Dr BARO.J: 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 BARO.J
Largest movements
- Intangible fixed assets -€84,375
no longer reported in 2025 (was €84,375)
- Receivables within one year +€60,935
up €60,935 (+31.2%), from €195,135 to €256,070
- Cash +€44,200
up €44,200 (+328%), from €13,463 to €57,663
mainly Net result for the year (+€279,077) and Depreciation (+€114,449)
- Tangible fixed assets -€25,510
down €25,510 (-35.0%), from €72,948 to €47,439
of which Furniture and vehicles: -€25,342
- Other debts -€20,837
down €20,837 (-6.9%), from €299,915 to €279,077
- Current portion of long-term debt +€15,000
up €15,000 (+25.0%), from €60,000 to €75,000
- Gross operating margin +€89,711
up €89,711 (+22.6%), from €396,470 to €486,181
- Taxes +€20,906
up €20,906 (+26.6%), from €78,573 to €99,479
- Depreciation +€14,095
up €14,095 (+14.0%), from €100,354 to €114,449
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 | €550,814 | €541,015 | -€9,799 | -1.8% |
| Fixed assets | 21/28 | €157,323 | €47,439 | -€109,885 | -69.8% |
| Intangible fixed assets | 21 | €84,375 | - | -€84,375 | |
| Tangible fixed assets | 22/27 | €72,948 | €47,439 | -€25,510 | -35.0% |
| Plant, machinery and equipment | 23 | €13,547 | €13,379 | -€168 | -1.2% |
| Furniture and vehicles | 24 | €59,401 | €34,059 | -€25,342 | -42.7% |
| Current assets | 29/58 | €393,491 | €493,576 | +€100,086 | +25.4% |
| Amounts receivable after more than one year | 29 | €126,085 | €126,085 | = | 0.0% |
| Other amounts receivable | 291 | €126,085 | €126,085 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €195,135 | €256,070 | +€60,935 | +31.2% |
| Other amounts receivable | 41 | €195,135 | €256,070 | +€60,935 | +31.2% |
| Cash at bank and in hand | 54/58 | €13,463 | €57,663 | +€44,200 | +328% |
| Deferred charges and accrued income | 490/1 | €58,808 | €53,758 | -€5,050 | -8.6% |
| Total equity and liabilities | 10/49 | €550,814 | €541,015 | -€9,799 | -1.8% |
| Equity | 10/15 | €146,797 | €146,797 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128,197 | €128,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €126,337 | €126,337 | = | 0.0% |
| Amounts payable | 17/49 | €404,017 | €394,218 | -€9,799 | -2.4% |
| Amounts payable within one year | 42/48 | €404,017 | €394,218 | -€9,799 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €75,000 | +€15,000 | +25.0% |
| Trade debts | 44 | €4,280 | €1,949 | -€2,331 | -54.5% |
| Suppliers | 440/4 | €4,280 | €1,949 | -€2,331 | -54.5% |
| Taxes, remuneration and social security | 45 | €39,822 | €38,191 | -€1,631 | -4.1% |
| Taxes | 450/3 | €39,822 | €38,191 | -€1,631 | -4.1% |
| Other amounts payable | 47/48 | €299,915 | €279,077 | -€20,837 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,354 | €114,449 | +€14,095 | +14.0% |
| Other operating charges | 640/8 | €3,314 | €4,275 | +€961 | +29.0% |
| Gross operating margin | 9900 | €396,470 | €486,181 | +€89,711 | +22.6% |
| Operating profit (loss) | 9901 | €292,802 | €367,457 | +€74,655 | +25.5% |
| Financial income | 75/76B | €12,786 | €12,468 | -€318 | -2.5% |
| Recurring financial income | 75 | €12,786 | €12,468 | -€318 | -2.5% |
| Financial charges | 65/66B | €1,861 | €1,369 | -€492 | -26.4% |
| Recurring financial charges | 65 | €1,861 | €1,369 | -€492 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €303,728 | €378,556 | +€74,829 | +24.6% |
| Income taxes | 67/77 | €78,573 | €99,479 | +€20,906 | +26.6% |
| Profit (loss) for the period | 9904 | €225,155 | €279,077 | +€53,923 | +23.9% |
| Transfer from tax-exempt reserves | 789 | €74,760 | - | -€74,760 | |
| Profit (loss) for the period to be appropriated | 9905 | €299,915 | €279,077 | -€20,837 | -6.9% |
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 24 October 2026 via checked.be.