BAGHERA: 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.
BAGHERA
Largest movements
- Receivables within one year +€121,616
up €121,616 (+777.3%), from €15,645 to €137,261
of which Other amounts receivable: +€119,819
- Current investments -€90,000
down €90,000 (-100.0%), from €90,000 to €0
- Cash +€24,234
up €24,234 (+30.7%), from €78,867 to €103,101
mainly Other debts (+€225,898) and Net result for the year (+€94,779)
- Tangible fixed assets -€19,596
down €19,596 (-26.9%), from €72,749 to €53,152
of which Furniture and vehicles: -€19,810
- Deferred charges and accrued income +€3,424
up €3,424 (+110.8%), from €3,090 to €6,514
- Other debts +€225,898
up €225,898 (+409458.8%), from €55 to €225,954
- Profit (loss) carried forward -€131,174
down €131,174 (-73.6%), from €178,174 to €47,000
- Tax, wage and social debts -€42,961
down €42,961 (-86.7%), from €49,546 to €6,584
- Debts after one year -€11,703
down €11,703 (-70.0%), from €16,710 to €5,006
- Gross operating margin +€29,631
up €29,631 (+26.3%), from €112,728 to €142,359
- Taxes +€7,684
up €7,684 (+38.4%), from €20,009 to €27,693
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 | €260,351 | €300,029 | +€39,678 | +15.2% |
| Fixed assets | 21/28 | €72,749 | €53,152 | -€19,596 | -26.9% |
| Tangible fixed assets | 22/27 | €72,749 | €53,152 | -€19,596 | -26.9% |
| Plant, machinery and equipment | 23 | €5,371 | €6,005 | +€635 | +11.8% |
| Furniture and vehicles | 24 | €66,118 | €46,308 | -€19,810 | -30.0% |
| Other tangible fixed assets | 26 | €1,260 | €839 | -€421 | -33.4% |
| Current assets | 29/58 | €187,602 | €246,876 | +€59,274 | +31.6% |
| Amounts receivable within one year | 40/41 | €15,645 | €137,261 | +€121,616 | +777.3% |
| Trade receivables | 40 | €15,645 | €17,442 | +€1,797 | +11.5% |
| Other amounts receivable | 41 | - | €119,819 | +€119,819 | |
| Current investments | 50/53 | €90,000 | €0 | -€90,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €78,867 | €103,101 | +€24,234 | +30.7% |
| Deferred charges and accrued income | 490/1 | €3,090 | €6,514 | +€3,424 | +110.8% |
| Total equity and liabilities | 10/49 | €260,351 | €300,029 | +€39,678 | +15.2% |
| Equity | 10/15 | €181,174 | €50,000 | -€131,174 | -72.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,174 | €47,000 | -€131,174 | -73.6% |
| Amounts payable | 17/49 | €79,177 | €250,029 | +€170,852 | +215.8% |
| Amounts payable after more than one year | 17 | €16,710 | €5,006 | -€11,703 | -70.0% |
| Financial debts | 170/4 | €16,710 | €5,006 | -€11,703 | -70.0% |
| Amounts payable within one year | 42/48 | €62,467 | €245,022 | +€182,555 | +292.2% |
| Current portion of amounts payable after more than one year | 42 | €11,275 | €11,703 | +€428 | +3.8% |
| Trade debts | 44 | €1,591 | €781 | -€810 | -50.9% |
| Suppliers | 440/4 | €1,591 | €781 | -€810 | -50.9% |
| Taxes, remuneration and social security | 45 | €49,546 | €6,584 | -€42,961 | -86.7% |
| Taxes | 450/3 | €49,546 | €6,584 | -€42,961 | -86.7% |
| Other amounts payable | 47/48 | €55 | €225,954 | +€225,898 | +409458.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,091 | €22,177 | +€1,086 | +5.2% |
| Other operating charges | 640/8 | €580 | €945 | +€365 | +62.9% |
| Gross operating margin | 9900 | €112,728 | €142,359 | +€29,631 | +26.3% |
| Operating profit (loss) | 9901 | €91,057 | €119,237 | +€28,180 | +30.9% |
| Financial income | 75/76B | €3,283 | €4,235 | +€952 | +29.0% |
| Recurring financial income | 75 | €3,283 | €4,235 | +€952 | +29.0% |
| Financial charges | 65/66B | €1,382 | €999 | -€383 | -27.7% |
| Recurring financial charges | 65 | €1,382 | €999 | -€383 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €92,958 | €122,472 | +€29,514 | +31.8% |
| Income taxes | 67/77 | €20,009 | €27,693 | +€7,684 | +38.4% |
| Profit (loss) for the period | 9904 | €72,949 | €94,779 | +€21,831 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €72,949 | €94,779 | +€21,831 | +29.9% |
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 9 October 2026 via checked.be.