BAP PROJECTS: 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.
BAP PROJECTS
Largest movements
- Cash -€41,833
down €41,833 (-66.0%), from €63,341 to €21,508
mainly Contributions, distributions and other (-€48,500) and Other debts (-€34,731)
- Current investments -€40,000
no longer reported in 2025 (was €40,000)
- Receivables within one year +€4,806
up €4,806 (+52.9%), from €9,094 to €13,900
- Tangible fixed assets -€2,337
down €2,337 (-4.6%), from €50,338 to €48,001
- Other debts -€34,731
down €34,731 (-35.8%), from €96,947 to €62,216
- Tax, wage and social debts -€25,736
down €25,736 (-59.6%), from €43,160 to €17,423
of which Taxes: -€23,797
- Trade debts -€10,699
down €10,699 (-95.8%), from €11,168 to €468
- Reserves -€7,000
down €7,000 (-97.1%), from €7,207 to €207
- Gross operating margin -€61,143
down €61,143 (-47.8%), from €127,901 to €66,758
- Taxes -€15,654
down €15,654 (-58.0%), from €26,983 to €11,329
- Depreciation +€9,133
up €9,133 (+228.1%), from €4,004 to €13,137
- Provisions +€3,319
no longer reported in 2025 (was -€3,319)
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 | €164,073 | €85,526 | -€78,546 | -47.9% |
| Fixed assets | 21/28 | €50,338 | €48,001 | -€2,337 | -4.6% |
| Tangible fixed assets | 22/27 | €50,338 | €48,001 | -€2,337 | -4.6% |
| Plant, machinery and equipment | 23 | €1,009 | €429 | -€581 | -57.5% |
| Furniture and vehicles | 24 | €41,008 | €40,084 | -€924 | -2.3% |
| Other tangible fixed assets | 26 | €8,321 | €7,489 | -€832 | -10.0% |
| Current assets | 29/58 | €113,734 | €37,525 | -€76,209 | -67.0% |
| Amounts receivable within one year | 40/41 | €9,094 | €13,900 | +€4,806 | +52.9% |
| Trade receivables | 40 | €9,094 | €13,900 | +€4,806 | +52.9% |
| Current investments | 50/53 | €40,000 | - | -€40,000 | |
| Cash at bank and in hand | 54/58 | €63,341 | €21,508 | -€41,833 | -66.0% |
| Deferred charges and accrued income | 490/1 | €1,299 | €2,117 | +€818 | +62.9% |
| Total equity and liabilities | 10/49 | €164,073 | €85,526 | -€78,546 | -47.9% |
| Equity | 10/15 | €12,798 | €5,419 | -€7,380 | -57.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €7,207 | €207 | -€7,000 | -97.1% |
| Distributable reserves | 133 | €7,207 | €207 | -€7,000 | -97.1% |
| Profit (loss) carried forward | 14 | €591 | €212 | -€380 | -64.2% |
| Amounts payable | 17/49 | €151,274 | €80,108 | -€71,167 | -47.0% |
| Amounts payable within one year | 42/48 | €151,274 | €80,108 | -€71,167 | -47.0% |
| Trade debts | 44 | €11,168 | €468 | -€10,699 | -95.8% |
| Suppliers | 440/4 | €11,168 | €468 | -€10,699 | -95.8% |
| Taxes, remuneration and social security | 45 | €43,160 | €17,423 | -€25,736 | -59.6% |
| Taxes | 450/3 | €41,220 | €17,423 | -€23,797 | -57.7% |
| Remuneration and social security | 454/9 | €1,939 | - | -€1,939 | |
| Other amounts payable | 47/48 | €96,947 | €62,216 | -€34,731 | -35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,004 | €13,137 | +€9,133 | +228.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,319 | - | +€3,319 | |
| Other operating charges | 640/8 | €1,455 | €2,406 | +€951 | +65.3% |
| Gross operating margin | 9900 | €127,901 | €66,758 | -€61,143 | -47.8% |
| Operating profit (loss) | 9901 | €125,761 | €51,216 | -€74,545 | -59.3% |
| Financial income | 75/76B | €1,792 | €1,280 | -€512 | -28.6% |
| Recurring financial income | 75 | €1,792 | €1,280 | -€512 | -28.6% |
| Financial charges | 65/66B | €69 | €46 | -€22 | -32.6% |
| Recurring financial charges | 65 | €69 | €46 | -€22 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €127,484 | €52,449 | -€75,035 | -58.9% |
| Income taxes | 67/77 | €26,983 | €11,329 | -€15,654 | -58.0% |
| Profit (loss) for the period | 9904 | €100,501 | €41,120 | -€59,381 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €100,501 | €41,120 | -€59,381 | -59.1% |
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 5 October 2026 via checked.be.