BAGO: 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.
BAGO
Largest movements
- Receivables within one year -€40,350
down €40,350 (-27.4%), from €147,531 to €107,181
of which Trade receivables: -€64,420
- Cash +€36,570
up €36,570 (+350%), from €10,449 to €47,019
mainly Receivables within one year (+€40,350) and Trade debts (+€25,826)
- Tangible fixed assets -€8,329
down €8,329 (-4.6%), from €179,517 to €171,188
of which Leasing and similar rights: -€5,532
- Profit (loss) carried forward -€46,045
down €46,045 (-27.4%), from €168,206 to €122,161
- Trade debts +€25,826
up €25,826 (+137%), from €18,822 to €44,648
- Short-term financial debts +€22,375
up €22,375 (+178%), from €12,568 to €34,943
- Debts after one year -€12,633
down €12,633 (-14.8%), from €85,088 to €72,455
- Tax, wage and social debts -€3,525
down €3,525 (-36.7%), from €9,616 to €6,091
of which Taxes: -€3,138
- Gross operating margin -€53,889
down €53,889 (-43.2%), from €124,671 to €70,782
- Other operating charges +€23,681
up €23,681 (+808%), from €2,930 to €26,611
- Taxes -€10,070
down €10,070 (-98.5%), from €10,225 to €155
- Staff costs +€8,473
up €8,473 (+13.6%), from €62,271 to €70,744
- Depreciation -€1,339
down €1,339 (-11.6%), from €11,528 to €10,190
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 | €338,886 | €326,196 | -€12,689 | -3.7% |
| Fixed assets | 21/28 | €179,517 | €171,188 | -€8,329 | -4.6% |
| Tangible fixed assets | 22/27 | €179,517 | €171,188 | -€8,329 | -4.6% |
| Land and buildings | 22 | €149,120 | €149,120 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,863 | €1,224 | -€638 | -34.3% |
| Furniture and vehicles | 24 | €7,575 | €5,416 | -€2,159 | -28.5% |
| Leasing and similar rights | 25 | €20,959 | €15,428 | -€5,532 | -26.4% |
| Current assets | 29/58 | €159,369 | €155,008 | -€4,360 | -2.7% |
| Amounts receivable within one year | 40/41 | €147,531 | €107,181 | -€40,350 | -27.4% |
| Trade receivables | 40 | €115,473 | €51,053 | -€64,420 | -55.8% |
| Other amounts receivable | 41 | €32,058 | €56,128 | +€24,070 | +75.1% |
| Cash at bank and in hand | 54/58 | €10,449 | €47,019 | +€36,570 | +350% |
| Deferred charges and accrued income | 490/1 | €1,389 | €809 | -€580 | -41.8% |
| Total equity and liabilities | 10/49 | €338,886 | €326,196 | -€12,689 | -3.7% |
| Equity | 10/15 | €186,266 | €140,221 | -€46,045 | -24.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,206 | €122,161 | -€46,045 | -27.4% |
| Amounts payable | 17/49 | €152,620 | €185,976 | +€33,356 | +21.9% |
| Amounts payable after more than one year | 17 | €85,088 | €72,455 | -€12,633 | -14.8% |
| Financial debts | 170/4 | €85,088 | €72,455 | -€12,633 | -14.8% |
| Amounts payable within one year | 42/48 | €67,532 | €113,521 | +€45,989 | +68.1% |
| Current portion of amounts payable after more than one year | 42 | €19,526 | €20,839 | +€1,313 | +6.7% |
| Financial debts | 43 | €12,568 | €34,943 | +€22,375 | +178% |
| Credit institutions | 430/8 | €12,568 | €34,943 | +€22,375 | +178% |
| Trade debts | 44 | €18,822 | €44,648 | +€25,826 | +137% |
| Suppliers | 440/4 | €18,822 | €44,648 | +€25,826 | +137% |
| Taxes, remuneration and social security | 45 | €9,616 | €6,091 | -€3,525 | -36.7% |
| Taxes | 450/3 | €5,077 | €1,939 | -€3,138 | -61.8% |
| Remuneration and social security | 454/9 | €4,539 | €4,153 | -€387 | -8.5% |
| Other amounts payable | 47/48 | €7,000 | €7,000 | = | 0.0% |
| Non-recurring operating income | 76A | €75 | - | -€75 | |
| Remuneration, social security and pensions | 62 | €62,271 | €70,744 | +€8,473 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,528 | €10,190 | -€1,339 | -11.6% |
| Other operating charges | 640/8 | €2,930 | €26,611 | +€23,681 | +808% |
| Gross operating margin | 9900 | €124,671 | €70,782 | -€53,889 | -43.2% |
| Operating profit (loss) | 9901 | €47,942 | -€36,763 | -€84,704 | |
| Financial income | 75/76B | €1,389 | €809 | -€580 | -41.8% |
| Recurring financial income | 75 | €1,389 | €809 | -€580 | -41.8% |
| Financial charges | 65/66B | €10,075 | €9,936 | -€139 | -1.4% |
| Recurring financial charges | 65 | €9,379 | €9,530 | +€151 | +1.6% |
| Non-recurring financial charges | 66B | €696 | €406 | -€290 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €39,256 | -€45,890 | -€85,145 | |
| Income taxes | 67/77 | €10,225 | €155 | -€10,070 | -98.5% |
| Profit (loss) for the period | 9904 | €29,030 | -€46,045 | -€75,075 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,030 | -€46,045 | -€75,075 |
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.