BARCO: 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.
What changed
BARCO
NACE 27.900, Manufacture of electrical equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€52.8m
2024 · €163.8m-€111.0m
Equity
€537.1m
2024 · €528.0m+€9.1m
Cash
€410,264
2024 · €446,179-€35,915
Balance sheet total
€815.5m
2024 · €810.1m+€5.5m
Largest movements
Assets
- Current investments +€79.5m
up €79.5m (+140.3%), from €56.7m to €136.2m
- Financial fixed assets -€45.2m
down €45.2m (-13.0%), from €346.4m to €301.3m
of which Affiliated companies: -€46.0m
- Receivables within one year -€35.0m
down €35.0m (-15.9%), from €219.8m to €184.8m
of which Other amounts receivable: -€45.9m
Equity and liabilities
- Reserves +€79.5m
up €79.5m (+124.8%), from €63.7m to €143.3m
of which Non-distributable reserves: +€79.5m
- Profit (loss) carried forward -€71.0m
down €71.0m (-30.4%), from €233.6m to €162.6m
- Other debts -€36.4m
down €36.4m (-43.7%), from €83.4m to €47.0m
- Short-term financial debts +€30.5m
new in 2025: €30.5m
Income statement
- Financial income -€146.2m
down €146.2m (-84.1%), from €173.9m to €27.7m
of which Financial income: -€146.2m
- Goods and materials +€25.7m
up €25.7m (+6.6%), from €388.7m to €414.5m
of which Purchases: +€33.4m
- Turnover +€21.2m
up €21.2m (+3.0%), from €695.9m to €717.1m
- Services and other goods -€15.5m
down €15.5m (-7.6%), from €204.4m to €188.9m
- Write-downs -€9.7m
down €9.7m, from €1.9m to -€7.8m
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.
Result 2024
€163.8m
Turnover
+€21.2m
Other operating income
-€1.1m
Goods and materials
-€25.7m
Services and other goods
+€15.5m
Staff costs
+€760,589
Depreciation
-€1.1m
Write-downs
+€9.7m
Provisions
-€1.3m
Other operating charges
+€684,143
Other operating items
+€9.5m
Financial income
-€146.2m
Financial charges
+€1.9m
Taxes
+€5.1m
Result 2025
€52.8m
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.
From operations
+€66.0m
Investment
-€50.8m
Financing
-€15.2m
Cash 2024
€446,179
From operations (derived)
+€66.0m
Net result for the year
+€52.8m
Depreciation
+€13.4m
Receivables after one year
-€1.0m
Stocks and contracts
-€2.3m
Receivables within one year
+€35.0m
Deferred charges and accrued income
+€113,568
Provisions
+€219,468
Trade debts
+€561,060
Tax, wage and social debts
+€3.4m
Advances received
-€4.2m
Other debts
-€36.4m
Accrued charges and deferred income
+€4.3m
Investment (derived)
-€50.8m
Investment in fixed assets (net)
+€28.8m
Current investments
-€79.5m
Financing
-€15.2m
Debts after one year
-€2.0m
Short-term financial debts
+€30.5m
Contributions, distributions and other
-€43.7m
Cash 2025
€410,264
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €810,051,706 | €815,536,793 | +€5.5m | +0.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €411,091,623 | €368,906,899 | -€42.2m | -10.3% |
| Intangible fixed assets | 21 | €7,343,150 | €5,549,783 | -€1.8m | -24.4% |
| Tangible fixed assets | 22/27 | €57,313,980 | €62,090,167 | +€4.8m | +8.3% |
| Land and buildings | 22 | €35,763,072 | €34,806,621 | -€956,452 | -2.7% |
| Plant, machinery and equipment | 23 | €12,447,957 | €15,549,116 | +€3.1m | +24.9% |
| Furniture and vehicles | 24 | €2,259,579 | €1,831,779 | -€427,800 | -18.9% |
| Other tangible fixed assets | 26 | €517,565 | €1,131,415 | +€613,850 | +118.6% |
| Assets under construction and advance payments | 27 | €6,325,806 | €8,771,237 | +€2.4m | +38.7% |
| Financial fixed assets | 28 | €346,434,494 | €301,266,949 | -€45.2m | -13.0% |
