BAUDELO: 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.
BAUDELO
Largest movements
- Cash +€29,108
new in 2025: €29,108
mainly Other debts (+€25,974) and Depreciation (+€21,788)
- Tangible fixed assets -€20,410
down €20,410 (-5.7%), from €358,760 to €338,350
of which Furniture and vehicles: -€11,944
- Receivables within one year +€12,754
up €12,754 (+15.2%), from €83,655 to €96,409
of which Other amounts receivable: +€6,558
- Debts after one year -€41,903
down €41,903 (-15.3%), from €273,758 to €231,855
of which Other amounts payable: -€29,209
- Other debts +€25,974
up €25,974 (+577.1%), from €4,501 to €30,475
- Reserves +€18,719
up €18,719 (+14.9%), from €125,648 to €144,367
of which Distributable reserves: +€18,719
- Trade debts +€7,190
up €7,190 (+172.5%), from €4,169 to €11,359
- Short-term financial debts +€6,558
up €6,558 (+233.7%), from €2,806 to €9,364
of which Other loans: +€9,364
- Gross operating margin -€16,870
down €16,870 (-25.1%), from €67,100 to €50,231
- Taxes -€12,628
down €12,628, from €11,543 to -€1,085
- Financial charges -€1,706
down €1,706 (-13.4%), from €12,751 to €11,045
- Financial income +€1,606
up €1,606 (+352.0%), from €456 to €2,063
of which Financial income: +€2,031
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 | €629,176 | €648,867 | +€19,691 | +3.1% |
| Fixed assets | 21/28 | €543,760 | €523,350 | -€20,410 | -3.8% |
| Tangible fixed assets | 22/27 | €358,760 | €338,350 | -€20,410 | -5.7% |
| Land and buildings | 22 | €264,693 | €258,663 | -€6,030 | -2.3% |
| Plant, machinery and equipment | 23 | €11,134 | €9,394 | -€1,740 | -15.6% |
| Furniture and vehicles | 24 | €41,137 | €29,194 | -€11,944 | -29.0% |
| Assets under construction and advance payments | 27 | €41,796 | €41,099 | -€697 | -1.7% |
| Financial fixed assets | 28 | €185,000 | €185,000 | = | 0.0% |
| Current assets | 29/58 | €85,416 | €125,517 | +€40,101 | +46.9% |
| Amounts receivable within one year | 40/41 | €83,655 | €96,409 | +€12,754 | +15.2% |
| Trade receivables | 40 | €83,655 | €89,852 | +€6,196 | +7.4% |
| Other amounts receivable | 41 | - | €6,558 | +€6,558 | |
| Cash at bank and in hand | 54/58 | - | €29,108 | +€29,108 | |
| Deferred charges and accrued income | 490/1 | €1,760 | €0 | -€1,760 | -100.0% |
| Total equity and liabilities | 10/49 | €629,176 | €648,867 | +€19,691 | +3.1% |
| Equity | 10/15 | €302,688 | €321,407 | +€18,719 | +6.2% |
| Contributions | 10/11 | €18,541 | €18,541 | = | 0.0% |
| Reserves | 13 | €125,648 | €144,367 | +€18,719 | +14.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €123,793 | €142,512 | +€18,719 | +15.1% |
| Profit (loss) carried forward | 14 | €158,498 | €158,498 | = | 0.0% |
| Amounts payable | 17/49 | €326,488 | €327,461 | +€973 | +0.3% |
| Amounts payable after more than one year | 17 | €273,758 | €231,855 | -€41,903 | -15.3% |
| Financial debts | 170/4 | €244,549 | €231,855 | -€12,694 | -5.2% |
| Other amounts payable | 178/9 | €29,209 | - | -€29,209 | |
| Amounts payable within one year | 42/48 | €52,730 | €95,605 | +€42,875 | +81.3% |
| Current portion of amounts payable after more than one year | 42 | €38,546 | €39,872 | +€1,325 | +3.4% |
| Financial debts | 43 | €2,806 | €9,364 | +€6,558 | +233.7% |
| Credit institutions | 430/8 | €2,806 | €0 | -€2,806 | -100.0% |
| Other loans | 439 | - | €9,364 | +€9,364 | |
| Trade debts | 44 | €4,169 | €11,359 | +€7,190 | +172.5% |
| Suppliers | 440/4 | €4,169 | €11,359 | +€7,190 | +172.5% |
| Taxes, remuneration and social security | 45 | €2,708 | €4,536 | +€1,828 | +67.5% |
| Taxes | 450/3 | €2,708 | €4,536 | +€1,828 | +67.5% |
| Other amounts payable | 47/48 | €4,501 | €30,475 | +€25,974 | +577.1% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | - | €180 | +€180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,143 | €21,788 | +€645 | +3.1% |
| Other operating charges | 640/8 | €1,387 | €1,647 | +€260 | +18.8% |
| Gross operating margin | 9900 | €67,100 | €50,231 | -€16,870 | -25.1% |
| Operating profit (loss) | 9901 | €44,571 | €26,616 | -€17,955 | -40.3% |
| Financial income | 75/76B | €456 | €2,063 | +€1,606 | +352.0% |
| Recurring financial income | 75 | €32 | €2,063 | +€2,031 | +6354.3% |
| Non-recurring financial income | 76B | €424 | - | -€424 | |
| Financial charges | 65/66B | €12,751 | €11,045 | -€1,706 | -13.4% |
| Recurring financial charges | 65 | €12,751 | €11,045 | -€1,706 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €32,276 | €17,634 | -€14,642 | -45.4% |
| Income taxes | 67/77 | €11,543 | -€1,085 | -€12,628 | |
| Profit (loss) for the period | 9904 | €20,733 | €18,719 | -€2,014 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,733 | €18,719 | -€2,014 | -9.7% |
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 1 October 2026 via checked.be.