Dr. Bafort Johan: 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. Bafort Johan
Largest movements
- Tangible fixed assets +€962,078
up €962,078 (+31.8%), from €3.0m to €4.0m
of which Land and buildings: +€1.0m
- Cash -€244,237
down €244,237 (-38.6%), from €631,988 to €387,751
mainly Investment in fixed assets (net) (-€1.2m) and Contributions, distributions and other (-€572,893)
- Current investments -€100,000
down €100,000 (-47.6%), from €210,000 to €110,000
- Debts after one year +€387,261
up €387,261 (+43.0%), from €901,125 to €1.3m
- Other debts +€232,734
up €232,734 (+30.7%), from €757,586 to €990,320
- Reserves -€154,055
down €154,055 (-6.9%), from €2.2m to €2.1m
of which Distributable reserves: -€282,870
- Current portion of long-term debt +€94,492
up €94,492 (+50.3%), from €187,843 to €282,335
- Gross operating margin +€212,434
up €212,434 (+28.7%), from €739,207 to €951,641
- Depreciation +€68,123
up €68,123 (+33.0%), from €206,624 to €274,747
- Taxes -€13,837
down €13,837 (-9.5%), from €145,829 to €131,992
- Other operating charges +€11,761
up €11,761 (+113.1%), from €10,398 to €22,159
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 | €4,179,335 | €4,793,152 | +€613,817 | +14.7% |
| Fixed assets | 21/28 | €3,029,238 | €3,991,316 | +€962,078 | +31.8% |
| Tangible fixed assets | 22/27 | €3,029,053 | €3,991,131 | +€962,078 | +31.8% |
| Land and buildings | 22 | €2,846,843 | €3,854,206 | +€1.0m | +35.4% |
| Plant, machinery and equipment | 23 | €92,376 | €83,139 | -€9,237 | -10.0% |
| Furniture and vehicles | 24 | €89,834 | €53,785 | -€36,048 | -40.1% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €1,150,097 | €801,836 | -€348,261 | -30.3% |
| Current investments | 50/53 | €210,000 | €110,000 | -€100,000 | -47.6% |
| Cash at bank and in hand | 54/58 | €631,988 | €387,751 | -€244,237 | -38.6% |
| Deferred charges and accrued income | 490/1 | €308,110 | €304,085 | -€4,024 | -1.3% |
| Total equity and liabilities | 10/49 | €4,179,335 | €4,793,152 | +€613,817 | +14.7% |
| Equity | 10/15 | €2,238,806 | €2,084,751 | -€154,055 | -6.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,220,214 | €2,066,159 | -€154,055 | -6.9% |
| Tax-exempt reserves | 132 | €47,362 | €176,176 | +€128,815 | +272.0% |
| Distributable reserves | 133 | €2,172,853 | €1,889,983 | -€282,870 | -13.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €15,787 | €58,725 | +€42,938 | +272.0% |
| Deferred taxes | 168 | €15,787 | €58,725 | +€42,938 | +272.0% |
| Amounts payable | 17/49 | €1,924,741 | €2,649,676 | +€724,934 | +37.7% |
| Amounts payable after more than one year | 17 | €901,125 | €1,288,385 | +€387,261 | +43.0% |
| Financial debts | 170/4 | €901,125 | €1,288,385 | +€387,261 | +43.0% |
| Amounts payable within one year | 42/48 | €978,593 | €1,321,484 | +€342,891 | +35.0% |
| Current portion of amounts payable after more than one year | 42 | €187,843 | €282,335 | +€94,492 | +50.3% |
| Trade debts | 44 | €22,373 | €31,901 | +€9,528 | +42.6% |
| Suppliers | 440/4 | €22,373 | €31,901 | +€9,528 | +42.6% |
| Taxes, remuneration and social security | 45 | €10,791 | €16,929 | +€6,137 | +56.9% |
| Taxes | 450/3 | €10,791 | €11,050 | +€259 | +2.4% |
| Remuneration and social security | 454/9 | €0 | €5,878 | +€5,878 | |
| Other amounts payable | 47/48 | €757,586 | €990,320 | +€232,734 | +30.7% |
| Accrued charges and deferred income | 492/3 | €45,024 | €39,806 | -€5,218 | -11.6% |
| Non-recurring operating income | 76A | - | €188,539 | +€188,539 | |
| Remuneration, social security and pensions | 62 | €24,043 | €24,191 | +€148 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,624 | €274,747 | +€68,123 | +33.0% |
| Other operating charges | 640/8 | €10,398 | €22,159 | +€11,761 | +113.1% |
| Gross operating margin | 9900 | €739,207 | €951,641 | +€212,434 | +28.7% |
| Operating profit (loss) | 9901 | €498,142 | €630,544 | +€132,402 | +26.6% |
| Financial income | 75/76B | €16,939 | €16,139 | -€800 | -4.7% |
| Recurring financial income | 75 | €16,939 | €16,139 | -€800 | -4.7% |
| Financial charges | 65/66B | €50,612 | €52,916 | +€2,303 | +4.6% |
| Recurring financial charges | 65 | €50,612 | €52,916 | +€2,303 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €464,469 | €593,768 | +€129,298 | +27.8% |
| Transfer from deferred taxes | 780 | €526 | €1,019 | +€493 | +93.7% |
| Transfer to deferred taxes | 680 | - | €43,958 | +€43,958 | |
| Income taxes | 67/77 | €145,829 | €131,992 | -€13,837 | -9.5% |
| Profit (loss) for the period | 9904 | €319,166 | €418,837 | +€99,671 | +31.2% |
| Transfer from tax-exempt reserves | 789 | €1,579 | €3,058 | +€1,479 | +93.7% |
| Transfer to tax-exempt reserves | 689 | - | €131,873 | +€131,873 | |
| Profit (loss) for the period to be appropriated | 9905 | €320,745 | €290,022 | -€30,723 | -9.6% |
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 9 October 2026 via checked.be.