Baray Trans: 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.
Baray Trans
Largest movements
- Tangible fixed assets +€911,086
up €911,086 (+406%), from €224,216 to €1.1m
of which Land and buildings: +€750,286
- Receivables within one year +€574,459
up €574,459 (+44.6%), from €1.3m to €1.9m
of which Trade receivables: +€533,454
- Deferred charges and accrued income -€93,083
down €93,083 (-96.4%), from €96,554 to €3,470
- Cash -€67,457
down €67,457 (-29.0%), from €232,497 to €165,041
mainly Investment in fixed assets (net) (-€1.0m) and Receivables within one year (-€574,459)
- Trade debts +€638,984
up €638,984 (+102%), from €626,468 to €1.3m
- Debts after one year +€603,750
new in 2025: €603,750
- Current portion of long-term debt +€59,878
up €59,878 (+164%), from €36,497 to €96,374
- Gross operating margin +€1.8m
up €1.8m (+369%), from €496,225 to €2.3m
- Staff costs +€1.5m
up €1.5m (+318%), from €481,630 to €2.0m
- Other operating charges +€105,958
up €105,958 (+407%), from €26,005 to €131,963
- Depreciation +€86,162
up €86,162 (+275%), from €31,291 to €117,453
- Financial income -€70,137
down €70,137 (-94.9%), from €73,910 to €3,773
of which Non-recurring financial income: -€66,995
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 | €1,906,202 | €3,230,882 | +€1.3m | +69.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €288,443 | €1,199,204 | +€910,761 | +316% |
| Intangible fixed assets | 21 | €4,582 | €4,077 | -€505 | -11.0% |
| Tangible fixed assets | 22/27 | €224,216 | €1,135,302 | +€911,086 | +406% |
| Land and buildings | 22 | - | €750,286 | +€750,286 | |
| Plant, machinery and equipment | 23 | €5,124 | €7,325 | +€2,202 | +43.0% |
| Furniture and vehicles | 24 | €211,322 | €365,580 | +€154,258 | +73.0% |
| Other tangible fixed assets | 26 | €7,770 | €12,111 | +€4,340 | +55.9% |
| Financial fixed assets | 28 | €59,645 | €59,825 | +€180 | +0.3% |
| Current assets | 29/58 | €1,617,759 | €2,031,678 | +€413,919 | +25.6% |
| Amounts receivable within one year | 40/41 | €1,288,708 | €1,863,167 | +€574,459 | +44.6% |
| Trade receivables | 40 | €1,164,521 | €1,697,975 | +€533,454 | +45.8% |
| Other amounts receivable | 41 | €124,187 | €165,192 | +€41,005 | +33.0% |
| Cash at bank and in hand | 54/58 | €232,497 | €165,041 | -€67,457 | -29.0% |
| Deferred charges and accrued income | 490/1 | €96,554 | €3,470 | -€93,083 | -96.4% |
| Total equity and liabilities | 10/49 | €1,906,202 | €3,230,882 | +€1.3m | +69.5% |
| Equity | 10/15 | €1,057,789 | €1,066,515 | +€8,726 | +0.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,051,589 | €1,060,315 | +€8,726 | +0.8% |
| Distributable reserves | 133 | €1,051,589 | €1,060,315 | +€8,726 | +0.8% |
| Amounts payable | 17/49 | €848,412 | €2,164,367 | +€1.3m | +155% |
| Amounts payable after more than one year | 17 | - | €603,750 | +€603,750 | |
| Financial debts | 170/4 | - | €603,750 | +€603,750 | |
| Amounts payable within one year | 42/48 | €848,412 | €1,560,617 | +€712,205 | +83.9% |
| Current portion of amounts payable after more than one year | 42 | €36,497 | €96,374 | +€59,878 | +164% |
| Trade debts | 44 | €626,468 | €1,265,452 | +€638,984 | +102% |
| Suppliers | 440/4 | €626,468 | €1,265,452 | +€638,984 | +102% |
| Taxes, remuneration and social security | 45 | €185,448 | €198,790 | +€13,342 | +7.2% |
| Taxes | 450/3 | €99,333 | €414 | -€98,919 | -99.6% |
| Remuneration and social security | 454/9 | €86,115 | €198,376 | +€112,261 | +130% |
| Remuneration, social security and pensions | 62 | €481,630 | €2,012,515 | +€1.5m | +318% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,291 | €117,453 | +€86,162 | +275% |
| Other operating charges | 640/8 | €26,005 | €131,963 | +€105,958 | +407% |
| Gross operating margin | 9900 | €496,225 | €2,327,153 | +€1.8m | +369% |
| Operating profit (loss) | 9901 | -€42,701 | €65,222 | +€107,923 | |
| Financial income | 75/76B | €73,910 | €3,773 | -€70,137 | -94.9% |
| Recurring financial income | 75 | €3,910 | €767 | -€3,143 | -80.4% |
| Non-recurring financial income | 76B | €70,000 | €3,005 | -€66,995 | -95.7% |
| Financial charges | 65/66B | €3,173 | €46,344 | +€43,171 | +1,361% |
| Recurring financial charges | 65 | €3,173 | €46,344 | +€43,171 | +1,361% |
| Profit (loss) for the period before taxes | 9903 | €28,036 | €22,651 | -€5,385 | -19.2% |
| Income taxes | 67/77 | €8,683 | €13,925 | +€5,242 | +60.4% |
| Profit (loss) for the period | 9904 | €19,353 | €8,726 | -€10,627 | -54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,353 | €8,726 | -€10,627 | -54.9% |
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 18 October 2026 via checked.be.