BAGUMEC: what changed
Two fiscal 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.
BAGUMEC
Largest movements
- Receivables within one year +€170,590
up €170,590 (+38.0%), from €448,706 to €619,296
of which Trade receivables: +€104,221
- Cash +€127,248
up €127,248 (+84.4%), from €150,765 to €278,012
mainly Net result for the year (+€225,332) and Other debts (+€212,233)
- Tangible fixed assets -€37,121
down €37,121 (-24.9%), from €149,071 to €111,949
of which Furniture and vehicles: -€23,184
- Other debts +€212,233
up €212,233 (+165.1%), from €128,574 to €340,807
- Trade debts +€56,114
up €56,114 (+66.7%), from €84,187 to €140,302
- Tax, wage and social debts +€24,308
up €24,308 (+23.6%), from €102,864 to €127,172
of which Taxes: +€22,715
- Gross operating margin +€254,879
up €254,879 (+58.8%), from €433,331 to €688,211
- Financial income -€115,612
down €115,612 (-92.6%), from €124,812 to €9,200
- Staff costs +€107,004
up €107,004 (+56.1%), from €190,698 to €297,702
- Taxes +€45,924
up €45,924 (+67.3%), from €68,252 to €114,176
- Financial charges -€14,379
down €14,379 (-98.5%), from €14,605 to €226
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 | €1,398,565 | €1,680,818 | +€282,252 | +20.2% |
| Fixed assets | 21/28 | €150,459 | €113,337 | -€37,121 | -24.7% |
| Tangible fixed assets | 22/27 | €149,071 | €111,949 | -€37,121 | -24.9% |
| Land and buildings | 22 | €13,365 | €11,569 | -€1,796 | -13.4% |
| Plant, machinery and equipment | 23 | €49,578 | €37,436 | -€12,142 | -24.5% |
| Furniture and vehicles | 24 | €86,128 | €62,944 | -€23,184 | -26.9% |
| Financial fixed assets | 28 | €1,388 | €1,388 | = | 0.0% |
| Current assets | 29/58 | €1,248,107 | €1,567,480 | +€319,374 | +25.6% |
| Stocks and contracts in progress | 3 | €34,873 | €40,632 | +€5,760 | +16.5% |
| Stocks | 30/36 | €34,873 | €40,632 | +€5,760 | +16.5% |
| Amounts receivable within one year | 40/41 | €448,706 | €619,296 | +€170,590 | +38.0% |
| Trade receivables | 40 | €196,430 | €300,651 | +€104,221 | +53.1% |
| Other amounts receivable | 41 | €252,276 | €318,645 | +€66,368 | +26.3% |
| Current investments | 50/53 | €609,001 | €611,549 | +€2,548 | +0.4% |
| Cash at bank and in hand | 54/58 | €150,765 | €278,012 | +€127,248 | +84.4% |
| Deferred charges and accrued income | 490/1 | €4,762 | €17,991 | +€13,229 | +277.8% |
| Total equity and liabilities | 10/49 | €1,398,565 | €1,680,818 | +€282,252 | +20.2% |
| Equity | 10/15 | €1,077,141 | €1,064,753 | -€12,388 | -1.2% |
| Contributions | 10/11 | €12,605 | €12,605 | = | 0.0% |
| Reserves | 13 | €1,064,535 | €1,052,147 | -€12,388 | -1.2% |
| Tax-exempt reserves | 132 | €11,229 | €11,229 | = | 0.0% |
| Distributable reserves | 133 | €1,053,306 | €1,040,918 | -€12,388 | -1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €5,800 | €5,800 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €5,800 | €5,800 | = | 0.0% |
| Taxes | 161 | €5,800 | €5,800 | = | 0.0% |
| Amounts payable | 17/49 | €315,625 | €610,266 | +€294,640 | +93.4% |
| Amounts payable within one year | 42/48 | €315,625 | €608,281 | +€292,655 | +92.7% |
| Trade debts | 44 | €84,187 | €140,302 | +€56,114 | +66.7% |
| Suppliers | 440/4 | €84,187 | €140,302 | +€56,114 | +66.7% |
| Taxes, remuneration and social security | 45 | €102,864 | €127,172 | +€24,308 | +23.6% |
| Taxes | 450/3 | €66,953 | €89,668 | +€22,715 | +33.9% |
| Remuneration and social security | 454/9 | €35,911 | €37,503 | +€1,593 | +4.4% |
| Other amounts payable | 47/48 | €128,574 | €340,807 | +€212,233 | +165.1% |
| Accrued charges and deferred income | 492/3 | €0 | €1,985 | +€1,985 | |
| Remuneration, social security and pensions | 62 | €190,698 | €297,702 | +€107,004 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,036 | €58,579 | -€4,457 | -7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,215 | €1,396 | +€181 | +14.9% |
| Gross operating margin | 9900 | €433,331 | €688,211 | +€254,879 | +58.8% |
| Operating profit (loss) | 9901 | €178,382 | €330,534 | +€152,152 | +85.3% |
| Financial income | 75/76B | €124,812 | €9,200 | -€115,612 | -92.6% |
| Recurring financial income | 75 | €124,812 | €9,200 | -€115,612 | -92.6% |
| Financial charges | 65/66B | €14,605 | €226 | -€14,379 | -98.5% |
| Recurring financial charges | 65 | €14,605 | €226 | -€14,379 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €288,589 | €339,508 | +€50,919 | +17.6% |
| Income taxes | 67/77 | €68,252 | €114,176 | +€45,924 | +67.3% |
| Profit (loss) for the period | 9904 | €220,337 | €225,332 | +€4,995 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €220,337 | €225,332 | +€4,995 | +2.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.