Baybars: 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.
Baybars
Largest movements
- Receivables within one year +€24,088
up €24,088 (+21.6%), from €111,270 to €135,358
of which Other amounts receivable: +€13,361
- Cash +€4,336
up €4,336 (+3535.8%), from €123 to €4,458
mainly Net result for the year (+€37,775) and Tax, wage and social debts (+€14,035)
- Tangible fixed assets +€3,411
up €3,411 (+64.3%), from €5,304 to €8,715
of which Furniture and vehicles: +€4,850
- Profit (loss) carried forward +€37,775
up €37,775, from -€2,181 to €35,593
- Trade debts -€20,927
down €20,927 (-28.8%), from €72,686 to €51,758
- Tax, wage and social debts +€14,035
up €14,035 (+71.3%), from €19,681 to €33,716
of which Taxes: +€13,503
- Gross operating margin +€44,758
up €44,758 (+261.6%), from €17,109 to €61,867
- Taxes +€5,319
up €5,319 (+95.9%), from €5,544 to €10,863
- Write-downs +€5,298
new in 2025: €5,298
- Staff costs +€2,960
new in 2025: €2,960
- Depreciation -€1,934
down €1,934 (-48.1%), from €4,023 to €2,089
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 | €145,596 | €177,430 | +€31,834 | +21.9% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €12,204 | €15,615 | +€3,411 | +27.9% |
| Tangible fixed assets | 22/27 | €5,304 | €8,715 | +€3,411 | +64.3% |
| Land and buildings | 22 | €2,334 | €1,189 | -€1,145 | -49.1% |
| Plant, machinery and equipment | 23 | €530 | €236 | -€295 | -55.5% |
| Furniture and vehicles | 24 | €2,440 | €7,290 | +€4,850 | +198.8% |
| Financial fixed assets | 28 | €6,900 | €6,900 | = | 0.0% |
| Current assets | 29/58 | €133,392 | €161,816 | +€28,423 | +21.3% |
| Stocks and contracts in progress | 3 | €22,000 | €22,000 | = | 0.0% |
| Stocks | 30/36 | €22,000 | €22,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €111,270 | €135,358 | +€24,088 | +21.6% |
| Trade receivables | 40 | €81,323 | €92,050 | +€10,727 | +13.2% |
| Other amounts receivable | 41 | €29,946 | €43,308 | +€13,361 | +44.6% |
| Cash at bank and in hand | 54/58 | €123 | €4,458 | +€4,336 | +3535.8% |
| Total equity and liabilities | 10/49 | €145,596 | €177,430 | +€31,834 | +21.9% |
| Equity | 10/15 | €46,819 | €84,593 | +€37,775 | +80.7% |
| Contributions | 10/11 | €49,000 | €49,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,181 | €35,593 | +€37,775 | |
| Amounts payable | 17/49 | €98,777 | €92,837 | -€5,941 | -6.0% |
| Amounts payable within one year | 42/48 | €98,777 | €92,837 | -€5,941 | -6.0% |
| Trade debts | 44 | €72,686 | €51,758 | -€20,927 | -28.8% |
| Suppliers | 440/4 | €72,686 | €51,758 | -€20,927 | -28.8% |
| Taxes, remuneration and social security | 45 | €19,681 | €33,716 | +€14,035 | +71.3% |
| Taxes | 450/3 | €19,681 | €33,184 | +€13,503 | +68.6% |
| Remuneration and social security | 454/9 | - | €532 | +€532 | |
| Other amounts payable | 47/48 | €6,411 | €7,363 | +€952 | +14.9% |
| Remuneration, social security and pensions | 62 | - | €2,960 | +€2,960 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,023 | €2,089 | -€1,934 | -48.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,298 | +€5,298 | |
| Other operating charges | 640/8 | €1,994 | €2,974 | +€980 | +49.2% |
| Gross operating margin | 9900 | €17,109 | €61,867 | +€44,758 | +261.6% |
| Operating profit (loss) | 9901 | €11,092 | €48,545 | +€37,453 | +337.7% |
| Financial income | 75/76B | €1,355 | €1,122 | -€234 | -17.3% |
| Recurring financial income | 75 | €1,355 | €1,122 | -€234 | -17.3% |
| Financial charges | 65/66B | €346 | €1,029 | +€683 | +197.4% |
| Recurring financial charges | 65 | €346 | €1,029 | +€683 | +197.4% |
| Profit (loss) for the period before taxes | 9903 | €12,101 | €48,637 | +€36,536 | +301.9% |
| Income taxes | 67/77 | €5,544 | €10,863 | +€5,319 | +95.9% |
| Profit (loss) for the period | 9904 | €6,557 | €37,775 | +€31,218 | +476.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,557 | €37,775 | +€31,218 | +476.1% |
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.