Bao: 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.
Bao
Largest movements
- Deferred charges and accrued income +€76,192
up €76,192 (+1650.4%), from €4,616 to €80,808
- Financial fixed assets +€75,000
up €75,000 (+576.9%), from €13,000 to €88,000
- Receivables within one year +€66,461
up €66,461 (+31.7%), from €209,650 to €276,111
of which Other amounts receivable: +€64,356
- Tangible fixed assets -€17,138
down €17,138 (-3.3%), from €517,786 to €500,648
of which Furniture and vehicles: -€12,863
- Cash +€11,044
up €11,044 (+40.8%), from €27,066 to €38,110
mainly Other debts (+€349,294) and Debts after one year (+€63,174)
- Other debts +€349,294
new in 2025: €349,294
- Reserves -€204,960
down €204,960 (-46.8%), from €438,113 to €233,153
- Debts after one year +€63,174
up €63,174 (+30.7%), from €205,789 to €268,962
of which Other amounts payable: +€75,000
- Tax, wage and social debts -€44,254
down €44,254 (-40.7%), from €108,660 to €64,405
- Trade debts +€38,503
up €38,503 (+748.9%), from €5,141 to €43,644
- Financial charges +€106,184
up €106,184 (+2605.0%), from €4,076 to €110,261
of which Non-recurring financial charges: +€100,000
- Gross operating margin +€57,067
up €57,067 (+26.8%), from €212,913 to €269,981
- Other operating charges +€35,878
up €35,878 (+1460.3%), from €2,457 to €38,335
- Taxes -€25,841
down €25,841 (-48.2%), from €53,585 to €27,744
- Depreciation +€22,752
up €22,752 (+88.2%), from €25,798 to €48,550
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 | €772,118 | €983,678 | +€211,559 | +27.4% |
| Fixed assets | 21/28 | €530,786 | €588,648 | +€57,862 | +10.9% |
| Tangible fixed assets | 22/27 | €517,786 | €500,648 | -€17,138 | -3.3% |
| Land and buildings | 22 | €468,227 | €467,589 | -€638 | -0.1% |
| Plant, machinery and equipment | 23 | €9,374 | €5,736 | -€3,638 | -38.8% |
| Furniture and vehicles | 24 | €40,186 | €27,323 | -€12,863 | -32.0% |
| Financial fixed assets | 28 | €13,000 | €88,000 | +€75,000 | +576.9% |
| Current assets | 29/58 | €241,332 | €395,030 | +€153,697 | +63.7% |
| Amounts receivable within one year | 40/41 | €209,650 | €276,111 | +€66,461 | +31.7% |
| Trade receivables | 40 | €53,231 | €55,336 | +€2,105 | +4.0% |
| Other amounts receivable | 41 | €156,419 | €220,775 | +€64,356 | +41.1% |
| Cash at bank and in hand | 54/58 | €27,066 | €38,110 | +€11,044 | +40.8% |
| Deferred charges and accrued income | 490/1 | €4,616 | €80,808 | +€76,192 | +1650.4% |
| Total equity and liabilities | 10/49 | €772,118 | €983,678 | +€211,559 | +27.4% |
| Equity | 10/15 | €441,113 | €236,153 | -€204,960 | -46.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €438,113 | €233,153 | -€204,960 | -46.8% |
| Distributable reserves | 133 | €438,113 | €233,153 | -€204,960 | -46.8% |
| Amounts payable | 17/49 | €331,005 | €747,524 | +€416,519 | +125.8% |
| Amounts payable after more than one year | 17 | €205,789 | €268,962 | +€63,174 | +30.7% |
| Financial debts | 170/4 | €205,789 | €193,962 | -€11,827 | -5.7% |
| Other amounts payable | 178/9 | - | €75,000 | +€75,000 | |
| Amounts payable within one year | 42/48 | €125,216 | €470,190 | +€344,974 | +275.5% |
| Current portion of amounts payable after more than one year | 42 | €11,415 | €11,827 | +€412 | +3.6% |
| Trade debts | 44 | €5,141 | €43,644 | +€38,503 | +748.9% |
| Suppliers | 440/4 | €5,141 | €43,644 | +€38,503 | +748.9% |
| Advances received on contracts in progress | 46 | - | €1,020 | +€1,020 | |
| Taxes, remuneration and social security | 45 | €108,660 | €64,405 | -€44,254 | -40.7% |
| Taxes | 450/3 | €108,660 | €64,405 | -€44,254 | -40.7% |
| Other amounts payable | 47/48 | - | €349,294 | +€349,294 | |
| Accrued charges and deferred income | 492/3 | - | €8,372 | +€8,372 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,798 | €48,550 | +€22,752 | +88.2% |
| Other operating charges | 640/8 | €2,457 | €38,335 | +€35,878 | +1460.3% |
| Gross operating margin | 9900 | €212,913 | €269,981 | +€57,067 | +26.8% |
| Operating profit (loss) | 9901 | €184,658 | €183,096 | -€1,563 | -0.8% |
| Financial income | 75/76B | €7,642 | €9,949 | +€2,307 | +30.2% |
| Recurring financial income | 75 | €7,642 | €9,949 | +€2,307 | +30.2% |
| Financial charges | 65/66B | €4,076 | €110,261 | +€106,184 | +2605.0% |
| Recurring financial charges | 65 | €4,076 | €10,261 | +€6,184 | +151.7% |
| Non-recurring financial charges | 66B | - | €100,000 | +€100,000 | |
| Profit (loss) for the period before taxes | 9903 | €188,224 | €82,784 | -€105,440 | -56.0% |
| Income taxes | 67/77 | €53,585 | €27,744 | -€25,841 | -48.2% |
| Profit (loss) for the period | 9904 | €134,639 | €55,040 | -€79,599 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €134,639 | €55,040 | -€79,599 | -59.1% |
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 11 October 2026 via checked.be.