BAF: 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.
BAF
Largest movements
- Tangible fixed assets +€132,953
up €132,953 (+185%), from €72,044 to €204,997
- Cash -€20,905
down €20,905 (-99.9%), from €20,927 to €22
mainly Investment in fixed assets (net) (-€175,998) and Net result for the year (-€60,557)
- Receivables within one year +€16,332
up €16,332 (+7.0%), from €232,371 to €248,703
of which Other amounts receivable: +€14,956
- Debts after one year +€131,087
new in 2025: €131,087
- Reserves -€60,557
down €60,557 (-21.3%), from €284,494 to €223,937
of which Distributable reserves: -€60,557
- Trade debts +€34,831
up €34,831 (+2,203%), from €1,581 to €36,413
- Current portion of long-term debt +€19,935
up €19,935, from €0 to €19,935
- Short-term financial debts +€5,177
up €5,177 (+25.0%), from €20,691 to €25,868
- Gross operating margin -€71,677
down €71,677, from €69,061 to -€2,616
- Depreciation +€19,520
up €19,520 (+83.0%), from €23,525 to €43,045
- Other operating charges -€12,219
down €12,219 (-94.7%), from €12,908 to €689
- Taxes -€4,813
down €4,813 (-96.2%), from €5,001 to €188
- Financial charges -€2,846
down €2,846 (-12.7%), from €22,387 to €19,541
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 | €325,358 | €456,020 | +€130,662 | +40.2% |
| Fixed assets | 21/28 | €72,044 | €204,997 | +€132,953 | +185% |
| Tangible fixed assets | 22/27 | €72,044 | €204,997 | +€132,953 | +185% |
| Land and buildings | 22 | - | €11,659 | +€11,659 | |
| Plant, machinery and equipment | 23 | €53,041 | €66,861 | +€13,820 | +26.1% |
| Furniture and vehicles | 24 | - | €24,173 | +€24,173 | |
| Leasing and similar rights | 25 | €0 | €34,103 | +€34,103 | |
| Other tangible fixed assets | 26 | €19,004 | €68,201 | +€49,198 | +259% |
| Current assets | 29/58 | €253,314 | €251,023 | -€2,291 | -0.9% |
| Amounts receivable within one year | 40/41 | €232,371 | €248,703 | +€16,332 | +7.0% |
| Trade receivables | 40 | €8,241 | €9,616 | +€1,375 | +16.7% |
| Other amounts receivable | 41 | €224,130 | €239,086 | +€14,956 | +6.7% |
| Cash at bank and in hand | 54/58 | €20,927 | €22 | -€20,905 | -99.9% |
| Deferred charges and accrued income | 490/1 | €16 | €2,299 | +€2,282 | +14,221% |
| Total equity and liabilities | 10/49 | €325,358 | €456,020 | +€130,662 | +40.2% |
| Equity | 10/15 | €303,086 | €242,529 | -€60,557 | -20.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €284,494 | €223,937 | -€60,557 | -21.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €11,720 | €11,720 | = | 0.0% |
| Distributable reserves | 133 | €272,775 | €212,218 | -€60,557 | -22.2% |
| Amounts payable | 17/49 | €22,272 | €213,491 | +€191,219 | +859% |
| Amounts payable after more than one year | 17 | - | €131,087 | +€131,087 | |
| Financial debts | 170/4 | - | €131,087 | +€131,087 | |
| Amounts payable within one year | 42/48 | €22,272 | €82,404 | +€60,132 | +270% |
| Current portion of amounts payable after more than one year | 42 | €0 | €19,935 | +€19,935 | |
| Financial debts | 43 | €20,691 | €25,868 | +€5,177 | +25.0% |
| Credit institutions | 430/8 | €20,691 | €25,868 | +€5,177 | +25.0% |
| Trade debts | 44 | €1,581 | €36,413 | +€34,831 | +2,203% |
| Suppliers | 440/4 | €1,581 | €36,413 | +€34,831 | +2,203% |
| Taxes, remuneration and social security | 45 | €0 | €188 | +€188 | |
| Taxes | 450/3 | €0 | €188 | +€188 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €2,333 | €0 | -€2,333 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,525 | €43,045 | +€19,520 | +83.0% |
| Other operating charges | 640/8 | €12,908 | €689 | -€12,219 | -94.7% |
| Gross operating margin | 9900 | €69,061 | -€2,616 | -€71,677 | |
| Operating profit (loss) | 9901 | €32,628 | -€46,350 | -€78,978 | |
| Financial income | 75/76B | €5,199 | €5,523 | +€323 | +6.2% |
| Recurring financial income | 75 | €5,199 | €5,523 | +€323 | +6.2% |
| Financial charges | 65/66B | €22,387 | €19,541 | -€2,846 | -12.7% |
| Recurring financial charges | 65 | €22,387 | €19,541 | -€2,846 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €15,440 | -€60,369 | -€75,809 | |
| Income taxes | 67/77 | €5,001 | €188 | -€4,813 | -96.2% |
| Profit (loss) for the period | 9904 | €10,439 | -€60,557 | -€70,996 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,439 | -€60,557 | -€70,996 |
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 13 October 2026 via checked.be.