BARDEF: 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.
What changed
BARDEF
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€250,440
2024 · €22,528+€227,913
Equity
€1.1m
2024 · €828,542+€240,723
Cash
€8,092
2024 · €13,901-€5,809
Balance sheet total
€2.1m
2024 · €1.7m+€381,188
Largest movements
Assets
- Tangible fixed assets +€386,070
up €386,070 (+28.3%), from €1.4m to €1.7m
of which Land and buildings: +€384,388
Equity and liabilities
- Reserves +€250,440
up €250,440 (+43.8%), from €572,057 to €822,497
of which Tax-exempt reserves: +€248,925
- Trade debts +€137,253
up €137,253 (+163202.4%), from €84 to €137,337
- Provisions +€82,975
up €82,975 (+78.9%), from €105,172 to €188,146
- Debts after one year -€63,441
down €63,441 (-11.1%), from €570,227 to €506,786
Income statement
- Gross operating margin +€306,956
up €306,956 (+224.4%), from €136,786 to €443,742
- Taxes -€23,190
down €23,190 (-93.8%), from €24,718 to €1,528
- Depreciation +€11,107
up €11,107 (+15.3%), from €72,767 to €83,875
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
€22,528
Gross operating margin
+€306,956
Depreciation
-€11,107
Other operating charges
-€264
Financial income
+€63
Financial charges
+€1,264
Taxes
+€23,190
Deferred taxes and other
-€92,189
Result 2025
€250,440
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
+€536,067
Investment
-€469,945
Financing
-€71,932
Cash 2024
€13,901
From operations (derived)
+€536,067
Net result for the year
+€250,440
Depreciation
+€83,875
Smaller working-capital items
-€684
Provisions
+€82,975
Trade debts
+€137,253
Tax, wage and social debts
-€15,597
Accrued charges and deferred income
-€2,194
Investment (derived)
-€469,945
Investment in fixed assets (net)
-€469,945
Financing
-€71,932
Debts after one year
-€63,441
Current portion of long-term debt
+€1,248
Short-term financial debts
-€22
Contributions, distributions and other
-€9,717
Cash 2025
€8,092
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,678,415 | €2,059,603 | +€381,188 | +22.7% |
| Fixed assets | 21/28 | €1,362,482 | €1,748,552 | +€386,070 | +28.3% |
| Tangible fixed assets | 22/27 | €1,361,862 | €1,747,932 | +€386,070 | +28.3% |
| Land and buildings | 22 | €1,358,972 | €1,743,360 | +€384,388 | +28.3% |
| Plant, machinery and equipment | 23 | €2,891 | €4,573 | +€1,682 | +58.2% |
| Financial fixed assets | 28 | €620 | €620 | = | 0.0% |
| Current assets | 29/58 | €315,933 | €311,051 | -€4,882 | -1.5% |
| Amounts receivable within one year | 40/41 | €301,846 | €302,258 | +€411 | +0.1% |
| Other amounts receivable | 41 | €301,846 | €302,258 | +€411 | +0.1% |
| Cash at bank and in hand | 54/58 | €13,901 | €8,092 | -€5,809 | -41.8% |
| Deferred charges and accrued income | 490/1 | €186 | €701 | +€516 | +277.6% |
| Total equity and liabilities | 10/49 | €1,678,415 | €2,059,603 | +€381,188 | +22.7% |
| Equity | 10/15 | €828,542 | €1,069,265 | +€240,723 | +29.1% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Revaluation surpluses | 12 | €157,328 | €147,610 | -€9,717 | -6.2% |
| Reserves | 13 | €572,057 | €822,497 | +€250,440 | +43.8% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €315,515 | €564,440 | +€248,925 | +78.9% |
| Distributable reserves | 133 | €246,626 | €248,142 | +€1,516 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €105,172 | €188,146 | +€82,975 | +78.9% |
| Deferred taxes | 168 | €105,172 | €188,146 | +€82,975 | +78.9% |
| Amounts payable | 17/49 | €744,702 | €802,192 | +€57,490 | +7.7% |
| Amounts payable after more than one year | 17 | €570,227 | €506,786 | -€63,441 | -11.1% |
| Financial debts | 170/4 | €570,227 | €506,786 | -€63,441 | -11.1% |
| Amounts payable within one year | 42/48 | €159,691 | €282,816 | +€123,125 | +77.1% |
| Current portion of amounts payable after more than one year | 42 | €62,193 | €63,441 | +€1,248 | +2.0% |
| Financial debts | 43 | €7,114 | €7,092 | -€22 | -0.3% |
| Credit institutions | 430/8 | €7,114 | €7,092 | -€22 | -0.3% |
| Trade debts | 44 | €84 | €137,337 | +€137,253 | +163202.4% |
| Suppliers | 440/4 | €84 | €137,337 | +€137,253 | +163202.4% |
| Taxes, remuneration and social security | 45 | €15,597 | €0 | -€15,597 | -100.0% |
| Taxes | 450/3 | €15,597 | €0 | -€15,597 | -100.0% |
| Other amounts payable | 47/48 | €74,702 | €74,945 | +€243 | +0.3% |
| Accrued charges and deferred income | 492/3 | €14,784 | €12,590 | -€2,194 | -14.8% |
| Non-recurring operating income | 76A | €0 | €379,279 | +€379,279 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,767 | €83,875 | +€11,107 | +15.3% |
| Other operating charges | 640/8 | €12,214 | €12,478 | +€264 | +2.2% |
| Gross operating margin | 9900 | €136,786 | €443,742 | +€306,956 | +224.4% |
| Operating profit (loss) | 9901 | €51,804 | €347,389 | +€295,585 | +570.6% |
| Financial income | 75/76B | €2 | €65 | +€63 | +4203.3% |
| Recurring financial income | 75 | €2 | €65 | +€63 | +4203.3% |
| Financial charges | 65/66B | €13,775 | €12,511 | -€1,264 | -9.2% |
| Recurring financial charges | 65 | €13,775 | €12,511 | -€1,264 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €38,031 | €334,943 | +€296,912 | +780.7% |
| Transfer from deferred taxes | 780 | €9,215 | €11,845 | +€2,630 | +28.5% |
| Transfer to deferred taxes | 680 | - | €94,820 | +€94,820 | |
| Income taxes | 67/77 | €24,718 | €1,528 | -€23,190 | -93.8% |
| Profit (loss) for the period | 9904 | €22,528 | €250,440 | +€227,913 | +1011.7% |
| Transfer from tax-exempt reserves | 789 | €27,644 | €35,535 | +€7,891 | +28.5% |
| Transfer to tax-exempt reserves | 689 | - | €284,459 | +€284,459 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,171 | €1,516 | -€48,656 | -97.0% |
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 12 October 2026 via checked.be.