Baroel: 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.
Baroel
Largest movements
- Cash +€25,124
up €25,124 (+70.9%), from €35,440 to €60,564
mainly Net result for the year (+€33,138) and Tax, wage and social debts (+€16,156)
- Accrued charges and deferred income -€16,566
no longer reported in 2025 (was €16,566)
- Tax, wage and social debts +€16,156
up €16,156 (+3,926%), from €412 to €16,567
of which Taxes: +€16,066
- Other debts +€12,824
up €12,824 (+90.1%), from €14,240 to €27,065
- Reserves +€11,805
up €11,805 (+8.7%), from €134,966 to €146,771
of which Distributable reserves: +€11,805
- Debts after one year -€9,602
down €9,602 (-62.7%), from €15,321 to €5,719
- Gross operating margin +€54,410
up €54,410 (+972%), from €5,596 to €60,007
- Taxes +€12,836
up €12,836 (+6,282%), from €204 to €13,040
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 | €204,133 | €227,703 | +€23,569 | +11.5% |
| Fixed assets | 21/28 | €31,903 | €32,086 | +€182 | +0.6% |
| Tangible fixed assets | 22/27 | €29,403 | €29,586 | +€182 | +0.6% |
| Plant, machinery and equipment | 23 | €1,521 | €811 | -€710 | -46.7% |
| Furniture and vehicles | 24 | €27,883 | €28,775 | +€892 | +3.2% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €172,230 | €195,617 | +€23,387 | +13.6% |
| Amounts receivable within one year | 40/41 | €132,719 | €131,451 | -€1,268 | -1.0% |
| Trade receivables | 40 | €21,233 | €27,841 | +€6,608 | +31.1% |
| Other amounts receivable | 41 | €111,486 | €103,611 | -€7,876 | -7.1% |
| Current investments | 50/53 | €2,200 | €2,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,440 | €60,564 | +€25,124 | +70.9% |
| Deferred charges and accrued income | 490/1 | €1,871 | €1,402 | -€469 | -25.1% |
| Total equity and liabilities | 10/49 | €204,133 | €227,703 | +€23,569 | +11.5% |
| Equity | 10/15 | €145,391 | €165,371 | +€19,980 | +13.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,966 | €146,771 | +€11,805 | +8.7% |
| Tax-exempt reserves | 132 | €3,702 | €3,702 | = | 0.0% |
| Distributable reserves | 133 | €131,264 | €143,069 | +€11,805 | +9.0% |
| Profit (loss) carried forward | 14 | -€8,175 | - | +€8,175 | |
| Amounts payable | 17/49 | €58,742 | €62,332 | +€3,590 | +6.1% |
| Amounts payable after more than one year | 17 | €15,321 | €5,719 | -€9,602 | -62.7% |
| Financial debts | 170/4 | €15,321 | €5,719 | -€9,602 | -62.7% |
| Amounts payable within one year | 42/48 | €26,855 | €56,613 | +€29,758 | +111% |
| Current portion of amounts payable after more than one year | 42 | €9,354 | €9,602 | +€249 | +2.7% |
| Trade debts | 44 | €2,849 | €3,379 | +€530 | +18.6% |
| Suppliers | 440/4 | €2,849 | €3,379 | +€530 | +18.6% |
| Taxes, remuneration and social security | 45 | €412 | €16,567 | +€16,156 | +3,926% |
| Taxes | 450/3 | €412 | €16,478 | +€16,066 | +3,904% |
| Remuneration and social security | 454/9 | - | €89 | +€89 | |
| Other amounts payable | 47/48 | €14,240 | €27,065 | +€12,824 | +90.1% |
| Accrued charges and deferred income | 492/3 | €16,566 | - | -€16,566 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,549 | €11,934 | +€385 | +3.3% |
| Other operating charges | 640/8 | €695 | €664 | -€30 | -4.4% |
| Gross operating margin | 9900 | €5,596 | €60,007 | +€54,410 | +972% |
| Operating profit (loss) | 9901 | -€6,648 | €47,408 | +€54,056 | |
| Financial income | 75/76B | €1 | €49 | +€48 | +4,763% |
| Recurring financial income | 75 | €1 | €49 | +€48 | +4,763% |
| Financial charges | 65/66B | €1,324 | €1,279 | -€44 | -3.4% |
| Recurring financial charges | 65 | €1,324 | €1,279 | -€44 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,970 | €46,178 | +€54,148 | |
| Income taxes | 67/77 | €204 | €13,040 | +€12,836 | +6,282% |
| Profit (loss) for the period | 9904 | -€8,175 | €33,138 | +€41,312 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,175 | €33,138 | +€41,312 |
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 24 October 2026 via checked.be.