BAV 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.
BAV PROJECTS
Largest movements
- Cash -€81,970
down €81,970 (-68.5%), from €119,617 to €37,647
mainly Trade debts (-€92,540) and Deferred charges and accrued income (-€35,000)
- Tangible fixed assets -€39,232
down €39,232 (-29.2%), from €134,520 to €95,289
- Deferred charges and accrued income +€35,000
new in 2025: €35,000
- Receivables within one year +€6,065
up €6,065 (+10.1%), from €60,172 to €66,236
of which Trade receivables: +€12,285
- Trade debts -€92,540
down €92,540 (-80.9%), from €114,318 to €21,778
- Profit (loss) carried forward +€25,273
up €25,273 (+15.5%), from €162,834 to €188,107
- Debts after one year -€14,501
no longer reported in 2025 (was €14,501)
- Tax, wage and social debts +€5,186
up €5,186, from €0 to €5,186
of which Taxes: +€4,807
- Current portion of long-term debt -€4,514
down €4,514 (-23.7%), from €19,015 to €14,501
- Gross operating margin +€24,483
up €24,483 (+37.7%), from €64,875 to €89,358
- Taxes +€10,909
up €10,909 (+402.8%), from €2,708 to €13,617
- Staff costs -€3,825
no longer reported in 2025 (was €3,825)
- Depreciation -€3,553
down €3,553 (-7.2%), from €49,582 to €46,029
- Financial charges -€1,671
down €1,671 (-34.1%), from €4,905 to €3,235
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 | €344,719 | €263,622 | -€81,097 | -23.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €134,520 | €95,289 | -€39,232 | -29.2% |
| Tangible fixed assets | 22/27 | €134,520 | €95,289 | -€39,232 | -29.2% |
| Land and buildings | 22 | €60,563 | €47,124 | -€13,440 | -22.2% |
| Plant, machinery and equipment | 23 | €40,470 | €24,470 | -€16,000 | -39.5% |
| Furniture and vehicles | 24 | €33,487 | €23,695 | -€9,792 | -29.2% |
| Current assets | 29/58 | €210,199 | €168,333 | -€41,865 | -19.9% |
| Stocks and contracts in progress | 3 | €30,410 | €29,450 | -€960 | -3.2% |
| Stocks | 30/36 | €30,410 | €29,450 | -€960 | -3.2% |
| Amounts receivable within one year | 40/41 | €60,172 | €66,236 | +€6,065 | +10.1% |
| Trade receivables | 40 | €16,528 | €28,813 | +€12,285 | +74.3% |
| Other amounts receivable | 41 | €43,644 | €37,423 | -€6,220 | -14.3% |
| Cash at bank and in hand | 54/58 | €119,617 | €37,647 | -€81,970 | -68.5% |
| Deferred charges and accrued income | 490/1 | - | €35,000 | +€35,000 | |
| Total equity and liabilities | 10/49 | €344,719 | €263,622 | -€81,097 | -23.5% |
| Equity | 10/15 | €196,884 | €222,157 | +€25,273 | +12.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €14,051 | €14,051 | = | 0.0% |
| Distributable reserves | 133 | €14,051 | €14,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,834 | €188,107 | +€25,273 | +15.5% |
| Amounts payable | 17/49 | €147,835 | €41,465 | -€106,370 | -72.0% |
| Amounts payable after more than one year | 17 | €14,501 | - | -€14,501 | |
| Financial debts | 170/4 | €14,501 | - | -€14,501 | |
| Amounts payable within one year | 42/48 | €133,333 | €41,465 | -€91,869 | -68.9% |
| Current portion of amounts payable after more than one year | 42 | €19,015 | €14,501 | -€4,514 | -23.7% |
| Trade debts | 44 | €114,318 | €21,778 | -€92,540 | -80.9% |
| Suppliers | 440/4 | €114,318 | €21,778 | -€92,540 | -80.9% |
| Taxes, remuneration and social security | 45 | €0 | €5,186 | +€5,186 | |
| Taxes | 450/3 | €0 | €4,807 | +€4,807 | |
| Remuneration and social security | 454/9 | - | €379 | +€379 | |
| Remuneration, social security and pensions | 62 | €3,825 | - | -€3,825 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,582 | €46,029 | -€3,553 | -7.2% |
| Other operating charges | 640/8 | €775 | €1,204 | +€429 | +55.3% |
| Gross operating margin | 9900 | €64,875 | €89,358 | +€24,483 | +37.7% |
| Operating profit (loss) | 9901 | €10,693 | €42,125 | +€31,432 | +294.0% |
| Financial income | 75/76B | €165 | - | -€165 | |
| Recurring financial income | 75 | €165 | - | -€165 | |
| Financial charges | 65/66B | €4,905 | €3,235 | -€1,671 | -34.1% |
| Recurring financial charges | 65 | €4,905 | €3,235 | -€1,671 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €5,952 | €38,890 | +€32,938 | +553.4% |
| Income taxes | 67/77 | €2,708 | €13,617 | +€10,909 | +402.8% |
| Profit (loss) for the period | 9904 | €3,244 | €25,273 | +€22,029 | +679.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,244 | €25,273 | +€22,029 | +679.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.