Bavago: what changed
What changed
Bavago
NACE 43.240, Other construction installation
filed annual accounts (NBB)
Net result for the year
-€33,242
2024 · -€152,828+€119,586
Equity
€208,099
2024 · €241,341-€33,242
Cash
€16,184
2024 · €32,344-€16,159
Balance sheet total
€484,285
2024 · €544,390-€60,105
Largest movements
Assets
- Tangible fixed assets -€28,622
down €28,622 (-7.2%), from €397,187 to €368,564
of which Land and buildings: -€21,938
- Cash -€16,159
down €16,159 (-50.0%), from €32,344 to €16,184
mainly Net result for the year (-€33,242) and Debts after one year (-€31,905)
- Receivables within one year -€12,025
down €12,025 (-23.2%), from €51,721 to €39,697
of which Other amounts receivable: -€13,840
Equity and liabilities
- Reserves -€33,242
down €33,242 (-13.8%), from €241,341 to €208,099
- Debts after one year -€31,905
down €31,905 (-13.1%), from €243,296 to €211,391
- Other debts +€10,405
new in 2025: €10,405
- Trade debts -€9,615
down €9,615 (-91.7%), from €10,483 to €868
Income statement
- Gross operating margin +€84,025
up €84,025 (+31.4%), from €267,347 to €351,372
- Staff costs -€34,891
down €34,891 (-9.2%), from €378,232 to €343,342
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€152,828
Gross operating margin
+€84,025
Staff costs
+€34,891
Depreciation
-€1,882
Other operating charges
+€31
Financial income
+€915
Financial charges
+€1,697
Taxes
-€91
Result 2025
-€33,242
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€21,954
Investment
-€6,714
Financing
-€31,399
Cash 2024
€32,344
From operations (derived)
+€21,954
Net result for the year
-€33,242
Depreciation
+€36,894
Stocks and contracts
+€1,440
Receivables within one year
+€12,025
Deferred charges and accrued income
+€301
Trade debts
-€9,615
Tax, wage and social debts
+€3,745
Other debts
+€10,405
Investment (derived)
-€6,714
Investment in fixed assets (net)
-€6,714
Financing
-€31,399
Debts after one year
-€31,905
Current portion of long-term debt
+€506
Cash 2025
€16,184
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €544,390 | €484,285 | -€60,105 | -11.0% |
| Fixed assets | 21/28 | €401,831 | €371,651 | -€30,180 | -7.5% |
| Intangible fixed assets | 21 | €4,639 | €3,081 | -€1,558 | -33.6% |
| Tangible fixed assets | 22/27 | €397,187 | €368,564 | -€28,622 | -7.2% |
| Land and buildings | 22 | €355,582 | €333,644 | -€21,938 | -6.2% |
| Plant, machinery and equipment | 23 | €36,703 | €26,019 | -€10,684 | -29.1% |
| Furniture and vehicles | 24 | €4,902 | €8,902 | +€4,000 | +81.6% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €142,559 | €112,634 | -€29,925 | -21.0% |
| Stocks and contracts in progress | 3 | €34,600 | €33,160 | -€1,440 | -4.2% |
| Stocks | 30/36 | €34,600 | €33,160 | -€1,440 | -4.2% |
| Amounts receivable within one year | 40/41 | €51,721 | €39,697 | -€12,025 | -23.2% |
| Trade receivables | 40 | €35,544 | €37,359 | +€1,815 | +5.1% |
| Other amounts receivable | 41 | €16,177 | €2,337 | -€13,840 | -85.6% |
| Cash at bank and in hand | 54/58 | €32,344 | €16,184 | -€16,159 | -50.0% |
| Deferred charges and accrued income | 490/1 | €23,894 | €23,593 | -€301 | -1.3% |
| Total equity and liabilities | 10/49 | €544,390 | €484,285 | -€60,105 | -11.0% |
| Equity | 10/15 | €241,341 | €208,099 | -€33,242 | -13.8% |
| Reserves | 13 | €241,341 | €208,099 | -€33,242 | -13.8% |
| Distributable reserves | 133 | €241,341 | €208,099 | -€33,242 | -13.8% |
| Amounts payable | 17/49 | €303,049 | €276,185 | -€26,864 | -8.9% |
| Amounts payable after more than one year | 17 | €243,296 | €211,391 | -€31,905 | -13.1% |
| Financial debts | 170/4 | €243,296 | €211,391 | -€31,905 | -13.1% |
| Amounts payable within one year | 42/48 | €59,749 | €64,790 | +€5,041 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €35,051 | €35,557 | +€506 | +1.4% |
| Trade debts | 44 | €10,483 | €868 | -€9,615 | -91.7% |
| Suppliers | 440/4 | €10,483 | €868 | -€9,615 | -91.7% |
| Taxes, remuneration and social security | 45 | €14,215 | €17,960 | +€3,745 | +26.3% |
| Taxes | 450/3 | €1,473 | €4,806 | +€3,334 | +226% |
| Remuneration and social security | 454/9 | €12,742 | €13,153 | +€411 | +3.2% |
| Other amounts payable | 47/48 | - | €10,405 | +€10,405 | |
| Accrued charges and deferred income | 492/3 | €4 | €4 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €378,232 | €343,342 | -€34,891 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,012 | €36,894 | +€1,882 | +5.4% |
| Other operating charges | 640/8 | €2,764 | €2,733 | -€31 | -1.1% |
| Gross operating margin | 9900 | €267,347 | €351,372 | +€84,025 | +31.4% |
| Operating profit (loss) | 9901 | -€148,662 | -€31,597 | +€117,065 | +78.7% |
| Financial income | 75/76B | €5,497 | €6,412 | +€915 | +16.6% |
| Recurring financial income | 75 | €5,497 | €6,412 | +€915 | +16.6% |
| Financial charges | 65/66B | €9,295 | €7,598 | -€1,697 | -18.3% |
| Recurring financial charges | 65 | €9,295 | €7,598 | -€1,697 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | -€152,459 | -€32,783 | +€119,677 | +78.5% |
| Income taxes | 67/77 | €368 | €459 | +€91 | +24.7% |
| Profit (loss) for the period | 9904 | -€152,828 | -€33,242 | +€119,586 | +78.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€152,828 | -€33,242 | +€119,586 | +78.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.