BAI: 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.
BAI
Largest movements
- Receivables within one year +€241,116
up €241,116 (+68.3%), from €352,893 to €594,009
of which Trade receivables: +€227,082
- Cash +€191,276
up €191,276 (+911.5%), from €20,984 to €212,260
mainly Trade debts (+€275,634) and Stocks and contracts (+€125,290)
- Stocks and contracts -€125,290
down €125,290 (-30.2%), from €415,431 to €290,141
- Tangible fixed assets -€42,174
down €42,174 (-23.1%), from €182,592 to €140,418
of which Plant, machinery and equipment: -€38,779
- Trade debts +€275,634
up €275,634 (+62.9%), from €438,167 to €713,801
- Profit (loss) carried forward +€84,792
up €84,792 (+92.0%), from €92,162 to €176,954
- Short-term financial debts -€80,000
down €80,000 (-34.8%), from €230,000 to €150,000
- Gross operating margin +€71,376
up €71,376 (+8.9%), from €803,011 to €874,386
- Staff costs +€69,060
up €69,060 (+11.4%), from €607,221 to €676,281
- Taxes +€28,045
up €28,045 (+761.1%), from €3,685 to €31,730
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 | €1,008,091 | €1,273,018 | +€264,927 | +26.3% |
| Fixed assets | 21/28 | €218,782 | €176,608 | -€42,174 | -19.3% |
| Tangible fixed assets | 22/27 | €182,592 | €140,418 | -€42,174 | -23.1% |
| Land and buildings | 22 | €3,102 | €2,033 | -€1,069 | -34.5% |
| Plant, machinery and equipment | 23 | €172,632 | €133,853 | -€38,779 | -22.5% |
| Furniture and vehicles | 24 | €6,859 | €4,532 | -€2,326 | -33.9% |
| Financial fixed assets | 28 | €36,190 | €36,190 | = | 0.0% |
| Current assets | 29/58 | €789,308 | €1,096,410 | +€307,102 | +38.9% |
| Stocks and contracts in progress | 3 | €415,431 | €290,141 | -€125,290 | -30.2% |
| Stocks | 30/36 | €415,431 | €290,141 | -€125,290 | -30.2% |
| Amounts receivable within one year | 40/41 | €352,893 | €594,009 | +€241,116 | +68.3% |
| Trade receivables | 40 | €304,526 | €531,608 | +€227,082 | +74.6% |
| Other amounts receivable | 41 | €48,367 | €62,401 | +€14,033 | +29.0% |
| Cash at bank and in hand | 54/58 | €20,984 | €212,260 | +€191,276 | +911.5% |
| Total equity and liabilities | 10/49 | €1,008,091 | €1,273,018 | +€264,927 | +26.3% |
| Equity | 10/15 | €162,622 | €247,414 | +€84,792 | +52.1% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,162 | €176,954 | +€84,792 | +92.0% |
| Amounts payable | 17/49 | €845,469 | €1,025,604 | +€180,135 | +21.3% |
| Amounts payable within one year | 42/48 | €845,469 | €1,025,604 | +€180,135 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €230,000 | €150,000 | -€80,000 | -34.8% |
| Credit institutions | 430/8 | €230,000 | €150,000 | -€80,000 | -34.8% |
| Trade debts | 44 | €438,167 | €713,801 | +€275,634 | +62.9% |
| Suppliers | 440/4 | €438,167 | €713,801 | +€275,634 | +62.9% |
| Taxes, remuneration and social security | 45 | €125,818 | €117,578 | -€8,240 | -6.5% |
| Taxes | 450/3 | €84,474 | €66,622 | -€17,852 | -21.1% |
| Remuneration and social security | 454/9 | €41,345 | €50,956 | +€9,612 | +23.2% |
| Other amounts payable | 47/48 | €51,484 | €44,226 | -€7,258 | -14.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €607,221 | €676,281 | +€69,060 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,120 | €43,174 | +€3,054 | +7.6% |
| Other operating charges | 640/8 | €3,486 | €3,314 | -€172 | -4.9% |
| Gross operating margin | 9900 | €803,011 | €874,386 | +€71,376 | +8.9% |
| Operating profit (loss) | 9901 | €152,184 | €151,617 | -€567 | -0.4% |
| Financial income | 75/76B | €3,557 | €2,436 | -€1,121 | -31.5% |
| Recurring financial income | 75 | €3,557 | €2,436 | -€1,121 | -31.5% |
| Financial charges | 65/66B | €42,668 | €37,531 | -€5,137 | -12.0% |
| Recurring financial charges | 65 | €42,668 | €37,531 | -€5,137 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €113,073 | €116,522 | +€3,449 | +3.1% |
| Income taxes | 67/77 | €3,685 | €31,730 | +€28,045 | +761.1% |
| Profit (loss) for the period | 9904 | €109,388 | €84,792 | -€24,596 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €109,388 | €84,792 | -€24,596 | -22.5% |
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.