Baoli: 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.
Baoli
Largest movements
- Tangible fixed assets +€566,006
up €566,006 (+302%), from €187,417 to €753,423
of which Other tangible fixed assets: +€542,330
- Cash +€235,920
up €235,920 (+1,261%), from €18,704 to €254,624
mainly Debts after one year (+€555,575) and Current portion of long-term debt (+€210,885)
- Receivables within one year +€173,799
up €173,799 (+62.0%), from €280,244 to €454,043
of which Trade receivables: +€169,779
- Debts after one year +€555,575
up €555,575 (+51.2%), from €1.1m to €1.6m
- Current portion of long-term debt +€210,885
new in 2025: €210,885
- Trade debts +€65,057
up €65,057 (+677%), from €9,607 to €74,664
- Accrued charges and deferred income +€61,837
up €61,837 (+4,478%), from €1,381 to €63,218
- Reserves +€52,108
up €52,108 (+6.2%), from €836,659 to €888,767
- Financial income -€372,429
down €372,429 (-62.2%), from €599,038 to €226,609
- Gross operating margin -€173,555
down €173,555 (-80.8%), from €214,868 to €41,313
- Taxes -€90,652
down €90,652 (-74.4%), from €121,834 to €31,182
- Financial charges +€77,736
up €77,736 (+286%), from €27,196 to €104,932
- Depreciation +€37,673
up €37,673 (+491%), from €7,670 to €45,343
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 | €3,081,026 | €4,048,434 | +€967,408 | +31.4% |
| Fixed assets | 21/28 | €738,061 | €1,304,067 | +€566,006 | +76.7% |
| Tangible fixed assets | 22/27 | €187,417 | €753,423 | +€566,006 | +302% |
| Furniture and vehicles | 24 | €3,441 | €27,116 | +€23,676 | +688% |
| Other tangible fixed assets | 26 | €183,977 | €726,307 | +€542,330 | +295% |
| Financial fixed assets | 28 | €550,644 | €550,644 | = | 0.0% |
| Current assets | 29/58 | €2,342,965 | €2,744,366 | +€401,402 | +17.1% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €2,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €280,244 | €454,043 | +€173,799 | +62.0% |
| Trade receivables | 40 | €0 | €169,779 | +€169,779 | |
| Other amounts receivable | 41 | €280,244 | €284,264 | +€4,020 | +1.4% |
| Current investments | 50/53 | €19,480 | €25,730 | +€6,250 | +32.1% |
| Cash at bank and in hand | 54/58 | €18,704 | €254,624 | +€235,920 | +1,261% |
| Deferred charges and accrued income | 490/1 | €24,536 | €9,970 | -€14,567 | -59.4% |
| Total equity and liabilities | 10/49 | €3,081,026 | €4,048,434 | +€967,408 | +31.4% |
| Equity | 10/15 | €1,407,226 | €1,459,333 | +€52,108 | +3.7% |
| Contributions | 10/11 | €570,567 | €570,567 | = | 0.0% |
| Reserves | 13 | €836,659 | €888,767 | +€52,108 | +6.2% |
| Distributable reserves | 133 | €836,659 | €888,767 | +€52,108 | +6.2% |
| Amounts payable | 17/49 | €1,673,800 | €2,589,100 | +€915,300 | +54.7% |
| Amounts payable after more than one year | 17 | €1,084,250 | €1,639,824 | +€555,575 | +51.2% |
| Financial debts | 170/4 | €1,084,250 | €1,639,824 | +€555,575 | +51.2% |
| Amounts payable within one year | 42/48 | €588,170 | €886,058 | +€297,888 | +50.6% |
| Current portion of amounts payable after more than one year | 42 | - | €210,885 | +€210,885 | |
| Financial debts | 43 | €500,000 | €533,411 | +€33,411 | +6.7% |
| Credit institutions | 430/8 | €500,000 | €533,411 | +€33,411 | +6.7% |
| Trade debts | 44 | €9,607 | €74,664 | +€65,057 | +677% |
| Suppliers | 440/4 | €9,607 | €74,664 | +€65,057 | +677% |
| Taxes, remuneration and social security | 45 | €78,562 | €67,098 | -€11,465 | -14.6% |
| Taxes | 450/3 | €78,562 | €67,098 | -€11,465 | -14.6% |
| Accrued charges and deferred income | 492/3 | €1,381 | €63,218 | +€61,837 | +4,478% |
| Non-recurring operating income | 76A | €1,281 | €0 | -€1,281 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,670 | €45,343 | +€37,673 | +491% |
| Other operating charges | 640/8 | €3,265 | €34,357 | +€31,092 | +952% |
| Gross operating margin | 9900 | €214,868 | €41,313 | -€173,555 | -80.8% |
| Operating profit (loss) | 9901 | €203,933 | -€38,387 | -€242,321 | |
| Financial income | 75/76B | €599,038 | €226,609 | -€372,429 | -62.2% |
| Recurring financial income | 75 | €599,038 | €226,609 | -€372,429 | -62.2% |
| Financial charges | 65/66B | €27,196 | €104,932 | +€77,736 | +286% |
| Recurring financial charges | 65 | €27,196 | €104,932 | +€77,736 | +286% |
| Profit (loss) for the period before taxes | 9903 | €775,775 | €83,290 | -€692,486 | -89.3% |
| Income taxes | 67/77 | €121,834 | €31,182 | -€90,652 | -74.4% |
| Profit (loss) for the period | 9904 | €653,941 | €52,108 | -€601,834 | -92.0% |
| Profit (loss) for the period to be appropriated | 9905 | €653,941 | €52,108 | -€601,834 | -92.0% |
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 21 October 2026 via checked.be.