BAVAGO: 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.
BAVAGO
Largest movements
- Cash +€191,314
up €191,314 (+214.7%), from €89,100 to €280,414
mainly Net result for the year (+€201,057) and Receivables within one year (+€108,511)
- Receivables within one year -€108,511
down €108,511 (-30.4%), from €357,079 to €248,568
of which Other amounts receivable: -€64,891
- Tangible fixed assets +€13,175
up €13,175 (+4.9%), from €268,725 to €281,900
of which Land and buildings: +€15,997
- Trade debts +€70,813
up €70,813 (+56.1%), from €126,170 to €196,983
- Reserves +€49,329
up €49,329 (+9.7%), from €508,611 to €557,940
of which Distributable reserves: +€49,329
- Tax, wage and social debts -€29,206
down €29,206 (-43.4%), from €67,326 to €38,120
of which Remuneration and social security: -€24,771
- Other debts +€17,727
up €17,727 (+114.2%), from €15,523 to €33,250
- Accrued charges and deferred income -€10,528
no longer reported in 2025 (was €10,528)
- Gross operating margin +€168,223
up €168,223 (+28.0%), from €601,427 to €769,649
- Taxes +€58,303
up €58,303 (+186.2%), from €31,316 to €89,619
- Staff costs -€30,530
down €30,530 (-7.8%), from €389,452 to €358,922
- Other operating charges -€11,608
down €11,608 (-92.9%), from €12,492 to €885
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 | €927,211 | €1,021,624 | +€94,413 | +10.2% |
| Fixed assets | 21/28 | €276,375 | €295,804 | +€19,429 | +7.0% |
| Intangible fixed assets | 21 | - | €6,253 | +€6,253 | |
| Tangible fixed assets | 22/27 | €268,725 | €281,900 | +€13,175 | +4.9% |
| Land and buildings | 22 | €89,472 | €105,469 | +€15,997 | +17.9% |
| Plant, machinery and equipment | 23 | €15,507 | €13,714 | -€1,793 | -11.6% |
| Furniture and vehicles | 24 | €163,746 | €162,717 | -€1,030 | -0.6% |
| Financial fixed assets | 28 | €7,650 | €7,650 | = | 0.0% |
| Current assets | 29/58 | €650,836 | €725,821 | +€74,984 | +11.5% |
| Stocks and contracts in progress | 3 | €200,371 | €193,455 | -€6,917 | -3.5% |
| Stocks | 30/36 | €200,371 | €193,455 | -€6,917 | -3.5% |
| Amounts receivable within one year | 40/41 | €357,079 | €248,568 | -€108,511 | -30.4% |
| Trade receivables | 40 | €292,187 | €248,568 | -€43,619 | -14.9% |
| Other amounts receivable | 41 | €64,891 | - | -€64,891 | |
| Cash at bank and in hand | 54/58 | €89,100 | €280,414 | +€191,314 | +214.7% |
| Deferred charges and accrued income | 490/1 | €4,286 | €3,384 | -€902 | -21.0% |
| Total equity and liabilities | 10/49 | €927,211 | €1,021,624 | +€94,413 | +10.2% |
| Equity | 10/15 | €523,463 | €572,791 | +€49,329 | +9.4% |
| Contributions | 10/11 | €14,852 | €14,852 | = | 0.0% |
| Reserves | 13 | €508,611 | €557,940 | +€49,329 | +9.7% |
| Tax-exempt reserves | 132 | €14,295 | €14,295 | = | 0.0% |
| Distributable reserves | 133 | €494,316 | €543,644 | +€49,329 | +10.0% |
| Amounts payable | 17/49 | €403,749 | €448,833 | +€45,084 | +11.2% |
| Amounts payable after more than one year | 17 | €99,091 | €98,557 | -€533 | -0.5% |
| Financial debts | 170/4 | €99,091 | €98,557 | -€533 | -0.5% |
| Amounts payable within one year | 42/48 | €294,130 | €350,275 | +€56,146 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €84,936 | €81,748 | -€3,188 | -3.8% |
| Financial debts | 43 | €175 | €175 | = | 0.0% |
| Credit institutions | 430/8 | - | €175 | +€175 | |
| Other loans | 439 | €175 | - | -€175 | |
| Trade debts | 44 | €126,170 | €196,983 | +€70,813 | +56.1% |
| Suppliers | 440/4 | €126,170 | €196,983 | +€70,813 | +56.1% |
| Taxes, remuneration and social security | 45 | €67,326 | €38,120 | -€29,206 | -43.4% |
| Taxes | 450/3 | €21,549 | €17,114 | -€4,435 | -20.6% |
| Remuneration and social security | 454/9 | €45,777 | €21,006 | -€24,771 | -54.1% |
| Other amounts payable | 47/48 | €15,523 | €33,250 | +€17,727 | +114.2% |
| Accrued charges and deferred income | 492/3 | €10,528 | - | -€10,528 | |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Remuneration, social security and pensions | 62 | €389,452 | €358,922 | -€30,530 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,720 | €94,831 | +€2,111 | +2.3% |
| Other operating charges | 640/8 | €12,492 | €885 | -€11,608 | -92.9% |
| Non-recurring operating charges | 66A | - | €20,100 | +€20,100 | |
| Gross operating margin | 9900 | €601,427 | €769,649 | +€168,223 | +28.0% |
| Operating profit (loss) | 9901 | €106,763 | €294,912 | +€188,150 | +176.2% |
| Financial income | 75/76B | €4,318 | - | -€4,318 | |
| Recurring financial income | 75 | €4,318 | - | -€4,318 | |
| Financial charges | 65/66B | €7,809 | €4,236 | -€3,573 | -45.8% |
| Recurring financial charges | 65 | €7,809 | €4,236 | -€3,573 | -45.8% |
| Profit (loss) for the period before taxes | 9903 | €103,272 | €290,676 | +€187,405 | +181.5% |
| Income taxes | 67/77 | €31,316 | €89,619 | +€58,303 | +186.2% |
| Profit (loss) for the period | 9904 | €71,955 | €201,057 | +€129,102 | +179.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,955 | €201,057 | +€129,102 | +179.4% |
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 5 October 2026 via checked.be.