BAVARIM: 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.
BAVARIM
Largest movements
- Receivables within one year +€956,029
up €956,029 (+13657.6%), from €7,000 to €963,029
- Tangible fixed assets -€24,378
down €24,378 (-2.9%), from €853,630 to €829,251
- Short-term financial debts +€600,000
new in 2025: €600,000
- Other debts +€328,392
up €328,392 (+2537.5%), from €12,942 to €341,334
- Debts after one year -€33,710
down €33,710 (-5.3%), from €642,087 to €608,376
- Profit (loss) carried forward +€23,620
up €23,620 (+17.8%), from -€132,529 to -€108,910
- Write-downs -€82,350
no longer reported in 2025 (was €82,350)
- Gross operating margin +€64,488
up €64,488 (+253.9%), from €25,402 to €89,890
- Financial charges +€18,129
up €18,129 (+113.9%), from €15,910 to €34,038
- Depreciation +€9,397
up €9,397 (+62.7%), from €14,981 to €24,378
- Other operating charges -€6,604
down €6,604 (-45.7%), from €14,458 to €7,854
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 | €874,855 | €1,795,453 | +€920,598 | +105.2% |
| Fixed assets | 21/28 | €853,630 | €829,251 | -€24,378 | -2.9% |
| Tangible fixed assets | 22/27 | €853,630 | €829,251 | -€24,378 | -2.9% |
| Land and buildings | 22 | €853,630 | €829,251 | -€24,378 | -2.9% |
| Current assets | 29/58 | €21,225 | €966,201 | +€944,976 | +4452.2% |
| Amounts receivable within one year | 40/41 | €7,000 | €963,029 | +€956,029 | +13657.6% |
| Other amounts receivable | 41 | €7,000 | €963,029 | +€956,029 | +13657.6% |
| Cash at bank and in hand | 54/58 | €12,208 | €1,373 | -€10,835 | -88.8% |
| Deferred charges and accrued income | 490/1 | €2,017 | €1,799 | -€218 | -10.8% |
| Total equity and liabilities | 10/49 | €874,855 | €1,795,453 | +€920,598 | +105.2% |
| Equity | 10/15 | €187,471 | €211,090 | +€23,620 | +12.6% |
| Contributions | 10/11 | €320,000 | €320,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€132,529 | -€108,910 | +€23,620 | +17.8% |
| Amounts payable | 17/49 | €687,384 | €1,584,363 | +€896,978 | +130.5% |
| Amounts payable after more than one year | 17 | €642,087 | €608,376 | -€33,710 | -5.3% |
| Financial debts | 170/4 | €642,087 | €608,376 | -€33,710 | -5.3% |
| Amounts payable within one year | 42/48 | €45,297 | €975,986 | +€930,689 | +2054.6% |
| Current portion of amounts payable after more than one year | 42 | €32,122 | €33,710 | +€1,588 | +4.9% |
| Financial debts | 43 | - | €600,000 | +€600,000 | |
| Other loans | 439 | - | €600,000 | +€600,000 | |
| Trade debts | 44 | €234 | €942 | +€708 | +303.1% |
| Suppliers | 440/4 | €234 | €942 | +€708 | +303.1% |
| Other amounts payable | 47/48 | €12,942 | €341,334 | +€328,392 | +2537.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,981 | €24,378 | +€9,397 | +62.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €82,350 | - | -€82,350 | |
| Other operating charges | 640/8 | €14,458 | €7,854 | -€6,604 | -45.7% |
| Gross operating margin | 9900 | €25,402 | €89,890 | +€64,488 | +253.9% |
| Operating profit (loss) | 9901 | -€86,387 | €57,658 | +€144,045 | |
| Financial charges | 65/66B | €15,910 | €34,038 | +€18,129 | +113.9% |
| Recurring financial charges | 65 | €15,910 | €34,038 | +€18,129 | +113.9% |
| Profit (loss) for the period before taxes | 9903 | -€102,296 | €23,620 | +€125,916 | |
| Profit (loss) for the period | 9904 | -€102,296 | €23,620 | +€125,916 | |
| Profit (loss) for the period to be appropriated | 9905 | -€102,296 | €23,620 | +€125,916 |
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 7 October 2026 via checked.be.