Baxal: 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.
Baxal
Largest movements
- Receivables within one year -€3,428
down €3,428 (-21.2%), from €16,199 to €12,771
of which Trade receivables: -€3,212
- Cash -€2,969
down €2,969 (-67.5%), from €4,398 to €1,430
mainly Trade debts (-€4,668) and Net result for the year (-€1,968)
- Tangible fixed assets -€406
down €406 (-76.2%), from €533 to €127
of which Plant, machinery and equipment: -€296
- Trade debts -€4,668
down €4,668 (-79.9%), from €5,839 to €1,171
- Reserves -€1,968
down €1,968 (-41.1%), from €4,792 to €2,825
- Gross operating margin -€2,843
down €2,843, from €1,469 to -€1,373
- Depreciation -€828
down €828 (-67.1%), from €1,234 to €406
- Taxes +€83
no longer reported in 2025 (was -€83)
- Staff costs -€76
no longer reported in 2025 (was €76)
- Financial charges -€50
down €50 (-21.1%), from €238 to €188
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 | €21,131 | €14,327 | -€6,804 | -32.2% |
| Fixed assets | 21/28 | €533 | €127 | -€406 | -76.2% |
| Tangible fixed assets | 22/27 | €533 | €127 | -€406 | -76.2% |
| Plant, machinery and equipment | 23 | €423 | €127 | -€296 | -70.0% |
| Furniture and vehicles | 24 | €110 | - | -€110 | |
| Current assets | 29/58 | €20,598 | €14,200 | -€6,397 | -31.1% |
| Amounts receivable within one year | 40/41 | €16,199 | €12,771 | -€3,428 | -21.2% |
| Trade receivables | 40 | €9,362 | €6,151 | -€3,212 | -34.3% |
| Other amounts receivable | 41 | €6,837 | €6,620 | -€217 | -3.2% |
| Cash at bank and in hand | 54/58 | €4,398 | €1,430 | -€2,969 | -67.5% |
| Total equity and liabilities | 10/49 | €21,131 | €14,327 | -€6,804 | -32.2% |
| Equity | 10/15 | €10,792 | €8,825 | -€1,968 | -18.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €4,792 | €2,825 | -€1,968 | -41.1% |
| Distributable reserves | 133 | €4,792 | €2,825 | -€1,968 | -41.1% |
| Amounts payable | 17/49 | €10,339 | €5,503 | -€4,836 | -46.8% |
| Amounts payable within one year | 42/48 | €10,339 | €5,503 | -€4,836 | -46.8% |
| Trade debts | 44 | €5,839 | €1,171 | -€4,668 | -79.9% |
| Suppliers | 440/4 | €5,839 | €1,171 | -€4,668 | -79.9% |
| Other amounts payable | 47/48 | €4,500 | €4,332 | -€168 | -3.7% |
| Remuneration, social security and pensions | 62 | €76 | - | -€76 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,234 | €406 | -€828 | -67.1% |
| Gross operating margin | 9900 | €1,469 | -€1,373 | -€2,843 | |
| Operating profit (loss) | 9901 | €159 | -€1,780 | -€1,939 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €238 | €188 | -€50 | -21.1% |
| Recurring financial charges | 65 | €238 | €188 | -€50 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€79 | -€1,968 | -€1,888 | -2383.0% |
| Income taxes | 67/77 | -€83 | - | +€83 | |
| Profit (loss) for the period | 9904 | €4 | -€1,968 | -€1,971 | |
| Profit (loss) for the period to be appropriated | 9905 | €4 | -€1,968 | -€1,971 |
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 9 October 2026 via checked.be.