Baro Projects: 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.
What changed
Baro Projects
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€34,575
2024 · €50,885-€16,310
Equity
€177.4m
2024 · €30.9m+€146.5m
Cash
€481,927
2024 · €18,879+€463,048
Balance sheet total
€198.8m
2024 · €49.2m+€149.6m
Largest movements
Assets
- Financial fixed assets +€131.0m
up €131.0m (+887.4%), from €14.8m to €145.8m
- Receivables within one year +€22.4m
up €22.4m (+228.5%), from €9.8m to €32.2m
of which Other amounts receivable: +€22.3m
- Receivables after one year -€19.7m
down €19.7m (-100.0%), from €19.7m to €0
- Current investments +€15.0m
up €15.0m (+1000.6%), from €1.5m to €16.5m
Equity and liabilities
- Revaluation surpluses +€76.4m
new in 2025: €76.4m
- Contributions +€70.0m
up €70.0m (+233.2%), from €30.0m to €100.0m
Income statement
- Goods and materials +€2.3m
new in 2025: €2.3m
of which Purchases: +€2.6m
- Turnover +€2.0m
new in 2025: €2.0m
- Gross operating margin +€704,310
no longer reported in 2025 (was -€704,310)
- Financial income -€331,329
down €331,329 (-25.6%), from €1.3m to €962,129
- Services and other goods +€208,030
new in 2025: €208,030
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
€50,885
Turnover
+€2.0m
Other operating income
+€32,833
Goods and materials
-€2.3m
Services and other goods
-€208,030
Staff costs
+€322
Depreciation
+€20,247
Other operating charges
+€5,294
Other operating items
+€704,310
Financial income
-€331,329
Financial charges
+€68,126
Taxes
-€18,952
Result 2025
€34,575
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
-€1.7m
Investment
-€146.1m
Financing
+€148.2m
Cash 2024
€18,879
From operations (derived)
-€1.7m
Net result for the year
+€34,575
Depreciation
+€142,811
Receivables after one year
+€19.7m
Smaller working-capital items
-€558,394
Receivables within one year
-€22.4m
Other debts
+€1.4m
Investment (derived)
-€146.1m
Investment in fixed assets (net)
-€131.1m
Current investments
-€15.0m
Financing
+€148.2m
Debts after one year
+€1.6m
Current portion of long-term debt
+€2,073
Short-term financial debts
+€146,329
Contributions, distributions and other
+€146.4m
Cash 2025
€481,927
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €49,189,520 | €198,798,058 | +€149.6m | +304.1% |
| Fixed assets | 21/28 | €17,877,801 | €148,787,946 | +€130.9m | +732.2% |
| Tangible fixed assets | 22/27 | €3,110,459 | €2,977,167 | -€133,292 | -4.3% |
| Land and buildings | 22 | €3,041,929 | €2,933,773 | -€108,156 | -3.6% |
| Plant, machinery and equipment | 23 | €21,433 | €15,929 | -€5,504 | -25.7% |
| Furniture and vehicles | 24 | €41,556 | €21,924 | -€19,632 | -47.2% |
| Other tangible fixed assets | 26 | €5,541 | €5,541 | = | 0.0% |
| Financial fixed assets | 28 | €14,767,342 | €145,810,779 | +€131.0m | +887.4% |
| Affiliated companies | 280/1 | - | €145,810,779 | +€145.8m | |
| Participating interests | 280 | - | €138,828,279 | +€138.8m | |
| Amounts receivable | 281 | - | €6,982,500 | +€7.0m | |
| Current assets | 29/58 | €31,311,719 | €50,010,112 | +€18.7m | +59.7% |
| Amounts receivable after more than one year | 29 | €19,668,981 | €0 | -€19.7m | -100.0% |
| Other amounts receivable | 291 | €19,668,981 | €0 | -€19.7m | -100.0% |
| Stocks and contracts in progress | 3 | €316,479 | €625,261 | +€308,782 | +97.6% |
| Stocks | 30/36 | €316,479 | €625,261 | +€308,782 | +97.6% |
| Property held for sale | 35 | - | €625,261 | +€625,261 | |
| Amounts receivable within one year | 40/41 | €9,805,362 | €32,207,020 | +€22.4m | +228.5% |
| Trade receivables | 40 | €1,105,112 | €1,234,934 | +€129,822 | +11.7% |
| Other amounts receivable | 41 | €8,700,250 | €30,972,086 | +€22.3m | +256.0% |
| Current investments | 50/53 | €1,500,000 | €16,508,293 | +€15.0m | +1000.6% |
