BAEBAR: 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.
BAEBAR
Largest movements
- Cash -€322,275
down €322,275 (-94.0%), from €342,689 to €20,414
mainly Other debts (-€238,441) and Current investments (-€169,467)
- Current investments +€169,467
up €169,467 (+84.7%), from €200,000 to €369,467
- Receivables after one year +€100,000
new in 2025: €100,000
- Receivables within one year +€57,000
up €57,000 (+707%), from €8,060 to €65,061
of which Trade receivables: +€56,079
- Tangible fixed assets -€15,695
down €15,695 (-10.3%), from €152,309 to €136,614
of which Other tangible fixed assets: -€16,484
- Other debts -€238,441
down €238,441 (-100%), from €238,441 to €0
- Reserves +€186,295
up €186,295 (+105%), from €177,134 to €363,429
- Tax, wage and social debts +€45,378
up €45,378 (+54.2%), from €83,693 to €129,071
of which Taxes: +€45,378
- Taxes +€18,657
up €18,657 (+28.5%), from €65,541 to €84,198
- Gross operating margin +€7,865
up €7,865 (+2.9%), from €275,239 to €283,105
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 | €704,469 | €695,752 | -€8,717 | -1.2% |
| Fixed assets | 21/28 | €153,719 | €138,024 | -€15,695 | -10.2% |
| Tangible fixed assets | 22/27 | €152,309 | €136,614 | -€15,695 | -10.3% |
| Plant, machinery and equipment | 23 | €898 | €2,220 | +€1,322 | +147% |
| Furniture and vehicles | 24 | €2,628 | €2,095 | -€533 | -20.3% |
| Other tangible fixed assets | 26 | €148,784 | €132,300 | -€16,484 | -11.1% |
| Financial fixed assets | 28 | €1,410 | €1,410 | = | 0.0% |
| Current assets | 29/58 | €550,750 | €557,727 | +€6,978 | +1.3% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €8,060 | €65,061 | +€57,000 | +707% |
| Trade receivables | 40 | €4,724 | €60,803 | +€56,079 | +1,187% |
| Other amounts receivable | 41 | €3,336 | €4,258 | +€922 | +27.6% |
| Current investments | 50/53 | €200,000 | €369,467 | +€169,467 | +84.7% |
| Cash at bank and in hand | 54/58 | €342,689 | €20,414 | -€322,275 | -94.0% |
| Deferred charges and accrued income | 490/1 | €0 | €2,785 | +€2,785 | |
| Total equity and liabilities | 10/49 | €704,469 | €695,752 | -€8,717 | -1.2% |
| Equity | 10/15 | €377,134 | €563,429 | +€186,295 | +49.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €177,134 | €363,429 | +€186,295 | +105% |
| Distributable reserves | 133 | €177,134 | €363,429 | +€186,295 | +105% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €327,335 | €132,322 | -€195,013 | -59.6% |
| Amounts payable within one year | 42/48 | €327,335 | €132,322 | -€195,013 | -59.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €5,201 | €3,251 | -€1,949 | -37.5% |
| Suppliers | 440/4 | €5,201 | €3,251 | -€1,949 | -37.5% |
| Taxes, remuneration and social security | 45 | €83,693 | €129,071 | +€45,378 | +54.2% |
| Taxes | 450/3 | €83,693 | €129,071 | +€45,378 | +54.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €238,441 | €0 | -€238,441 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,210 | €19,622 | +€412 | +2.1% |
| Other operating charges | 640/8 | €596 | €784 | +€187 | +31.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €275,239 | €283,105 | +€7,865 | +2.9% |
| Operating profit (loss) | 9901 | €255,433 | €262,699 | +€7,266 | +2.8% |
| Financial income | 75/76B | €8,696 | €10,343 | +€1,647 | +18.9% |
| Recurring financial income | 75 | €8,696 | €10,343 | +€1,647 | +18.9% |
| Financial charges | 65/66B | €3,360 | €2,549 | -€811 | -24.1% |
| Recurring financial charges | 65 | €3,360 | €2,549 | -€811 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €260,770 | €270,494 | +€9,724 | +3.7% |
| Income taxes | 67/77 | €65,541 | €84,198 | +€18,657 | +28.5% |
| Profit (loss) for the period | 9904 | €195,229 | €186,295 | -€8,933 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €195,229 | €186,295 | -€8,933 | -4.6% |
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 16 October 2026 via checked.be.