BaFo: 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.
BaFo
Largest movements
- Cash -€17,888
down €17,888 (-45.3%), from €39,499 to €21,611
mainly Contributions, distributions and other (-€38,000) and Investment in fixed assets (net) (-€17,847)
- Receivables within one year +€11,751
up €11,751 (+53.1%), from €22,116 to €33,867
of which Other amounts receivable: +€6,181
- Tangible fixed assets +€3,637
up €3,637 (+2.5%), from €143,567 to €147,204
of which Plant, machinery and equipment: +€6,954
- Other debts +€47,658
up €47,658 (+773.4%), from €6,162 to €53,820
- Reserves -€23,800
down €23,800 (-28.7%), from €82,815 to €59,015
of which Distributable reserves: -€23,800
- Debts after one year -€15,406
down €15,406 (-21.0%), from €73,201 to €57,795
- Tax, wage and social debts -€8,535
no longer reported in 2025 (was €8,535)
- Trade debts -€2,158
down €2,158 (-52.1%), from €4,140 to €1,982
- Gross operating margin -€19,667
down €19,667 (-33.1%), from €59,498 to €39,831
- Taxes -€5,061
down €5,061 (-44.7%), from €11,335 to €6,274
- Depreciation +€1,121
up €1,121 (+8.6%), from €13,089 to €14,210
- Financial charges +€862
up €862 (+55.0%), from €1,566 to €2,428
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 | €209,053 | €207,351 | -€1,702 | -0.8% |
| Fixed assets | 21/28 | €143,567 | €147,204 | +€3,637 | +2.5% |
| Tangible fixed assets | 22/27 | €143,567 | €147,204 | +€3,637 | +2.5% |
| Land and buildings | 22 | - | €3,975 | +€3,975 | |
| Plant, machinery and equipment | 23 | - | €6,954 | +€6,954 | |
| Furniture and vehicles | 24 | €326 | €4,820 | +€4,495 | +1380.8% |
| Other tangible fixed assets | 26 | €143,242 | €131,455 | -€11,787 | -8.2% |
| Current assets | 29/58 | €65,485 | €60,147 | -€5,338 | -8.2% |
| Amounts receivable within one year | 40/41 | €22,116 | €33,867 | +€11,751 | +53.1% |
| Trade receivables | 40 | €13,451 | €19,021 | +€5,570 | +41.4% |
| Other amounts receivable | 41 | €8,665 | €14,845 | +€6,181 | +71.3% |
| Cash at bank and in hand | 54/58 | €39,499 | €21,611 | -€17,888 | -45.3% |
| Deferred charges and accrued income | 490/1 | €3,871 | €4,669 | +€799 | +20.6% |
| Total equity and liabilities | 10/49 | €209,053 | €207,351 | -€1,702 | -0.8% |
| Equity | 10/15 | €101,415 | €77,615 | -€23,800 | -23.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82,815 | €59,015 | -€23,800 | -28.7% |
| Tax-exempt reserves | 132 | €201 | €201 | = | 0.0% |
| Distributable reserves | 133 | €82,615 | €58,814 | -€23,800 | -28.8% |
| Amounts payable | 17/49 | €107,638 | €129,736 | +€22,098 | +20.5% |
| Amounts payable after more than one year | 17 | €73,201 | €57,795 | -€15,406 | -21.0% |
| Financial debts | 170/4 | €73,201 | €57,795 | -€15,406 | -21.0% |
| Amounts payable within one year | 42/48 | €34,437 | €71,288 | +€36,852 | +107.0% |
| Current portion of amounts payable after more than one year | 42 | €15,298 | €15,406 | +€108 | +0.7% |
| Financial debts | 43 | €301 | €79 | -€221 | -73.6% |
| Credit institutions | 430/8 | €301 | €79 | -€221 | -73.6% |
| Trade debts | 44 | €4,140 | €1,982 | -€2,158 | -52.1% |
| Suppliers | 440/4 | €4,140 | €1,982 | -€2,158 | -52.1% |
| Taxes, remuneration and social security | 45 | €8,535 | - | -€8,535 | |
| Taxes | 450/3 | €8,535 | - | -€8,535 | |
| Other amounts payable | 47/48 | €6,162 | €53,820 | +€47,658 | +773.4% |
| Accrued charges and deferred income | 492/3 | - | €653 | +€653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,089 | €14,210 | +€1,121 | +8.6% |
| Other operating charges | 640/8 | €2,327 | €2,719 | +€392 | +16.9% |
| Gross operating margin | 9900 | €59,498 | €39,831 | -€19,667 | -33.1% |
| Operating profit (loss) | 9901 | €44,082 | €22,902 | -€21,180 | -48.0% |
| Financial income | 75/76B | €5 | €0 | -€5 | -99.4% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -99.4% |
| Financial charges | 65/66B | €1,566 | €2,428 | +€862 | +55.0% |
| Recurring financial charges | 65 | €1,566 | €2,428 | +€862 | +55.0% |
| Profit (loss) for the period before taxes | 9903 | €42,521 | €20,474 | -€22,047 | -51.9% |
| Income taxes | 67/77 | €11,335 | €6,274 | -€5,061 | -44.7% |
| Profit (loss) for the period | 9904 | €31,186 | €14,200 | -€16,986 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,186 | €14,200 | -€16,986 | -54.5% |
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 6 October 2026 via checked.be.