111
- Financial income +€3,756
up €3,756 (+1015224.3%), from €0 to €3,757
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 | €219,056 | €168,796 | -€50,261 | -22.9% |
| Fixed assets | 21/28 | €58,467 | €40,071 | -€18,395 | -31.5% |
| Intangible fixed assets | 21 | €7,690 | €4,567 | -€3,123 | -40.6% |
| Tangible fixed assets | 22/27 | €50,363 | €35,091 | -€15,272 | -30.3% |
| Land and buildings | 22 | €6,468 | €4,211 | -€2,257 | -34.9% |
| Leasing and similar rights | 25 | €43,895 | €30,880 | -€13,015 | -29.7% |
| Financial fixed assets | 28 | €414 | €414 | = | 0.0% |
| Current assets | 29/58 | €160,590 | €128,724 | -€31,866 | -19.8% |
| Stocks and contracts in progress | 3 | €98,357 | €94,685 | -€3,672 | -3.7% |
| Stocks | 30/36 | €98,357 | €94,685 | -€3,672 | -3.7% |
| Amounts receivable within one year | 40/41 | €55,929 | €24,051 | -€31,878 | -57.0% |
| Trade receivables | 40 | €54,296 | €22,418 | -€31,878 | -58.7% |
| Other amounts receivable | 41 | €1,633 | €1,633 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,002 | €9,988 | +€3,986 | +66.4% |
| Deferred charges and accrued income | 490/1 | €303 | €0 | -€303 | -100.0% |
| Total equity and liabilities | 10/49 | €219,056 | €168,796 | -€50,261 | -22.9% |
| Equity | 10/15 | €45,292 | €64,861 | +€19,569 | +43.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €26,700 | €46,269 | +€19,569 | +73.3% |
| Distributable reserves | 133 | €26,700 | €46,269 | +€19,569 | +73.3% |
| Amounts payable | 17/49 | €173,764 | €103,935 | -€69,830 | -40.2% |
| Amounts payable after more than one year | 17 | €29,590 | €17,310 | -€12,280 | -41.5% |
| Financial debts | 170/4 | €29,590 | €17,310 | -€12,280 | -41.5% |
| Amounts payable within one year | 42/48 | €144,174 | €86,625 | -€57,549 | -39.9% |
| Current portion of amounts payable after more than one year | 42 | €11,710 | €12,280 | +€571 | +4.9% |
| Trade debts | 44 | €28,999 | €35,789 | +€6,789 | +23.4% |
| Suppliers | 440/4 | €28,999 | €35,789 | +€6,789 | +23.4% |
| Taxes, remuneration and social security | 45 | €22,966 | €16,760 | -€6,206 | -27.0% |
| Taxes | 450/3 | €13,026 | €3,765 | -€9,261 | -71.1% |
| Remuneration and social security | 454/9 | €9,940 | €12,994 | +€3,055 | +30.7% |
| Other amounts payable | 47/48 | €80,499 | €21,796 | -€58,703 | -72.9% |
| Remuneration, social security and pensions | 62 | €91,138 | €84,183 | -€6,955 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,129 | €18,395 | -€733 | -3.8% |
| Other operating charges | 640/8 | €152 | €520 | +€367 | +241.1% |
| Non-recurring operating charges | 66A | €0 | €0 | +€0 | |
| Gross operating margin | 9900 | €116,488 | €122,111 | +€5,624 | +4.8% |
| Operating profit (loss) | 9901 | €6,069 | €19,013 | +€12,944 | +213.3% |
| Financial income | 75/76B | €0 | €3,757 | +€3,756 | +1015224.3% |
| Recurring financial income | 75 | €0 | €3,757 | +€3,756 | +1015224.3% |
| Financial charges | 65/66B | €3,288 | €3,201 | -€86 | -2.6% |
| Recurring financial charges | 65 | €3,288 | €3,201 | -€86 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €2,782 | €19,569 | +€16,787 | +603.5% |
| Profit (loss) for the period | 9904 | €2,782 | €19,569 | +€16,787 | +603.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,782 | €19,569 | +€16,787 | +603.5% |
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 12 October 2026 via checked.be.