BAGANI: 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.
BAGANI
Largest movements
- Tangible fixed assets -€20,500
down €20,500 (-16.0%), from €128,332 to €107,832
of which Other tangible fixed assets: -€17,074
- Receivables within one year +€13,302
up €13,302 (+11.3%), from €117,328 to €130,630
of which Trade receivables: +€13,420
- Cash +€7,907
up €7,907 (+38.7%), from €20,449 to €28,356
mainly Tax, wage and social debts (+€23,226) and Depreciation (+€20,500)
- Stocks and contracts -€3,537
down €3,537 (-62.1%), from €5,695 to €2,159
- Tax, wage and social debts +€23,226
up €23,226 (+208.4%), from €11,146 to €34,373
of which Taxes: +€24,151
- Debts after one year -€17,675
down €17,675 (-12.5%), from €141,071 to €123,396
- Trade debts +€13,580
up €13,580 (+88.3%), from €15,382 to €28,961
- Other debts -€11,406
down €11,406 (-19.0%), from €60,003 to €48,596
- Profit (loss) carried forward -€11,286
down €11,286 (-16.8%), from -€67,264 to -€78,550
- Staff costs -€24,666
down €24,666 (-96.5%), from €25,567 to €900
- Gross operating margin -€24,336
down €24,336 (-46.1%), from €52,816 to €28,480
- Other operating charges +€4,112
up €4,112 (+61.3%), from €6,704 to €10,816
- Financial charges +€2,386
up €2,386 (+36.8%), from €6,479 to €8,865
- Financial income -€2,107
down €2,107 (-55.0%), from €3,830 to €1,723
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 | €299,710 | €296,881 | -€2,829 | -0.9% |
| Fixed assets | 21/28 | €156,236 | €135,736 | -€20,500 | -13.1% |
| Tangible fixed assets | 22/27 | €128,332 | €107,832 | -€20,500 | -16.0% |
| Furniture and vehicles | 24 | €7,109 | €3,683 | -€3,426 | -48.2% |
| Other tangible fixed assets | 26 | €121,223 | €104,149 | -€17,074 | -14.1% |
| Financial fixed assets | 28 | €27,904 | €27,904 | = | 0.0% |
| Current assets | 29/58 | €143,473 | €161,145 | +€17,672 | +12.3% |
| Stocks and contracts in progress | 3 | €5,695 | €2,159 | -€3,537 | -62.1% |
| Stocks | 30/36 | €5,695 | €2,159 | -€3,537 | -62.1% |
| Amounts receivable within one year | 40/41 | €117,328 | €130,630 | +€13,302 | +11.3% |
| Trade receivables | 40 | €115,829 | €129,249 | +€13,420 | +11.6% |
| Other amounts receivable | 41 | €1,499 | €1,381 | -€118 | -7.9% |
| Cash at bank and in hand | 54/58 | €20,449 | €28,356 | +€7,907 | +38.7% |
| Total equity and liabilities | 10/49 | €299,710 | €296,881 | -€2,829 | -0.9% |
| Equity | 10/15 | -€33,831 | -€46,676 | -€12,845 | -38.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | - | €10,000 | +€10,000 | |
| Issued capital | 100 | - | €10,000 | +€10,000 | |
| Outside capital | 11 | €10,000 | - | -€10,000 | |
| Other | 1109/19 | €10,000 | - | -€10,000 | |
| Profit (loss) carried forward | 14 | -€67,264 | -€78,550 | -€11,286 | -16.8% |
| Investment grants | 15 | €23,433 | €21,874 | -€1,559 | -6.7% |
| Amounts payable | 17/49 | €333,540 | €343,557 | +€10,016 | +3.0% |
| Amounts payable after more than one year | 17 | €141,071 | €123,396 | -€17,675 | -12.5% |
| Financial debts | 170/4 | €141,071 | €123,396 | -€17,675 | -12.5% |
| Amounts payable within one year | 42/48 | €108,587 | €136,277 | +€27,691 | +25.5% |
| Current portion of amounts payable after more than one year | 42 | €22,056 | €24,347 | +€2,291 | +10.4% |
| Trade debts | 44 | €15,382 | €28,961 | +€13,580 | +88.3% |
| Suppliers | 440/4 | €15,382 | €28,961 | +€13,580 | +88.3% |
| Taxes, remuneration and social security | 45 | €11,146 | €34,373 | +€23,226 | +208.4% |
| Taxes | 450/3 | €8,522 | €32,672 | +€24,151 | +283.4% |
| Remuneration and social security | 454/9 | €2,625 | €1,701 | -€924 | -35.2% |
| Other amounts payable | 47/48 | €60,003 | €48,596 | -€11,406 | -19.0% |
| Accrued charges and deferred income | 492/3 | €83,883 | €83,883 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €25,567 | €900 | -€24,666 | -96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,679 | €20,500 | -€1,179 | -5.4% |
| Other operating charges | 640/8 | €6,704 | €10,816 | +€4,112 | +61.3% |
| Gross operating margin | 9900 | €52,816 | €28,480 | -€24,336 | -46.1% |
| Operating profit (loss) | 9901 | -€1,134 | -€3,737 | -€2,603 | -229.6% |
| Financial income | 75/76B | €3,830 | €1,723 | -€2,107 | -55.0% |
| Recurring financial income | 75 | €3,830 | €1,723 | -€2,107 | -55.0% |
| Financial charges | 65/66B | €6,479 | €8,865 | +€2,386 | +36.8% |
| Recurring financial charges | 65 | €6,479 | €8,865 | +€2,386 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,784 | -€10,880 | -€7,096 | -187.6% |
| Income taxes | 67/77 | €197 | €407 | +€209 | +106.2% |
| Profit (loss) for the period | 9904 | -€3,981 | -€11,286 | -€7,306 | -183.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,981 | -€11,286 | -€7,306 | -183.5% |
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 3 October 2026 via checked.be.