GEORGES BADA: 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.
GEORGES BADA
Largest movements
- Cash +€152,130
up €152,130 (+243.8%), from €62,391 to €214,521
mainly Depreciation (+€151,943) and Receivables within one year (+€143,741)
- Receivables within one year -€143,741
down €143,741 (-74.0%), from €194,135 to €50,394
of which Trade receivables: -€147,587
- Tangible fixed assets -€99,318
down €99,318 (-2.4%), from €4.1m to €4.0m
of which Plant, machinery and equipment: -€74,870
- Debts after one year -€140,668
down €140,668 (-8.4%), from €1.7m to €1.5m
- Reserves +€62,468
up €62,468 (+13.3%), from €469,783 to €532,251
of which Distributable reserves: +€85,635
- Trade debts -€48,164
down €48,164 (-22.9%), from €210,512 to €162,348
- Depreciation -€48,251
down €48,251 (-24.1%), from €200,194 to €151,943
- Financial charges +€16,027
up €16,027 (+28.7%), from €55,850 to €71,878
- Gross operating margin +€12,105
up €12,105 (+3.9%), from €310,329 to €322,435
- Financial income -€9,428
down €9,428 (-92.8%), from €10,159 to €731
- Taxes +€9,273
up €9,273 (+41.3%), from €22,447 to €31,721
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 | €4,409,892 | €4,298,438 | -€111,455 | -2.5% |
| Fixed assets | 21/28 | €4,087,259 | €3,987,941 | -€99,318 | -2.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €4,087,259 | €3,987,941 | -€99,318 | -2.4% |
| Land and buildings | 22 | €3,764,942 | €3,696,956 | -€67,985 | -1.8% |
| Plant, machinery and equipment | 23 | €299,783 | €224,913 | -€74,870 | -25.0% |
| Furniture and vehicles | 24 | €22,535 | €66,072 | +€43,538 | +193.2% |
| Current assets | 29/58 | €322,633 | €310,496 | -€12,137 | -3.8% |
| Stocks and contracts in progress | 3 | €10,116 | €1,500 | -€8,616 | -85.2% |
| Stocks | 30/36 | €10,116 | €1,500 | -€8,616 | -85.2% |
| Amounts receivable within one year | 40/41 | €194,135 | €50,394 | -€143,741 | -74.0% |
| Trade receivables | 40 | €189,913 | €42,326 | -€147,587 | -77.7% |
| Other amounts receivable | 41 | €4,222 | €8,068 | +€3,846 | +91.1% |
| Current investments | 50/53 | €36,004 | €32,329 | -€3,675 | -10.2% |
| Cash at bank and in hand | 54/58 | €62,391 | €214,521 | +€152,130 | +243.8% |
| Deferred charges and accrued income | 490/1 | €19,987 | €11,753 | -€8,234 | -41.2% |
| Total equity and liabilities | 10/49 | €4,409,892 | €4,298,438 | -€111,455 | -2.5% |
| Equity | 10/15 | €706,382 | €768,850 | +€62,468 | +8.8% |
| Contributions | 10/11 | €236,599 | €236,599 | = | 0.0% |
| Reserves | 13 | €469,783 | €532,251 | +€62,468 | +13.3% |
| Tax-exempt reserves | 132 | €88,342 | €65,175 | -€23,167 | -26.2% |
| Distributable reserves | 133 | €381,441 | €467,076 | +€85,635 | +22.5% |
| Provisions and deferred taxes | 16 | €29,447 | €21,725 | -€7,722 | -26.2% |
| Deferred taxes | 168 | €29,447 | €21,725 | -€7,722 | -26.2% |
| Amounts payable | 17/49 | €3,674,063 | €3,507,862 | -€166,201 | -4.5% |
| Amounts payable after more than one year | 17 | €1,667,971 | €1,527,303 | -€140,668 | -8.4% |
| Financial debts | 170/4 | €1,667,971 | €1,527,303 | -€140,668 | -8.4% |
| Amounts payable within one year | 42/48 | €1,996,120 | €1,953,473 | -€42,647 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €183,008 | €183,568 | +€560 | +0.3% |
| Financial debts | 43 | €685,000 | €685,083 | +€83 | 0.0% |
| Credit institutions | 430/8 | €685,000 | €685,083 | +€83 | 0.0% |
| Trade debts | 44 | €210,512 | €162,348 | -€48,164 | -22.9% |
| Suppliers | 440/4 | €210,512 | €162,348 | -€48,164 | -22.9% |
| Taxes, remuneration and social security | 45 | €30,239 | €32,882 | +€2,643 | +8.7% |
| Taxes | 450/3 | €30,239 | €17,512 | -€12,727 | -42.1% |
| Remuneration and social security | 454/9 | - | €15,370 | +€15,370 | |
| Other amounts payable | 47/48 | €887,361 | €889,592 | +€2,232 | +0.3% |
| Accrued charges and deferred income | 492/3 | €9,972 | €27,087 | +€17,115 | +171.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200,194 | €151,943 | -€48,251 | -24.1% |
| Other operating charges | 640/8 | €14,284 | €12,879 | -€1,406 | -9.8% |
| Gross operating margin | 9900 | €310,329 | €322,435 | +€12,105 | +3.9% |
| Operating profit (loss) | 9901 | €95,851 | €157,613 | +€61,762 | +64.4% |
| Financial income | 75/76B | €10,159 | €731 | -€9,428 | -92.8% |
| Recurring financial income | 75 | €10,159 | €731 | -€9,428 | -92.8% |
| Financial charges | 65/66B | €55,850 | €71,878 | +€16,027 | +28.7% |
| Recurring financial charges | 65 | €55,850 | €71,878 | +€16,027 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | €50,160 | €86,466 | +€36,307 | +72.4% |
| Transfer from deferred taxes | 780 | €7,722 | €7,722 | = | 0.0% |
| Income taxes | 67/77 | €22,447 | €31,721 | +€9,273 | +41.3% |
| Profit (loss) for the period | 9904 | €35,435 | €62,468 | +€27,034 | +76.3% |
| Transfer from tax-exempt reserves | 789 | €23,167 | €23,167 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,601 | €85,635 | +€27,034 | +46.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.