| Affiliated companies | 280/1 | €341,749,666 | €295,768,076 | -€46.0m | -13.5% |
| Participating interests | 280 | €341,749,666 | €295,768,076 | -€46.0m | -13.5% |
| Other financial fixed assets | 284/8 | €4,684,827 | €5,498,873 | +€814,046 | +17.4% |
| Shares | 284 | €4,645,922 | €5,498,873 | +€852,951 | +18.4% |
| Amounts receivable and cash guarantees | 285/8 | €38,905 | - | -€38,905 | |
| Current assets | 29/58 | €398,960,083 | €446,629,894 | +€47.7m | +11.9% |
| Amounts receivable after more than one year | 29 | - | €1,000,000 | +€1.0m | |
| Other amounts receivable | 291 | - | €1,000,000 | +€1.0m | |
| Stocks and contracts in progress | 3 | €115,480,593 | €117,793,545 | +€2.3m | +2.0% |
| Stocks | 30/36 | €112,418,834 | €113,098,370 | +€679,536 | +0.6% |
| Raw materials and consumables | 30/31 | €42,917,702 | €39,890,977 | -€3.0m | -7.1% |
| Work in progress | 32 | €7,086,958 | €12,343,685 | +€5.3m | +74.2% |
| Finished goods | 33 | €62,414,175 | €60,863,708 | -€1.6m | -2.5% |
| Contracts in progress | 37 | €3,061,759 | €4,695,175 | +€1.6m | +53.3% |
| Amounts receivable within one year | 40/41 | €219,830,790 | €184,790,852 | -€35.0m | -15.9% |
| Trade receivables | 40 | €170,579,360 | €181,416,000 | +€10.8m | +6.4% |
| Other amounts receivable | 41 | €49,251,429 | €3,374,852 | -€45.9m | -93.1% |
| Current investments | 50/53 | €56,685,673 | €136,231,953 | +€79.5m | +140.3% |
| Own shares | 50 | €56,685,673 | €136,231,953 | +€79.5m | +140.3% |
| Cash at bank and in hand | 54/58 | €446,179 | €410,264 | -€35,915 | -8.0% |
| Deferred charges and accrued income | 490/1 | €6,516,847 | €6,403,279 | -€113,568 | -1.7% |
| Total equity and liabilities | 10/49 | €810,051,706 | €815,536,793 | +€5.5m | +0.7% |
| Equity | 10/15 | €527,966,916 | €537,087,494 | +€9.1m | +1.7% |
| Contributions | 10/11 | €230,112,543 | €230,112,543 | = | 0.0% |
| Capital | 10 | €56,752,737 | €56,752,737 | = | 0.0% |
| Issued capital | 100 | €56,752,737 | €56,752,737 | = | 0.0% |
| Outside capital | 11 | €173,359,806 | €173,359,806 | = | 0.0% |
| Share premium | 1100/10 | €173,359,806 | €173,359,806 | = | 0.0% |
| Reserves | 13 | €63,749,193 | €143,295,473 | +€79.5m | +124.8% |
| Non-distributable reserves | 130/1 | €62,867,584 | €142,413,865 | +€79.5m | +126.5% |
| Legal reserve | 130 | €6,181,912 | €6,181,912 | = | 0.0% |
| Own shares acquired | 1312 | €56,685,673 | €136,231,953 | +€79.5m | +140.3% |
| Tax-exempt reserves | 132 | €31,608 | €31,608 | = | 0.0% |
| Distributable reserves | 133 | €850,000 | €850,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €233,554,353 | €162,579,892 | -€71.0m | -30.4% |
| Investment grants | 15 | €550,828 | €1,099,587 | +€548,759 | +99.6% |
| Provisions and deferred taxes | 16 | €6,830,520 | €7,049,988 | +€219,468 | +3.2% |
| Provisions for liabilities and charges | 160/5 | €6,830,520 | €7,049,988 | +€219,468 | +3.2% |
| Pensions and similar obligations | 160 | €48,106 | €36,592 | -€11,514 | -23.9% |
| Other liabilities and charges | 164/5 | €6,782,414 | €7,013,397 | +€230,982 | +3.4% |
| Amounts payable | 17/49 | €275,254,270 | €271,399,310 | -€3.9m | -1.4% |
| Amounts payable after more than one year | 17 | €10,000,000 | €8,000,000 | -€2.0m | -20.0% |
| Financial debts | 170/4 | €10,000,000 | €8,000,000 | -€2.0m | -20.0% |
| Credit institutions | 173 | €10,000,000 | €8,000,000 | -€2.0m | -20.0% |
| Amounts payable within one year | 42/48 | €240,461,668 | €234,311,253 | -€6.2m | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €2,000,000 | €2,000,000 | = | 0.0% |
