ETS. BAYARD: 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.
ETS. BAYARD
Largest movements
- Tangible fixed assets +€339,640
up €339,640 (+845%), from €40,184 to €379,824
of which Land and buildings: +€297,141
- Receivables within one year -€104,076
down €104,076 (-57.2%), from €181,813 to €77,737
of which Trade receivables: -€132,059
- Cash +€53,071
up €53,071 (+636%), from €8,346 to €61,417
mainly Debts after one year (+€291,440) and Receivables within one year (+€104,076)
- Debts after one year +€291,440
up €291,440 (+1,183%), from €24,645 to €316,085
- Accrued charges and deferred income -€16,774
no longer reported in 2025 (was €16,774)
- Profit (loss) carried forward +€9,195
up €9,195 (+8.1%), from €113,654 to €122,849
- Current portion of long-term debt +€8,747
up €8,747 (+66.1%), from €13,230 to €21,977
- Tax, wage and social debts -€7,686
down €7,686 (-40.5%), from €18,992 to €11,306
of which Taxes: -€11,589
- Depreciation +€46,288
up €46,288 (+312%), from €14,843 to €61,131
- Write-downs -€16,604
no longer reported in 2025 (was €16,604)
- Staff costs +€15,914
new in 2025: €15,914
- Financial charges +€10,987
up €10,987 (+406%), from €2,704 to €13,691
- Gross operating margin +€9,915
up €9,915 (+10.2%), from €97,590 to €107,504
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 | €244,365 | €533,611 | +€289,246 | +118% |
| Fixed assets | 21/28 | €40,184 | €379,824 | +€339,640 | +845% |
| Tangible fixed assets | 22/27 | €40,184 | €379,824 | +€339,640 | +845% |
| Land and buildings | 22 | - | €297,141 | +€297,141 | |
| Plant, machinery and equipment | 23 | €1,389 | €1,992 | +€604 | +43.5% |
| Furniture and vehicles | 24 | €38,795 | €80,691 | +€41,895 | +108% |
| Current assets | 29/58 | €204,181 | €153,787 | -€50,394 | -24.7% |
| Stocks and contracts in progress | 3 | €11,933 | €12,874 | +€941 | +7.9% |
| Stocks | 30/36 | €11,933 | €12,874 | +€941 | +7.9% |
| Amounts receivable within one year | 40/41 | €181,813 | €77,737 | -€104,076 | -57.2% |
| Trade receivables | 40 | €168,799 | €36,740 | -€132,059 | -78.2% |
| Other amounts receivable | 41 | €13,015 | €40,997 | +€27,983 | +215% |
| Cash at bank and in hand | 54/58 | €8,346 | €61,417 | +€53,071 | +636% |
| Deferred charges and accrued income | 490/1 | €2,089 | €1,759 | -€330 | -15.8% |
| Total equity and liabilities | 10/49 | €244,365 | €533,611 | +€289,246 | +118% |
| Equity | 10/15 | €117,654 | €126,849 | +€9,195 | +7.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,654 | €122,849 | +€9,195 | +8.1% |
| Amounts payable | 17/49 | €126,711 | €406,762 | +€280,051 | +221% |
| Amounts payable after more than one year | 17 | €24,645 | €316,085 | +€291,440 | +1,183% |
| Financial debts | 170/4 | €24,645 | €316,085 | +€291,440 | +1,183% |
| Amounts payable within one year | 42/48 | €85,292 | €90,677 | +€5,385 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €13,230 | €21,977 | +€8,747 | +66.1% |
| Trade debts | 44 | €50,968 | €56,279 | +€5,311 | +10.4% |
| Suppliers | 440/4 | €50,968 | €56,279 | +€5,311 | +10.4% |
| Taxes, remuneration and social security | 45 | €18,992 | €11,306 | -€7,686 | -40.5% |
| Taxes | 450/3 | €18,992 | €7,403 | -€11,589 | -61.0% |
| Remuneration and social security | 454/9 | - | €3,903 | +€3,903 | |
| Other amounts payable | 47/48 | €2,102 | €1,116 | -€987 | -46.9% |
| Accrued charges and deferred income | 492/3 | €16,774 | - | -€16,774 | |
| Remuneration, social security and pensions | 62 | - | €15,914 | +€15,914 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,843 | €61,131 | +€46,288 | +312% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,604 | - | -€16,604 | |
| Other operating charges | 640/8 | €403 | €5,703 | +€5,300 | +1,315% |
| Non-recurring operating charges | 66A | €10,605 | - | -€10,605 | |
| Gross operating margin | 9900 | €97,590 | €107,504 | +€9,915 | +10.2% |
| Operating profit (loss) | 9901 | €55,135 | €24,756 | -€30,379 | -55.1% |
| Financial income | 75/76B | €168 | €581 | +€413 | +245% |
| Recurring financial income | 75 | €168 | €581 | +€413 | +245% |
| Financial charges | 65/66B | €2,704 | €13,691 | +€10,987 | +406% |
| Recurring financial charges | 65 | €2,704 | €13,691 | +€10,987 | +406% |
| Profit (loss) for the period before taxes | 9903 | €52,599 | €11,646 | -€40,953 | -77.9% |
| Income taxes | 67/77 | €11,035 | €2,452 | -€8,583 | -77.8% |
| Profit (loss) for the period | 9904 | €41,565 | €9,195 | -€32,370 | -77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,565 | €9,195 | -€32,370 | -77.9% |
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 17 October 2026 via checked.be.