bArd'eau: 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.
bArd'eau
Largest movements
- Tangible fixed assets -€39,595
down €39,595 (-6.6%), from €601,002 to €561,406
- Cash -€14,486
down €14,486 (-37.9%), from €38,194 to €23,708
mainly Debts after one year (-€80,047) and Tax, wage and social debts (-€8,166)
- Debts after one year -€80,047
down €80,047 (-17.7%), from €452,571 to €372,525
- Profit (loss) carried forward +€37,471
up €37,471 (+62.9%), from -€59,582 to -€22,111
- Tax, wage and social debts -€8,166
down €8,166 (-10.4%), from €78,467 to €70,301
of which Remuneration and social security: -€4,275
- Gross operating margin -€49,362
down €49,362 (-10.4%), from €474,547 to €425,185
- Staff costs -€19,239
down €19,239 (-5.5%), from €349,452 to €330,213
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 | €677,154 | €623,942 | -€53,212 | -7.9% |
| Fixed assets | 21/28 | €606,627 | €567,031 | -€39,595 | -6.5% |
| Tangible fixed assets | 22/27 | €601,002 | €561,406 | -€39,595 | -6.6% |
| Plant, machinery and equipment | 23 | €79,270 | €64,623 | -€14,648 | -18.5% |
| Furniture and vehicles | 24 | €15,179 | €9,245 | -€5,934 | -39.1% |
| Other tangible fixed assets | 26 | €506,553 | €487,539 | -€19,014 | -3.8% |
| Financial fixed assets | 28 | €5,625 | €5,625 | = | 0.0% |
| Current assets | 29/58 | €70,528 | €56,911 | -€13,617 | -19.3% |
| Stocks and contracts in progress | 3 | €13,637 | €13,846 | +€209 | +1.5% |
| Stocks | 30/36 | €13,637 | €13,846 | +€209 | +1.5% |
| Amounts receivable within one year | 40/41 | €14,078 | €14,092 | +€14 | +0.1% |
| Trade receivables | 40 | €10,996 | €10,732 | -€265 | -2.4% |
| Other amounts receivable | 41 | €3,082 | €3,360 | +€278 | +9.0% |
| Cash at bank and in hand | 54/58 | €38,194 | €23,708 | -€14,486 | -37.9% |
| Deferred charges and accrued income | 490/1 | €4,618 | €5,266 | +€647 | +14.0% |
| Total equity and liabilities | 10/49 | €677,154 | €623,942 | -€53,212 | -7.9% |
| Equity | 10/15 | €418 | €37,889 | +€37,471 | +8970.4% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,582 | -€22,111 | +€37,471 | +62.9% |
| Amounts payable | 17/49 | €676,736 | €586,053 | -€90,683 | -13.4% |
| Amounts payable after more than one year | 17 | €452,571 | €372,525 | -€80,047 | -17.7% |
| Financial debts | 170/4 | €452,571 | €372,525 | -€80,047 | -17.7% |
| Amounts payable within one year | 42/48 | €224,165 | €213,529 | -€10,637 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €81,564 | €82,747 | +€1,183 | +1.5% |
| Trade debts | 44 | €64,134 | €60,480 | -€3,654 | -5.7% |
| Suppliers | 440/4 | €64,134 | €60,480 | -€3,654 | -5.7% |
| Taxes, remuneration and social security | 45 | €78,467 | €70,301 | -€8,166 | -10.4% |
| Taxes | 450/3 | €27,079 | €23,188 | -€3,891 | -14.4% |
| Remuneration and social security | 454/9 | €51,388 | €47,113 | -€4,275 | -8.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €349,452 | €330,213 | -€19,239 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,619 | €39,595 | -€1,024 | -2.5% |
| Other operating charges | 640/8 | €4,304 | €4,174 | -€130 | -3.0% |
| Gross operating margin | 9900 | €474,547 | €425,185 | -€49,362 | -10.4% |
| Operating profit (loss) | 9901 | €80,172 | €51,202 | -€28,970 | -36.1% |
| Financial income | 75/76B | €6,933 | €2,204 | -€4,729 | -68.2% |
| Recurring financial income | 75 | €6,933 | €2,204 | -€4,729 | -68.2% |
| Financial charges | 65/66B | €17,268 | €15,865 | -€1,403 | -8.1% |
| Recurring financial charges | 65 | €17,268 | €15,865 | -€1,403 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €69,837 | €37,542 | -€32,295 | -46.2% |
| Income taxes | 67/77 | €71 | €71 | -€0 | 0.0% |
| Profit (loss) for the period | 9904 | €69,767 | €37,471 | -€32,295 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,767 | €37,471 | -€32,295 | -46.3% |
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.