BAKEVEL: 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.
BAKEVEL
Largest movements
- Cash +€183,869
up €183,869 (+123.0%), from €149,543 to €333,412
mainly Net result for the year (+€115,114) and Depreciation (+€108,069)
- Tangible fixed assets -€110,557
down €110,557 (-11.6%), from €952,774 to €842,217
of which Land and buildings: -€90,264
- Debts after one year +€80,778
up €80,778 (+17.3%), from €466,240 to €547,018
of which Other amounts payable: +€110,778
- Reserves +€18,427
up €18,427 (+2.4%), from €770,773 to €789,200
of which Distributable reserves: +€18,427
- Current portion of long-term debt -€17,243
down €17,243 (-36.5%), from €47,243 to €30,000
- Depreciation -€56,878
down €56,878 (-34.5%), from €164,947 to €108,069
- Gross operating margin +€49,860
up €49,860 (+19.6%), from €254,558 to €304,418
- Provisions +€39,187
no longer reported in 2025 (was -€39,187)
- Financial charges -€35,689
down €35,689 (-58.9%), from €60,558 to €24,869
of which Non-recurring financial charges: -€26,287
- Taxes +€22,698
up €22,698 (+165.1%), from €13,751 to €36,449
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 | €1,511,033 | €1,587,786 | +€76,753 | +5.1% |
| Fixed assets | 21/28 | €955,103 | €842,987 | -€112,116 | -11.7% |
| Tangible fixed assets | 22/27 | €952,774 | €842,217 | -€110,557 | -11.6% |
| Land and buildings | 22 | €836,799 | €746,535 | -€90,264 | -10.8% |
| Plant, machinery and equipment | 23 | €38,486 | €53,485 | +€14,999 | +39.0% |
| Furniture and vehicles | 24 | €77,489 | €42,197 | -€35,292 | -45.5% |
| Financial fixed assets | 28 | €2,329 | €770 | -€1,559 | -66.9% |
| Current assets | 29/58 | €555,930 | €744,799 | +€188,869 | +34.0% |
| Stocks and contracts in progress | 3 | €397,783 | €392,728 | -€5,055 | -1.3% |
| Stocks | 30/36 | €397,783 | €392,728 | -€5,055 | -1.3% |
| Amounts receivable within one year | 40/41 | €2,252 | €12,594 | +€10,342 | +459.2% |
| Trade receivables | 40 | €1,452 | €4,526 | +€3,074 | +211.7% |
| Other amounts receivable | 41 | €800 | €8,068 | +€7,268 | +908.5% |
| Cash at bank and in hand | 54/58 | €149,543 | €333,412 | +€183,869 | +123.0% |
| Deferred charges and accrued income | 490/1 | €6,352 | €6,065 | -€287 | -4.5% |
| Total equity and liabilities | 10/49 | €1,511,033 | €1,587,786 | +€76,753 | +5.1% |
| Equity | 10/15 | €923,549 | €942,090 | +€18,541 | +2.0% |
| Contributions | 10/11 | €152,000 | €152,000 | = | 0.0% |
| Capital | 10 | €152,000 | €152,000 | = | 0.0% |
| Issued capital | 100 | €152,000 | €152,000 | = | 0.0% |
| Reserves | 13 | €770,773 | €789,200 | +€18,427 | +2.4% |
| Non-distributable reserves | 130/1 | €15,200 | €15,200 | = | 0.0% |
| Legal reserve | 130 | €15,200 | €15,200 | = | 0.0% |
| Distributable reserves | 133 | €755,573 | €774,000 | +€18,427 | +2.4% |
| Profit (loss) carried forward | 14 | €776 | €890 | +€114 | +14.7% |
| Amounts payable | 17/49 | €587,484 | €645,696 | +€58,212 | +9.9% |
| Amounts payable after more than one year | 17 | €466,240 | €547,018 | +€80,778 | +17.3% |
| Financial debts | 170/4 | €177,500 | €147,500 | -€30,000 | -16.9% |
| Other amounts payable | 178/9 | €288,740 | €399,518 | +€110,778 | +38.4% |
| Amounts payable within one year | 42/48 | €90,357 | €76,696 | -€13,661 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €47,243 | €30,000 | -€17,243 | -36.5% |
| Financial debts | 43 | €2,320 | - | -€2,320 | |
| Credit institutions | 430/8 | €2,320 | - | -€2,320 | |
| Trade debts | 44 | €19,334 | €23,907 | +€4,573 | +23.7% |
| Suppliers | 440/4 | €19,334 | €23,907 | +€4,573 | +23.7% |
| Advances received on contracts in progress | 46 | €1,500 | €3,062 | +€1,562 | +104.1% |
| Taxes, remuneration and social security | 45 | €13,960 | €11,727 | -€2,233 | -16.0% |
| Taxes | 450/3 | €11,394 | €11,459 | +€65 | +0.6% |
| Remuneration and social security | 454/9 | €2,566 | €268 | -€2,298 | -89.6% |
| Other amounts payable | 47/48 | €6,000 | €8,000 | +€2,000 | +33.3% |
| Accrued charges and deferred income | 492/3 | €30,887 | €21,982 | -€8,905 | -28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,947 | €108,069 | -€56,878 | -34.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,081 | -€1,814 | +€267 | +12.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€39,187 | - | +€39,187 | |
| Other operating charges | 640/8 | €19,463 | €26,670 | +€7,207 | +37.0% |
| Gross operating margin | 9900 | €254,558 | €304,418 | +€49,860 | +19.6% |
| Operating profit (loss) | 9901 | €111,416 | €171,493 | +€60,077 | +53.9% |
| Financial income | 75/76B | €3,365 | €4,939 | +€1,574 | +46.8% |
| Recurring financial income | 75 | €3,365 | €4,939 | +€1,574 | +46.8% |
| Financial charges | 65/66B | €60,558 | €24,869 | -€35,689 | -58.9% |
| Recurring financial charges | 65 | €34,271 | €24,869 | -€9,402 | -27.4% |
| Non-recurring financial charges | 66B | €26,287 | - | -€26,287 | |
| Profit (loss) for the period before taxes | 9903 | €54,223 | €151,563 | +€97,340 | +179.5% |
| Income taxes | 67/77 | €13,751 | €36,449 | +€22,698 | +165.1% |
| Profit (loss) for the period | 9904 | €40,472 | €115,114 | +€74,642 | +184.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,472 | €115,114 | +€74,642 | +184.4% |
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.