BAUVAC: 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.
BAUVAC
Largest movements
- Stocks and contracts -€822,486
no longer reported in 2025 (was €822,486)
- Receivables within one year -€159,847
down €159,847 (-96.4%), from €165,832 to €5,985
of which Trade receivables: -€102,904
- Cash +€25,192
up €25,192 (+223.6%), from €11,269 to €36,461
mainly Stocks and contracts (+€822,486) and Receivables within one year (+€159,847)
- Tangible fixed assets -€24,955
down €24,955 (-36.4%), from €68,526 to €43,571
of which Furniture and vehicles: -€24,813
- Other debts -€974,068
down €974,068 (-99.1%), from €983,038 to €8,970
- Profit (loss) carried forward +€81,631
up €81,631, from -€36,423 to €45,207
- Advances received -€40,000
no longer reported in 2025 (was €40,000)
- Debts after one year -€32,507
no longer reported in 2025 (was €32,507)
- Current portion of long-term debt -€14,455
no longer reported in 2025 (was €14,455)
- Gross operating margin +€118,527
up €118,527 (+54018.4%), from €219 to €118,747
- Financial charges -€29,029
down €29,029 (-92.5%), from €31,384 to €2,356
- Taxes +€8,593
up €8,593 (+1762.7%), from €488 to €9,080
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 | €1,069,881 | €86,218 | -€983,663 | -91.9% |
| Fixed assets | 21/28 | €68,726 | €43,771 | -€24,955 | -36.3% |
| Tangible fixed assets | 22/27 | €68,526 | €43,571 | -€24,955 | -36.4% |
| Plant, machinery and equipment | 23 | €246 | €105 | -€142 | -57.6% |
| Furniture and vehicles | 24 | €68,280 | €43,467 | -€24,813 | -36.3% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,001,154 | €42,446 | -€958,708 | -95.8% |
| Stocks and contracts in progress | 3 | €822,486 | - | -€822,486 | |
| Stocks | 30/36 | €822,486 | - | -€822,486 | |
| Amounts receivable within one year | 40/41 | €165,832 | €5,985 | -€159,847 | -96.4% |
| Trade receivables | 40 | €107,514 | €4,610 | -€102,904 | -95.7% |
| Other amounts receivable | 41 | €58,318 | €1,375 | -€56,943 | -97.6% |
| Cash at bank and in hand | 54/58 | €11,269 | €36,461 | +€25,192 | +223.6% |
| Deferred charges and accrued income | 490/1 | €1,567 | - | -€1,567 | |
| Total equity and liabilities | 10/49 | €1,069,881 | €86,218 | -€983,663 | -91.9% |
| Equity | 10/15 | -€16,423 | €65,207 | +€81,631 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,423 | €45,207 | +€81,631 | |
| Amounts payable | 17/49 | €1,086,304 | €21,010 | -€1.1m | -98.1% |
| Amounts payable after more than one year | 17 | €32,507 | - | -€32,507 | |
| Financial debts | 170/4 | €32,507 | - | -€32,507 | |
| Amounts payable within one year | 42/48 | €1,053,797 | €21,010 | -€1.0m | -98.0% |
| Current portion of amounts payable after more than one year | 42 | €14,455 | - | -€14,455 | |
| Trade debts | 44 | €12,978 | €7,473 | -€5,505 | -42.4% |
| Suppliers | 440/4 | €12,365 | €7,473 | -€4,893 | -39.6% |
| Bills of exchange payable | 441 | €612 | - | -€612 | |
| Advances received on contracts in progress | 46 | €40,000 | - | -€40,000 | |
| Taxes, remuneration and social security | 45 | €3,326 | €4,568 | +€1,242 | +37.3% |
| Taxes | 450/3 | €3,326 | €4,568 | +€1,242 | +37.3% |
| Other amounts payable | 47/48 | €983,038 | €8,970 | -€974,068 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,915 | €24,955 | +€40 | +0.2% |
| Other operating charges | 640/8 | €1,566 | €1,915 | +€348 | +22.2% |
| Non-recurring operating charges | 66A | €621 | - | -€621 | |
| Gross operating margin | 9900 | €219 | €118,747 | +€118,527 | +54018.4% |
| Operating profit (loss) | 9901 | -€26,883 | €91,877 | +€118,760 | |
| Financial income | 75/76B | €194 | €1,190 | +€996 | +512.9% |
| Recurring financial income | 75 | €194 | €1,190 | +€996 | +512.9% |
| Non-recurring financial income | 76B | - | €1,190 | +€1,190 | |
| Financial charges | 65/66B | €31,384 | €2,356 | -€29,029 | -92.5% |
| Recurring financial charges | 65 | €31,384 | €2,356 | -€29,029 | -92.5% |
| Profit (loss) for the period before taxes | 9903 | -€58,073 | €90,711 | +€148,784 | |
| Income taxes | 67/77 | €488 | €9,080 | +€8,593 | +1762.7% |
| Profit (loss) for the period | 9904 | -€58,561 | €81,631 | +€140,192 | |
| Profit (loss) for the period to be appropriated | 9905 | -€58,561 | €81,631 | +€140,192 |
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 10 October 2026 via checked.be.