BAGO HM: 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 HM
Largest movements
- Tangible fixed assets +€21,981
new in 2025: €21,981
- Stocks and contracts +€19,013
up €19,013 (+179%), from €10,615 to €29,628
- Cash -€11,062
down €11,062 (-70.0%), from €15,791 to €4,730
mainly Investment in fixed assets (net) (-€26,392) and Stocks and contracts (-€19,013)
- Debts after one year +€14,434
new in 2025: €14,434
- Short-term financial debts +€7,553
new in 2025: €7,553
- Other debts +€6,751
up €6,751 (+51.5%), from €13,107 to €19,858
- Reserves -€3,597
down €3,597 (-48.7%), from €7,387 to €3,789
- Current portion of long-term debt +€3,298
new in 2025: €3,298
- Gross operating margin -€11,307
down €11,307 (-64.3%), from €17,576 to €6,269
- Other operating charges -€5,926
down €5,926 (-69.8%), from €8,490 to €2,564
- Depreciation +€4,411
new in 2025: €4,411
- Financial charges +€1,570
up €1,570 (+125%), from €1,252 to €2,821
- Taxes -€1,230
down €1,230 (-94.6%), from €1,300 to €70
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 | €27,002 | €56,799 | +€29,797 | +110% |
| Fixed assets | 21/28 | - | €21,981 | +€21,981 | |
| Tangible fixed assets | 22/27 | - | €21,981 | +€21,981 | |
| Furniture and vehicles | 24 | - | €21,981 | +€21,981 | |
| Current assets | 29/58 | €27,002 | €34,818 | +€7,816 | +28.9% |
| Stocks and contracts in progress | 3 | €10,615 | €29,628 | +€19,013 | +179% |
| Stocks | 30/36 | €10,615 | €29,628 | +€19,013 | +179% |
| Amounts receivable within one year | 40/41 | €596 | €460 | -€135 | -22.7% |
| Trade receivables | 40 | €596 | €460 | -€135 | -22.7% |
| Cash at bank and in hand | 54/58 | €15,791 | €4,730 | -€11,062 | -70.0% |
| Total equity and liabilities | 10/49 | €27,002 | €56,799 | +€29,797 | +110% |
| Equity | 10/15 | €7,887 | €4,289 | -€3,597 | -45.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €7,387 | €3,789 | -€3,597 | -48.7% |
| Distributable reserves | 133 | €7,387 | €3,789 | -€3,597 | -48.7% |
| Amounts payable | 17/49 | €19,116 | €52,510 | +€33,394 | +175% |
| Amounts payable after more than one year | 17 | - | €14,434 | +€14,434 | |
| Financial debts | 170/4 | - | €14,434 | +€14,434 | |
| Amounts payable within one year | 42/48 | €19,116 | €38,076 | +€18,960 | +99.2% |
| Current portion of amounts payable after more than one year | 42 | - | €3,298 | +€3,298 | |
| Financial debts | 43 | - | €7,553 | +€7,553 | |
| Credit institutions | 430/8 | - | €7,553 | +€7,553 | |
| Trade debts | 44 | €11 | €158 | +€147 | +1,326% |
| Suppliers | 440/4 | €11 | €158 | +€147 | +1,326% |
| Taxes, remuneration and social security | 45 | €5,998 | €7,209 | +€1,212 | +20.2% |
| Taxes | 450/3 | €5,998 | €7,209 | +€1,212 | +20.2% |
| Other amounts payable | 47/48 | €13,107 | €19,858 | +€6,751 | +51.5% |
| Remuneration, social security and pensions | 62 | €86 | - | -€86 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,411 | +€4,411 | |
| Other operating charges | 640/8 | €8,490 | €2,564 | -€5,926 | -69.8% |
| Gross operating margin | 9900 | €17,576 | €6,269 | -€11,307 | -64.3% |
| Operating profit (loss) | 9901 | €9,000 | -€706 | -€9,706 | |
| Financial income | 75/76B | €268 | - | -€268 | |
| Recurring financial income | 75 | €268 | - | -€268 | |
| Financial charges | 65/66B | €1,252 | €2,821 | +€1,570 | +125% |
| Recurring financial charges | 65 | €1,252 | €2,821 | +€1,570 | +125% |
| Profit (loss) for the period before taxes | 9903 | €8,017 | -€3,527 | -€11,544 | |
| Income taxes | 67/77 | €1,300 | €70 | -€1,230 | -94.6% |
| Profit (loss) for the period | 9904 | €6,717 | -€3,597 | -€10,314 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,717 | -€3,597 | -€10,314 |
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 25 October 2026 via checked.be.