BAGOS: 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.
BAGOS
Largest movements
- Receivables within one year +€48,192
up €48,192 (+89.5%), from €53,859 to €102,052
of which Trade receivables: +€53,507
- Cash -€38,349
down €38,349 (-31.0%), from €123,563 to €85,214
mainly Other debts (-€169,170) and Investment in fixed assets (net) (-€55,040)
- Tangible fixed assets +€37,530
up €37,530 (+113.0%), from €33,222 to €70,752
- Reserves +€212,500
up €212,500 (+81730.8%), from €260 to €212,760
- Other debts -€169,170
down €169,170 (-99.5%), from €170,000 to €830
- Trade debts +€5,829
up €5,829 (+4475.8%), from €130 to €5,959
- Gross operating margin +€54,783
up €54,783 (+22.4%), from €244,535 to €299,318
- Taxes +€14,146
up €14,146 (+26.1%), from €54,135 to €68,281
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 | €211,505 | €259,115 | +€47,611 | +22.5% |
| Fixed assets | 21/28 | €33,222 | €70,752 | +€37,530 | +113.0% |
| Tangible fixed assets | 22/27 | €33,222 | €70,752 | +€37,530 | +113.0% |
| Furniture and vehicles | 24 | €33,222 | €70,752 | +€37,530 | +113.0% |
| Current assets | 29/58 | €178,282 | €188,363 | +€10,081 | +5.7% |
| Amounts receivable within one year | 40/41 | €53,859 | €102,052 | +€48,192 | +89.5% |
| Trade receivables | 40 | €48,544 | €102,052 | +€53,507 | +110.2% |
| Other amounts receivable | 41 | €5,315 | €0 | -€5,315 | -100.0% |
| Cash at bank and in hand | 54/58 | €123,563 | €85,214 | -€38,349 | -31.0% |
| Deferred charges and accrued income | 490/1 | €860 | €1,097 | +€237 | +27.6% |
| Total equity and liabilities | 10/49 | €211,505 | €259,115 | +€47,611 | +22.5% |
| Equity | 10/15 | €20,650 | €233,177 | +€212,528 | +1029.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €260 | €212,760 | +€212,500 | +81730.8% |
| Distributable reserves | 133 | €260 | €212,760 | +€212,500 | +81730.8% |
| Profit (loss) carried forward | 14 | €1,790 | €1,817 | +€28 | +1.6% |
| Amounts payable | 17/49 | €190,855 | €25,938 | -€164,917 | -86.4% |
| Amounts payable within one year | 42/48 | €190,855 | €25,938 | -€164,917 | -86.4% |
| Trade debts | 44 | €130 | €5,959 | +€5,829 | +4475.8% |
| Suppliers | 440/4 | €130 | €5,959 | +€5,829 | +4475.8% |
| Taxes, remuneration and social security | 45 | €20,725 | €19,148 | -€1,577 | -7.6% |
| Taxes | 450/3 | €20,725 | €19,148 | -€1,577 | -7.6% |
| Other amounts payable | 47/48 | €170,000 | €830 | -€169,170 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,594 | €17,510 | -€84 | -0.5% |
| Other operating charges | 640/8 | €1,124 | €1,227 | +€104 | +9.2% |
| Gross operating margin | 9900 | €244,535 | €299,318 | +€54,783 | +22.4% |
| Operating profit (loss) | 9901 | €225,817 | €280,580 | +€54,764 | +24.3% |
| Financial income | 75/76B | €115 | €436 | +€321 | +280.4% |
| Recurring financial income | 75 | €115 | €436 | +€321 | +280.4% |
| Financial charges | 65/66B | €55 | €208 | +€153 | +279.8% |
| Recurring financial charges | 65 | €55 | €208 | +€153 | +279.8% |
| Profit (loss) for the period before taxes | 9903 | €225,877 | €280,809 | +€54,932 | +24.3% |
| Income taxes | 67/77 | €54,135 | €68,281 | +€14,146 | +26.1% |
| Profit (loss) for the period | 9904 | €171,741 | €212,528 | +€40,786 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €171,741 | €212,528 | +€40,786 | +23.7% |
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 10 October 2026 via checked.be.