BAKWEL: 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.
BAKWEL
Largest movements
- Cash +€218,929
up €218,929 (+322.3%), from €67,927 to €286,856
mainly Other debts (+€242,507) and Depreciation (+€71,924)
- Tangible fixed assets -€70,875
down €70,875 (-3.3%), from €2.1m to €2.0m
of which Land and buildings: -€65,053
- Other debts +€242,507
up €242,507 (+87.6%), from €276,945 to €519,452
- Debts after one year -€128,432
down €128,432 (-10.0%), from €1.3m to €1.2m
of which Financial debts: -€128,432
- Profit (loss) carried forward +€69,827
up €69,827 (+25.2%), from €276,614 to €346,441
- Other operating charges +€4,926
up €4,926 (+41.7%), from €11,810 to €16,736
- Gross operating margin +€3,810
up €3,810 (+2.0%), from €186,062 to €189,871
- Financial charges -€2,670
down €2,670 (-13.0%), from €20,518 to €17,849
of which Non-recurring financial charges: -€1,800
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 | €2,195,621 | €2,341,931 | +€146,310 | +6.7% |
| Fixed assets | 21/28 | €2,121,288 | €2,050,412 | -€70,875 | -3.3% |
| Tangible fixed assets | 22/27 | €2,118,788 | €2,047,912 | -€70,875 | -3.3% |
| Land and buildings | 22 | €2,099,880 | €2,034,827 | -€65,053 | -3.1% |
| Furniture and vehicles | 24 | €18,908 | €13,085 | -€5,823 | -30.8% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €74,333 | €291,518 | +€217,185 | +292.2% |
| Amounts receivable within one year | 40/41 | €4,315 | €4,291 | -€24 | -0.6% |
| Other amounts receivable | 41 | €4,315 | €4,291 | -€24 | -0.6% |
| Cash at bank and in hand | 54/58 | €67,927 | €286,856 | +€218,929 | +322.3% |
| Deferred charges and accrued income | 490/1 | €2,091 | €371 | -€1,720 | -82.2% |
| Total equity and liabilities | 10/49 | €2,195,621 | €2,341,931 | +€146,310 | +6.7% |
| Equity | 10/15 | €418,440 | €480,952 | +€62,512 | +14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €135,626 | €128,311 | -€7,315 | -5.4% |
| Tax-exempt reserves | 132 | €135,626 | €128,311 | -€7,315 | -5.4% |
| Profit (loss) carried forward | 14 | €276,614 | €346,441 | +€69,827 | +25.2% |
| Provisions and deferred taxes | 16 | €45,209 | €42,770 | -€2,438 | -5.4% |
| Deferred taxes | 168 | €45,209 | €42,770 | -€2,438 | -5.4% |
| Amounts payable | 17/49 | €1,731,973 | €1,818,208 | +€86,236 | +5.0% |
| Amounts payable after more than one year | 17 | €1,289,030 | €1,160,598 | -€128,432 | -10.0% |
| Financial debts | 170/4 | €1,289,030 | €1,160,598 | -€128,432 | -10.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €441,018 | €655,658 | +€214,641 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €126,921 | €116,010 | -€10,910 | -8.6% |
| Trade debts | 44 | €28,696 | €19,306 | -€9,390 | -32.7% |
| Suppliers | 440/4 | €28,696 | €19,306 | -€9,390 | -32.7% |
| Taxes, remuneration and social security | 45 | €8,456 | €889 | -€7,567 | -89.5% |
| Taxes | 450/3 | €8,456 | €889 | -€7,567 | -89.5% |
| Other amounts payable | 47/48 | €276,945 | €519,452 | +€242,507 | +87.6% |
| Accrued charges and deferred income | 492/3 | €1,925 | €1,953 | +€28 | +1.4% |
| Non-recurring operating income | 76A | - | €1,049 | +€1,049 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,924 | €71,924 | = | 0.0% |
| Other operating charges | 640/8 | €11,810 | €16,736 | +€4,926 | +41.7% |
| Gross operating margin | 9900 | €186,062 | €189,871 | +€3,810 | +2.0% |
| Operating profit (loss) | 9901 | €102,328 | €101,211 | -€1,116 | -1.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €20,518 | €17,849 | -€2,670 | -13.0% |
| Recurring financial charges | 65 | €18,718 | €17,849 | -€870 | -4.6% |
| Non-recurring financial charges | 66B | €1,800 | €0 | -€1,800 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €81,809 | €83,363 | +€1,554 | +1.9% |
| Transfer from deferred taxes | 780 | €2,438 | €2,438 | = | 0.0% |
| Income taxes | 67/77 | €23,456 | €23,289 | -€167 | -0.7% |
| Profit (loss) for the period | 9904 | €60,791 | €62,512 | +€1,721 | +2.8% |
| Transfer from tax-exempt reserves | 789 | €7,315 | €7,315 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,106 | €69,827 | +€1,721 | +2.5% |
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.