BAVACO: 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.
BAVACO
Largest movements
- Cash -€44,535
down €44,535 (-60.0%), from €74,233 to €29,697
mainly Debts after one year (-€30,435) and Current portion of long-term debt (-€16,594)
- Tangible fixed assets -€42,236
down €42,236 (-10.4%), from €407,400 to €365,164
of which Leasing and similar rights: -€23,846
- Receivables within one year +€15,541
up €15,541 (+11.8%), from €131,594 to €147,135
of which Trade receivables: +€26,699
- Debts after one year -€30,435
down €30,435 (-8.7%), from €351,730 to €321,295
of which Financial debts: -€25,916
- Current portion of long-term debt -€16,594
down €16,594 (-53.5%), from €31,029 to €14,435
- Tax, wage and social debts -€9,668
down €9,668 (-48.3%), from €20,009 to €10,342
of which Taxes: -€6,869
- Gross operating margin -€119,196
down €119,196 (-68.0%), from €175,172 to €55,976
- Taxes -€28,419
down €28,419 (-96.7%), from €29,375 to €955
- Financial charges -€8,045
down €8,045 (-28.6%), from €28,122 to €20,077
- Depreciation -€5,825
down €5,825 (-12.1%), from €48,060 to €42,236
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 | €952,509 | €881,242 | -€71,267 | -7.5% |
| Fixed assets | 21/28 | €426,735 | €384,499 | -€42,236 | -9.9% |
| Tangible fixed assets | 22/27 | €407,400 | €365,164 | -€42,236 | -10.4% |
| Land and buildings | 22 | €327,070 | €312,727 | -€14,343 | -4.4% |
| Plant, machinery and equipment | 23 | €10,213 | €6,312 | -€3,901 | -38.2% |
| Furniture and vehicles | 24 | €145 | €0 | -€145 | -100.0% |
| Leasing and similar rights | 25 | €69,971 | €46,125 | -€23,846 | -34.1% |
| Financial fixed assets | 28 | €19,335 | €19,335 | = | 0.0% |
| Current assets | 29/58 | €525,775 | €496,743 | -€29,032 | -5.5% |
| Stocks and contracts in progress | 3 | €313,650 | €313,650 | = | 0.0% |
| Stocks | 30/36 | €313,650 | €313,650 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €131,594 | €147,135 | +€15,541 | +11.8% |
| Trade receivables | 40 | €97,685 | €124,385 | +€26,699 | +27.3% |
| Other amounts receivable | 41 | €33,909 | €22,751 | -€11,158 | -32.9% |
| Cash at bank and in hand | 54/58 | €74,233 | €29,697 | -€44,535 | -60.0% |
| Deferred charges and accrued income | 490/1 | €6,298 | €6,261 | -€37 | -0.6% |
| Total equity and liabilities | 10/49 | €952,509 | €881,242 | -€71,267 | -7.5% |
| Equity | 10/15 | €540,297 | €526,429 | -€13,869 | -2.6% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Revaluation surpluses | 12 | €132,000 | €132,000 | = | 0.0% |
| Reserves | 13 | €389,547 | €383,262 | -€6,286 | -1.6% |
| Tax-exempt reserves | 132 | €46,109 | €18,333 | -€27,776 | -60.2% |
| Distributable reserves | 133 | €343,439 | €364,928 | +€21,490 | +6.3% |
| Profit (loss) carried forward | 14 | - | -€7,583 | -€7,583 | |
| Provisions and deferred taxes | 16 | €6,155 | €4,583 | -€1,571 | -25.5% |
| Deferred taxes | 168 | €6,155 | €4,583 | -€1,571 | -25.5% |
| Amounts payable | 17/49 | €406,057 | €350,230 | -€55,827 | -13.7% |
| Amounts payable after more than one year | 17 | €351,730 | €321,295 | -€30,435 | -8.7% |
| Financial debts | 170/4 | €330,832 | €304,916 | -€25,916 | -7.8% |
| Trade debts | 175 | €4,519 | - | -€4,519 | |
| Other amounts payable | 178/9 | €16,379 | €16,379 | = | 0.0% |
| Amounts payable within one year | 42/48 | €54,327 | €28,935 | -€25,392 | -46.7% |
| Current portion of amounts payable after more than one year | 42 | €31,029 | €14,435 | -€16,594 | -53.5% |
| Trade debts | 44 | €2,425 | €4,080 | +€1,655 | +68.3% |
| Suppliers | 440/4 | €2,425 | €4,080 | +€1,655 | +68.3% |
| Taxes, remuneration and social security | 45 | €20,009 | €10,342 | -€9,668 | -48.3% |
| Taxes | 450/3 | €17,210 | €10,342 | -€6,869 | -39.9% |
| Remuneration and social security | 454/9 | €2,799 | €0 | -€2,799 | -100.0% |
| Other amounts payable | 47/48 | €864 | €78 | -€786 | -91.0% |
| Remuneration, social security and pensions | 62 | €3,680 | €3,680 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,060 | €42,236 | -€5,825 | -12.1% |
| Other operating charges | 640/8 | €4,394 | €4,468 | +€74 | +1.7% |
| Gross operating margin | 9900 | €175,172 | €55,976 | -€119,196 | -68.0% |
| Operating profit (loss) | 9901 | €119,038 | €5,592 | -€113,446 | -95.3% |
| Financial income | 75/76B | €16 | €0 | -€16 | -100.0% |
| Recurring financial income | 75 | €16 | €0 | -€16 | -100.0% |
| Financial charges | 65/66B | €28,122 | €20,077 | -€8,045 | -28.6% |
| Recurring financial charges | 65 | €28,122 | €20,077 | -€8,045 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €90,932 | -€14,485 | -€105,417 | |
| Transfer from deferred taxes | 780 | €1,571 | €1,571 | = | 0.0% |
| Income taxes | 67/77 | €29,375 | €955 | -€28,419 | -96.7% |
| Profit (loss) for the period | 9904 | €63,129 | -€13,869 | -€76,997 | |
| Transfer from tax-exempt reserves | 789 | €6,286 | €6,286 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,414 | -€7,583 | -€76,997 |
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 11 October 2026 via checked.be.