BAIMAR: 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.
BAIMAR
Largest movements
- Tangible fixed assets +€213,456
up €213,456 (+54.6%), from €390,892 to €604,348
of which Assets under construction and advance payments: +€258,019
- Receivables within one year -€39,090
down €39,090 (-52.0%), from €75,146 to €36,056
of which Trade receivables: -€48,926
- Cash -€34,725
down €34,725 (-17.9%), from €193,556 to €158,831
- Profit (loss) carried forward +€258,550
up €258,550 (+94.1%), from €274,782 to €533,332
- Debts after one year -€102,703
down €102,703 (-57.5%), from €178,646 to €75,943
- Tax, wage and social debts -€45,960
down €45,960 (-41.8%), from €109,827 to €63,867
of which Taxes: -€45,960
- Current portion of long-term debt +€36,288
up €36,288 (+278.4%), from €13,035 to €49,323
- Taxes +€8,951
up €8,951 (+22.3%), from €40,176 to €49,127
- Gross operating margin +€8,141
up €8,141 (+3.7%), from €219,739 to €227,880
- Depreciation +€2,556
up €2,556 (+11.6%), from €22,032 to €24,588
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €663,277 | €800,494 | +€137,217 | +20.7% |
| Fixed assets | 21/28 | €390,892 | €604,348 | +€213,456 | +54.6% |
| Tangible fixed assets | 22/27 | €390,892 | €604,348 | +€213,456 | +54.6% |
| Land and buildings | 22 | €117,799 | €109,163 | -€8,637 | -7.3% |
| Plant, machinery and equipment | 23 | - | €4,087 | +€4,087 | |
| Furniture and vehicles | 24 | €70,024 | €30,010 | -€40,014 | -57.1% |
| Assets under construction and advance payments | 27 | €203,069 | €461,088 | +€258,019 | +127.1% |
| Current assets | 29/58 | €272,384 | €196,146 | -€76,239 | -28.0% |
| Amounts receivable within one year | 40/41 | €75,146 | €36,056 | -€39,090 | -52.0% |
| Trade receivables | 40 | €74,646 | €25,720 | -€48,926 | -65.5% |
| Other amounts receivable | 41 | €500 | €10,336 | +€9,836 | +1967.2% |
| Cash at bank and in hand | 54/58 | €193,556 | €158,831 | -€34,725 | -17.9% |
| Deferred charges and accrued income | 490/1 | €3,683 | €1,259 | -€2,423 | -65.8% |
| Total equity and liabilities | 10/49 | €663,277 | €800,494 | +€137,217 | +20.7% |
| Equity | 10/15 | €279,782 | €538,332 | +€258,550 | +92.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €274,782 | €533,332 | +€258,550 | +94.1% |
| Amounts payable | 17/49 | €383,494 | €262,161 | -€121,333 | -31.6% |
| Amounts payable after more than one year | 17 | €178,646 | €75,943 | -€102,703 | -57.5% |
| Financial debts | 170/4 | €178,646 | €75,943 | -€102,703 | -57.5% |
| Amounts payable within one year | 42/48 | €204,848 | €186,219 | -€18,629 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €13,035 | €49,323 | +€36,288 | +278.4% |
| Trade debts | 44 | €6,295 | - | -€6,295 | |
| Suppliers | 440/4 | €6,295 | - | -€6,295 | |
| Taxes, remuneration and social security | 45 | €109,827 | €63,867 | -€45,960 | -41.8% |
| Taxes | 450/3 | €106,827 | €60,867 | -€45,960 | -43.0% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €75,692 | €73,029 | -€2,662 | -3.5% |
| Remuneration, social security and pensions | 62 | €128 | - | -€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,032 | €24,588 | +€2,556 | +11.6% |
| Other operating charges | 640/8 | €1,050 | €2,573 | +€1,523 | +145.1% |
| Gross operating margin | 9900 | €219,739 | €227,880 | +€8,141 | +3.7% |
| Operating profit (loss) | 9901 | €196,529 | €200,720 | +€4,190 | +2.1% |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €19,577 | €21,235 | +€1,658 | +8.5% |
| Recurring financial charges | 65 | €19,577 | €21,235 | +€1,658 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €176,953 | €179,500 | +€2,548 | +1.4% |
| Income taxes | 67/77 | €40,176 | €49,127 | +€8,951 | +22.3% |
| Profit (loss) for the period | 9904 | €136,776 | €130,374 | -€6,403 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €136,776 | €130,374 | -€6,403 | -4.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.