| Financial debts | 43 | - | €30,456,903 | +€30.5m | |
| Credit institutions | 430/8 | - | €30,456,903 | +€30.5m | |
| Trade debts | 44 | €106,276,106 | €106,837,166 | +€561,060 | +0.5% |
| Suppliers | 440/4 | €106,276,106 | €106,837,166 | +€561,060 | +0.5% |
| Advances received on contracts in progress | 46 | €15,911,322 | €11,732,602 | -€4.2m | -26.3% |
| Taxes, remuneration and social security | 45 | €32,874,995 | €36,297,474 | +€3.4m | +10.4% |
| Taxes | 450/3 | €3,663,048 | €4,835,249 | +€1.2m | +32.0% |
| Remuneration and social security | 454/9 | €29,211,946 | €31,462,224 | +€2.3m | +7.7% |
| Other amounts payable | 47/48 | €83,399,245 | €46,987,108 | -€36.4m | -43.7% |
| Accrued charges and deferred income | 492/3 | €24,792,602 | €29,088,057 | +€4.3m | +17.3% |
| Operating income | 70/76A | €771,724,071 | €801,282,272 | +€29.6m | +3.8% |
| Turnover | 70 | €695,909,067 | €717,059,280 | +€21.2m | +3.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€9,701,652 | -€174,312 | +€9.5m | +98.2% |
| Own construction capitalised | 72 | - | €19,328 | +€19,328 | |
| Other operating income | 74 | €85,516,656 | €84,377,976 | -€1.1m | -1.3% |
| Operating charges | 60/66A | €747,247,094 | €748,665,604 | +€1.4m | +0.2% |
| Goods for resale, raw materials and consumables | 60 | €388,735,849 | €414,461,281 | +€25.7m | +6.6% |
| Purchases | 600/8 | €376,323,381 | €409,770,461 | +€33.4m | +8.9% |
| Change in stocks: decrease (increase) | 609 | €12,412,468 | €4,690,820 | -€7.7m | -62.2% |
| Services and other goods | 61 | €204,358,184 | €188,878,980 | -€15.5m | -7.6% |
| Remuneration, social security and pensions | 62 | €138,727,907 | €137,967,318 | -€760,589 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,355,143 | €13,430,876 | +€1.1m | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,890,159 | -€7,839,704 | -€9.7m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,051,675 | €219,468 | +€1.3m | |
| Other operating charges | 640/8 | €2,231,528 | €1,547,385 | -€684,143 | -30.7% |
| Operating profit (loss) | 9901 | €24,476,977 | €52,616,669 | +€28.1m | +115.0% |
| Financial income | 75/76B | €173,873,312 | €27,704,276 | -€146.2m | -84.1% |
| Recurring financial income | 75 | €173,872,823 | €27,704,276 | -€146.2m | -84.1% |
| Income from financial fixed assets | 750 | €159,129,928 | €14,019,862 | -€145.1m | -91.2% |
| Income from current assets | 751 | €0 | - | = | |
| Other financial income | 752/9 | €14,742,894 | €13,684,415 | -€1.1m | -7.2% |
| Non-recurring financial income | 76B | €489 | - | -€489 | |
| Financial charges | 65/66B | €27,325,099 | €25,385,769 | -€1.9m | -7.1% |
| Recurring financial charges | 65 | €21,052,588 | €19,216,312 | -€1.8m | -8.7% |
| Debt charges | 650 | €4,764,251 | €1,791,846 | -€3.0m | -62.4% |
| Other financial charges | 652/9 | €16,288,338 | €17,424,467 | +€1.1m | +7.0% |
| Non-recurring financial charges | 66B | €6,272,510 | €6,169,457 | -€103,054 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €171,025,191 | €54,935,176 | -€116.1m | -67.9% |
| Income taxes | 67/77 | €7,185,312 | €2,135,291 | -€5.1m | -70.3% |
| Taxes | 670/3 | €7,185,312 | €2,135,291 | -€5.1m | -70.3% |
| Profit (loss) for the period | 9904 | €163,839,878 | €52,799,885 | -€111.0m | -67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €163,839,878 | €52,799,885 | -€111.0m | -67.8% |
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 8 October 2026 via checked.be.