BAGAZA: what changed
What changed
BAGAZA
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€28,808
2024 · €31,010-€2,202
Equity
€205,360
2024 · €176,552+€28,808
Cash
€7,925
2024 · €8,757-€832
Balance sheet total
€2.2m
2024 · €2.2m-€42,823
Largest movements
Assets
- Tangible fixed assets -€55,954
down €55,954 (-9.1%), from €613,457 to €557,503
of which Leasing and similar rights: -€33,454
Equity and liabilities
- Other debts -€704,552
down €704,552 (-66.9%), from €1.1m to €348,892
- Debts after one year +€601,074
up €601,074 (+79.9%), from €752,075 to €1.4m
- Reserves +€28,808
up €28,808 (+22.8%), from €126,552 to €155,360
Income statement
- Depreciation +€8,501
up €8,501 (+17.9%), from €47,453 to €55,954
- Gross operating margin +€6,977
up €6,977 (+4.8%), from €146,609 to €153,586
- Taxes +€6,413
up €6,413 (+146%), from €4,390 to €10,803
- Financial charges -€6,340
down €6,340 (-10.0%), from €63,342 to €57,002
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€31,010
Gross operating margin
+€6,977
Depreciation
-€8,501
Other operating charges
-€605
Financial charges
+€6,340
Taxes
-€6,413
Result 2025
€28,808
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€607,529
Investment
€0
Financing
+€606,697
Cash 2024
€8,757
From operations (derived)
-€607,529
Net result for the year
+€28,808
Depreciation
+€55,954
Receivables within one year
-€13,884
Smaller working-capital items
-€161
Tax, wage and social debts
+€10,059
Other debts
-€704,552
Accrued charges and deferred income
+€16,246
Financing
+€606,697
Debts after one year
+€601,074
Current portion of long-term debt
+€5,623
Cash 2025
€7,925
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,232,464 | €2,189,641 | -€42,823 | -1.9% |
| Fixed assets | 21/28 | €2,223,707 | €2,167,753 | -€55,954 | -2.5% |
| Tangible fixed assets | 22/27 | €613,457 | €557,503 | -€55,954 | -9.1% |
| Land and buildings | 22 | €252,200 | €252,200 | = | 0.0% |
| Plant, machinery and equipment | 23 | €185,486 | €162,986 | -€22,500 | -12.1% |
| Leasing and similar rights | 25 | €175,771 | €142,317 | -€33,454 | -19.0% |
| Financial fixed assets | 28 | €1,610,250 | €1,610,250 | = | 0.0% |
| Current assets | 29/58 | €8,757 | €21,887 | +€13,131 | +150% |
| Amounts receivable within one year | 40/41 | €0 | €13,884 | +€13,884 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €13,884 | +€13,884 | |
| Cash at bank and in hand | 54/58 | €8,757 | €7,925 | -€832 | -9.5% |
| Deferred charges and accrued income | 490/1 | - | €79 | +€79 | |
| Total equity and liabilities | 10/49 | €2,232,464 | €2,189,641 | -€42,823 | -1.9% |
| Equity | 10/15 | €176,552 | €205,360 | +€28,808 | +16.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €126,552 | €155,360 | +€28,808 | +22.8% |
| Distributable reserves | 133 | €126,552 | €155,360 | +€28,808 | +22.8% |
| Amounts payable | 17/49 | €2,055,913 | €1,984,281 | -€71,631 | -3.5% |
| Amounts payable after more than one year | 17 | €752,075 | €1,353,149 | +€601,074 | +79.9% |
| Financial debts | 170/4 | €752,075 | €1,353,149 | +€601,074 | +79.9% |
| Amounts payable within one year | 42/48 | €1,261,433 | €572,482 | -€688,951 | -54.6% |
| Current portion of amounts payable after more than one year | 42 | €184,831 | €190,454 | +€5,623 | +3.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €4,585 | €4,503 | -€82 | -1.8% |
| Suppliers | 440/4 | €4,585 | €4,503 | -€82 | -1.8% |
| Taxes, remuneration and social security | 45 | €18,573 | €28,633 | +€10,059 | +54.2% |
| Taxes | 450/3 | €18,573 | €28,633 | +€10,059 | +54.2% |
| Other amounts payable | 47/48 | €1,053,443 | €348,892 | -€704,552 | -66.9% |
| Accrued charges and deferred income | 492/3 | €42,405 | €58,650 | +€16,246 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,453 | €55,954 | +€8,501 | +17.9% |
| Other operating charges | 640/8 | €414 | €1,019 | +€605 | +146% |
| Gross operating margin | 9900 | €146,609 | €153,586 | +€6,977 | +4.8% |
| Operating profit (loss) | 9901 | €98,741 | €96,613 | -€2,129 | -2.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €63,342 | €57,002 | -€6,340 | -10.0% |
| Recurring financial charges | 65 | €63,342 | €57,002 | -€6,340 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €35,399 | €39,611 | +€4,212 | +11.9% |
| Income taxes | 67/77 | €4,390 | €10,803 | +€6,413 | +146% |
| Profit (loss) for the period | 9904 | €31,010 | €28,808 | -€2,202 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,010 | €28,808 | -€2,202 | -7.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.