BAVAGO: 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.
BAVAGO
Largest movements
- Cash -€165,746
down €165,746 (-25.3%), from €655,091 to €489,345
mainly Investment in fixed assets (net) (-€248,000) and Debts after one year (-€170,319)
- Stocks and contracts -€135,423
down €135,423 (-30.8%), from €439,070 to €303,647
- Tangible fixed assets +€48,855
up €48,855 (+6.8%), from €723,627 to €772,482
of which Land and buildings: +€141,910
- Debts after one year -€170,319
down €170,319 (-24.7%), from €690,500 to €520,180
- Trade debts -€63,858
down €63,858 (-60.7%), from €105,247 to €41,389
- Gross operating margin -€329,361
down €329,361 (-56.8%), from €579,466 to €250,105
- Taxes -€95,882
down €95,882 (-99.7%), from €96,147 to €265
- Other operating charges +€38,212
up €38,212 (+407.5%), from €9,378 to €47,590
- Depreciation +€18,579
up €18,579 (+10.3%), from €180,566 to €199,145
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 | €1,899,998 | €1,652,972 | -€247,026 | -13.0% |
| Fixed assets | 21/28 | €723,627 | €772,482 | +€48,855 | +6.8% |
| Tangible fixed assets | 22/27 | €723,627 | €772,482 | +€48,855 | +6.8% |
| Land and buildings | 22 | €520,191 | €662,101 | +€141,910 | +27.3% |
| Plant, machinery and equipment | 23 | €126,335 | €62,194 | -€64,141 | -50.8% |
| Furniture and vehicles | 24 | €77,101 | €48,187 | -€28,913 | -37.5% |
| Current assets | 29/58 | €1,176,371 | €880,490 | -€295,881 | -25.2% |
| Stocks and contracts in progress | 3 | €439,070 | €303,647 | -€135,423 | -30.8% |
| Stocks | 30/36 | €439,070 | €303,647 | -€135,423 | -30.8% |
| Amounts receivable within one year | 40/41 | €71,888 | €75,333 | +€3,445 | +4.8% |
| Trade receivables | 40 | €60,661 | €0 | -€60,661 | -100.0% |
| Other amounts receivable | 41 | €11,228 | €75,333 | +€64,106 | +571.0% |
| Cash at bank and in hand | 54/58 | €655,091 | €489,345 | -€165,746 | -25.3% |
| Deferred charges and accrued income | 490/1 | €10,322 | €12,165 | +€1,843 | +17.9% |
| Total equity and liabilities | 10/49 | €1,899,998 | €1,652,972 | -€247,026 | -13.0% |
| Equity | 10/15 | €912,497 | €898,346 | -€14,150 | -1.6% |
| Contributions | 10/11 | €301,386 | €301,386 | = | 0.0% |
| Reserves | 13 | €611,111 | €596,961 | -€14,150 | -2.3% |
| Distributable reserves | 133 | €611,111 | €596,961 | -€14,150 | -2.3% |
| Amounts payable | 17/49 | €987,502 | €754,626 | -€232,876 | -23.6% |
| Amounts payable after more than one year | 17 | €690,500 | €520,180 | -€170,319 | -24.7% |
| Financial debts | 170/4 | €690,500 | €520,180 | -€170,319 | -24.7% |
| Amounts payable within one year | 42/48 | €297,002 | €234,445 | -€62,557 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €170,319 | €170,319 | = | 0.0% |
| Trade debts | 44 | €105,247 | €41,389 | -€63,858 | -60.7% |
| Suppliers | 440/4 | €105,247 | €41,389 | -€63,858 | -60.7% |
| Taxes, remuneration and social security | 45 | €4,146 | €5,572 | +€1,426 | +34.4% |
| Taxes | 450/3 | €4,146 | €3,172 | -€974 | -23.5% |
| Remuneration and social security | 454/9 | - | €2,400 | +€2,400 | |
| Other amounts payable | 47/48 | €17,289 | €17,165 | -€124 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,566 | €199,145 | +€18,579 | +10.3% |
| Other operating charges | 640/8 | €9,378 | €47,590 | +€38,212 | +407.5% |
| Gross operating margin | 9900 | €579,466 | €250,105 | -€329,361 | -56.8% |
| Operating profit (loss) | 9901 | €389,522 | €3,370 | -€386,151 | -99.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -93.5% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -93.5% |
| Financial charges | 65/66B | €20,543 | €17,256 | -€3,287 | -16.0% |
| Recurring financial charges | 65 | €20,543 | €17,256 | -€3,287 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €368,979 | -€13,886 | -€382,865 | |
| Income taxes | 67/77 | €96,147 | €265 | -€95,882 | -99.7% |
| Profit (loss) for the period | 9904 | €272,833 | -€14,150 | -€286,983 | |
| Profit (loss) for the period to be appropriated | 9905 | €272,833 | -€14,150 | -€286,983 |
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.