BAX: 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.
BAX
Largest movements
- Tangible fixed assets +€828,497
up €828,497 (+41.8%), from €2.0m to €2.8m
of which Leasing and similar rights: +€763,790
- Stocks and contracts +€131,757
up €131,757 (+43.9%), from €300,070 to €431,827
of which Contracts in progress: +€134,082
- Cash -€70,252
down €70,252 (-77.6%), from €90,523 to €20,271
mainly Investment in fixed assets (net) (-€1.2m) and Net result for the year (-€173,587)
- Debts after one year +€647,220
up €647,220 (+47.2%), from €1.4m to €2.0m
- Trade debts +€301,526
up €301,526 (+76.6%), from €393,475 to €695,000
- Reserves -€173,587
down €173,587 (-26.3%), from €660,029 to €486,442
of which Distributable reserves: -€172,831
- Current portion of long-term debt +€97,196
up €97,196 (+47.3%), from €205,529 to €302,724
- Gross operating margin +€112,590
up €112,590 (+10.2%), from €1.1m to €1.2m
- Depreciation +€72,399
up €72,399 (+23.5%), from €307,663 to €380,062
- Staff costs +€43,185
up €43,185 (+5.3%), from €809,720 to €852,905
- Financial charges +€33,851
up €33,851 (+30.5%), from €110,945 to €144,797
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 | €3,130,399 | €4,036,596 | +€906,196 | +28.9% |
| Fixed assets | 21/28 | €2,019,583 | €2,835,525 | +€815,942 | +40.4% |
| Intangible fixed assets | 21 | €39,319 | €26,765 | -€12,554 | -31.9% |
| Tangible fixed assets | 22/27 | €1,980,039 | €2,808,535 | +€828,497 | +41.8% |
| Land and buildings | 22 | €88,480 | €53,496 | -€34,984 | -39.5% |
| Plant, machinery and equipment | 23 | €197,534 | €167,460 | -€30,074 | -15.2% |
| Furniture and vehicles | 24 | €41,314 | €141,566 | +€100,252 | +242.7% |
| Leasing and similar rights | 25 | €1,604,119 | €2,367,909 | +€763,790 | +47.6% |
| Other tangible fixed assets | 26 | €48,591 | €78,104 | +€29,513 | +60.7% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €1,110,817 | €1,201,071 | +€90,254 | +8.1% |
| Amounts receivable after more than one year | 29 | €175,000 | €175,000 | = | 0.0% |
| Other amounts receivable | 291 | €175,000 | €175,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €300,070 | €431,827 | +€131,757 | +43.9% |
| Stocks | 30/36 | €176,895 | €174,570 | -€2,325 | -1.3% |
| Contracts in progress | 37 | €123,176 | €257,258 | +€134,082 | +108.9% |
| Amounts receivable within one year | 40/41 | €545,223 | €573,973 | +€28,749 | +5.3% |
| Trade receivables | 40 | €340,116 | €365,569 | +€25,453 | +7.5% |
| Other amounts receivable | 41 | €205,107 | €208,403 | +€3,296 | +1.6% |
| Cash at bank and in hand | 54/58 | €90,523 | €20,271 | -€70,252 | -77.6% |
| Total equity and liabilities | 10/49 | €3,130,399 | €4,036,596 | +€906,196 | +28.9% |
| Equity | 10/15 | €678,629 | €505,042 | -€173,587 | -25.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €660,029 | €486,442 | -€173,587 | -26.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €58,989 | €58,234 | -€756 | -1.3% |
| Distributable reserves | 133 | €599,180 | €426,348 | -€172,831 | -28.8% |
| Provisions and deferred taxes | 16 | €3,113 | €2,724 | -€389 | -12.5% |
| Deferred taxes | 168 | €3,113 | €2,724 | -€389 | -12.5% |
| Amounts payable | 17/49 | €2,448,657 | €3,528,830 | +€1.1m | +44.1% |
| Amounts payable after more than one year | 17 | €1,371,792 | €2,019,013 | +€647,220 | +47.2% |
| Financial debts | 170/4 | €1,371,792 | €2,019,013 | +€647,220 | +47.2% |
| Amounts payable within one year | 42/48 | €1,076,865 | €1,509,817 | +€432,952 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €205,529 | €302,724 | +€97,196 | +47.3% |
| Financial debts | 43 | €400,000 | €400,000 | = | 0.0% |
| Credit institutions | 430/8 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €393,475 | €695,000 | +€301,526 | +76.6% |
| Suppliers | 440/4 | €393,475 | €695,000 | +€301,526 | +76.6% |
| Taxes, remuneration and social security | 45 | - | €35,951 | +€35,951 | |
| Remuneration and social security | 454/9 | - | €35,951 | +€35,951 | |
| Other amounts payable | 47/48 | €77,861 | €76,141 | -€1,721 | -2.2% |
| Remuneration, social security and pensions | 62 | €809,720 | €852,905 | +€43,185 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €307,663 | €380,062 | +€72,399 | +23.5% |
| Other operating charges | 640/8 | €8,801 | €9,090 | +€289 | +3.3% |
| Gross operating margin | 9900 | €1,099,402 | €1,211,992 | +€112,590 | +10.2% |
| Operating profit (loss) | 9901 | -€26,782 | -€30,065 | -€3,283 | -12.3% |
| Financial income | 75/76B | €4,727 | €885 | -€3,842 | -81.3% |
| Recurring financial income | 75 | €4,727 | €885 | -€3,842 | -81.3% |
| Financial charges | 65/66B | €110,945 | €144,797 | +€33,851 | +30.5% |
| Recurring financial charges | 65 | €110,945 | €144,797 | +€33,851 | +30.5% |
| Profit (loss) for the period before taxes | 9903 | -€133,000 | -€173,976 | -€40,976 | -30.8% |
| Transfer from deferred taxes | 780 | €389 | €389 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€132,611 | -€173,587 | -€40,976 | -30.9% |
| Transfer from tax-exempt reserves | 789 | €756 | €756 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€131,855 | -€172,831 | -€40,976 | -31.1% |
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 3 October 2026 via checked.be.