BARDOEL: 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.
BARDOEL
Largest movements
- Tangible fixed assets +€830,338
up €830,338 (+165%), from €503,455 to €1.3m
of which Plant, machinery and equipment: +€625,354
- Receivables within one year -€350,775
down €350,775 (-63.0%), from €556,510 to €205,735
of which Trade receivables: -€310,612
- Deferred charges and accrued income +€59,877
up €59,877 (+11,923%), from €502 to €60,379
- Cash -€58,612
down €58,612 (-100%), from €58,612 to €0
mainly Investment in fixed assets (net) (-€1.1m) and Net result for the year (-€161,183)
- Stocks and contracts +€29,722
new in 2025: €29,722
- Other debts +€644,180
up €644,180 (+106%), from €606,355 to €1.3m
- Trade debts +€223,547
up €223,547 (+469%), from €47,645 to €271,192
- Profit (loss) carried forward -€161,183
down €161,183 (-42.7%), from -€377,191 to -€538,375
- Debts after one year -€150,000
down €150,000 (-100%), from €150,000 to €0
- Current portion of long-term debt -€50,000
down €50,000 (-25.0%), from €200,000 to €150,000
- Gross operating margin +€185,218
up €185,218 (+110%), from €168,891 to €354,109
- Staff costs +€164,467
new in 2025: €164,467
- Depreciation +€150,934
up €150,934 (+137%), from €109,889 to €260,823
- Other operating charges -€50,501
down €50,501 (-85.4%), from €59,169 to €8,668
- Financial charges +€10,184
up €10,184 (+51.3%), from €19,841 to €30,025
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 | €1,145,677 | €1,653,573 | +€507,896 | +44.3% |
| Fixed assets | 21/28 | €530,053 | €1,357,737 | +€827,684 | +156% |
| Intangible fixed assets | 21 | €26,539 | €23,884 | -€2,655 | -10.0% |
| Tangible fixed assets | 22/27 | €503,455 | €1,333,793 | +€830,338 | +165% |
| Plant, machinery and equipment | 23 | €229,600 | €854,955 | +€625,354 | +272% |
| Furniture and vehicles | 24 | €218,278 | €341,963 | +€123,685 | +56.7% |
| Other tangible fixed assets | 26 | €55,577 | €136,876 | +€81,299 | +146% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €615,624 | €295,836 | -€319,788 | -51.9% |
| Stocks and contracts in progress | 3 | - | €29,722 | +€29,722 | |
| Stocks | 30/36 | - | €29,722 | +€29,722 | |
| Amounts receivable within one year | 40/41 | €556,510 | €205,735 | -€350,775 | -63.0% |
| Trade receivables | 40 | €516,347 | €205,735 | -€310,612 | -60.2% |
| Other amounts receivable | 41 | €40,163 | €0 | -€40,163 | -100% |
| Cash at bank and in hand | 54/58 | €58,612 | €0 | -€58,612 | -100% |
| Deferred charges and accrued income | 490/1 | €502 | €60,379 | +€59,877 | +11,923% |
| Total equity and liabilities | 10/49 | €1,145,677 | €1,653,573 | +€507,896 | +44.3% |
| Equity | 10/15 | €112,066 | -€49,118 | -€161,183 | |
| Contributions | 10/11 | €177,478 | €177,478 | = | 0.0% |
| Capital | 10 | €177,034 | €177,034 | = | 0.0% |
| Issued capital | 100 | €177,034 | €177,034 | = | 0.0% |
| Contributions outside capital | 11 | €444 | €444 | = | 0.0% |
| Share premium | 1100/10 | €444 | €444 | = | 0.0% |
| Reserves | 13 | €311,779 | €311,779 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,703 | €17,703 | = | 0.0% |
| Legal reserve | 130 | €17,703 | €17,703 | = | 0.0% |
| Distributable reserves | 133 | €294,076 | €294,076 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€377,191 | -€538,375 | -€161,183 | -42.7% |
| Amounts payable | 17/49 | €1,033,612 | €1,702,691 | +€669,079 | +64.7% |
| Amounts payable after more than one year | 17 | €150,000 | €0 | -€150,000 | -100% |
| Financial debts | 170/4 | €150,000 | €0 | -€150,000 | -100% |
| Amounts payable within one year | 42/48 | €854,838 | €1,690,073 | +€835,235 | +97.7% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Trade debts | 44 | €47,645 | €271,192 | +€223,547 | +469% |
| Suppliers | 440/4 | €47,645 | €271,192 | +€223,547 | +469% |
| Taxes, remuneration and social security | 45 | €838 | €18,346 | +€17,508 | +2,090% |
| Taxes | 450/3 | €838 | €640 | -€197 | -23.5% |
| Remuneration and social security | 454/9 | - | €17,705 | +€17,705 | |
| Other amounts payable | 47/48 | €606,355 | €1,250,535 | +€644,180 | +106% |
| Accrued charges and deferred income | 492/3 | €28,774 | €12,618 | -€16,156 | -56.1% |
| Non-recurring operating income | 76A | €30,750 | €74,946 | +€44,196 | +144% |
| Remuneration, social security and pensions | 62 | - | €164,467 | +€164,467 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,889 | €260,823 | +€150,934 | +137% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,631 | €0 | -€5,631 | -100% |
| Other operating charges | 640/8 | €59,169 | €8,668 | -€50,501 | -85.4% |
| Non-recurring operating charges | 66A | €8,546 | €51,310 | +€42,764 | +500% |
| Gross operating margin | 9900 | €168,891 | €354,109 | +€185,218 | +110% |
| Operating profit (loss) | 9901 | -€14,345 | -€131,158 | -€116,814 | -814% |
| Financial income | 75/76B | €2,793 | €0 | -€2,793 | -100.0% |
| Recurring financial income | 75 | €2,793 | €0 | -€2,793 | -100.0% |
| Financial charges | 65/66B | €19,841 | €30,025 | +€10,184 | +51.3% |
| Recurring financial charges | 65 | €19,841 | €30,025 | +€10,184 | +51.3% |
| Profit (loss) for the period before taxes | 9903 | -€31,392 | -€161,183 | -€129,791 | -413% |
| Profit (loss) for the period | 9904 | -€31,392 | -€161,183 | -€129,791 | -413% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,392 | -€161,183 | -€129,791 | -413% |
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 15 October 2026 via checked.be.