BAWAGRI: 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.
BAWAGRI
Largest movements
- Stocks and contracts +€191,357
up €191,357 (+38.0%), from €503,612 to €694,969
- Tangible fixed assets -€184,899
down €184,899 (-8.6%), from €2.2m to €2.0m
of which Land and buildings: -€123,733
- Receivables within one year -€95,113
down €95,113 (-52.4%), from €181,378 to €86,265
of which Trade receivables: -€92,901
- Cash -€65,111
down €65,111 (-59.4%), from €109,624 to €44,513
mainly Trade debts (-€196,516) and Stocks and contracts (-€191,357)
- Trade debts -€196,516
down €196,516 (-63.1%), from €311,234 to €114,718
- Short-term financial debts -€120,000
down €120,000 (-44.4%), from €270,000 to €150,000
- Profit (loss) carried forward +€105,552
up €105,552 (+31.6%), from -€333,765 to -€228,213
- Investment grants +€64,184
up €64,184 (+24.5%), from €261,940 to €326,124
- Gross operating margin +€62,300
up €62,300 (+23.2%), from €268,093 to €330,393
- Depreciation +€43,129
up €43,129 (+22.2%), from €194,241 to €237,369
- Financial income +€41,631
up €41,631 (+75.7%), from €54,968 to €96,599
- Financial charges +€9,872
up €9,872 (+33.5%), from €29,507 to €39,379
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 | €3,141,778 | €2,998,367 | -€143,411 | -4.6% |
| Fixed assets | 21/28 | €2,334,040 | €2,163,551 | -€170,489 | -7.3% |
| Tangible fixed assets | 22/27 | €2,158,954 | €1,974,055 | -€184,899 | -8.6% |
| Land and buildings | 22 | €1,705,433 | €1,581,700 | -€123,733 | -7.3% |
| Plant, machinery and equipment | 23 | €453,521 | €373,749 | -€79,772 | -17.6% |
| Furniture and vehicles | 24 | - | €18,606 | +€18,606 | |
| Financial fixed assets | 28 | €175,086 | €189,496 | +€14,410 | +8.2% |
| Current assets | 29/58 | €807,738 | €834,816 | +€27,078 | +3.4% |
| Stocks and contracts in progress | 3 | €503,612 | €694,969 | +€191,357 | +38.0% |
| Stocks | 30/36 | €503,612 | €694,969 | +€191,357 | +38.0% |
| Amounts receivable within one year | 40/41 | €181,378 | €86,265 | -€95,113 | -52.4% |
| Trade receivables | 40 | €175,177 | €82,276 | -€92,901 | -53.0% |
| Other amounts receivable | 41 | €6,201 | €3,988 | -€2,213 | -35.7% |
| Cash at bank and in hand | 54/58 | €109,624 | €44,513 | -€65,111 | -59.4% |
| Deferred charges and accrued income | 490/1 | €13,123 | €9,069 | -€4,054 | -30.9% |
| Total equity and liabilities | 10/49 | €3,141,778 | €2,998,367 | -€143,411 | -4.6% |
| Equity | 10/15 | €523,069 | €692,806 | +€169,737 | +32.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Revaluation surpluses | 12 | €569,894 | €569,894 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€333,765 | -€228,213 | +€105,552 | +31.6% |
| Investment grants | 15 | €261,940 | €326,124 | +€64,184 | +24.5% |
| Provisions and deferred taxes | 16 | €72,730 | €59,077 | -€13,653 | -18.8% |
| Deferred taxes | 168 | €72,730 | €59,077 | -€13,653 | -18.8% |
| Amounts payable | 17/49 | €2,545,979 | €2,246,484 | -€299,495 | -11.8% |
| Amounts payable after more than one year | 17 | €1,409,618 | €1,411,156 | +€1,538 | +0.1% |
| Financial debts | 170/4 | €1,209,618 | €1,211,156 | +€1,538 | +0.1% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,136,361 | €835,328 | -€301,032 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €168,426 | €187,212 | +€18,786 | +11.2% |
| Financial debts | 43 | €270,000 | €150,000 | -€120,000 | -44.4% |
| Credit institutions | 430/8 | €270,000 | €150,000 | -€120,000 | -44.4% |
| Trade debts | 44 | €311,234 | €114,718 | -€196,516 | -63.1% |
| Suppliers | 440/4 | €311,234 | €114,718 | -€196,516 | -63.1% |
| Taxes, remuneration and social security | 45 | €7,935 | €16,266 | +€8,332 | +105% |
| Taxes | 450/3 | €3,000 | €10,864 | +€7,864 | +262% |
| Remuneration and social security | 454/9 | €4,935 | €5,402 | +€467 | +9.5% |
| Other amounts payable | 47/48 | €378,765 | €367,132 | -€11,634 | -3.1% |
| Remuneration, social security and pensions | 62 | €37,398 | €38,156 | +€758 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,241 | €237,369 | +€43,129 | +22.2% |
| Other operating charges | 640/8 | €6,414 | €6,536 | +€122 | +1.9% |
| Gross operating margin | 9900 | €268,093 | €330,393 | +€62,300 | +23.2% |
| Operating profit (loss) | 9901 | €30,040 | €48,331 | +€18,292 | +60.9% |
| Financial income | 75/76B | €54,968 | €96,599 | +€41,631 | +75.7% |
| Recurring financial income | 75 | €54,968 | €96,599 | +€41,631 | +75.7% |
| Financial charges | 65/66B | €29,507 | €39,379 | +€9,872 | +33.5% |
| Recurring financial charges | 65 | €29,507 | €39,379 | +€9,872 | +33.5% |
| Profit (loss) for the period before taxes | 9903 | €55,501 | €105,552 | +€50,051 | +90.2% |
| Profit (loss) for the period | 9904 | €55,501 | €105,552 | +€50,051 | +90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,501 | €105,552 | +€50,051 | +90.2% |
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 25 October 2026 via checked.be.