BAYARD: 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.
BAYARD
Largest movements
- Cash -€1.5m
down €1.5m (-70.8%), from €2.1m to €616,617
mainly Receivables within one year (-€1.3m) and Other debts (-€1.1m)
- Receivables within one year +€1.3m
up €1.3m (+117%), from €1.1m to €2.5m
of which Trade receivables: +€888,559
- Stocks and contracts +€647,957
up €647,957 (+30.3%), from €2.1m to €2.8m
- Tangible fixed assets -€234,380
down €234,380 (-18.5%), from €1.3m to €1.0m
of which Furniture and vehicles: -€219,899
- Other debts -€1.1m
down €1.1m (-53.6%), from €2.0m to €935,329
- Profit (loss) carried forward +€837,608
up €837,608 (+17.4%), from €4.8m to €5.7m
- Trade debts +€614,099
up €614,099 (+106%), from €579,337 to €1.2m
- Current portion of long-term debt -€395,065
down €395,065 (-81.6%), from €484,048 to €88,983
- Short-term financial debts +€200,000
up €200,000, from €0 to €200,000
- Write-downs +€243,000
up €243,000, from -€220,000 to €23,000
- Gross operating margin -€87,870
down €87,870 (-3.8%), from €2.3m to €2.2m
- Taxes -€86,386
down €86,386 (-20.8%), from €415,677 to €329,291
- Financial charges +€56,757
up €56,757, from -€28,879 to €27,878
- Depreciation +€25,589
up €25,589 (+7.9%), from €325,011 to €350,600
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 | €8,417,300 | €8,524,535 | +€107,235 | +1.3% |
| Fixed assets | 21/28 | €1,266,027 | €1,031,648 | -€234,380 | -18.5% |
| Tangible fixed assets | 22/27 | €1,266,027 | €1,031,648 | -€234,380 | -18.5% |
| Land and buildings | 22 | €424,830 | €402,585 | -€22,245 | -5.2% |
| Plant, machinery and equipment | 23 | €247,253 | €255,018 | +€7,765 | +3.1% |
| Furniture and vehicles | 24 | €593,944 | €374,045 | -€219,899 | -37.0% |
| Current assets | 29/58 | €7,151,273 | €7,492,888 | +€341,615 | +4.8% |
| Stocks and contracts in progress | 3 | €2,139,731 | €2,787,688 | +€647,957 | +30.3% |
| Stocks | 30/36 | €2,139,731 | €2,787,688 | +€647,957 | +30.3% |
| Amounts receivable within one year | 40/41 | €1,148,052 | €2,493,237 | +€1.3m | +117% |
| Trade receivables | 40 | €345,723 | €1,234,282 | +€888,559 | +257% |
| Other amounts receivable | 41 | €802,329 | €1,258,956 | +€456,627 | +56.9% |
| Current investments | 50/53 | €1,629,476 | €1,547,150 | -€82,326 | -5.1% |
| Cash at bank and in hand | 54/58 | €2,112,580 | €616,617 | -€1.5m | -70.8% |
| Deferred charges and accrued income | 490/1 | €121,434 | €48,195 | -€73,239 | -60.3% |
| Total equity and liabilities | 10/49 | €8,417,300 | €8,524,535 | +€107,235 | +1.3% |
| Equity | 10/15 | €5,171,787 | €6,009,395 | +€837,608 | +16.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €289,950 | €289,950 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €283,750 | €283,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,819,837 | €5,657,445 | +€837,608 | +17.4% |
| Amounts payable | 17/49 | €3,245,514 | €2,515,141 | -€730,373 | -22.5% |
| Amounts payable after more than one year | 17 | €105,723 | €16,740 | -€88,983 | -84.2% |
| Financial debts | 170/4 | €105,723 | €16,740 | -€88,983 | -84.2% |
| Amounts payable within one year | 42/48 | €3,138,151 | €2,470,664 | -€667,486 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €484,048 | €88,983 | -€395,065 | -81.6% |
| Financial debts | 43 | €0 | €200,000 | +€200,000 | |
| Credit institutions | 430/8 | €0 | €200,000 | +€200,000 | |
| Trade debts | 44 | €579,337 | €1,193,435 | +€614,099 | +106% |
| Suppliers | 440/4 | €579,337 | €1,193,435 | +€614,099 | +106% |
| Advances received on contracts in progress | 46 | €4,000 | €4,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €55,230 | €48,916 | -€6,313 | -11.4% |
| Taxes | 450/3 | €112 | €185 | +€72 | +64.5% |
| Remuneration and social security | 454/9 | €55,118 | €48,732 | -€6,386 | -11.6% |
| Other amounts payable | 47/48 | €2,015,536 | €935,329 | -€1.1m | -53.6% |
| Accrued charges and deferred income | 492/3 | €1,640 | €27,737 | +€26,097 | +1,592% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €667,087 | €660,752 | -€6,335 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €325,011 | €350,600 | +€25,589 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€220,000 | €23,000 | +€243,000 | |
| Other operating charges | 640/8 | €24,982 | €43,658 | +€18,676 | +74.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,307,611 | €2,219,741 | -€87,870 | -3.8% |
| Operating profit (loss) | 9901 | €1,510,532 | €1,141,731 | -€368,800 | -24.4% |
| Financial income | 75/76B | €45,451 | €53,045 | +€7,594 | +16.7% |
| Recurring financial income | 75 | €45,451 | €53,045 | +€7,594 | +16.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | -€28,879 | €27,878 | +€56,757 | |
| Recurring financial charges | 65 | -€28,879 | €27,878 | +€56,757 | |
| Profit (loss) for the period before taxes | 9903 | €1,584,861 | €1,166,898 | -€417,963 | -26.4% |
| Income taxes | 67/77 | €415,677 | €329,291 | -€86,386 | -20.8% |
| Profit (loss) for the period | 9904 | €1,169,184 | €837,608 | -€331,577 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,169,184 | €837,608 | -€331,577 | -28.4% |
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 15 October 2026 via checked.be.