BAYSA: 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.
What changed
BAYSA
NACE 42.220, Construction of utility projects for electricity and telecommunications
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€376,916
2024 · €380,038-€3,122
Equity
€758,579
2024 · €758,579
Cash
€927,792
2024 · €917,009+€10,784
Balance sheet total
€2.6m
2024 · €2.2m+€361,678
Largest movements
Assets
- Stocks and contracts +€354,372
up €354,372 (+56.6%), from €626,421 to €980,793
- Receivables within one year +€62,851
up €62,851 (+15.6%), from €402,887 to €465,738
of which Trade receivables: +€65,604
- Tangible fixed assets -€55,686
down €55,686 (-20.1%), from €276,918 to €221,232
Equity and liabilities
- Debts after one year +€541,059
up €541,059 (+353.5%), from €153,052 to €694,111
- Current portion of long-term debt -€359,413
down €359,413 (-65.0%), from €552,883 to €193,470
- Trade debts +€243,796
up €243,796 (+165.5%), from €147,309 to €391,104
- Tax, wage and social debts -€60,681
down €60,681 (-41.0%), from €148,172 to €87,491
of which Taxes: -€61,727
Income statement
- Staff costs +€165,598
up €165,598 (+16.1%), from €1.0m to €1.2m
- Gross operating margin +€119,714
up €119,714 (+6.8%), from €1.8m to €1.9m
- Taxes -€66,424
down €66,424 (-30.5%), from €218,016 to €151,592
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.
Result 2024
€380,038
Gross operating margin
+€119,714
Staff costs
-€165,598
Depreciation
-€11,046
Other operating charges
+€8,273
Other operating items
-€2,544
Financial income
-€1,839
Financial charges
-€16,505
Taxes
+€66,424
Result 2025
€376,916
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.
From operations
+€241,732
Investment
-€35,678
Financing
-€195,270
Cash 2024
€917,009
From operations (derived)
+€241,732
Net result for the year
+€376,916
Depreciation
+€107,364
Stocks and contracts
-€354,372
Receivables within one year
-€62,851
Deferred charges and accrued income
-€5,357
Trade debts
+€243,796
Tax, wage and social debts
-€60,681
Other debts
-€3,084
Investment (derived)
-€35,678
Investment in fixed assets (net)
-€35,678
Financing
-€195,270
Debts after one year
+€541,059
Current portion of long-term debt
-€359,413
Contributions, distributions and other
-€376,916
Cash 2025
€927,792
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,242,395 | €2,604,073 | +€361,678 | +16.1% |
| Fixed assets | 21/28 | €296,078 | €224,392 | -€71,686 | -24.2% |
| Tangible fixed assets | 22/27 | €276,918 | €221,232 | -€55,686 | -20.1% |
| Plant, machinery and equipment | 23 | €32,506 | €15,666 | -€16,840 | -51.8% |
| Furniture and vehicles | 24 | €54,068 | €35,035 | -€19,033 | -35.2% |
| Leasing and similar rights | 25 | €190,344 | €170,531 | -€19,813 | -10.4% |
| Financial fixed assets | 28 | €19,160 | €3,160 | -€16,000 | -83.5% |
| Current assets | 29/58 | €1,946,317 | €2,379,680 | +€433,364 | +22.3% |
| Stocks and contracts in progress | 3 | €626,421 | €980,793 | +€354,372 | +56.6% |
| Contracts in progress | 37 | €626,421 | €980,793 | +€354,372 | +56.6% |
| Amounts receivable within one year | 40/41 | €402,887 | €465,738 | +€62,851 | +15.6% |
| Trade receivables | 40 | €294,902 | €360,506 | +€65,604 | +22.2% |
| Other amounts receivable | 41 | €107,985 | €105,232 | -€2,753 | -2.5% |
| Cash at bank and in hand | 54/58 | €917,009 | €927,792 | +€10,784 | +1.2% |
| Deferred charges and accrued income | 490/1 | - | €5,357 | +€5,357 | |
| Total equity and liabilities | 10/49 | €2,242,395 | €2,604,073 | +€361,678 | +16.1% |
| Equity | 10/15 | €758,579 | €758,579 | = | 0.0% |
| Contributions | 10/11 | €177,500 | €177,500 | = | 0.0% |
| Reserves | 13 | €581,079 | €581,079 | = | 0.0% |
| Distributable reserves | 133 | €581,079 | €581,079 | = | 0.0% |
| Amounts payable | 17/49 | €1,483,816 | €1,845,493 | +€361,678 | +24.4% |
| Amounts payable after more than one year | 17 | €153,052 | €694,111 | +€541,059 | +353.5% |
| Financial debts | 170/4 | €153,052 | €694,111 | +€541,059 | +353.5% |
| Amounts payable within one year | 42/48 | €1,328,364 | €1,148,982 | -€179,382 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €552,883 | €193,470 | -€359,413 | -65.0% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €147,309 | €391,104 | +€243,796 | +165.5% |
| Suppliers | 440/4 | €147,309 | €391,104 | +€243,796 | +165.5% |
| Taxes, remuneration and social security | 45 | €148,172 | €87,491 | -€60,681 | -41.0% |
| Taxes | 450/3 | €114,445 | €52,719 | -€61,727 | -53.9% |
| Remuneration and social security | 454/9 | €33,727 | €34,773 | +€1,046 | +3.1% |
| Other amounts payable | 47/48 | €380,000 | €376,916 | -€3,084 | -0.8% |
| Accrued charges and deferred income | 492/3 | €2,400 | €2,400 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €1,025,447 | €1,191,045 | +€165,598 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,319 | €107,364 | +€11,046 | +11.5% |
| Other operating charges | 640/8 | €20,546 | €12,273 | -€8,273 | -40.3% |
| Non-recurring operating charges | 66A | - | €2,544 | +€2,544 | |
| Gross operating margin | 9900 | €1,759,996 | €1,879,710 | +€119,714 | +6.8% |
| Operating profit (loss) | 9901 | €617,685 | €566,483 | -€51,202 | -8.3% |
| Financial income | 75/76B | €3,881 | €2,042 | -€1,839 | -47.4% |
| Recurring financial income | 75 | €3,881 | €2,042 | -€1,839 | -47.4% |
| Financial charges | 65/66B | €23,511 | €40,017 | +€16,505 | +70.2% |
| Recurring financial charges | 65 | €23,511 | €40,017 | +€16,505 | +70.2% |
| Profit (loss) for the period before taxes | 9903 | €598,055 | €528,508 | -€69,546 | -11.6% |
| Income taxes | 67/77 | €218,016 | €151,592 | -€66,424 | -30.5% |
| Profit (loss) for the period | 9904 | €380,038 | €376,916 | -€3,122 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €380,038 | €376,916 | -€3,122 | -0.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.