BAGERAN: 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.
BAGERAN
Largest movements
- Cash +€31,117
up €31,117 (+21.8%), from €142,514 to €173,631
mainly Depreciation (+€44,258) and Net result for the year (+€11,191)
No liability line moved by more than 1% of the balance sheet total.
- Taxes -€96,692
down €96,692 (-96.2%), from €100,556 to €3,864
- Gross operating margin -€26,168
down €26,168 (-30.0%), from €87,141 to €60,972
- Depreciation -€6,254
down €6,254 (-12.4%), from €50,512 to €44,258
- Other operating charges +€2,269
up €2,269 (+18.5%), from €12,294 to €14,564
- Financial income -€1,218
down €1,218 (-8.6%), from €14,181 to €12,963
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 | €2,901,726 | €2,915,839 | +€14,113 | +0.5% |
| Fixed assets | 21/28 | €2,031,182 | €2,013,546 | -€17,636 | -0.9% |
| Tangible fixed assets | 22/27 | €2,031,182 | €2,013,546 | -€17,636 | -0.9% |
| Land and buildings | 22 | €2,004,858 | €2,007,052 | +€2,194 | +0.1% |
| Plant, machinery and equipment | 23 | €8,357 | €6,494 | -€1,863 | -22.3% |
| Furniture and vehicles | 24 | €17,967 | - | -€17,967 | |
| Current assets | 29/58 | €870,544 | €902,293 | +€31,749 | +3.6% |
| Amounts receivable within one year | 40/41 | €126,257 | €118,131 | -€8,126 | -6.4% |
| Trade receivables | 40 | - | €11,914 | +€11,914 | |
| Other amounts receivable | 41 | €126,257 | €106,217 | -€20,041 | -15.9% |
| Current investments | 50/53 | €600,000 | €609,072 | +€9,072 | +1.5% |
| Cash at bank and in hand | 54/58 | €142,514 | €173,631 | +€31,117 | +21.8% |
| Deferred charges and accrued income | 490/1 | €1,773 | €1,459 | -€314 | -17.7% |
| Total equity and liabilities | 10/49 | €2,901,726 | €2,915,839 | +€14,113 | +0.5% |
| Equity | 10/15 | €2,899,900 | €2,911,091 | +€11,191 | +0.4% |
| Contributions | 10/11 | €1,308,900 | €1,308,900 | = | 0.0% |
| Capital | 10 | €1,308,900 | €1,308,900 | = | 0.0% |
| Issued capital | 100 | €1,308,900 | €1,308,900 | = | 0.0% |
| Reserves | 13 | €809,690 | €809,690 | = | 0.0% |
| Non-distributable reserves | 130/1 | €130,890 | €130,890 | = | 0.0% |
| Legal reserve | 130 | €130,890 | €130,890 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €678,800 | €678,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €781,310 | €792,501 | +€11,191 | +1.4% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,826 | €4,748 | +€2,922 | +160.0% |
| Amounts payable within one year | 42/48 | €1,826 | €4,748 | +€2,922 | +160.0% |
| Trade debts | 44 | €330 | €4,131 | +€3,801 | +1151.8% |
| Suppliers | 440/4 | €330 | €4,131 | +€3,801 | +1151.8% |
| Taxes, remuneration and social security | 45 | €1,496 | €618 | -€878 | -58.7% |
| Taxes | 450/3 | €1,496 | €618 | -€878 | -58.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,512 | €44,258 | -€6,254 | -12.4% |
| Other operating charges | 640/8 | €12,294 | €14,564 | +€2,269 | +18.5% |
| Gross operating margin | 9900 | €87,141 | €60,972 | -€26,168 | -30.0% |
| Operating profit (loss) | 9901 | €24,335 | €2,151 | -€22,184 | -91.2% |
| Financial income | 75/76B | €14,181 | €12,963 | -€1,218 | -8.6% |
| Recurring financial income | 75 | €14,181 | €12,963 | -€1,218 | -8.6% |
| Financial charges | 65/66B | €270 | €60 | -€211 | -78.0% |
| Recurring financial charges | 65 | €270 | €60 | -€211 | -78.0% |
| Profit (loss) for the period before taxes | 9903 | €38,246 | €15,055 | -€23,191 | -60.6% |
| Transfer from deferred taxes | 780 | €94,907 | - | -€94,907 | |
| Income taxes | 67/77 | €100,556 | €3,864 | -€96,692 | -96.2% |
| Profit (loss) for the period | 9904 | €32,596 | €11,191 | -€21,405 | -65.7% |
| Transfer from tax-exempt reserves | 789 | €264,720 | - | -€264,720 | |
| Profit (loss) for the period to be appropriated | 9905 | €297,316 | €11,191 | -€286,125 | -96.2% |
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 30 September 2026 via checked.be.