BAGDAS: 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.
BAGDAS
Largest movements
- Cash -€11,937
down €11,937 (-6.7%), from €179,370 to €167,433
mainly Investment in fixed assets (net) (-€22,078) and Debts after one year (-€14,370)
- Debts after one year -€14,370
down €14,370 (-4.6%), from €313,566 to €299,196
- Profit (loss) carried forward -€10,402
down €10,402 (-4.6%), from €227,791 to €217,389
- Gross operating margin -€41,270
down €41,270 (-62.9%), from €65,600 to €24,330
- Depreciation +€3,578
up €3,578 (+18.4%), from €19,472 to €23,050
- Taxes -€2,860
down €2,860, from €2,858 to -€2
- Financial income +€1,063
new in 2025: €1,063
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 | €768,636 | €748,429 | -€20,207 | -2.6% |
| Fixed assets | 21/28 | €351,022 | €350,050 | -€972 | -0.3% |
| Tangible fixed assets | 22/27 | €350,888 | €349,916 | -€972 | -0.3% |
| Land and buildings | 22 | €350,888 | €327,600 | -€23,288 | -6.6% |
| Plant, machinery and equipment | 23 | - | €3,816 | +€3,816 | |
| Furniture and vehicles | 24 | - | €18,500 | +€18,500 | |
| Financial fixed assets | 28 | €134 | €134 | = | 0.0% |
| Current assets | 29/58 | €417,614 | €398,379 | -€19,235 | -4.6% |
| Amounts receivable within one year | 40/41 | €238,244 | €230,946 | -€7,298 | -3.1% |
| Trade receivables | 40 | €123,866 | €110,545 | -€13,321 | -10.8% |
| Other amounts receivable | 41 | €114,378 | €120,401 | +€6,023 | +5.3% |
| Cash at bank and in hand | 54/58 | €179,370 | €167,433 | -€11,937 | -6.7% |
| Total equity and liabilities | 10/49 | €768,636 | €748,429 | -€20,207 | -2.6% |
| Equity | 10/15 | €375,431 | €365,029 | -€10,402 | -2.8% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | - | €30,987 | +€30,987 | |
| Issued capital | 100 | - | €30,987 | +€30,987 | |
| Contributions outside capital | 11 | €30,987 | - | -€30,987 | |
| Other | 1109/19 | €30,987 | - | -€30,987 | |
| Reserves | 13 | €116,654 | €116,654 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | - | €3,099 | +€3,099 | |
| Reserves not available under the articles | 1311 | €3,099 | - | -€3,099 | |
| Distributable reserves | 133 | €113,555 | €113,555 | = | 0.0% |
| Profit (loss) carried forward | 14 | €227,791 | €217,389 | -€10,402 | -4.6% |
| Amounts payable | 17/49 | €393,205 | €383,400 | -€9,805 | -2.5% |
| Amounts payable after more than one year | 17 | €313,566 | €299,196 | -€14,370 | -4.6% |
| Financial debts | 170/4 | €313,566 | €299,196 | -€14,370 | -4.6% |
| Amounts payable within one year | 42/48 | €79,639 | €84,204 | +€4,565 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €12,913 | €13,279 | +€366 | +2.8% |
| Trade debts | 44 | €2,485 | €5,737 | +€3,252 | +131% |
| Suppliers | 440/4 | €2,485 | €5,737 | +€3,252 | +131% |
| Taxes, remuneration and social security | 45 | €15,265 | €8,906 | -€6,359 | -41.7% |
| Taxes | 450/3 | €7,304 | €8,906 | +€1,602 | +21.9% |
| Remuneration and social security | 454/9 | €7,961 | - | -€7,961 | |
| Other amounts payable | 47/48 | €48,975 | €56,282 | +€7,307 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,472 | €23,050 | +€3,578 | +18.4% |
| Other operating charges | 640/8 | €2,838 | €3,291 | +€453 | +16.0% |
| Gross operating margin | 9900 | €65,600 | €24,330 | -€41,270 | -62.9% |
| Operating profit (loss) | 9901 | €43,290 | -€2,011 | -€45,302 | |
| Financial income | 75/76B | - | €1,063 | +€1,063 | |
| Recurring financial income | 75 | - | €1,063 | +€1,063 | |
| Financial charges | 65/66B | €10,052 | €9,456 | -€596 | -5.9% |
| Recurring financial charges | 65 | €10,052 | €9,456 | -€596 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €33,239 | -€10,404 | -€43,642 | |
| Income taxes | 67/77 | €2,858 | -€2 | -€2,860 | |
| Profit (loss) for the period | 9904 | €30,381 | -€10,402 | -€40,783 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,381 | -€10,402 | -€40,783 |
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 16 October 2026 via checked.be.