BAIKAL: what changed
BAIKAL
Largest movements
- Current investments +€87,868
new in 2025: €87,868
- Cash -€33,846
down €33,846 (-64.0%), from €52,910 to €19,065
mainly Current investments (-€87,868) and Contributions, distributions and other (-€75,000)
- Receivables within one year +€2,945
up €2,945 (+28.6%), from €10,285 to €13,230
- Tangible fixed assets -€1,575
no longer reported in 2025 (was €1,575)
- Other debts +€75,324
up €75,324 (+11,634%), from €647 to €75,972
- Current portion of long-term debt -€10,688
down €10,688 (-74.8%), from €14,287 to €3,599
- Profit (loss) carried forward -€9,503
down €9,503 (-24.9%), from €38,228 to €28,725
- Debts after one year -€3,599
no longer reported in 2025 (was €3,599)
- Trade debts +€2,312
up €2,312 (+245%), from €945 to €3,257
- Gross operating margin +€58,261
up €58,261 (+206%), from €28,289 to €86,550
- Taxes +€15,366
up €15,366 (+519%), from €2,963 to €18,329
- Depreciation -€14,391
down €14,391 (-90.1%), from €15,965 to €1,575
- Financial charges +€1,531
up €1,531 (+402%), from €381 to €1,912
- Financial income +€990
up €990 (+289%), from €342 to €1,332
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €66,024 | €121,493 | +€55,469 | +84.0% |
| Fixed assets | 21/28 | €1,575 | - | -€1,575 | |
| Tangible fixed assets | 22/27 | €1,575 | - | -€1,575 | |
| Furniture and vehicles | 24 | €1,575 | - | -€1,575 | |
| Current assets | 29/58 | €64,449 | €121,493 | +€57,044 | +88.5% |
| Amounts receivable within one year | 40/41 | €10,285 | €13,230 | +€2,945 | +28.6% |
| Trade receivables | 40 | €10,285 | €13,230 | +€2,945 | +28.6% |
| Current investments | 50/53 | - | €87,868 | +€87,868 | |
| Cash at bank and in hand | 54/58 | €52,910 | €19,065 | -€33,846 | -64.0% |
| Deferred charges and accrued income | 490/1 | €1,254 | €1,330 | +€76 | +6.1% |
| Total equity and liabilities | 10/49 | €66,024 | €121,493 | +€55,469 | +84.0% |
| Equity | 10/15 | €39,228 | €29,725 | -€9,503 | -24.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,228 | €28,725 | -€9,503 | -24.9% |
| Amounts payable | 17/49 | €26,795 | €91,768 | +€64,972 | +242% |
| Amounts payable after more than one year | 17 | €3,599 | - | -€3,599 | |
| Financial debts | 170/4 | €3,599 | - | -€3,599 | |
| Amounts payable within one year | 42/48 | €23,196 | €91,768 | +€68,571 | +296% |
| Current portion of amounts payable after more than one year | 42 | €14,287 | €3,599 | -€10,688 | -74.8% |
| Trade debts | 44 | €945 | €3,257 | +€2,312 | +245% |
| Suppliers | 440/4 | €945 | €3,257 | +€2,312 | +245% |
| Taxes, remuneration and social security | 45 | €7,317 | €8,939 | +€1,623 | +22.2% |
| Taxes | 450/3 | €7,317 | €8,939 | +€1,623 | +22.2% |
| Other amounts payable | 47/48 | €647 | €75,972 | +€75,324 | +11,634% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,965 | €1,575 | -€14,391 | -90.1% |
| Other operating charges | 640/8 | €114 | €506 | +€393 | +346% |
| Non-recurring operating charges | 66A | €189 | €63 | -€126 | -66.7% |
| Gross operating margin | 9900 | €28,289 | €86,550 | +€58,261 | +206% |
| Operating profit (loss) | 9901 | €12,020 | €84,406 | +€72,385 | +602% |
| Financial income | 75/76B | €342 | €1,332 | +€990 | +289% |
| Recurring financial income | 75 | €342 | €1,332 | +€990 | +289% |
| Financial charges | 65/66B | €381 | €1,912 | +€1,531 | +402% |
| Recurring financial charges | 65 | €381 | €1,912 | +€1,531 | +402% |
| Profit (loss) for the period before taxes | 9903 | €11,982 | €83,826 | +€71,844 | +600% |
| Income taxes | 67/77 | €2,963 | €18,329 | +€15,366 | +519% |
| Profit (loss) for the period | 9904 | €9,019 | €65,497 | +€56,478 | +626% |
| Profit (loss) for the period to be appropriated | 9905 | €9,019 | €65,497 | +€56,478 | +626% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.