Baro: 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.
Baro
Largest movements
- Receivables within one year +€52,516
up €52,516 (+43.6%), from €120,485 to €173,001
of which Trade receivables: +€46,412
- Tangible fixed assets +€23,487
up €23,487 (+13.7%), from €171,425 to €194,912
of which Land and buildings: +€17,020
- Cash +€14,730
up €14,730 (+115.6%), from €12,741 to €27,471
mainly Net result for the year (+€72,277) and Depreciation (+€34,016)
- Reserves +€56,409
up €56,409 (+60.2%), from €93,778 to €150,187
- Debts after one year +€20,743
up €20,743 (+77.7%), from €26,708 to €47,451
- Trade debts -€17,107
down €17,107 (-10.9%), from €157,442 to €140,335
- Profit (loss) carried forward +€15,868
up €15,868 (+28.1%), from €56,409 to €72,277
- Tax, wage and social debts +€9,256
up €9,256 (+376.9%), from €2,456 to €11,711
of which Remuneration and social security: +€5,453
- Gross operating margin +€27,789
up €27,789 (+12.3%), from €225,139 to €252,928
- Depreciation +€7,864
up €7,864 (+30.1%), from €26,152 to €34,016
- Staff costs +€7,278
up €7,278 (+6.9%), from €105,228 to €112,506
- Other operating charges -€6,811
down €6,811 (-54.7%), from €12,460 to €5,648
- Financial charges -€6,431
down €6,431 (-47.9%), from €13,437 to €7,006
of which Financial charges: -€6,366
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 | €386,896 | €478,170 | +€91,274 | +23.6% |
| Fixed assets | 21/28 | €171,425 | €194,912 | +€23,487 | +13.7% |
| Tangible fixed assets | 22/27 | €171,425 | €194,912 | +€23,487 | +13.7% |
| Land and buildings | 22 | €82,635 | €99,655 | +€17,020 | +20.6% |
| Plant, machinery and equipment | 23 | €25,855 | €41,122 | +€15,267 | +59.0% |
| Furniture and vehicles | 24 | €15,732 | €12,535 | -€3,197 | -20.3% |
| Other tangible fixed assets | 26 | €47,203 | €41,601 | -€5,602 | -11.9% |
| Current assets | 29/58 | €215,471 | €283,257 | +€67,786 | +31.5% |
| Stocks and contracts in progress | 3 | €80,087 | €78,350 | -€1,737 | -2.2% |
| Stocks | 30/36 | €80,087 | €78,350 | -€1,737 | -2.2% |
| Amounts receivable within one year | 40/41 | €120,485 | €173,001 | +€52,516 | +43.6% |
| Trade receivables | 40 | €65,627 | €112,039 | +€46,412 | +70.7% |
| Other amounts receivable | 41 | €54,858 | €60,962 | +€6,104 | +11.1% |
| Cash at bank and in hand | 54/58 | €12,741 | €27,471 | +€14,730 | +115.6% |
| Deferred charges and accrued income | 490/1 | €2,158 | €4,435 | +€2,277 | +105.5% |
| Total equity and liabilities | 10/49 | €386,896 | €478,170 | +€91,274 | +23.6% |
| Equity | 10/15 | €153,187 | €225,464 | +€72,277 | +47.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €93,778 | €150,187 | +€56,409 | +60.2% |
| Distributable reserves | 133 | €93,778 | €150,187 | +€56,409 | +60.2% |
| Profit (loss) carried forward | 14 | €56,409 | €72,277 | +€15,868 | +28.1% |
| Amounts payable | 17/49 | €233,709 | €252,706 | +€18,997 | +8.1% |
| Amounts payable after more than one year | 17 | €26,708 | €47,451 | +€20,743 | +77.7% |
| Financial debts | 170/4 | €26,708 | €47,451 | +€20,743 | +77.7% |
| Amounts payable within one year | 42/48 | €203,645 | €201,103 | -€2,543 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €18,748 | €19,057 | +€309 | +1.6% |
| Financial debts | 43 | €25,000 | €30,000 | +€5,000 | +20.0% |
| Credit institutions | 430/8 | €25,000 | €30,000 | +€5,000 | +20.0% |
| Trade debts | 44 | €157,442 | €140,335 | -€17,107 | -10.9% |
| Suppliers | 440/4 | €157,442 | €140,335 | -€17,107 | -10.9% |
| Taxes, remuneration and social security | 45 | €2,456 | €11,711 | +€9,256 | +376.9% |
| Taxes | 450/3 | €42 | €3,845 | +€3,803 | +9019.3% |
| Remuneration and social security | 454/9 | €2,414 | €7,867 | +€5,453 | +225.9% |
| Accrued charges and deferred income | 492/3 | €3,356 | €4,152 | +€796 | +23.7% |
| Remuneration, social security and pensions | 62 | €105,228 | €112,506 | +€7,278 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,152 | €34,016 | +€7,864 | +30.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,000 | €0 | +€3,000 | |
| Other operating charges | 640/8 | €12,460 | €5,648 | -€6,811 | -54.7% |
| Non-recurring operating charges | 66A | €824 | €1,416 | +€592 | +71.9% |
| Gross operating margin | 9900 | €225,139 | €252,928 | +€27,789 | +12.3% |
| Operating profit (loss) | 9901 | €83,476 | €99,342 | +€15,866 | +19.0% |
| Financial income | 75/76B | €3,543 | €2,216 | -€1,327 | -37.5% |
| Recurring financial income | 75 | €3,543 | €2,216 | -€1,327 | -37.5% |
| Financial charges | 65/66B | €13,437 | €7,006 | -€6,431 | -47.9% |
| Recurring financial charges | 65 | €13,372 | €7,006 | -€6,366 | -47.6% |
| Non-recurring financial charges | 66B | €65 | €0 | -€65 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €73,582 | €94,552 | +€20,969 | +28.5% |
| Income taxes | 67/77 | €17,173 | €22,275 | +€5,102 | +29.7% |
| Profit (loss) for the period | 9904 | €56,409 | €72,277 | +€15,868 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,409 | €72,277 | +€15,868 | +28.1% |
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 2 October 2026 via checked.be.