BAGART: 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.
BAGART
Largest movements
- Cash -€3,704
down €3,704 (-46.2%), from €8,011 to €4,307
mainly Net result for the year (-€4,249) and Trade debts (-€1,520)
- Tangible fixed assets -€1,285
down €1,285 (-30.5%), from €4,219 to €2,933
- Receivables within one year -€1,248
down €1,248 (-48.8%), from €2,560 to €1,311
- Formation expenses -€307
down €307 (-50.0%), from €614 to €307
- Profit (loss) carried forward -€4,249
down €4,249, from €3,529 to -€720
- Trade debts -€1,520
down €1,520 (-95.1%), from €1,598 to €79
- Tax, wage and social debts -€654
down €654 (-24.8%), from €2,633 to €1,980
of which Taxes: -€1,154
- Gross operating margin -€8,776
down €8,776, from €6,833 to -€1,943
- Taxes +€703
new in 2025: €703
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 | €16,113 | €9,665 | -€6,448 | -40.0% |
| Formation expenses | 20 | €614 | €307 | -€307 | -50.0% |
| Fixed assets | 21/28 | €4,409 | €3,123 | -€1,285 | -29.2% |
| Tangible fixed assets | 22/27 | €4,219 | €2,933 | -€1,285 | -30.5% |
| Plant, machinery and equipment | 23 | €4,219 | €2,933 | -€1,285 | -30.5% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €11,091 | €6,235 | -€4,856 | -43.8% |
| Amounts receivable within one year | 40/41 | €2,560 | €1,311 | -€1,248 | -48.8% |
| Trade receivables | 40 | €2,560 | €1,311 | -€1,248 | -48.8% |
| Cash at bank and in hand | 54/58 | €8,011 | €4,307 | -€3,704 | -46.2% |
| Deferred charges and accrued income | 490/1 | €520 | €617 | +€97 | +18.6% |
| Total equity and liabilities | 10/49 | €16,113 | €9,665 | -€6,448 | -40.0% |
| Equity | 10/15 | €11,788 | €7,540 | -€4,249 | -36.0% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Capital | 10 | €8,000 | €8,000 | = | 0.0% |
| Issued capital | 100 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €259 | €259 | = | 0.0% |
| Non-distributable reserves | 130/1 | €259 | €259 | = | 0.0% |
| Legal reserve | 130 | €259 | €259 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,529 | -€720 | -€4,249 | |
| Amounts payable | 17/49 | €4,325 | €2,125 | -€2,199 | -50.9% |
| Amounts payable within one year | 42/48 | €4,231 | €2,058 | -€2,173 | -51.4% |
| Trade debts | 44 | €1,598 | €79 | -€1,520 | -95.1% |
| Suppliers | 440/4 | €1,598 | €79 | -€1,520 | -95.1% |
| Taxes, remuneration and social security | 45 | €2,633 | €1,980 | -€654 | -24.8% |
| Taxes | 450/3 | €2,633 | €1,480 | -€1,154 | -43.8% |
| Remuneration and social security | 454/9 | - | €500 | +€500 | |
| Accrued charges and deferred income | 492/3 | €93 | €67 | -€26 | -28.2% |
| Non-recurring operating income | 76A | - | €93 | +€93 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,592 | €1,592 | = | 0.0% |
| Other operating charges | 640/8 | €25 | - | -€25 | |
| Gross operating margin | 9900 | €6,833 | -€1,943 | -€8,776 | |
| Operating profit (loss) | 9901 | €5,216 | -€3,536 | -€8,751 | |
| Financial charges | 65/66B | €33 | €10 | -€23 | -69.6% |
| Recurring financial charges | 65 | €33 | €10 | -€23 | -69.6% |
| Profit (loss) for the period before taxes | 9903 | €5,183 | -€3,545 | -€8,729 | |
| Income taxes | 67/77 | - | €703 | +€703 | |
| Profit (loss) for the period | 9904 | €5,183 | -€4,249 | -€9,432 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,183 | -€4,249 | -€9,432 |
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 5 October 2026 via checked.be.