BAGH: 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.
BAGH
Largest movements
- Cash +€45,744
up €45,744 (+11.8%), from €386,913 to €432,657
mainly Net result for the year (+€139,835) and Tax, wage and social debts (+€21,552)
- Receivables within one year +€30,523
up €30,523 (+30.5%), from €100,072 to €130,595
of which Other amounts receivable: +€55,921
- Tangible fixed assets +€17,390
up €17,390 (+22.4%), from €77,526 to €94,916
of which Furniture and vehicles: +€22,575
- Reserves +€120,000
up €120,000 (+98.5%), from €121,860 to €241,860
of which Tax-exempt reserves: +€120,000
- Trade debts -€41,904
down €41,904 (-58.9%), from €71,121 to €29,216
- Tax, wage and social debts +€21,552
up €21,552 (+35.1%), from €61,471 to €83,023
of which Taxes: +€12,891
- Profit (loss) carried forward +€7,835
up €7,835 (+2.3%), from €343,243 to €351,079
- Gross operating margin +€106,617
up €106,617 (+53.1%), from €200,721 to €307,338
- Staff costs +€26,109
up €26,109 (+41.7%), from €62,626 to €88,735
- Taxes +€25,556
up €25,556 (+98.5%), from €25,955 to €51,511
- Depreciation +€3,457
up €3,457 (+27.4%), from €12,636 to €16,093
- Financial charges +€3,346
up €3,346 (+104.5%), from €3,202 to €6,547
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 | €616,295 | €723,778 | +€107,483 | +17.4% |
| Fixed assets | 21/28 | €82,811 | €107,327 | +€24,516 | +29.6% |
| Intangible fixed assets | 21 | - | €7,077 | +€7,077 | |
| Tangible fixed assets | 22/27 | €77,526 | €94,916 | +€17,390 | +22.4% |
| Plant, machinery and equipment | 23 | €8,477 | €8,286 | -€192 | -2.3% |
| Furniture and vehicles | 24 | €30,026 | €52,601 | +€22,575 | +75.2% |
| Other tangible fixed assets | 26 | €39,023 | €34,029 | -€4,994 | -12.8% |
| Financial fixed assets | 28 | €5,285 | €5,335 | +€50 | +0.9% |
| Current assets | 29/58 | €533,483 | €616,450 | +€82,967 | +15.6% |
| Amounts receivable after more than one year | 29 | €33,938 | €33,938 | = | 0.0% |
| Trade receivables | 290 | €33,938 | €33,938 | = | 0.0% |
| Stocks and contracts in progress | 3 | €12,560 | €19,260 | +€6,700 | +53.3% |
| Stocks | 30/36 | €12,560 | €19,260 | +€6,700 | +53.3% |
| Amounts receivable within one year | 40/41 | €100,072 | €130,595 | +€30,523 | +30.5% |
| Trade receivables | 40 | €33,966 | €8,567 | -€25,398 | -74.8% |
| Other amounts receivable | 41 | €66,107 | €122,028 | +€55,921 | +84.6% |
| Cash at bank and in hand | 54/58 | €386,913 | €432,657 | +€45,744 | +11.8% |
| Total equity and liabilities | 10/49 | €616,295 | €723,778 | +€107,483 | +17.4% |
| Equity | 10/15 | €483,703 | €611,539 | +€127,835 | +26.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €121,860 | €241,860 | +€120,000 | +98.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €120,000 | €240,000 | +€120,000 | +100.0% |
| Profit (loss) carried forward | 14 | €343,243 | €351,079 | +€7,835 | +2.3% |
| Amounts payable | 17/49 | €132,591 | €112,239 | -€20,353 | -15.3% |
| Amounts payable within one year | 42/48 | €132,591 | €112,239 | -€20,353 | -15.3% |
| Trade debts | 44 | €71,121 | €29,216 | -€41,904 | -58.9% |
| Suppliers | 440/4 | €71,121 | €29,216 | -€41,904 | -58.9% |
| Taxes, remuneration and social security | 45 | €61,471 | €83,023 | +€21,552 | +35.1% |
| Taxes | 450/3 | €47,407 | €60,299 | +€12,891 | +27.2% |
| Remuneration and social security | 454/9 | €14,064 | €22,724 | +€8,660 | +61.6% |
| Non-recurring operating income | 76A | €7,838 | - | -€7,838 | |
| Remuneration, social security and pensions | 62 | €62,626 | €88,735 | +€26,109 | +41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,636 | €16,093 | +€3,457 | +27.4% |
| Other operating charges | 640/8 | €1,722 | €4,625 | +€2,904 | +168.7% |
| Non-recurring operating charges | 66A | €5,261 | - | -€5,261 | |
| Gross operating margin | 9900 | €200,721 | €307,338 | +€106,617 | +53.1% |
| Operating profit (loss) | 9901 | €118,477 | €197,885 | +€79,408 | +67.0% |
| Financial income | 75/76B | €0 | €9 | +€9 | +3604.0% |
| Recurring financial income | 75 | €0 | €9 | +€9 | +3604.0% |
| Financial charges | 65/66B | €3,202 | €6,547 | +€3,346 | +104.5% |
| Recurring financial charges | 65 | €3,202 | €6,547 | +€3,346 | +104.5% |
| Profit (loss) for the period before taxes | 9903 | €115,275 | €191,347 | +€76,071 | +66.0% |
| Income taxes | 67/77 | €25,955 | €51,511 | +€25,556 | +98.5% |
| Profit (loss) for the period | 9904 | €89,320 | €139,835 | +€50,515 | +56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €89,320 | €139,835 | +€50,515 | +56.6% |
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 2 October 2026 via checked.be.