BAO TECHNOLOGIES: 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.
BAO TECHNOLOGIES
Largest movements
- Intangible fixed assets +€76,094
up €76,094 (+11492.9%), from €662 to €76,756
- Cash -€36,842
down €36,842 (-93.1%), from €39,573 to €2,732
mainly Investment in fixed assets (net) (-€76,817) and Receivables within one year (-€21,928)
- Receivables within one year +€21,928
up €21,928 (+42.9%), from €51,088 to €73,016
of which Trade receivables: +€38,548
- Receivables after one year -€12,155
no longer reported in 2025 (was €12,155)
- Stocks and contracts +€4,665
new in 2025: €4,665
- Tax, wage and social debts +€18,860
up €18,860 (+96.2%), from €19,610 to €38,470
of which Taxes: +€26,800
- Profit (loss) carried forward +€18,127
up €18,127 (+15.2%), from €119,461 to €137,588
- Debts after one year +€16,497
up €16,497 (+206.8%), from €7,977 to €24,473
- Trade debts -€13,844
down €13,844 (-78.8%), from €17,579 to €3,734
- Other debts +€6,093
new in 2025: €6,093
- Purchases and services -€43,426
down €43,426 (-24.8%), from €175,098 to €131,672
- Turnover -€37,168
down €37,168 (-10.5%), from €352,728 to €315,560
- Other operating charges +€27,440
up €27,440 (+1374.1%), from €1,997 to €29,437
- Staff costs -€24,650
down €24,650 (-13.1%), from €188,499 to €163,849
- Financial income +€18,708
up €18,708 (+1187.7%), from €1,575 to €20,283
of which Non-recurring financial income: +€18,888
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 | €181,508 | €226,436 | +€44,928 | +24.8% |
| Fixed assets | 21/28 | €77,601 | €145,716 | +€68,115 | +87.8% |
| Intangible fixed assets | 21 | €662 | €76,756 | +€76,094 | +11492.9% |
| Tangible fixed assets | 22/27 | €12,621 | €8,284 | -€4,337 | -34.4% |
| Plant, machinery and equipment | 23 | €2,803 | €2,174 | -€629 | -22.4% |
| Furniture and vehicles | 24 | €9,818 | €6,109 | -€3,709 | -37.8% |
| Financial fixed assets | 28 | €64,317 | €60,676 | -€3,642 | -5.7% |
| Current assets | 29/58 | €103,907 | €80,720 | -€23,188 | -22.3% |
| Amounts receivable after more than one year | 29 | €12,155 | - | -€12,155 | |
| Other amounts receivable | 291 | €12,155 | - | -€12,155 | |
| Stocks and contracts in progress | 3 | - | €4,665 | +€4,665 | |
| Stocks | 30/36 | - | €4,665 | +€4,665 | |
| Amounts receivable within one year | 40/41 | €51,088 | €73,016 | +€21,928 | +42.9% |
| Trade receivables | 40 | €34,035 | €72,583 | +€38,548 | +113.3% |
| Other amounts receivable | 41 | €17,053 | €433 | -€16,621 | -97.5% |
| Cash at bank and in hand | 54/58 | €39,573 | €2,732 | -€36,842 | -93.1% |
| Deferred charges and accrued income | 490/1 | €1,091 | €308 | -€784 | -71.8% |
| Total equity and liabilities | 10/49 | €181,508 | €226,436 | +€44,928 | +24.8% |
| Equity | 10/15 | €127,847 | €145,974 | +€18,127 | +14.2% |
| Contributions | 10/11 | €6,200 | €8,059 | +€1,859 | +30.0% |
| Reserves | 13 | €2,186 | €327 | -€1,859 | -85.0% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Tax-exempt reserves | 132 | €327 | €327 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,461 | €137,588 | +€18,127 | +15.2% |
| Provisions and deferred taxes | 16 | €2,075 | €2,075 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,075 | €2,075 | = | 0.0% |
| Other liabilities and charges | 164/5 | €2,075 | €2,075 | = | 0.0% |
| Amounts payable | 17/49 | €51,586 | €78,386 | +€26,800 | +52.0% |
| Amounts payable after more than one year | 17 | €7,977 | €24,473 | +€16,497 | +206.8% |
| Financial debts | 170/4 | €7,977 | €24,473 | +€16,497 | +206.8% |
| Amounts payable within one year | 42/48 | €43,080 | €53,913 | +€10,833 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €5,892 | €5,543 | -€349 | -5.9% |
| Financial debts | 43 | - | €73 | +€73 | |
| Credit institutions | 430/8 | - | €73 | +€73 | |
| Trade debts | 44 | €17,579 | €3,734 | -€13,844 | -78.8% |
| Suppliers | 440/4 | €17,579 | €3,734 | -€13,844 | -78.8% |
| Taxes, remuneration and social security | 45 | €19,610 | €38,470 | +€18,860 | +96.2% |
| Taxes | 450/3 | €578 | €27,378 | +€26,800 | +4633.9% |
| Remuneration and social security | 454/9 | €19,031 | €11,092 | -€7,939 | -41.7% |
| Other amounts payable | 47/48 | - | €6,093 | +€6,093 | |
| Accrued charges and deferred income | 492/3 | €529 | - | -€529 | |
| Turnover | 70 | €352,728 | €315,560 | -€37,168 | -10.5% |
| Non-recurring operating income | 76A | - | €24,456 | +€24,456 | |
| Goods, raw materials, services and sundry goods | 60/61 | €175,098 | €131,672 | -€43,426 | -24.8% |
| Remuneration, social security and pensions | 62 | €188,499 | €163,849 | -€24,650 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,300 | €8,702 | +€4,402 | +102.4% |
| Other operating charges | 640/8 | €1,997 | €29,437 | +€27,440 | +1374.1% |
| Gross operating margin | 9900 | €197,013 | €208,345 | +€11,331 | +5.8% |
| Operating profit (loss) | 9901 | €2,218 | €6,357 | +€4,139 | +186.6% |
| Financial income | 75/76B | €1,575 | €20,283 | +€18,708 | +1187.7% |
| Recurring financial income | 75 | €747 | €567 | -€180 | -24.1% |
| Non-recurring financial income | 76B | €828 | €19,716 | +€18,888 | +2281.8% |
| Financial charges | 65/66B | €2,364 | €3,848 | +€1,484 | +62.8% |
| Recurring financial charges | 65 | €2,364 | €2,553 | +€189 | +8.0% |
| Non-recurring financial charges | 66B | - | €1,295 | +€1,295 | |
| Profit (loss) for the period before taxes | 9903 | €1,429 | €22,792 | +€21,363 | +1494.5% |
| Income taxes | 67/77 | €224 | €4,665 | +€4,440 | +1979.3% |
| Profit (loss) for the period | 9904 | €1,205 | €18,127 | +€16,922 | +1404.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,205 | €18,127 | +€16,922 | +1404.2% |
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 2 October 2026 via checked.be.