Bagio: 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.
What changed
Bagio
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.5m
2024 · €5.7m-€2.3m
Equity
€12.0m
2024 · €12.8m-€822,237
Cash
€2.4m
2024 · €289,969+€2.2m
Balance sheet total
€61.1m
2024 · €85.5m-€24.4m
Largest movements
Assets
- Stocks and contracts -€31.6m
down €31.6m (-38.0%), from €83.1m to €51.6m
- Financial fixed assets +€3.4m
new in 2025: €3.4m
- Cash +€2.2m
up €2.2m (+742%), from €289,969 to €2.4m
mainly Stocks and contracts (+€31.6m) and Current portion of long-term debt (+€3.9m)
- Receivables within one year +€1.6m
up €1.6m (+80.4%), from €2.0m to €3.6m
of which Trade receivables: +€838,709
Equity and liabilities
- Debts after one year -€25.2m
down €25.2m (-59.8%), from €42.2m to €17.0m
- Current portion of long-term debt +€3.9m
up €3.9m (+17.2%), from €22.9m to €26.8m
- Short-term financial debts -€2.3m
down €2.3m (-100%), from €2.3m to €0
- Other debts -€1.5m
down €1.5m (-51.5%), from €3.0m to €1.4m
- Tax, wage and social debts +€1.2m
up €1.2m (+54.9%), from €2.3m to €3.5m
of which Taxes: +€1.3m
Income statement
- Goods and materials +€9.5m
up €9.5m (+24.3%), from €39.1m to €48.7m
of which Change in stocks: decrease (increase): +€42.3m
- Turnover +€7.5m
up €7.5m (+15.9%), from €47.0m to €54.5m
- Financial charges +€1.5m
up €1.5m (+159%), from €924,521 to €2.4m
of which Financial charges: +€1.5m
- Taxes -€871,492
down €871,492 (-40.6%), from €2.1m to €1.3m
of which Taxes: -€879,909
- Write-downs -€656,524
down €656,524, from €218,415 to -€438,110
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.
Result 2024
€5.7m
Turnover
+€7.5m
Other operating income
+€260,617
Goods and materials
-€9.5m
Services and other goods
-€110,112
Staff costs
+€66,682
Depreciation
-€4,051
Write-downs
+€656,524
Other operating charges
-€87,188
Other operating items
-€3,889
Financial income
-€434,555
Financial charges
-€1.5m
Taxes
+€871,492
Result 2025
€3.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€33.4m
Investment
-€3.4m
Financing
-€27.9m
Cash 2024
€289,969
From operations (derived)
+€33.4m
Net result for the year
+€3.5m
Depreciation
+€12,623
Stocks and contracts
+€31.6m
Receivables within one year
-€1.6m
Smaller working-capital items
-€61,767
Trade debts
+€304,605
Tax, wage and social debts
+€1.2m
Other debts
-€1.5m
Investment (derived)
-€3.4m
Investment in fixed assets (net)
-€3.4m
Financing
-€27.9m
Debts after one year
-€25.2m
Current portion of long-term debt
+€3.9m
Short-term financial debts
-€2.3m
Contributions, distributions and other
-€4.3m
Cash 2025
€2.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €85,459,667 | €61,080,833 | -€24.4m | -28.5% |
| Fixed assets | 21/28 | €60,440 | €3,443,255 | +€3.4m | +5,597% |
| Tangible fixed assets | 22/27 | €60,440 | €68,255 | +€7,815 | +12.9% |
| Plant, machinery and equipment | 23 | €220 | €3,157 | +€2,937 | +1,334% |
| Furniture and vehicles | 24 | €34,975 | €39,853 | +€4,878 | +13.9% |
| Other tangible fixed assets | 26 | €25,245 | €25,245 | = | 0.0% |
| Financial fixed assets | 28 | - | €3,375,000 | +€3.4m | |
| Affiliated companies | 280/1 | - | €3,375,000 | +€3.4m | |
| Participating interests | 280 | - | €3,375,000 | +€3.4m | |
| Current assets | 29/58 | €85,399,228 | €57,637,578 | -€27.8m | -32.5% |
| Stocks and contracts in progress | 3 | €83,122,333 | €51,567,438 | -€31.6m | -38.0% |
| Stocks | 30/36 | €83,122,333 | €51,567,438 | -€31.6m | -38.0% |
| Property held for sale | 35 | €83,122,333 | €51,567,438 | -€31.6m | -38.0% |
| Amounts receivable within one year | 40/41 | €1,981,971 | €3,575,034 | +€1.6m | +80.4% |
| Trade receivables | 40 | €7,680 | €846,389 | +€838,709 | +10,921% |
| Other amounts receivable | 41 | €1,974,291 | €2,728,645 | +€754,354 | +38.2% |
| Cash at bank and in hand | 54/58 | €289,969 | €2,440,712 | +€2.2m | +742% |
| Deferred charges and accrued income | 490/1 | €4,956 | €54,393 | +€49,437 | +998% |
