BAZU: what changed
Two fiscal 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.
BAZU
Largest movements
- Stocks and contracts -€329,370
down €329,370 (-100.0%), from €329,370 to €0
- Tangible fixed assets -€195,386
down €195,386 (-39.3%), from €497,084 to €301,697
of which Land and buildings: -€192,677
- Cash +€65,834
up €65,834 (+483.2%), from €13,623 to €79,457
mainly Stocks and contracts (+€329,370) and Investment in fixed assets (net) (+€183,701)
- Receivables within one year -€65,242
down €65,242 (-50.4%), from €129,359 to €64,117
of which Trade receivables: -€125,306
- Short-term financial debts -€277,500
down €277,500 (-100.0%), from €277,500 to €0
- Debts after one year -€146,290
down €146,290 (-37.4%), from €391,429 to €245,139
- Other debts -€80,704
down €80,704 (-56.7%), from €142,389 to €61,684
- Trade debts -€63,140
down €63,140 (-96.4%), from €65,500 to €2,359
- Provisions +€40,000
new in 2025: €40,000
- Gross operating margin +€79,299
up €79,299 (+252.7%), from €31,382 to €110,680
- Provisions +€40,000
new in 2025: €40,000
- Financial charges +€25,594
up €25,594 (+192.0%), from €13,330 to €38,924
- Other operating charges -€18,959
down €18,959 (-86.5%), from €21,906 to €2,947
- Depreciation -€3,470
down €3,470 (-22.9%), from €15,155 to €11,685
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 | €969,887 | €448,357 | -€521,530 | -53.8% |
| Fixed assets | 21/28 | €497,084 | €301,697 | -€195,386 | -39.3% |
| Tangible fixed assets | 22/27 | €497,084 | €301,697 | -€195,386 | -39.3% |
| Land and buildings | 22 | €493,648 | €300,971 | -€192,677 | -39.0% |
| Furniture and vehicles | 24 | €3,435 | €726 | -€2,709 | -78.9% |
| Current assets | 29/58 | €472,803 | €146,659 | -€326,144 | -69.0% |
| Stocks and contracts in progress | 3 | €329,370 | €0 | -€329,370 | -100.0% |
| Stocks | 30/36 | €329,370 | €0 | -€329,370 | -100.0% |
| Amounts receivable within one year | 40/41 | €129,359 | €64,117 | -€65,242 | -50.4% |
| Trade receivables | 40 | €125,306 | €0 | -€125,306 | -100.0% |
| Other amounts receivable | 41 | €4,053 | €64,117 | +€60,064 | +1482.1% |
| Cash at bank and in hand | 54/58 | €13,623 | €79,457 | +€65,834 | +483.2% |
| Deferred charges and accrued income | 490/1 | €451 | €3,085 | +€2,635 | +584.8% |
| Total equity and liabilities | 10/49 | €969,887 | €448,357 | -€521,530 | -53.8% |
| Equity | 10/15 | €66,527 | €75,240 | +€8,713 | +13.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,527 | €73,240 | +€8,713 | +13.5% |
| Provisions and deferred taxes | 16 | - | €40,000 | +€40,000 | |
| Provisions for liabilities and charges | 160/5 | - | €40,000 | +€40,000 | |
| Other liabilities and charges | 164/5 | - | €40,000 | +€40,000 | |
| Amounts payable | 17/49 | €903,360 | €333,116 | -€570,243 | -63.1% |
| Amounts payable after more than one year | 17 | €391,429 | €245,139 | -€146,290 | -37.4% |
| Financial debts | 170/4 | €391,429 | €245,139 | -€146,290 | -37.4% |
| Amounts payable within one year | 42/48 | €511,931 | €87,977 | -€423,954 | -82.8% |
| Current portion of amounts payable after more than one year | 42 | €25,838 | €19,241 | -€6,597 | -25.5% |
| Financial debts | 43 | €277,500 | €0 | -€277,500 | -100.0% |
| Credit institutions | 430/8 | €277,500 | €0 | -€277,500 | -100.0% |
| Trade debts | 44 | €65,500 | €2,359 | -€63,140 | -96.4% |
| Suppliers | 440/4 | €65,500 | €2,359 | -€63,140 | -96.4% |
| Taxes, remuneration and social security | 45 | €705 | €4,693 | +€3,988 | +565.5% |
| Taxes | 450/3 | €705 | €4,693 | +€3,988 | +565.5% |
| Other amounts payable | 47/48 | €142,389 | €61,684 | -€80,704 | -56.7% |
| Non-recurring operating income | 76A | - | €7,500 | +€7,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,155 | €11,685 | -€3,470 | -22.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €40,000 | +€40,000 | |
| Other operating charges | 640/8 | €21,906 | €2,947 | -€18,959 | -86.5% |
| Non-recurring operating charges | 66A | - | €8,617 | +€8,617 | |
| Gross operating margin | 9900 | €31,382 | €110,680 | +€79,299 | +252.7% |
| Operating profit (loss) | 9901 | -€5,679 | €47,432 | +€53,111 | |
| Financial income | 75/76B | €0 | €381 | +€381 | |
| Recurring financial income | 75 | €0 | €381 | +€381 | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €13,330 | €38,924 | +€25,594 | +192.0% |
| Recurring financial charges | 65 | €13,330 | €38,924 | +€25,594 | +192.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,009 | €8,888 | +€27,897 | |
| Income taxes | 67/77 | €1,281 | €175 | -€1,106 | -86.3% |
| Profit (loss) for the period | 9904 | -€20,290 | €8,713 | +€29,004 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,290 | €8,713 | +€29,004 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.