Bâtard: 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.
Bâtard
Largest movements
- Tangible fixed assets +€21,056
up €21,056 (+36.3%), from €58,048 to €79,104
of which Plant, machinery and equipment: +€27,234
- Cash -€5,308
down €5,308 (-20.1%), from €26,432 to €21,124
mainly Investment in fixed assets (net) (-€36,130) and Trade debts (-€4,881)
- Stocks and contracts +€1,316
up €1,316 (+18.6%), from €7,071 to €8,387
- Current portion of long-term debt +€15,566
new in 2025: €15,566
- Trade debts -€4,881
down €4,881 (-31.8%), from €15,350 to €10,469
- Tax, wage and social debts +€3,603
up €3,603 (+32.0%), from €11,265 to €14,868
of which Remuneration and social security: +€2,164
- Advances received +€3,233
up €3,233 (+44.9%), from €7,198 to €10,430
- Reserves -€2,059
down €2,059 (-18.9%), from €10,873 to €8,814
- Gross operating margin +€26,906
up €26,906 (+41.5%), from €64,775 to €91,681
- Staff costs +€24,029
up €24,029 (+47.6%), from €50,491 to €74,521
- Depreciation +€3,705
up €3,705 (+32.6%), from €11,369 to €15,074
- Other operating charges +€990
up €990 (+243.6%), from €406 to €1,396
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 | €99,926 | €116,930 | +€17,004 | +17.0% |
| Fixed assets | 21/28 | €58,048 | €79,104 | +€21,056 | +36.3% |
| Tangible fixed assets | 22/27 | €58,048 | €79,104 | +€21,056 | +36.3% |
| Plant, machinery and equipment | 23 | €15,578 | €42,813 | +€27,234 | +174.8% |
| Other tangible fixed assets | 26 | €42,470 | €36,292 | -€6,178 | -14.5% |
| Current assets | 29/58 | €41,877 | €37,825 | -€4,052 | -9.7% |
| Stocks and contracts in progress | 3 | €7,071 | €8,387 | +€1,316 | +18.6% |
| Stocks | 30/36 | €7,071 | €8,387 | +€1,316 | +18.6% |
| Amounts receivable within one year | 40/41 | €5,385 | €6,219 | +€833 | +15.5% |
| Trade receivables | 40 | €5,385 | €6,219 | +€833 | +15.5% |
| Cash at bank and in hand | 54/58 | €26,432 | €21,124 | -€5,308 | -20.1% |
| Deferred charges and accrued income | 490/1 | €2,989 | €2,095 | -€894 | -29.9% |
| Total equity and liabilities | 10/49 | €99,926 | €116,930 | +€17,004 | +17.0% |
| Equity | 10/15 | €27,539 | €25,480 | -€2,059 | -7.5% |
| Contributions | 10/11 | €16,666 | €16,666 | = | 0.0% |
| Reserves | 13 | €10,873 | €8,814 | -€2,059 | -18.9% |
| Distributable reserves | 133 | €10,873 | €8,814 | -€2,059 | -18.9% |
| Amounts payable | 17/49 | €72,387 | €91,449 | +€19,063 | +26.3% |
| Amounts payable after more than one year | 17 | €38,573 | €40,116 | +€1,543 | +4.0% |
| Financial debts | 170/4 | - | €18,227 | +€18,227 | |
| Other amounts payable | 178/9 | €38,573 | €21,889 | -€16,685 | -43.3% |
| Amounts payable within one year | 42/48 | €33,813 | €51,333 | +€17,520 | +51.8% |
| Current portion of amounts payable after more than one year | 42 | - | €15,566 | +€15,566 | |
| Trade debts | 44 | €15,350 | €10,469 | -€4,881 | -31.8% |
| Suppliers | 440/4 | €15,350 | €10,469 | -€4,881 | -31.8% |
| Advances received on contracts in progress | 46 | €7,198 | €10,430 | +€3,233 | +44.9% |
| Taxes, remuneration and social security | 45 | €11,265 | €14,868 | +€3,603 | +32.0% |
| Taxes | 450/3 | €4,084 | €5,523 | +€1,439 | +35.2% |
| Remuneration and social security | 454/9 | €7,181 | €9,345 | +€2,164 | +30.1% |
| Remuneration, social security and pensions | 62 | €50,491 | €74,521 | +€24,029 | +47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,369 | €15,074 | +€3,705 | +32.6% |
| Other operating charges | 640/8 | €406 | €1,396 | +€990 | +243.6% |
| Gross operating margin | 9900 | €64,775 | €91,681 | +€26,906 | +41.5% |
| Operating profit (loss) | 9901 | €2,508 | €690 | -€1,818 | -72.5% |
| Financial income | 75/76B | €0 | €11 | +€10 | +2268.9% |
| Recurring financial income | 75 | €0 | €11 | +€10 | +2268.9% |
| Financial charges | 65/66B | €2,418 | €2,237 | -€181 | -7.5% |
| Recurring financial charges | 65 | €2,418 | €2,237 | -€181 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €90 | -€1,537 | -€1,627 | |
| Income taxes | 67/77 | - | €522 | +€522 | |
| Profit (loss) for the period | 9904 | €90 | -€2,059 | -€2,149 | |
| Profit (loss) for the period to be appropriated | 9905 | €90 | -€2,059 | -€2,149 |
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.