Dr. Ali Bagdadi: 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.
Dr. Ali Bagdadi
Largest movements
- Cash +€153,668
up €153,668 (+413%), from €37,238 to €190,906
mainly Net result for the year (+€185,306) and Tax, wage and social debts (+€41,495)
- Receivables within one year +€67,263
up €67,263 (+182%), from €36,969 to €104,232
- Tangible fixed assets +€4,045
new in 2025: €4,045
- Reserves +€185,306
up €185,306 (+325%), from €56,967 to €242,273
- Tax, wage and social debts +€41,495
up €41,495 (+288%), from €14,400 to €55,894
- Gross operating margin +€171,646
up €171,646 (+246%), from €69,839 to €241,485
- Taxes +€41,484
up €41,484 (+288%), from €14,389 to €55,872
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 | €76,337 | €301,017 | +€224,680 | +294% |
| Fixed assets | 21/28 | - | €4,045 | +€4,045 | |
| Tangible fixed assets | 22/27 | - | €4,045 | +€4,045 | |
| Furniture and vehicles | 24 | - | €4,045 | +€4,045 | |
| Current assets | 29/58 | €76,337 | €296,971 | +€220,634 | +289% |
| Amounts receivable within one year | 40/41 | €36,969 | €104,232 | +€67,263 | +182% |
| Trade receivables | 40 | €36,969 | €104,232 | +€67,263 | +182% |
| Cash at bank and in hand | 54/58 | €37,238 | €190,906 | +€153,668 | +413% |
| Deferred charges and accrued income | 490/1 | €2,130 | €1,833 | -€297 | -13.9% |
| Total equity and liabilities | 10/49 | €76,337 | €301,017 | +€224,680 | +294% |
| Equity | 10/15 | €59,467 | €244,773 | +€185,306 | +312% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €56,967 | €242,273 | +€185,306 | +325% |
| Distributable reserves | 133 | €56,967 | €242,273 | +€185,306 | +325% |
| Amounts payable | 17/49 | €16,870 | €56,244 | +€39,374 | +233% |
| Amounts payable within one year | 42/48 | €16,870 | €56,244 | +€39,374 | +233% |
| Trade debts | 44 | €2,306 | - | -€2,306 | |
| Suppliers | 440/4 | €2,306 | - | -€2,306 | |
| Taxes, remuneration and social security | 45 | €14,400 | €55,894 | +€41,495 | +288% |
| Taxes | 450/3 | €14,400 | €55,894 | +€41,495 | +288% |
| Other amounts payable | 47/48 | €164 | €349 | +€186 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2 | +€2 | |
| Other operating charges | 640/8 | €236 | €230 | -€6 | -2.5% |
| Gross operating margin | 9900 | €69,839 | €241,485 | +€171,646 | +246% |
| Operating profit (loss) | 9901 | €69,603 | €241,253 | +€171,650 | +247% |
| Financial charges | 65/66B | €144 | €75 | -€69 | -47.8% |
| Recurring financial charges | 65 | €144 | €75 | -€69 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | €69,460 | €241,178 | +€171,719 | +247% |
| Income taxes | 67/77 | €14,389 | €55,872 | +€41,484 | +288% |
| Profit (loss) for the period | 9904 | €55,071 | €185,306 | +€130,235 | +236% |
| Profit (loss) for the period to be appropriated | 9905 | €55,071 | €185,306 | +€130,235 | +236% |
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 28 October 2026 via checked.be.