BAGAGEDRAGER: 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.
BAGAGEDRAGER
Largest movements
- Cash -€49,438
down €49,438 (-70.9%), from €69,726 to €20,288
mainly Contributions, distributions and other (-€40,000) and Investment in fixed assets (net) (-€30,517)
- Receivables after one year -€29,655
down €29,655 (-71.6%), from €41,409 to €11,753
- Receivables within one year +€23,032
up €23,032 (+89.4%), from €25,773 to €48,805
of which Trade receivables: +€22,174
- Financial fixed assets +€22,850
up €22,850 (+2,285%), from €1,000 to €23,850
- Tangible fixed assets +€5,175
up €5,175 (+217%), from €2,384 to €7,559
- Reserves -€28,142
down €28,142 (-22.1%), from €127,316 to €99,173
- Trade debts +€2,515
up €2,515 (+54.5%), from €4,614 to €7,128
- Gross operating margin +€37,996
up €37,996, from -€22,337 to €15,660
- Financial income +€913
up €913 (+52.1%), from €1,753 to €2,667
- Depreciation +€880
up €880 (+54.6%), from €1,612 to €2,492
- Other operating charges +€462
up €462 (+65.6%), from €703 to €1,165
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 | €141,317 | €114,695 | -€26,622 | -18.8% |
| Fixed assets | 21/28 | €3,384 | €31,409 | +€28,025 | +828% |
| Tangible fixed assets | 22/27 | €2,384 | €7,559 | +€5,175 | +217% |
| Furniture and vehicles | 24 | €2,384 | €7,559 | +€5,175 | +217% |
| Financial fixed assets | 28 | €1,000 | €23,850 | +€22,850 | +2,285% |
| Current assets | 29/58 | €137,932 | €83,285 | -€54,647 | -39.6% |
| Amounts receivable after more than one year | 29 | €41,409 | €11,753 | -€29,655 | -71.6% |
| Other amounts receivable | 291 | €41,409 | €11,753 | -€29,655 | -71.6% |
| Amounts receivable within one year | 40/41 | €25,773 | €48,805 | +€23,032 | +89.4% |
| Trade receivables | 40 | €25,773 | €47,947 | +€22,174 | +86.0% |
| Other amounts receivable | 41 | - | €858 | +€858 | |
| Cash at bank and in hand | 54/58 | €69,726 | €20,288 | -€49,438 | -70.9% |
| Deferred charges and accrued income | 490/1 | €1,025 | €2,439 | +€1,414 | +138% |
| Total equity and liabilities | 10/49 | €141,317 | €114,695 | -€26,622 | -18.8% |
| Equity | 10/15 | €132,316 | €104,173 | -€28,142 | -21.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €127,316 | €99,173 | -€28,142 | -22.1% |
| Distributable reserves | 133 | €127,316 | €99,173 | -€28,142 | -22.1% |
| Amounts payable | 17/49 | €9,001 | €10,521 | +€1,520 | +16.9% |
| Amounts payable within one year | 42/48 | €9,001 | €10,521 | +€1,520 | +16.9% |
| Trade debts | 44 | €4,614 | €7,128 | +€2,515 | +54.5% |
| Suppliers | 440/4 | €4,614 | €7,128 | +€2,515 | +54.5% |
| Taxes, remuneration and social security | 45 | €4,051 | €3,393 | -€658 | -16.2% |
| Taxes | 450/3 | €4,051 | €3,393 | -€658 | -16.2% |
| Other amounts payable | 47/48 | €337 | - | -€337 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,612 | €2,492 | +€880 | +54.6% |
| Other operating charges | 640/8 | €703 | €1,165 | +€462 | +65.6% |
| Gross operating margin | 9900 | -€22,337 | €15,660 | +€37,996 | |
| Operating profit (loss) | 9901 | -€24,652 | €12,003 | +€36,655 | |
| Financial income | 75/76B | €1,753 | €2,667 | +€913 | +52.1% |
| Recurring financial income | 75 | €1,753 | €2,667 | +€913 | +52.1% |
| Financial charges | 65/66B | €2,813 | €2,591 | -€222 | -7.9% |
| Recurring financial charges | 65 | €2,813 | €2,591 | -€222 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | -€25,712 | €12,079 | +€37,790 | |
| Income taxes | 67/77 | €243 | €221 | -€22 | -9.2% |
| Profit (loss) for the period | 9904 | -€25,955 | €11,858 | +€37,813 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,955 | €11,858 | +€37,813 |
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 19 October 2026 via checked.be.