BAKO HORSES: 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.
BAKO HORSES
Largest movements
- Cash +€13,142
up €13,142 (+861%), from €1,526 to €14,668
mainly Net result for the year (+€14,261) and Depreciation (+€7,033)
- Stocks and contracts -€2,392
down €2,392 (-22.2%), from €10,755 to €8,363
- Profit (loss) carried forward +€14,261
up €14,261 (+68.0%), from -€20,987 to -€6,726
- Other debts -€5,541
down €5,541 (-30.4%), from €18,200 to €12,659
- Trade debts +€2,755
up €2,755 (+53.2%), from €5,180 to €7,935
- Debts after one year +€2,253
up €2,253 (+1.7%), from €130,747 to €133,000
- Staff costs -€18,529
down €18,529 (-98.2%), from €18,861 to €331
- Gross operating margin +€15,516
up €15,516 (+144%), from €10,768 to €26,284
- Depreciation -€3,144
down €3,144 (-30.9%), from €10,177 to €7,033
- Financial charges +€706
up €706 (+298%), from €237 to €943
- Other operating charges +€694
up €694 (+25.2%), from €2,754 to €3,448
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.
Derived cash bridge
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 | €178,552 | €192,618 | +€14,066 | +7.9% |
| Fixed assets | 21/28 | €162,284 | €163,886 | +€1,602 | +1.0% |
| Tangible fixed assets | 22/27 | €161,089 | €162,751 | +€1,662 | +1.0% |
| Land and buildings | 22 | €157,087 | €157,809 | +€721 | +0.5% |
| Plant, machinery and equipment | 23 | - | €1,866 | +€1,866 | |
| Furniture and vehicles | 24 | €206 | €39 | -€167 | -81.0% |
| Other tangible fixed assets | 26 | €3,796 | €3,037 | -€759 | -20.0% |
| Financial fixed assets | 28 | €1,195 | €1,135 | -€60 | -5.0% |
| Current assets | 29/58 | €16,268 | €28,732 | +€12,464 | +76.6% |
| Stocks and contracts in progress | 3 | €10,755 | €8,363 | -€2,392 | -22.2% |
| Stocks | 30/36 | €10,755 | €8,363 | -€2,392 | -22.2% |
| Amounts receivable within one year | 40/41 | €3,147 | €4,972 | +€1,825 | +58.0% |
| Trade receivables | 40 | €3,129 | €4,933 | +€1,804 | +57.7% |
| Other amounts receivable | 41 | €19 | €39 | +€21 | +113% |
| Cash at bank and in hand | 54/58 | €1,526 | €14,668 | +€13,142 | +861% |
| Deferred charges and accrued income | 490/1 | €840 | €728 | -€111 | -13.3% |
| Total equity and liabilities | 10/49 | €178,552 | €192,618 | +€14,066 | +7.9% |
| Equity | 10/15 | €4,013 | €18,274 | +€14,261 | +355% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,987 | -€6,726 | +€14,261 | +68.0% |
| Amounts payable | 17/49 | €174,538 | €174,343 | -€195 | -0.1% |
| Amounts payable after more than one year | 17 | €130,747 | €133,000 | +€2,253 | +1.7% |
| Financial debts | 170/4 | €130,747 | €133,000 | +€2,253 | +1.7% |
| Amounts payable within one year | 42/48 | €42,225 | €39,718 | -€2,507 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €15,364 | €15,747 | +€383 | +2.5% |
| Trade debts | 44 | €5,180 | €7,935 | +€2,755 | +53.2% |
| Suppliers | 440/4 | €5,180 | €7,935 | +€2,755 | +53.2% |
| Taxes, remuneration and social security | 45 | €3,481 | €3,378 | -€103 | -3.0% |
| Taxes | 450/3 | €3,481 | €3,378 | -€103 | -3.0% |
| Other amounts payable | 47/48 | €18,200 | €12,659 | -€5,541 | -30.4% |
| Accrued charges and deferred income | 492/3 | €1,566 | €1,625 | +€59 | +3.8% |
| Remuneration, social security and pensions | 62 | €18,861 | €331 | -€18,529 | -98.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,177 | €7,033 | -€3,144 | -30.9% |
| Other operating charges | 640/8 | €2,754 | €3,448 | +€694 | +25.2% |
| Gross operating margin | 9900 | €10,768 | €26,284 | +€15,516 | +144% |
| Operating profit (loss) | 9901 | -€21,024 | €15,471 | +€36,495 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €237 | €943 | +€706 | +298% |
| Recurring financial charges | 65 | €237 | €943 | +€706 | +298% |
| Profit (loss) for the period before taxes | 9903 | -€21,260 | €14,528 | +€35,789 | |
| Income taxes | 67/77 | €273 | €267 | -€6 | -2.1% |
| Profit (loss) for the period | 9904 | -€21,534 | €14,261 | +€35,795 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,534 | €14,261 | +€35,795 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.