BAXCO: 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.
BAXCO
Largest movements
- Receivables within one year +€44,429
up €44,429 (+97.2%), from €45,693 to €90,122
of which Trade receivables: +€44,671
- Deferred charges and accrued income +€5,770
new in 2025: €5,770
- Tangible fixed assets -€4,622
down €4,622 (-22.2%), from €20,864 to €16,242
of which Furniture and vehicles: -€2,648
- Cash +€2,597
up €2,597 (+795.9%), from €326 to €2,923
mainly Tax, wage and social debts (+€34,598) and Net result for the year (+€18,157)
- Tax, wage and social debts +€34,598
up €34,598 (+298.2%), from €11,603 to €46,201
of which Taxes: +€25,947
- Profit (loss) carried forward +€18,157
up €18,157 (+34.9%), from -€52,101 to -€33,943
- Short-term financial debts -€5,764
down €5,764 (-100.0%), from €5,764 to €0
- Accrued charges and deferred income -€1,950
down €1,950 (-100.0%), from €1,950 to €0
- Other debts +€1,826
up €1,826 (+15.4%), from €11,822 to €13,648
- Gross operating margin +€83,359
up €83,359 (+290.3%), from €28,710 to €112,069
- Financial charges +€17,348
up €17,348 (+383.5%), from €4,524 to €21,871
- Staff costs +€10,335
up €10,335 (+20.1%), from €51,520 to €61,855
- Other operating charges +€2,485
up €2,485 (+87.5%), from €2,840 to €5,325
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 | €66,882 | €115,057 | +€48,174 | +72.0% |
| Fixed assets | 21/28 | €20,864 | €16,242 | -€4,622 | -22.2% |
| Tangible fixed assets | 22/27 | €20,864 | €16,242 | -€4,622 | -22.2% |
| Land and buildings | 22 | €11,650 | €9,676 | -€1,974 | -16.9% |
| Furniture and vehicles | 24 | €9,214 | €6,566 | -€2,648 | -28.7% |
| Current assets | 29/58 | €46,019 | €98,815 | +€52,796 | +114.7% |
| Amounts receivable within one year | 40/41 | €45,693 | €90,122 | +€44,429 | +97.2% |
| Trade receivables | 40 | €45,451 | €90,122 | +€44,671 | +98.3% |
| Other amounts receivable | 41 | €242 | €0 | -€242 | -100.0% |
| Cash at bank and in hand | 54/58 | €326 | €2,923 | +€2,597 | +795.9% |
| Deferred charges and accrued income | 490/1 | - | €5,770 | +€5,770 | |
| Total equity and liabilities | 10/49 | €66,882 | €115,057 | +€48,174 | +72.0% |
| Equity | 10/15 | -€6,584 | €11,573 | +€18,157 | |
| Contributions | 10/11 | €16,400 | €16,400 | = | 0.0% |
| Reserves | 13 | €29,116 | €29,116 | = | 0.0% |
| Distributable reserves | 133 | €29,116 | €29,116 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,101 | -€33,943 | +€18,157 | +34.9% |
| Amounts payable | 17/49 | €73,467 | €103,484 | +€30,017 | +40.9% |
| Amounts payable within one year | 42/48 | €71,517 | €103,484 | +€31,967 | +44.7% |
| Financial debts | 43 | €5,764 | €0 | -€5,764 | -100.0% |
| Credit institutions | 430/8 | €5,764 | €0 | -€5,764 | -100.0% |
| Trade debts | 44 | €42,329 | €43,635 | +€1,306 | +3.1% |
| Suppliers | 440/4 | €42,329 | €43,635 | +€1,306 | +3.1% |
| Taxes, remuneration and social security | 45 | €11,603 | €46,201 | +€34,598 | +298.2% |
| Taxes | 450/3 | €5,591 | €31,538 | +€25,947 | +464.1% |
| Remuneration and social security | 454/9 | €6,012 | €14,662 | +€8,651 | +143.9% |
| Other amounts payable | 47/48 | €11,822 | €13,648 | +€1,826 | +15.4% |
| Accrued charges and deferred income | 492/3 | €1,950 | €0 | -€1,950 | -100.0% |
| Remuneration, social security and pensions | 62 | €51,520 | €61,855 | +€10,335 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,374 | €4,622 | +€248 | +5.7% |
| Other operating charges | 640/8 | €2,840 | €5,325 | +€2,485 | +87.5% |
| Gross operating margin | 9900 | €28,710 | €112,069 | +€83,359 | +290.3% |
| Operating profit (loss) | 9901 | -€30,024 | €40,267 | +€70,291 | |
| Financial charges | 65/66B | €4,524 | €21,871 | +€17,348 | +383.5% |
| Recurring financial charges | 65 | €4,524 | €21,871 | +€17,348 | +383.5% |
| Profit (loss) for the period before taxes | 9903 | -€34,548 | €18,396 | +€52,943 | |
| Income taxes | 67/77 | €263 | €239 | -€24 | -9.2% |
| Profit (loss) for the period | 9904 | -€34,810 | €18,157 | +€52,968 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,810 | €18,157 | +€52,968 |
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 12 October 2026 via checked.be.