BAVAR: 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.
BAVAR
Largest movements
- Current investments +€350,000
up €350,000 (+53.8%), from €650,000 to €1.0m
- Receivables within one year +€135,215
up €135,215 (+22.2%), from €607,860 to €743,075
of which Trade receivables: +€84,663
- Tangible fixed assets -€78,957
down €78,957 (-5.0%), from €1.6m to €1.5m
- Cash -€42,445
down €42,445 (-54.2%), from €78,241 to €35,796
mainly Current investments (-€350,000) and Receivables within one year (-€135,215)
- Reserves +€367,165
up €367,165 (+14.4%), from €2.6m to €2.9m
- Debts after one year -€48,749
down €48,749 (-100.0%), from €48,749 to €0
- Tax, wage and social debts +€41,528
up €41,528 (+115.4%), from €35,976 to €77,504
- Depreciation -€6,138
down €6,138 (-7.2%), from €85,095 to €78,957
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 | €2,941,094 | €3,305,091 | +€363,997 | +12.4% |
| Fixed assets | 21/28 | €1,586,381 | €1,507,424 | -€78,957 | -5.0% |
| Tangible fixed assets | 22/27 | €1,586,381 | €1,507,424 | -€78,957 | -5.0% |
| Land and buildings | 22 | €1,586,381 | €1,507,424 | -€78,957 | -5.0% |
| Current assets | 29/58 | €1,354,713 | €1,797,668 | +€442,954 | +32.7% |
| Amounts receivable within one year | 40/41 | €607,860 | €743,075 | +€135,215 | +22.2% |
| Trade receivables | 40 | €58,763 | €143,426 | +€84,663 | +144.1% |
| Other amounts receivable | 41 | €549,097 | €599,649 | +€50,552 | +9.2% |
| Current investments | 50/53 | €650,000 | €1,000,000 | +€350,000 | +53.8% |
| Cash at bank and in hand | 54/58 | €78,241 | €35,796 | -€42,445 | -54.2% |
| Deferred charges and accrued income | 490/1 | €18,612 | €18,796 | +€184 | +1.0% |
| Total equity and liabilities | 10/49 | €2,941,094 | €3,305,091 | +€363,997 | +12.4% |
| Equity | 10/15 | €2,762,137 | €3,138,274 | +€376,137 | +13.6% |
| Contributions | 10/11 | €44,935 | €44,935 | = | 0.0% |
| Reserves | 13 | €2,552,093 | €2,919,258 | +€367,165 | +14.4% |
| Distributable reserves | 133 | €2,552,093 | €2,919,258 | +€367,165 | +14.4% |
| Investment grants | 15 | €165,109 | €174,081 | +€8,972 | +5.4% |
| Provisions and deferred taxes | 16 | €35,263 | €35,263 | = | 0.0% |
| Deferred taxes | 168 | €35,263 | €35,263 | = | 0.0% |
| Amounts payable | 17/49 | €143,694 | €131,554 | -€12,140 | -8.4% |
| Amounts payable after more than one year | 17 | €48,749 | €0 | -€48,749 | -100.0% |
| Financial debts | 170/4 | €48,749 | €0 | -€48,749 | -100.0% |
| Amounts payable within one year | 42/48 | €94,945 | €131,554 | +€36,609 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €53,180 | €48,749 | -€4,431 | -8.3% |
| Trade debts | 44 | €5,789 | €5,301 | -€488 | -8.4% |
| Suppliers | 440/4 | €5,789 | €5,301 | -€488 | -8.4% |
| Taxes, remuneration and social security | 45 | €35,976 | €77,504 | +€41,528 | +115.4% |
| Taxes | 450/3 | €35,976 | €77,504 | +€41,528 | +115.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,095 | €78,957 | -€6,138 | -7.2% |
| Other operating charges | 640/8 | €53,143 | €49,803 | -€3,341 | -6.3% |
| Gross operating margin | 9900 | €589,235 | €589,360 | +€125 | 0.0% |
| Operating profit (loss) | 9901 | €450,997 | €460,600 | +€9,604 | +2.1% |
| Financial income | 75/76B | €33,171 | €29,301 | -€3,870 | -11.7% |
| Recurring financial income | 75 | €33,171 | €29,301 | -€3,870 | -11.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,495 | €3,221 | +€1,725 | +115.4% |
| Recurring financial charges | 65 | €1,495 | €3,221 | +€1,725 | +115.4% |
| Profit (loss) for the period before taxes | 9903 | €482,672 | €486,681 | +€4,009 | +0.8% |
| Income taxes | 67/77 | €119,168 | €119,516 | +€348 | +0.3% |
| Profit (loss) for the period | 9904 | €363,505 | €367,165 | +€3,660 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €363,505 | €367,165 | +€3,660 | +1.0% |
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 10 October 2026 via checked.be.