BAO Academy: 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 Academy
Largest movements
- Receivables within one year -€368,091
down €368,091 (-28.1%), from €1.3m to €940,492
of which Trade receivables: -€427,554
- Intangible fixed assets +€150,807
up €150,807 (+1,018%), from €14,810 to €165,616
- Cash +€126,491
up €126,491 (+28.7%), from €440,438 to €566,929
mainly Receivables within one year (+€368,091) and Debts after one year (+€95,428)
- Trade debts -€237,511
down €237,511 (-23.2%), from €1.0m to €785,806
- Debts after one year +€95,428
up €95,428 (+175%), from €54,572 to €150,000
- Profit (loss) carried forward +€72,247
up €72,247 (+22.1%), from -€327,128 to -€254,880
- Accrued charges and deferred income -€66,020
down €66,020 (-81.3%), from €81,244 to €15,224
- Tax, wage and social debts +€57,378
up €57,378 (+64.0%), from €89,608 to €146,986
of which Taxes: +€30,436
- Turnover +€797,214
up €797,214 (+18.5%), from €4.3m to €5.1m
- Services and other goods +€581,292
up €581,292 (+14.5%), from €4.0m to €4.6m
- Staff costs +€276,725
up €276,725 (+176%), from €157,205 to €433,930
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 | €1,781,078 | €1,701,218 | -€79,860 | -4.5% |
| Fixed assets | 21/28 | €18,620 | €179,883 | +€161,263 | +866% |
| Intangible fixed assets | 21 | €14,810 | €165,616 | +€150,807 | +1,018% |
| Tangible fixed assets | 22/27 | - | €10,252 | +€10,252 | |
| Plant, machinery and equipment | 23 | - | €4,366 | +€4,366 | |
| Furniture and vehicles | 24 | - | €3,804 | +€3,804 | |
| Assets under construction and advance payments | 27 | - | €2,082 | +€2,082 | |
| Financial fixed assets | 28 | €3,810 | €4,015 | +€205 | +5.4% |
| Other financial fixed assets | 284/8 | €3,810 | €4,015 | +€205 | +5.4% |
| Amounts receivable and cash guarantees | 285/8 | €3,810 | €4,015 | +€205 | +5.4% |
| Current assets | 29/58 | €1,762,459 | €1,521,335 | -€241,124 | -13.7% |
| Amounts receivable within one year | 40/41 | €1,308,584 | €940,492 | -€368,091 | -28.1% |
| Trade receivables | 40 | €1,308,584 | €881,029 | -€427,554 | -32.7% |
| Other amounts receivable | 41 | - | €59,463 | +€59,463 | |
| Cash at bank and in hand | 54/58 | €440,438 | €566,929 | +€126,491 | +28.7% |
| Deferred charges and accrued income | 490/1 | €13,437 | €13,914 | +€477 | +3.6% |
| Total equity and liabilities | 10/49 | €1,781,078 | €1,701,218 | -€79,860 | -4.5% |
| Equity | 10/15 | €426,382 | €498,630 | +€72,247 | +16.9% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €3,510 | €3,510 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,510 | €3,510 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,510 | €3,510 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€327,128 | -€254,880 | +€72,247 | +22.1% |
| Amounts payable | 17/49 | €1,354,696 | €1,202,588 | -€152,108 | -11.2% |
| Amounts payable after more than one year | 17 | €54,572 | €150,000 | +€95,428 | +175% |
| Financial debts | 170/4 | €54,572 | €150,000 | +€95,428 | +175% |
| Other loans | 174 | €54,572 | €150,000 | +€95,428 | +175% |
| Amounts payable within one year | 42/48 | €1,218,880 | €1,037,364 | -€181,516 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €105,955 | €104,572 | -€1,383 | -1.3% |
| Trade debts | 44 | €1,023,318 | €785,806 | -€237,511 | -23.2% |
| Suppliers | 440/4 | €1,023,318 | €785,806 | -€237,511 | -23.2% |
| Taxes, remuneration and social security | 45 | €89,608 | €146,986 | +€57,378 | +64.0% |
| Taxes | 450/3 | €75,030 | €105,467 | +€30,436 | +40.6% |
| Remuneration and social security | 454/9 | €14,577 | €41,519 | +€26,942 | +185% |
| Accrued charges and deferred income | 492/3 | €81,244 | €15,224 | -€66,020 | -81.3% |
| Operating income | 70/76A | €4,308,556 | €5,129,341 | +€820,785 | +19.1% |
| Turnover | 70 | €4,305,915 | €5,103,129 | +€797,214 | +18.5% |
| Other operating income | 74 | €2,641 | €26,212 | +€23,571 | +892% |
| Operating charges | 60/66A | €4,215,608 | €5,056,019 | +€840,411 | +19.9% |
| Services and other goods | 61 | €4,014,463 | €4,595,755 | +€581,292 | +14.5% |
| Remuneration, social security and pensions | 62 | €157,205 | €433,930 | +€276,725 | +176% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,030 | €25,186 | +€19,156 | +318% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €36,123 | -€10,987 | -€47,110 | |
| Other operating charges | 640/8 | €1,787 | €12,135 | +€10,349 | +579% |
| Operating profit (loss) | 9901 | €92,948 | €73,323 | -€19,626 | -21.1% |
| Financial income | 75/76B | €79 | - | -€79 | |
| Recurring financial income | 75 | €79 | - | -€79 | |
| Other financial income | 752/9 | €79 | - | -€79 | |
| Financial charges | 65/66B | €416 | €1,075 | +€660 | +159% |
| Recurring financial charges | 65 | €416 | €1,075 | +€660 | +159% |
| Debt charges | 650 | - | €468 | +€468 | |
| Other financial charges | 652/9 | €416 | €608 | +€192 | +46.2% |
| Profit (loss) for the period before taxes | 9903 | €92,611 | €72,247 | -€20,364 | -22.0% |
| Profit (loss) for the period | 9904 | €92,611 | €72,247 | -€20,364 | -22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €92,611 | €72,247 | -€20,364 | -22.0% |
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 30 October 2026 via checked.be.