BAG: 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.
BAG
Largest movements
- Cash -€482,144
down €482,144 (-92.2%), from €522,992 to €40,848
mainly Net result for the year (-€181,604) and Debts after one year (-€119,800)
- Tangible fixed assets -€65,256
down €65,256 (-4.0%), from €1.6m to €1.6m
of which Land and buildings: -€68,604
- Profit (loss) carried forward -€181,604
down €181,604 (-24.6%), from -€737,601 to -€919,205
- Debts after one year -€119,800
down €119,800 (-13.4%), from €894,823 to €775,023
- Other debts -€103,885
down €103,885 (-27.4%), from €378,982 to €275,097
- Tax, wage and social debts -€94,554
down €94,554 (-98.3%), from €96,179 to €1,624
- Gross operating margin -€238,976
down €238,976, from €219,862 to -€19,114
- Depreciation -€38,883
down €38,883 (-31.8%), from €122,272 to €83,389
- Taxes -€30,312
down €30,312 (-69.3%), from €43,715 to €13,404
- Financial charges -€26,716
down €26,716 (-44.8%), from €59,642 to €32,925
- Other operating charges -€22,393
down €22,393 (-98.2%), from €22,795 to €402
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 | €3,607,287 | €3,102,282 | -€505,004 | -14.0% |
| Fixed assets | 21/28 | €3,024,295 | €2,963,754 | -€60,541 | -2.0% |
| Tangible fixed assets | 22/27 | €1,624,295 | €1,559,039 | -€65,256 | -4.0% |
| Land and buildings | 22 | €1,621,320 | €1,552,716 | -€68,604 | -4.2% |
| Plant, machinery and equipment | 23 | €2,975 | €2,123 | -€852 | -28.6% |
| Assets under construction and advance payments | 27 | - | €4,200 | +€4,200 | |
| Financial fixed assets | 28 | €1,400,000 | €1,404,715 | +€4,715 | +0.3% |
| Current assets | 29/58 | €582,992 | €138,528 | -€444,464 | -76.2% |
| Stocks and contracts in progress | 3 | - | €31,735 | +€31,735 | |
| Stocks | 30/36 | - | €31,735 | +€31,735 | |
| Amounts receivable within one year | 40/41 | €60,000 | €65,945 | +€5,945 | +9.9% |
| Trade receivables | 40 | - | €5,945 | +€5,945 | |
| Other amounts receivable | 41 | €60,000 | €60,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €522,992 | €40,848 | -€482,144 | -92.2% |
| Total equity and liabilities | 10/49 | €3,607,287 | €3,102,282 | -€505,004 | -14.0% |
| Equity | 10/15 | €1,448,829 | €1,267,225 | -€181,604 | -12.5% |
| 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 | €2,124,430 | €2,124,430 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,502,777 | €1,502,777 | = | 0.0% |
| Distributable reserves | 133 | €615,453 | €615,453 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€737,601 | -€919,205 | -€181,604 | -24.6% |
| Provisions and deferred taxes | 16 | €663,512 | €663,512 | = | 0.0% |
| Deferred taxes | 168 | €663,512 | €663,512 | = | 0.0% |
| Amounts payable | 17/49 | €1,494,946 | €1,171,545 | -€323,401 | -21.6% |
| Amounts payable after more than one year | 17 | €894,823 | €775,023 | -€119,800 | -13.4% |
| Financial debts | 170/4 | €894,823 | €775,023 | -€119,800 | -13.4% |
| Amounts payable within one year | 42/48 | €600,123 | €396,522 | -€203,600 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €116,283 | €119,800 | +€3,517 | +3.0% |
| Trade debts | 44 | €8,679 | - | -€8,679 | |
| Suppliers | 440/4 | €8,679 | - | -€8,679 | |
| Taxes, remuneration and social security | 45 | €96,179 | €1,624 | -€94,554 | -98.3% |
| Taxes | 450/3 | €96,179 | €1,624 | -€94,554 | -98.3% |
| Other amounts payable | 47/48 | €378,982 | €275,097 | -€103,885 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,272 | €83,389 | -€38,883 | -31.8% |
| Other operating charges | 640/8 | €22,795 | €402 | -€22,393 | -98.2% |
| Non-recurring operating charges | 66A | - | €32,415 | +€32,415 | |
| Gross operating margin | 9900 | €219,862 | -€19,114 | -€238,976 | |
| Operating profit (loss) | 9901 | €74,795 | -€135,320 | -€210,115 | |
| Financial income | 75/76B | €8,786 | €45 | -€8,741 | -99.5% |
| Recurring financial income | 75 | €8,786 | €45 | -€8,741 | -99.5% |
| Financial charges | 65/66B | €59,642 | €32,925 | -€26,716 | -44.8% |
| Recurring financial charges | 65 | €59,642 | €32,925 | -€26,716 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | €23,939 | -€168,200 | -€192,139 | |
| Transfer from deferred taxes | 780 | €23,739 | - | -€23,739 | |
| Income taxes | 67/77 | €43,715 | €13,404 | -€30,312 | -69.3% |
| Profit (loss) for the period | 9904 | €3,962 | -€181,604 | -€185,566 | |
| Transfer from tax-exempt reserves | 789 | €46,101 | - | -€46,101 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,064 | -€181,604 | -€231,667 |
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 10 October 2026 via checked.be.