BAVALO: 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.
BAVALO
Largest movements
- Financial fixed assets +€1.5m
up €1.5m (+57.1%), from €2.6m to €4.0m
- Receivables within one year +€220,366
up €220,366 (+19.5%), from €1.1m to €1.3m
of which Other amounts receivable: +€200,709
- Cash +€169,037
up €169,037 (+42.1%), from €401,357 to €570,393
mainly Net result for the year (+€1.2m) and Debts after one year (+€974,879)
- Reserves +€1.2m
up €1.2m (+30.0%), from €3.9m to €5.0m
of which Distributable reserves: +€1.0m
- Debts after one year +€974,879
up €974,879 (+360%), from €270,490 to €1.2m
- Current portion of long-term debt -€215,352
down €215,352 (-59.2%), from €363,691 to €148,339
- Financial income +€475,452
up €475,452 (+72.1%), from €659,234 to €1.1m
- Gross operating margin -€199,149
down €199,149 (-68.5%), from €290,750 to €91,602
- Taxes -€44,205
down €44,205 (-57.1%), from €77,424 to €33,219
- Financial charges +€6,164
up €6,164 (+65.2%), from €9,450 to €15,614
- Other operating charges +€4,776
up €4,776 (+3,399%), from €141 to €4,917
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 | €4,630,858 | €6,464,380 | +€1.8m | +39.6% |
| Fixed assets | 21/28 | €3,102,032 | €4,541,035 | +€1.4m | +46.4% |
| Tangible fixed assets | 22/27 | €552,032 | €536,035 | -€15,996 | -2.9% |
| Land and buildings | 22 | €552,032 | €536,035 | -€15,996 | -2.9% |
| Financial fixed assets | 28 | €2,550,000 | €4,005,000 | +€1.5m | +57.1% |
| Current assets | 29/58 | €1,528,826 | €1,923,345 | +€394,518 | +25.8% |
| Amounts receivable within one year | 40/41 | €1,127,470 | €1,347,836 | +€220,366 | +19.5% |
| Trade receivables | 40 | €4,801 | €24,457 | +€19,657 | +409% |
| Other amounts receivable | 41 | €1,122,669 | €1,323,378 | +€200,709 | +17.9% |
| Cash at bank and in hand | 54/58 | €401,357 | €570,393 | +€169,037 | +42.1% |
| Deferred charges and accrued income | 490/1 | - | €5,116 | +€5,116 | |
| Total equity and liabilities | 10/49 | €4,630,858 | €6,464,380 | +€1.8m | +39.6% |
| Equity | 10/15 | €3,858,345 | €5,014,887 | +€1.2m | +30.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,852,145 | €5,008,687 | +€1.2m | +30.0% |
| Tax-exempt reserves | 132 | €484,150 | €631,500 | +€147,350 | +30.4% |
| Distributable reserves | 133 | €3,367,995 | €4,377,187 | +€1.0m | +30.0% |
| Amounts payable | 17/49 | €772,513 | €1,449,493 | +€676,980 | +87.6% |
| Amounts payable after more than one year | 17 | €270,490 | €1,245,370 | +€974,879 | +360% |
| Financial debts | 170/4 | €270,490 | €1,245,370 | +€974,879 | +360% |
| Amounts payable within one year | 42/48 | €497,222 | €204,124 | -€293,099 | -58.9% |
| Current portion of amounts payable after more than one year | 42 | €363,691 | €148,339 | -€215,352 | -59.2% |
| Trade debts | 44 | €11,239 | €10,803 | -€435 | -3.9% |
| Suppliers | 440/4 | €11,239 | €10,803 | -€435 | -3.9% |
| Taxes, remuneration and social security | 45 | €52,292 | €9,981 | -€42,311 | -80.9% |
| Taxes | 450/3 | €52,292 | €9,981 | -€42,311 | -80.9% |
| Other amounts payable | 47/48 | €70,000 | €35,000 | -€35,000 | -50.0% |
| Accrued charges and deferred income | 492/3 | €4,801 | €0 | -€4,801 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,996 | €15,996 | = | 0.0% |
| Other operating charges | 640/8 | €141 | €4,917 | +€4,776 | +3,399% |
| Gross operating margin | 9900 | €290,750 | €91,602 | -€199,149 | -68.5% |
| Operating profit (loss) | 9901 | €274,614 | €70,689 | -€203,925 | -74.3% |
| Financial income | 75/76B | €659,234 | €1,134,686 | +€475,452 | +72.1% |
| Recurring financial income | 75 | €659,234 | €1,134,686 | +€475,452 | +72.1% |
| Financial charges | 65/66B | €9,450 | €15,614 | +€6,164 | +65.2% |
| Recurring financial charges | 65 | €9,450 | €15,614 | +€6,164 | +65.2% |
| Profit (loss) for the period before taxes | 9903 | €924,398 | €1,189,761 | +€265,364 | +28.7% |
| Income taxes | 67/77 | €77,424 | €33,219 | -€44,205 | -57.1% |
| Profit (loss) for the period | 9904 | €846,973 | €1,156,542 | +€309,569 | +36.5% |
| Transfer to tax-exempt reserves | 689 | €294,700 | €147,350 | -€147,350 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €552,273 | €1,009,192 | +€456,919 | +82.7% |
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 27 October 2026 via checked.be.