Badico: 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.
Badico
Largest movements
- Current investments -€175,000
down €175,000 (-6.1%), from €2.8m to €2.7m
- Cash -€151,152
down €151,152 (-50.1%), from €301,864 to €150,713
mainly Contributions, distributions and other (-€169,977) and Debts after one year (-€60,000)
- Reserves -€217,812
down €217,812 (-6.0%), from €3.7m to €3.4m
of which Distributable reserves: -€217,812
- Debts after one year -€60,000
down €60,000 (-42.9%), from €140,000 to €80,000
- Financial income -€3.1m
no longer reported in 2025 (was €3.1m)
- Gross operating margin -€417,837
down €417,837, from €399,641 to -€18,196
- Taxes -€201,392
no longer reported in 2025 (was €201,392)
- Depreciation +€5,305
up €5,305 (+85.5%), from €6,207 to €11,512
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 | €4,130,701 | €3,832,557 | -€298,144 | -7.2% |
| Fixed assets | 21/28 | €476,027 | €464,515 | -€11,512 | -2.4% |
| Tangible fixed assets | 22/27 | €476,027 | €464,515 | -€11,512 | -2.4% |
| Land and buildings | 22 | €476,027 | €464,515 | -€11,512 | -2.4% |
| Current assets | 29/58 | €3,654,675 | €3,368,042 | -€286,633 | -7.8% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,437 | €44,956 | +€39,519 | +726.9% |
| Trade receivables | 40 | €2,460 | €2,460 | = | 0.0% |
| Other amounts receivable | 41 | €2,977 | €42,496 | +€39,519 | +1327.7% |
| Current investments | 50/53 | €2,847,374 | €2,672,374 | -€175,000 | -6.1% |
| Cash at bank and in hand | 54/58 | €301,864 | €150,713 | -€151,152 | -50.1% |
| Total equity and liabilities | 10/49 | €4,130,701 | €3,832,557 | -€298,144 | -7.2% |
| Equity | 10/15 | €3,722,665 | €3,504,853 | -€217,812 | -5.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,660,665 | €3,442,853 | -€217,812 | -6.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €3,654,465 | €3,436,653 | -€217,812 | -6.0% |
| Amounts payable | 17/49 | €408,036 | €327,704 | -€80,332 | -19.7% |
| Amounts payable after more than one year | 17 | €140,000 | €80,000 | -€60,000 | -42.9% |
| Financial debts | 170/4 | €140,000 | €80,000 | -€60,000 | -42.9% |
| Amounts payable within one year | 42/48 | €268,036 | €247,704 | -€20,332 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €1,101 | €1,312 | +€211 | +19.1% |
| Suppliers | 440/4 | €1,101 | €1,312 | +€211 | +19.1% |
| Taxes, remuneration and social security | 45 | €186,392 | €186,392 | = | 0.0% |
| Taxes | 450/3 | €186,392 | €186,392 | = | 0.0% |
| Other amounts payable | 47/48 | €20,543 | - | -€20,543 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,207 | €11,512 | +€5,305 | +85.5% |
| Other operating charges | 640/8 | €11,637 | €10,428 | -€1,209 | -10.4% |
| Gross operating margin | 9900 | €399,641 | -€18,196 | -€417,837 | |
| Operating profit (loss) | 9901 | €381,798 | -€40,135 | -€421,933 | |
| Financial income | 75/76B | €3,057,714 | - | -€3.1m | |
| Recurring financial income | 75 | €3,057,714 | - | -€3.1m | |
| Financial charges | 65/66B | €7,105 | €7,701 | +€596 | +8.4% |
| Recurring financial charges | 65 | €7,105 | €7,701 | +€596 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €3,432,406 | -€47,836 | -€3.5m | |
| Income taxes | 67/77 | €201,392 | - | -€201,392 | |
| Profit (loss) for the period | 9904 | €3,231,014 | -€47,836 | -€3.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €3,231,014 | -€47,836 | -€3.3m |
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 3 October 2026 via checked.be.