BAYREUTH: 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.
BAYREUTH
Largest movements
- Tangible fixed assets -€1.0m
down €1.0m (-5.2%), from €19.9m to €18.9m
of which Land and buildings: -€1.0m
- Deferred charges and accrued income -€793,003
down €793,003 (-23.0%), from €3.5m to €2.7m
- Cash -€436,265
down €436,265 (-31.4%), from €1.4m to €951,758
mainly Short-term financial debts (-€1.6m) and Debts after one year (-€1.2m)
- Short-term financial debts -€1.6m
down €1.6m (-70.5%), from €2.2m to €650,000
- Debts after one year -€1.2m
down €1.2m (-5.8%), from €20.6m to €19.4m
of which Financial debts: -€1.2m
- Current portion of long-term debt +€596,894
new in 2025: €596,894
- Other debts -€592,900
down €592,900 (-79.5%), from €745,352 to €152,452
- Trade debts +€318,344
up €318,344 (+31.8%), from €1.0m to €1.3m
- Financial charges +€407,994
up €407,994 (+46.9%), from €869,081 to €1.3m
- Gross operating margin +€324,691
up €324,691 (+15.1%), from €2.2m to €2.5m
- Depreciation -€235,586
down €235,586 (-17.9%), from €1.3m to €1.1m
- Other operating charges -€48,657
down €48,657 (-22.8%), from €213,329 to €164,672
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 | €25,747,199 | €23,326,862 | -€2.4m | -9.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €19,974,674 | €18,869,513 | -€1.1m | -5.5% |
| Tangible fixed assets | 22/27 | €19,896,982 | €18,869,513 | -€1.0m | -5.2% |
| Land and buildings | 22 | €19,892,245 | €18,869,513 | -€1.0m | -5.1% |
| Plant, machinery and equipment | 23 | €4,737 | €0 | -€4,737 | -100% |
| Financial fixed assets | 28 | €77,692 | €0 | -€77,692 | -100% |
| Current assets | 29/58 | €5,772,525 | €4,457,349 | -€1.3m | -22.8% |
| Amounts receivable within one year | 40/41 | €929,276 | €843,368 | -€85,908 | -9.2% |
| Trade receivables | 40 | €490,057 | €531,606 | +€41,549 | +8.5% |
| Other amounts receivable | 41 | €439,219 | €311,762 | -€127,457 | -29.0% |
| Cash at bank and in hand | 54/58 | €1,388,023 | €951,758 | -€436,265 | -31.4% |
| Deferred charges and accrued income | 490/1 | €3,455,226 | €2,662,222 | -€793,003 | -23.0% |
| Total equity and liabilities | 10/49 | €25,747,199 | €23,326,862 | -€2.4m | -9.4% |
| Equity | 10/15 | €776,169 | €753,083 | -€23,086 | -3.0% |
| Contributions | 10/11 | €12,245,227 | €12,245,227 | = | 0.0% |
| Capital | 10 | €12,245,227 | €12,245,227 | = | 0.0% |
| Issued capital | 100 | €12,245,227 | €12,245,227 | = | 0.0% |
| Reserves | 13 | €457 | €457 | = | 0.0% |
| Non-distributable reserves | 130/1 | €457 | €457 | = | 0.0% |
| Legal reserve | 130 | €457 | €457 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,469,515 | -€11,492,601 | -€23,086 | -0.2% |
| Amounts payable | 17/49 | €24,971,030 | €22,573,778 | -€2.4m | -9.6% |
| Amounts payable after more than one year | 17 | €20,552,982 | €19,363,969 | -€1.2m | -5.8% |
| Financial debts | 170/4 | €20,488,577 | €19,299,565 | -€1.2m | -5.8% |
| Other amounts payable | 178/9 | €64,405 | €64,405 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,953,376 | €2,728,242 | -€1.2m | -31.0% |
| Current portion of amounts payable after more than one year | 42 | - | €596,894 | +€596,894 | |
| Financial debts | 43 | €2,206,768 | €650,000 | -€1.6m | -70.5% |
| Other loans | 439 | €2,206,768 | €650,000 | -€1.6m | -70.5% |
| Trade debts | 44 | €1,001,256 | €1,319,600 | +€318,344 | +31.8% |
| Suppliers | 440/4 | €1,001,256 | €1,319,600 | +€318,344 | +31.8% |
| Taxes, remuneration and social security | 45 | - | €9,296 | +€9,296 | |
| Taxes | 450/3 | - | €9,296 | +€9,296 | |
| Other amounts payable | 47/48 | €745,352 | €152,452 | -€592,900 | -79.5% |
| Accrued charges and deferred income | 492/3 | €464,673 | €481,567 | +€16,894 | +3.6% |
| Non-recurring operating income | 76A | €90,872 | €409,209 | +€318,336 | +350% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,318,408 | €1,082,821 | -€235,586 | -17.9% |
| Other operating charges | 640/8 | €213,329 | €164,672 | -€48,657 | -22.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,153,719 | €2,478,410 | +€324,691 | +15.1% |
| Operating profit (loss) | 9901 | €621,982 | €1,230,917 | +€608,934 | +97.9% |
| Financial income | 75/76B | €21,632 | €23,073 | +€1,440 | +6.7% |
| Recurring financial income | 75 | €21,632 | €23,073 | +€1,440 | +6.7% |
| Financial charges | 65/66B | €869,081 | €1,277,076 | +€407,994 | +46.9% |
| Recurring financial charges | 65 | €869,081 | €1,277,076 | +€407,994 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | -€225,467 | -€23,086 | +€202,381 | +89.8% |
| Profit (loss) for the period | 9904 | -€225,467 | -€23,086 | +€202,381 | +89.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€225,467 | -€23,086 | +€202,381 | +89.8% |
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 25 October 2026 via checked.be.