BAON: 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.
BAON
Largest movements
- Tangible fixed assets +€58,867
up €58,867 (+91.9%), from €64,075 to €122,943
of which Furniture and vehicles: +€57,641
- Receivables within one year -€45,085
down €45,085 (-38.6%), from €116,832 to €71,747
of which Trade receivables: -€47,366
- Stocks and contracts -€14,779
no longer reported in 2025 (was €14,779)
- Reserves +€78,531
new in 2025: €78,531
- Other debts -€63,859
down €63,859 (-67.2%), from €95,000 to €31,141
- Profit (loss) carried forward -€32,574
no longer reported in 2025 (was €32,574)
- Debts after one year +€15,692
up €15,692 (+35.2%), from €44,616 to €60,308
- Current portion of long-term debt +€10,878
up €10,878 (+60.9%), from €17,847 to €28,724
- Gross operating margin +€30,298
up €30,298 (+54.1%), from €55,957 to €86,255
- Depreciation +€14,977
up €14,977 (+147%), from €10,158 to €25,135
- Financial charges +€2,201
up €2,201 (+181%), from €1,216 to €3,417
- Taxes -€869
down €869 (-7.6%), from €11,460 to €10,591
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 | €214,323 | €215,761 | +€1,438 | +0.7% |
| Formation expenses | 20 | €169 | - | -€169 | |
| Fixed assets | 21/28 | €64,075 | €122,943 | +€58,867 | +91.9% |
| Tangible fixed assets | 22/27 | €64,075 | €122,943 | +€58,867 | +91.9% |
| Plant, machinery and equipment | 23 | - | €1,227 | +€1,227 | |
| Furniture and vehicles | 24 | €64,075 | €121,716 | +€57,641 | +90.0% |
| Current assets | 29/58 | €150,079 | €92,819 | -€57,260 | -38.2% |
| Stocks and contracts in progress | 3 | €14,779 | - | -€14,779 | |
| Contracts in progress | 37 | €14,779 | - | -€14,779 | |
| Amounts receivable within one year | 40/41 | €116,832 | €71,747 | -€45,085 | -38.6% |
| Trade receivables | 40 | €116,285 | €68,919 | -€47,366 | -40.7% |
| Other amounts receivable | 41 | €547 | €2,828 | +€2,281 | +417% |
| Cash at bank and in hand | 54/58 | €13,479 | €14,563 | +€1,084 | +8.0% |
| Deferred charges and accrued income | 490/1 | €4,989 | €6,509 | +€1,520 | +30.5% |
| Total equity and liabilities | 10/49 | €214,323 | €215,761 | +€1,438 | +0.7% |
| Equity | 10/15 | €42,574 | €88,531 | +€45,957 | +108% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €78,531 | +€78,531 | |
| Distributable reserves | 133 | - | €78,531 | +€78,531 | |
| Profit (loss) carried forward | 14 | €32,574 | - | -€32,574 | |
| Amounts payable | 17/49 | €171,749 | €127,230 | -€44,519 | -25.9% |
| Amounts payable after more than one year | 17 | €44,616 | €60,308 | +€15,692 | +35.2% |
| Financial debts | 170/4 | €44,616 | €60,308 | +€15,692 | +35.2% |
| Amounts payable within one year | 42/48 | €127,027 | €66,428 | -€60,599 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | €17,847 | €28,724 | +€10,878 | +60.9% |
| Trade debts | 44 | €3,202 | €4,880 | +€1,678 | +52.4% |
| Suppliers | 440/4 | €3,202 | €4,880 | +€1,678 | +52.4% |
| Taxes, remuneration and social security | 45 | €10,979 | €1,683 | -€9,296 | -84.7% |
| Taxes | 450/3 | €7,624 | €1,488 | -€6,137 | -80.5% |
| Remuneration and social security | 454/9 | €3,354 | €195 | -€3,159 | -94.2% |
| Other amounts payable | 47/48 | €95,000 | €31,141 | -€63,859 | -67.2% |
| Accrued charges and deferred income | 492/3 | €106 | €494 | +€388 | +368% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,158 | €25,135 | +€14,977 | +147% |
| Other operating charges | 640/8 | €550 | €1,165 | +€615 | +112% |
| Gross operating margin | 9900 | €55,957 | €86,255 | +€30,298 | +54.1% |
| Operating profit (loss) | 9901 | €45,250 | €59,955 | +€14,705 | +32.5% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €1,216 | €3,417 | +€2,201 | +181% |
| Recurring financial charges | 65 | €1,216 | €3,417 | +€2,201 | +181% |
| Profit (loss) for the period before taxes | 9903 | €44,034 | €56,548 | +€12,515 | +28.4% |
| Income taxes | 67/77 | €11,460 | €10,591 | -€869 | -7.6% |
| Profit (loss) for the period | 9904 | €32,574 | €45,957 | +€13,384 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,574 | €45,957 | +€13,384 | +41.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.