BARESE: 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.
BARESE
Largest movements
- Stocks and contracts -€1.7m
down €1.7m (-46.8%), from €3.6m to €1.9m
- Short-term financial debts -€2.2m
down €2.2m (-60.9%), from €3.7m to €1.4m
- Profit (loss) carried forward +€439,614
up €439,614 (+34.5%), from €1.3m to €1.7m
- Debts after one year -€163,080
down €163,080 (-11.6%), from €1.4m to €1.2m
- Other debts +€115,897
up €115,897 (+37.8%), from €306,590 to €422,487
- Tax, wage and social debts +€105,639
up €105,639 (+87.2%), from €121,131 to €226,770
- Financial charges -€127,500
down €127,500 (-52.8%), from €241,269 to €113,769
- Gross operating margin +€124,638
up €124,638 (+19.0%), from €657,164 to €781,801
- Taxes +€58,902
up €58,902 (+58.2%), from €101,128 to €160,029
- Financial income -€25,063
down €25,063 (-99.9%), from €25,084 to €21
of which Financial income: -€16,160
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 | €8,979,964 | €7,264,345 | -€1.7m | -19.1% |
| Fixed assets | 21/28 | €2,228,971 | €2,172,892 | -€56,079 | -2.5% |
| Tangible fixed assets | 22/27 | €2,228,971 | €2,172,892 | -€56,079 | -2.5% |
| Land and buildings | 22 | €2,214,851 | €2,160,870 | -€53,981 | -2.4% |
| Other tangible fixed assets | 26 | €14,120 | €12,022 | -€2,098 | -14.9% |
| Current assets | 29/58 | €6,750,993 | €5,091,453 | -€1.7m | -24.6% |
| Stocks and contracts in progress | 3 | €3,556,724 | €1,892,031 | -€1.7m | -46.8% |
| Stocks | 30/36 | €3,556,724 | €1,892,031 | -€1.7m | -46.8% |
| Amounts receivable within one year | 40/41 | €2,756,588 | €2,726,528 | -€30,060 | -1.1% |
| Trade receivables | 40 | €25,458 | - | -€25,458 | |
| Other amounts receivable | 41 | €2,731,130 | €2,726,528 | -€4,602 | -0.2% |
| Current investments | 50/53 | €429,510 | €429,510 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,005 | €42,211 | +€35,206 | +502.6% |
| Deferred charges and accrued income | 490/1 | €1,165 | €1,173 | +€8 | +0.7% |
| Total equity and liabilities | 10/49 | €8,979,964 | €7,264,345 | -€1.7m | -19.1% |
| Equity | 10/15 | €3,303,760 | €3,743,373 | +€439,614 | +13.3% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,700,000 | €1,700,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,273,760 | €1,713,373 | +€439,614 | +34.5% |
| Amounts payable | 17/49 | €5,676,205 | €3,520,972 | -€2.2m | -38.0% |
| Amounts payable after more than one year | 17 | €1,405,511 | €1,242,431 | -€163,080 | -11.6% |
| Financial debts | 170/4 | €1,405,511 | €1,242,431 | -€163,080 | -11.6% |
| Amounts payable within one year | 42/48 | €4,270,693 | €2,278,540 | -€2.0m | -46.6% |
| Current portion of amounts payable after more than one year | 42 | €161,143 | €163,080 | +€1,937 | +1.2% |
| Financial debts | 43 | €3,659,524 | €1,431,511 | -€2.2m | -60.9% |
| Credit institutions | 430/8 | €3,659,524 | €1,431,511 | -€2.2m | -60.9% |
| Trade debts | 44 | €22,305 | €34,693 | +€12,388 | +55.5% |
| Suppliers | 440/4 | €22,305 | €34,693 | +€12,388 | +55.5% |
| Taxes, remuneration and social security | 45 | €121,131 | €226,770 | +€105,639 | +87.2% |
| Taxes | 450/3 | €121,131 | €226,770 | +€105,639 | +87.2% |
| Other amounts payable | 47/48 | €306,590 | €422,487 | +€115,897 | +37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,079 | €56,079 | = | 0.0% |
| Other operating charges | 640/8 | €14,443 | €12,330 | -€2,112 | -14.6% |
| Gross operating margin | 9900 | €657,164 | €781,801 | +€124,638 | +19.0% |
| Operating profit (loss) | 9901 | €586,641 | €713,391 | +€126,750 | +21.6% |
| Financial income | 75/76B | €25,084 | €21 | -€25,063 | -99.9% |
| Recurring financial income | 75 | €16,181 | €21 | -€16,160 | -99.9% |
| Non-recurring financial income | 76B | €8,902 | - | -€8,902 | |
| Financial charges | 65/66B | €241,269 | €113,769 | -€127,500 | -52.8% |
| Recurring financial charges | 65 | €241,269 | €113,769 | -€127,500 | -52.8% |
| Profit (loss) for the period before taxes | 9903 | €370,457 | €599,643 | +€229,187 | +61.9% |
| Income taxes | 67/77 | €101,128 | €160,029 | +€58,902 | +58.2% |
| Profit (loss) for the period | 9904 | €269,329 | €439,614 | +€170,285 | +63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €269,329 | €439,614 | +€170,285 | +63.2% |
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 29 September 2026 via checked.be.