BAVENCO: 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.
BAVENCO
Largest movements
- Cash +€331,393
up €331,393 (+301%), from €110,031 to €441,425
mainly Net result for the year (+€118,291) and Investment in fixed assets (net) (+€118,139)
- Tangible fixed assets -€143,816
down €143,816 (-23.3%), from €617,742 to €473,926
- Current investments -€60,000
down €60,000 (-100%), from €60,000 to €0
- Reserves +€118,291
up €118,291 (+18.0%), from €657,762 to €776,053
of which Distributable reserves: +€118,291
- Tax, wage and social debts +€26,170
up €26,170 (+1,204%), from €2,174 to €28,344
- Debts after one year -€12,271
down €12,271 (-26.2%), from €46,863 to €34,592
- Gross operating margin +€91,372
up €91,372 (+84.5%), from €108,093 to €199,466
- Taxes +€26,500
up €26,500 (+175%), from €15,174 to €41,675
- Depreciation -€9,002
down €9,002 (-26.0%), from €34,679 to €25,677
- Financial income -€2,856
down €2,856 (-72.1%), from €3,960 to €1,104
- Other operating charges -€2,274
down €2,274 (-14.0%), from €16,284 to €14,010
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 | €799,931 | €929,815 | +€129,884 | +16.2% |
| Fixed assets | 21/28 | €623,692 | €479,876 | -€143,816 | -23.1% |
| Tangible fixed assets | 22/27 | €617,742 | €473,926 | -€143,816 | -23.3% |
| Land and buildings | 22 | €617,742 | €473,926 | -€143,816 | -23.3% |
| Financial fixed assets | 28 | €5,950 | €5,950 | = | 0.0% |
| Current assets | 29/58 | €176,239 | €449,939 | +€273,700 | +155% |
| Amounts receivable within one year | 40/41 | €3,032 | €5,365 | +€2,332 | +76.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,032 | €5,365 | +€2,332 | +76.9% |
| Current investments | 50/53 | €60,000 | €0 | -€60,000 | -100% |
| Cash at bank and in hand | 54/58 | €110,031 | €441,425 | +€331,393 | +301% |
| Deferred charges and accrued income | 490/1 | €3,175 | €3,150 | -€25 | -0.8% |
| Total equity and liabilities | 10/49 | €799,931 | €929,815 | +€129,884 | +16.2% |
| Equity | 10/15 | €736,307 | €854,598 | +€118,291 | +16.1% |
| Contributions | 10/11 | €78,545 | €78,545 | = | 0.0% |
| Capital | 10 | €78,545 | €78,545 | = | 0.0% |
| Issued capital | 100 | €78,545 | €78,545 | = | 0.0% |
| Reserves | 13 | €657,762 | €776,053 | +€118,291 | +18.0% |
| Non-distributable reserves | 130/1 | €40,655 | €40,655 | = | 0.0% |
| Legal reserve | 130 | €40,655 | €40,655 | = | 0.0% |
| Distributable reserves | 133 | €617,107 | €735,398 | +€118,291 | +19.2% |
| Amounts payable | 17/49 | €63,624 | €75,217 | +€11,593 | +18.2% |
| Amounts payable after more than one year | 17 | €46,863 | €34,592 | -€12,271 | -26.2% |
| Financial debts | 170/4 | €46,863 | €34,592 | -€12,271 | -26.2% |
| Amounts payable within one year | 42/48 | €16,760 | €40,625 | +€23,864 | +142% |
| Current portion of amounts payable after more than one year | 42 | €12,111 | €12,271 | +€161 | +1.3% |
| Trade debts | 44 | €2,475 | €9 | -€2,466 | -99.6% |
| Suppliers | 440/4 | €2,475 | €9 | -€2,466 | -99.6% |
| Taxes, remuneration and social security | 45 | €2,174 | €28,344 | +€26,170 | +1,204% |
| Taxes | 450/3 | €2,174 | €28,344 | +€26,170 | +1,204% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,679 | €25,677 | -€9,002 | -26.0% |
| Other operating charges | 640/8 | €16,284 | €14,010 | -€2,274 | -14.0% |
| Gross operating margin | 9900 | €108,093 | €199,466 | +€91,372 | +84.5% |
| Operating profit (loss) | 9901 | €57,131 | €159,779 | +€102,648 | +180% |
| Financial income | 75/76B | €3,960 | €1,104 | -€2,856 | -72.1% |
| Recurring financial income | 75 | €3,960 | €1,104 | -€2,856 | -72.1% |
| Financial charges | 65/66B | €1,101 | €917 | -€184 | -16.7% |
| Recurring financial charges | 65 | €1,101 | €917 | -€184 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €59,990 | €159,966 | +€99,976 | +167% |
| Income taxes | 67/77 | €15,174 | €41,675 | +€26,500 | +175% |
| Profit (loss) for the period | 9904 | €44,816 | €118,291 | +€73,475 | +164% |
| Profit (loss) for the period to be appropriated | 9905 | €44,816 | €118,291 | +€73,475 | +164% |
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 14 October 2026 via checked.be.