BAVEX: 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.
BAVEX
Largest movements
- Tangible fixed assets -€11,046
down €11,046 (-6.1%), from €180,405 to €169,359
of which Land and buildings: -€6,445
- Deferred charges and accrued income -€6,987
down €6,987 (-35.3%), from €19,799 to €12,812
- Intangible fixed assets -€5,555
down €5,555 (-4.3%), from €129,358 to €123,804
- Cash -€5,484
down €5,484 (-8.2%), from €66,853 to €61,369
mainly Debts after one year (-€28,252) and Net result for the year (-€25,510)
- Debts after one year -€28,252
down €28,252 (-22.9%), from €123,539 to €95,287
- Profit (loss) carried forward -€25,510
down €25,510, from €0 to -€25,510
- Other debts +€9,662
up €9,662 (+16.5%), from €58,511 to €68,173
- Tax, wage and social debts +€7,316
up €7,316 (+25.2%), from €29,045 to €36,361
of which Remuneration and social security: +€4,020
- Staff costs +€18,543
up €18,543 (+13.7%), from €134,888 to €153,431
- Gross operating margin -€6,438
down €6,438 (-3.7%), from €172,797 to €166,359
- Depreciation +€2,893
up €2,893 (+10.6%), from €27,283 to €30,176
- Taxes -€2,028
down €2,028 (-91.0%), from €2,229 to €201
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 | €466,488 | €432,882 | -€33,607 | -7.2% |
| Fixed assets | 21/28 | €309,948 | €293,347 | -€16,601 | -5.4% |
| Intangible fixed assets | 21 | €129,358 | €123,804 | -€5,555 | -4.3% |
| Tangible fixed assets | 22/27 | €180,405 | €169,359 | -€11,046 | -6.1% |
| Land and buildings | 22 | €151,130 | €144,685 | -€6,445 | -4.3% |
| Plant, machinery and equipment | 23 | €3,035 | €2,024 | -€1,011 | -33.3% |
| Furniture and vehicles | 24 | €6,068 | €5,210 | -€858 | -14.1% |
| Other tangible fixed assets | 26 | €20,171 | €17,439 | -€2,732 | -13.5% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €156,540 | €139,534 | -€17,006 | -10.9% |
| Amounts receivable within one year | 40/41 | €69,888 | €65,353 | -€4,534 | -6.5% |
| Trade receivables | 40 | €42,171 | €26,543 | -€15,628 | -37.1% |
| Other amounts receivable | 41 | €27,717 | €38,811 | +€11,094 | +40.0% |
| Cash at bank and in hand | 54/58 | €66,853 | €61,369 | -€5,484 | -8.2% |
| Deferred charges and accrued income | 490/1 | €19,799 | €12,812 | -€6,987 | -35.3% |
| Total equity and liabilities | 10/49 | €466,488 | €432,882 | -€33,607 | -7.2% |
| Equity | 10/15 | €172,194 | €146,684 | -€25,510 | -14.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €153,644 | €153,644 | = | 0.0% |
| Non-distributable reserves | 130/1 | €316 | €316 | = | 0.0% |
| Reserves not available under the articles | 1311 | €316 | €316 | = | 0.0% |
| Distributable reserves | 133 | €153,328 | €153,328 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€25,510 | -€25,510 | |
| Amounts payable | 17/49 | €294,295 | €286,198 | -€8,096 | -2.8% |
| Amounts payable after more than one year | 17 | €123,539 | €95,287 | -€28,252 | -22.9% |
| Financial debts | 170/4 | €123,539 | €95,287 | -€28,252 | -22.9% |
| Amounts payable within one year | 42/48 | €170,756 | €190,911 | +€20,156 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €28,256 | €28,252 | -€4 | 0.0% |
| Trade debts | 44 | €54,944 | €58,126 | +€3,182 | +5.8% |
| Suppliers | 440/4 | €54,944 | €58,126 | +€3,182 | +5.8% |
| Taxes, remuneration and social security | 45 | €29,045 | €36,361 | +€7,316 | +25.2% |
| Taxes | 450/3 | €5,217 | €8,514 | +€3,296 | +63.2% |
| Remuneration and social security | 454/9 | €23,827 | €27,847 | +€4,020 | +16.9% |
| Other amounts payable | 47/48 | €58,511 | €68,173 | +€9,662 | +16.5% |
| Remuneration, social security and pensions | 62 | €134,888 | €153,431 | +€18,543 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,283 | €30,176 | +€2,893 | +10.6% |
| Other operating charges | 640/8 | €1,393 | €3,053 | +€1,661 | +119.2% |
| Gross operating margin | 9900 | €172,797 | €166,359 | -€6,438 | -3.7% |
| Operating profit (loss) | 9901 | €9,233 | -€20,302 | -€29,535 | |
| Financial income | 75/76B | €793 | €1,302 | +€508 | +64.1% |
| Recurring financial income | 75 | €793 | €1,302 | +€508 | +64.1% |
| Financial charges | 65/66B | €7,446 | €6,309 | -€1,138 | -15.3% |
| Recurring financial charges | 65 | €7,446 | €6,309 | -€1,138 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €2,580 | -€25,309 | -€27,888 | |
| Income taxes | 67/77 | €2,229 | €201 | -€2,028 | -91.0% |
| Profit (loss) for the period | 9904 | €350 | -€25,510 | -€25,861 | |
| Profit (loss) for the period to be appropriated | 9905 | €350 | -€25,510 | -€25,861 |
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.