| Total equity and liabilities | 10/49 | €85,459,667 | €61,080,833 | -€24.4m | -28.5% |
| Equity | 10/15 | €12,830,360 | €12,008,123 | -€822,237 | -6.4% |
| Contributions | 10/11 | €2,000 | €1,334 | -€666 | -33.3% |
| Reserves | 13 | €12,828,360 | €12,006,790 | -€821,571 | -6.4% |
| Distributable reserves | 133 | €12,828,360 | €12,006,790 | -€821,571 | -6.4% |
| Amounts payable | 17/49 | €72,629,307 | €49,072,709 | -€23.6m | -32.4% |
| Amounts payable after more than one year | 17 | €42,217,652 | €16,967,836 | -€25.2m | -59.8% |
| Financial debts | 170/4 | €42,217,652 | €16,967,836 | -€25.2m | -59.8% |
| Subordinated loans | 170 | €2,663,667 | €0 | -€2.7m | -100% |
| Credit institutions | 173 | €39,553,985 | €16,967,836 | -€22.6m | -57.1% |
| Amounts payable within one year | 42/48 | €30,399,312 | €32,104,860 | +€1.7m | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €22,879,658 | €26,806,252 | +€3.9m | +17.2% |
| Financial debts | 43 | €2,253,386 | €0 | -€2.3m | -100% |
| Credit institutions | 430/8 | €2,253,386 | €0 | -€2.3m | -100% |
| Trade debts | 44 | €42,263 | €346,868 | +€304,605 | +721% |
| Suppliers | 440/4 | €42,263 | €346,868 | +€304,605 | +721% |
| Taxes, remuneration and social security | 45 | €2,273,898 | €3,522,397 | +€1.2m | +54.9% |
| Taxes | 450/3 | €2,268,061 | €3,522,375 | +€1.3m | +55.3% |
| Remuneration and social security | 454/9 | €5,837 | €22 | -€5,815 | -99.6% |
| Other amounts payable | 47/48 | €2,950,108 | €1,429,343 | -€1.5m | -51.5% |
| Accrued charges and deferred income | 492/3 | €12,344 | €14 | -€12,330 | -99.9% |
| Operating income | 70/76A | €48,726,968 | €56,477,942 | +€7.8m | +15.9% |
| Turnover | 70 | €47,008,287 | €54,498,643 | +€7.5m | +15.9% |
| Other operating income | 74 | €1,718,682 | €1,979,299 | +€260,617 | +15.2% |
| Operating charges | 60/66A | €40,403,481 | €49,395,491 | +€9.0m | +22.3% |
| Goods for resale, raw materials and consumables | 60 | €39,149,456 | €48,659,433 | +€9.5m | +24.3% |
| Purchases | 600/8 | €65,174,441 | €32,409,764 | -€32.8m | -50.3% |
| Change in stocks: decrease (increase) | 609 | -€26,024,984 | €16,249,670 | +€42.3m | |
| Services and other goods | 61 | €874,298 | €984,410 | +€110,112 | +12.6% |
| Remuneration, social security and pensions | 62 | €71,814 | €5,132 | -€66,682 | -92.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,572 | €12,623 | +€4,051 | +47.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €218,415 | -€438,110 | -€656,524 | |
| Other operating charges | 640/8 | €80,610 | €167,797 | +€87,188 | +108% |
| Non-recurring operating charges | 66A | €316 | €4,204 | +€3,889 | +1,233% |
| Operating profit (loss) | 9901 | €8,323,488 | €7,082,450 | -€1.2m | -14.9% |
| Financial income | 75/76B | €476,081 | €41,526 | -€434,555 | -91.3% |
| Recurring financial income | 75 | €476,081 | €41,526 | -€434,555 | -91.3% |
| Income from financial fixed assets | 750 | €22,394 | €30,606 | +€8,212 | +36.7% |
| Income from current assets | 751 | €453,624 | €10,592 | -€443,032 | -97.7% |
| Other financial income | 752/9 | €63 | €327 | +€265 | +421% |
| Financial charges | 65/66B | €924,521 | €2,393,299 | +€1.5m | +159% |
| Recurring financial charges | 65 | €924,521 | €2,393,299 | +€1.5m | +159% |
| Debt charges | 650 | €799,007 | €2,284,972 | +€1.5m | +186% |
| Other financial charges | 652/9 | €125,514 | €108,328 | -€17,187 | -13.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €7,875,047 | €4,730,676 | -€3.1m | -39.9% |
| Income taxes | 67/77 | €2,148,983 | €1,277,491 | -€871,492 | -40.6% |
| Taxes | 670/3 | €2,157,400 | €1,277,491 | -€879,909 | -40.8% |
| Tax adjustments and reversals of tax provisions | 77 | €8,417 | €0 | -€8,417 | -100% |
| Profit (loss) for the period | 9904 | €5,726,064 | €3,453,185 | -€2.3m | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,726,064 | €3,453,185 | -€2.3m | -39.7% |
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 19 October 2026 via checked.be.