BAKO: 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.
BAKO
Largest movements
- Tangible fixed assets +€132,419
up €132,419 (+65.0%), from €203,814 to €336,233
of which Land and buildings: +€142,015
- Receivables within one year -€10,217
down €10,217 (-38.5%), from €26,502 to €16,286
of which Trade receivables: -€8,190
- Cash -€8,173
down €8,173 (-63.1%), from €12,943 to €4,770
mainly Investment in fixed assets (net) (-€163,743) and Accrued charges and deferred income (-€20,181)
- Debts after one year +€122,022
up €122,022 (+98.6%), from €123,761 to €245,784
- Accrued charges and deferred income -€20,181
down €20,181 (-91.7%), from €22,005 to €1,824
- Other debts +€13,678
up €13,678 (+40.0%), from €34,155 to €47,833
- Trade debts -€10,445
down €10,445 (-61.1%), from €17,095 to €6,650
- Current portion of long-term debt +€4,464
up €4,464 (+78.5%), from €5,688 to €10,152
- Depreciation +€9,784
up €9,784 (+45.4%), from €21,540 to €31,324
- Other operating charges +€6,018
up €6,018 (+249.8%), from €2,409 to €8,427
- Financial charges +€4,809
up €4,809 (+118.4%), from €4,062 to €8,872
- Gross operating margin +€4,621
up €4,621 (+10.1%), from €45,913 to €50,534
- Taxes -€2,887
down €2,887 (-70.3%), from €4,106 to €1,219
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 | €247,872 | €360,746 | +€112,874 | +45.5% |
| Fixed assets | 21/28 | €203,814 | €336,233 | +€132,419 | +65.0% |
| Tangible fixed assets | 22/27 | €203,814 | €336,233 | +€132,419 | +65.0% |
| Land and buildings | 22 | €165,806 | €307,821 | +€142,015 | +85.7% |
| Plant, machinery and equipment | 23 | €27,827 | €21,766 | -€6,061 | -21.8% |
| Furniture and vehicles | 24 | €10,182 | €6,647 | -€3,535 | -34.7% |
| Current assets | 29/58 | €44,058 | €24,513 | -€19,545 | -44.4% |
| Stocks and contracts in progress | 3 | €2,500 | €2,220 | -€280 | -11.2% |
| Stocks | 30/36 | €2,500 | €2,220 | -€280 | -11.2% |
| Amounts receivable within one year | 40/41 | €26,502 | €16,286 | -€10,217 | -38.5% |
| Trade receivables | 40 | €23,159 | €14,969 | -€8,190 | -35.4% |
| Other amounts receivable | 41 | €3,343 | €1,317 | -€2,027 | -60.6% |
| Cash at bank and in hand | 54/58 | €12,943 | €4,770 | -€8,173 | -63.1% |
| Deferred charges and accrued income | 490/1 | €2,112 | €1,237 | -€875 | -41.4% |
| Total equity and liabilities | 10/49 | €247,872 | €360,746 | +€112,874 | +45.5% |
| Equity | 10/15 | €39,446 | €40,142 | +€696 | +1.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €19,446 | €20,142 | +€696 | +3.6% |
| Distributable reserves | 133 | €19,446 | €20,142 | +€696 | +3.6% |
| Amounts payable | 17/49 | €208,426 | €320,604 | +€112,179 | +53.8% |
| Amounts payable after more than one year | 17 | €123,761 | €245,784 | +€122,022 | +98.6% |
| Financial debts | 170/4 | €123,761 | €245,784 | +€122,022 | +98.6% |
| Amounts payable within one year | 42/48 | €62,659 | €72,996 | +€10,337 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €5,688 | €10,152 | +€4,464 | +78.5% |
| Trade debts | 44 | €17,095 | €6,650 | -€10,445 | -61.1% |
| Suppliers | 440/4 | €17,095 | €6,650 | -€10,445 | -61.1% |
| Taxes, remuneration and social security | 45 | €5,721 | €8,361 | +€2,640 | +46.1% |
| Taxes | 450/3 | €4,721 | €7,361 | +€2,640 | +55.9% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €34,155 | €47,833 | +€13,678 | +40.0% |
| Accrued charges and deferred income | 492/3 | €22,005 | €1,824 | -€20,181 | -91.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,540 | €31,324 | +€9,784 | +45.4% |
| Other operating charges | 640/8 | €2,409 | €8,427 | +€6,018 | +249.8% |
| Non-recurring operating charges | 66A | €3,343 | €0 | -€3,343 | -100.0% |
| Gross operating margin | 9900 | €45,913 | €50,534 | +€4,621 | +10.1% |
| Operating profit (loss) | 9901 | €18,621 | €10,784 | -€7,837 | -42.1% |
| Financial income | 75/76B | €372 | €2 | -€369 | -99.4% |
| Recurring financial income | 75 | €372 | €2 | -€369 | -99.4% |
| Financial charges | 65/66B | €4,062 | €8,872 | +€4,809 | +118.4% |
| Recurring financial charges | 65 | €4,062 | €8,872 | +€4,809 | +118.4% |
| Profit (loss) for the period before taxes | 9903 | €14,930 | €1,915 | -€13,015 | -87.2% |
| Income taxes | 67/77 | €4,106 | €1,219 | -€2,887 | -70.3% |
| Profit (loss) for the period | 9904 | €10,824 | €696 | -€10,128 | -93.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,824 | €696 | -€10,128 | -93.6% |
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 5 October 2026 via checked.be.