BAVACO PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year +€122,512
up €122,512 (+40.9%), from €299,804 to €422,316
of which Trade receivables: +€124,320
- Tangible fixed assets -€29,477
down €29,477 (-53.9%), from €54,677 to €25,199
- Stocks and contracts +€12,500
up €12,500 (+109%), from €11,500 to €24,000
- Cash -€7,674
down €7,674 (-5.4%), from €141,183 to €133,509
mainly Receivables within one year (-€122,512) and Net result for the year (-€33,116)
- Trade debts +€93,380
up €93,380 (+176%), from €53,106 to €146,486
- Short-term financial debts +€75,000
new in 2025: €75,000
- Other debts +€35,310
up €35,310 (+154%), from €22,927 to €58,237
- Profit (loss) carried forward -€33,116
down €33,116 (-22.6%), from €146,702 to €113,586
- Tax, wage and social debts -€26,220
down €26,220 (-89.9%), from €29,154 to €2,934
of which Taxes: -€23,502
- Financial charges +€56,635
up €56,635 (+516%), from €10,971 to €67,605
of which Financial charges: +€57,165
- Gross operating margin -€20,221
down €20,221 (-26.6%), from €75,917 to €55,697
- Taxes -€12,436
down €12,436 (-93.7%), from €13,268 to €832
- Financial income +€11,276
up €11,276 (+1,692%), from €666 to €11,943
- Depreciation +€8,537
up €8,537 (+40.8%), from €20,940 to €29,477
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.
Derived cash bridge
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 | €508,640 | €605,024 | +€96,384 | +18.9% |
| Fixed assets | 21/28 | €54,677 | €25,199 | -€29,477 | -53.9% |
| Tangible fixed assets | 22/27 | €54,677 | €25,199 | -€29,477 | -53.9% |
| Furniture and vehicles | 24 | €54,677 | €25,199 | -€29,477 | -53.9% |
| Current assets | 29/58 | €453,963 | €579,825 | +€125,862 | +27.7% |
| Stocks and contracts in progress | 3 | €11,500 | €24,000 | +€12,500 | +109% |
| Stocks | 30/36 | €11,500 | €24,000 | +€12,500 | +109% |
| Amounts receivable within one year | 40/41 | €299,804 | €422,316 | +€122,512 | +40.9% |
| Trade receivables | 40 | €288,554 | €412,874 | +€124,320 | +43.1% |
| Other amounts receivable | 41 | €11,250 | €9,442 | -€1,808 | -16.1% |
| Cash at bank and in hand | 54/58 | €141,183 | €133,509 | -€7,674 | -5.4% |
| Deferred charges and accrued income | 490/1 | €1,477 | €0 | -€1,477 | -100% |
| Total equity and liabilities | 10/49 | €508,640 | €605,024 | +€96,384 | +18.9% |
| Equity | 10/15 | €306,193 | €273,077 | -€33,116 | -10.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €153,291 | €153,291 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €151,431 | €151,431 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,702 | €113,586 | -€33,116 | -22.6% |
| Amounts payable | 17/49 | €202,447 | €331,947 | +€129,501 | +64.0% |
| Amounts payable after more than one year | 17 | €26,579 | €9,116 | -€17,463 | -65.7% |
| Financial debts | 170/4 | €26,579 | €9,116 | -€17,463 | -65.7% |
| Amounts payable within one year | 42/48 | €175,868 | €322,832 | +€146,964 | +83.6% |
| Current portion of amounts payable after more than one year | 42 | €22,654 | €17,463 | -€5,191 | -22.9% |
| Financial debts | 43 | - | €75,000 | +€75,000 | |
| Other loans | 439 | - | €75,000 | +€75,000 | |
| Trade debts | 44 | €53,106 | €146,486 | +€93,380 | +176% |
| Suppliers | 440/4 | €53,106 | €146,486 | +€93,380 | +176% |
| Advances received on contracts in progress | 46 | €48,027 | €22,711 | -€25,316 | -52.7% |
| Taxes, remuneration and social security | 45 | €29,154 | €2,934 | -€26,220 | -89.9% |
| Taxes | 450/3 | €26,436 | €2,934 | -€23,502 | -88.9% |
| Remuneration and social security | 454/9 | €2,717 | €0 | -€2,717 | -100% |
| Other amounts payable | 47/48 | €22,927 | €58,237 | +€35,310 | +154% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,940 | €29,477 | +€8,537 | +40.8% |
| Other operating charges | 640/8 | €2,669 | €2,841 | +€173 | +6.5% |
| Gross operating margin | 9900 | €75,917 | €55,697 | -€20,221 | -26.6% |
| Operating profit (loss) | 9901 | €52,308 | €23,378 | -€28,930 | -55.3% |
| Financial income | 75/76B | €666 | €11,943 | +€11,276 | +1,692% |
| Recurring financial income | 75 | €666 | €11,943 | +€11,276 | +1,692% |
| Financial charges | 65/66B | €10,971 | €67,605 | +€56,635 | +516% |
| Recurring financial charges | 65 | €10,440 | €67,605 | +€57,165 | +548% |
| Non-recurring financial charges | 66B | €530 | €0 | -€530 | -100% |
| Profit (loss) for the period before taxes | 9903 | €42,004 | -€32,285 | -€74,289 | |
| Income taxes | 67/77 | €13,268 | €832 | -€12,436 | -93.7% |
| Profit (loss) for the period | 9904 | €28,736 | -€33,116 | -€61,853 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,736 | -€33,116 | -€61,853 |
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 14 October 2026 via checked.be.