BARDAF: 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.
BARDAF
Largest movements
- Cash +€162,519
up €162,519 (+59.8%), from €271,714 to €434,233
mainly Net result for the year (+€232,750) and Depreciation (+€47,245)
- Tangible fixed assets -€26,303
down €26,303 (-17.0%), from €154,639 to €128,336
of which Furniture and vehicles: -€17,955
- Reserves +€148,000
up €148,000 (+27.6%), from €536,000 to €684,000
- Tax, wage and social debts -€37,115
down €37,115 (-38.7%), from €95,884 to €58,769
of which Taxes: -€46,698
- Trade debts +€32,379
up €32,379 (+29.3%), from €110,363 to €142,742
- Debts after one year -€16,791
down €16,791 (-53.4%), from €31,433 to €14,641
- Other debts +€10,500
up €10,500 (+21.2%), from €49,530 to €60,030
- Gross operating margin +€219,413
up €219,413 (+39.8%), from €551,805 to €771,217
- Staff costs +€92,678
up €92,678 (+29.7%), from €311,575 to €404,253
- Taxes +€34,027
up €34,027 (+72.2%), from €47,103 to €81,130
- Other operating charges -€9,157
down €9,157 (-97.4%), from €9,402 to €245
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 | €850,538 | €987,792 | +€137,254 | +16.1% |
| Fixed assets | 21/28 | €158,478 | €132,175 | -€26,303 | -16.6% |
| Tangible fixed assets | 22/27 | €154,639 | €128,336 | -€26,303 | -17.0% |
| Furniture and vehicles | 24 | €89,869 | €71,914 | -€17,955 | -20.0% |
| Other tangible fixed assets | 26 | €64,770 | €56,422 | -€8,348 | -12.9% |
| Financial fixed assets | 28 | €3,838 | €3,838 | = | 0.0% |
| Current assets | 29/58 | €692,060 | €855,617 | +€163,557 | +23.6% |
| Amounts receivable within one year | 40/41 | €419,179 | €418,350 | -€828 | -0.2% |
| Trade receivables | 40 | €366,282 | €394,544 | +€28,261 | +7.7% |
| Other amounts receivable | 41 | €52,897 | €23,807 | -€29,090 | -55.0% |
| Cash at bank and in hand | 54/58 | €271,714 | €434,233 | +€162,519 | +59.8% |
| Deferred charges and accrued income | 490/1 | €1,167 | €3,034 | +€1,867 | +159.9% |
| Total equity and liabilities | 10/49 | €850,538 | €987,792 | +€137,254 | +16.1% |
| Equity | 10/15 | €538,146 | €685,896 | +€147,750 | +27.5% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €536,000 | €684,000 | +€148,000 | +27.6% |
| Distributable reserves | 133 | €536,000 | €684,000 | +€148,000 | +27.6% |
| Profit (loss) carried forward | 14 | €1,646 | €1,396 | -€250 | -15.2% |
| Amounts payable | 17/49 | €312,392 | €301,896 | -€10,496 | -3.4% |
| Amounts payable after more than one year | 17 | €31,433 | €14,641 | -€16,791 | -53.4% |
| Financial debts | 170/4 | €31,433 | €14,641 | -€16,791 | -53.4% |
| Amounts payable within one year | 42/48 | €280,959 | €287,254 | +€6,295 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €24,511 | €25,334 | +€822 | +3.4% |
| Financial debts | 43 | €672 | €380 | -€292 | -43.4% |
| Credit institutions | 430/8 | €672 | €380 | -€292 | -43.4% |
| Trade debts | 44 | €110,363 | €142,742 | +€32,379 | +29.3% |
| Suppliers | 440/4 | €110,363 | €142,742 | +€32,379 | +29.3% |
| Taxes, remuneration and social security | 45 | €95,884 | €58,769 | -€37,115 | -38.7% |
| Taxes | 450/3 | €72,198 | €25,500 | -€46,698 | -64.7% |
| Remuneration and social security | 454/9 | €23,686 | €33,269 | +€9,583 | +40.5% |
| Other amounts payable | 47/48 | €49,530 | €60,030 | +€10,500 | +21.2% |
| Remuneration, social security and pensions | 62 | €311,575 | €404,253 | +€92,678 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,790 | €47,245 | +€6,455 | +15.8% |
| Other operating charges | 640/8 | €9,402 | €245 | -€9,157 | -97.4% |
| Gross operating margin | 9900 | €551,805 | €771,217 | +€219,413 | +39.8% |
| Operating profit (loss) | 9901 | €190,037 | €319,474 | +€129,436 | +68.1% |
| Financial income | 75/76B | €54 | €5 | -€49 | -90.7% |
| Recurring financial income | 75 | €54 | €5 | -€49 | -90.7% |
| Financial charges | 65/66B | €6,112 | €5,599 | -€514 | -8.4% |
| Recurring financial charges | 65 | €4,030 | €5,599 | +€1,568 | +38.9% |
| Non-recurring financial charges | 66B | €2,082 | - | -€2,082 | |
| Profit (loss) for the period before taxes | 9903 | €183,979 | €313,880 | +€129,901 | +70.6% |
| Income taxes | 67/77 | €47,103 | €81,130 | +€34,027 | +72.2% |
| Profit (loss) for the period | 9904 | €136,875 | €232,750 | +€95,875 | +70.0% |
| Profit (loss) for the period to be appropriated | 9905 | €136,875 | €232,750 | +€95,875 | +70.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.