| Other investments | 51/53 | - | €16,508,293 | +€16.5m | |
| Cash at bank and in hand | 54/58 | €18,879 | €481,927 | +€463,048 | +2452.7% |
| Deferred charges and accrued income | 490/1 | €2,018 | €187,611 | +€185,592 | +9194.8% |
| Total equity and liabilities | 10/49 | €49,189,520 | €198,798,058 | +€149.6m | +304.1% |
| Equity | 10/15 | €30,921,782 | €177,385,700 | +€146.5m | +473.7% |
| Contributions | 10/11 | €30,018,550 | €100,018,550 | +€70.0m | +233.2% |
| Revaluation surpluses | 12 | - | €76,430,276 | +€76.4m | |
| Reserves | 13 | €894,385 | €928,960 | +€34,575 | +3.9% |
| Distributable reserves | 133 | €894,385 | €928,960 | +€34,575 | +3.9% |
| Investment grants | 15 | €8,847 | €7,914 | -€933 | -10.5% |
| Amounts payable | 17/49 | €18,267,738 | €21,412,359 | +€3.1m | +17.2% |
| Amounts payable after more than one year | 17 | €12,532,088 | €14,159,279 | +€1.6m | +13.0% |
| Financial debts | 170/4 | €12,532,088 | €14,159,279 | +€1.6m | +13.0% |
| Credit institutions | 173 | - | €1,659,279 | +€1.7m | |
| Other loans | 174 | - | €12,500,000 | +€12.5m | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €5,735,065 | €7,192,159 | +€1.5m | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €237,871 | €239,944 | +€2,073 | +0.9% |
| Financial debts | 43 | - | €146,329 | +€146,329 | |
| Credit institutions | 430/8 | - | €146,329 | +€146,329 | |
| Trade debts | 44 | €349,707 | €258,376 | -€91,331 | -26.1% |
| Suppliers | 440/4 | €349,707 | €258,376 | -€91,331 | -26.1% |
| Taxes, remuneration and social security | 45 | €63,433 | €30,409 | -€33,024 | -52.1% |
| Taxes | 450/3 | €51,396 | €18,641 | -€32,755 | -63.7% |
| Remuneration and social security | 454/9 | €12,037 | €11,768 | -€269 | -2.2% |
| Other amounts payable | 47/48 | €5,084,055 | €6,517,101 | +€1.4m | +28.2% |
| Accrued charges and deferred income | 492/3 | €585 | €60,921 | +€60,336 | +10313.8% |
| Operating income | 70/76A | - | €2,012,522 | +€2.0m | |
| Turnover | 70 | - | €1,979,689 | +€2.0m | |
| Other operating income | 74 | - | €32,833 | +€32,833 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | - | €2,761,902 | +€2.8m | |
| Goods for resale, raw materials and consumables | 60 | - | €2,268,821 | +€2.3m | |
| Purchases | 600/8 | - | €2,577,604 | +€2.6m | |
| Change in stocks: decrease (increase) | 609 | - | -€308,782 | -€308,782 | |
| Services and other goods | 61 | - | €208,030 | +€208,030 | |
| Remuneration, social security and pensions | 62 | €135,195 | €134,873 | -€322 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,058 | €142,811 | -€20,247 | -12.4% |
| Other operating charges | 640/8 | €12,661 | €7,367 | -€5,294 | -41.8% |
| Gross operating margin | 9900 | -€704,310 | - | +€704,310 | |
| Operating profit (loss) | 9901 | -€1,015,224 | -€749,379 | +€265,845 | +26.2% |
| Financial income | 75/76B | €1,293,457 | €962,129 | -€331,329 | -25.6% |
| Recurring financial income | 75 | €1,293,457 | €962,129 | -€331,329 | -25.6% |
| Income from current assets | 751 | - | €951,887 | +€951,887 | |
| Other financial income | 752/9 | - | €10,242 | +€10,242 | |
| Financial charges | 65/66B | €227,188 | €159,062 | -€68,126 | -30.0% |
| Recurring financial charges | 65 | €227,188 | €159,062 | -€68,126 | -30.0% |
| Debt charges | 650 | - | €134,711 | +€134,711 | |
| Other financial charges | 652/9 | - | €24,351 | +€24,351 | |
| Profit (loss) for the period before taxes | 9903 | €51,045 | €53,687 | +€2,642 | +5.2% |
| Income taxes | 67/77 | €160 | €19,112 | +€18,952 | +11845.1% |
| Taxes | 670/3 | - | €19,112 | +€19,112 | |
| Profit (loss) for the period | 9904 | €50,885 | €34,575 | -€16,310 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €50,885 | €34,575 | -€16,310 | -32.1% |
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 6 October 2026 via checked.be.