K. BAGHDADI ORL: what changed
K. BAGHDADI ORL
Largest movements
- Tangible fixed assets +€397,575
up €397,575 (+365%), from €108,819 to €506,394
of which Land and buildings: +€349,932
- Receivables after one year +€300,000
new in 2025: €300,000
- Deferred charges and accrued income -€84,105
down €84,105 (-42.9%), from €196,186 to €112,081
- Cash -€45,335
down €45,335 (-11.9%), from €381,214 to €335,879
mainly Investment in fixed assets (net) (-€437,918) and Receivables after one year (-€300,000)
- Receivables within one year +€20,962
up €20,962 (+1,252%), from €1,675 to €22,637
of which Other amounts receivable: +€20,934
- Reserves +€595,675
up €595,675 (+121%), from €491,455 to €1.1m
- Provisions -€32,581
no longer reported in 2025 (was €32,581)
- Tax, wage and social debts +€25,490
up €25,490 (+15.9%), from €160,028 to €185,517
of which Taxes: +€23,042
- Gross operating margin +€136,804
up €136,804 (+20.6%), from €663,014 to €799,818
- Provisions -€65,162
down €65,162, from €32,581 to -€32,581
- Financial charges +€30,398
up €30,398 (+1,233%), from €2,465 to €32,863
- Taxes +€28,531
up €28,531 (+18.7%), from €152,757 to €181,289
- Financial income +€18,284
up €18,284 (+3,597%), from €508 to €18,792
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €688,394 | €1,277,492 | +€589,098 | +85.6% |
| Fixed assets | 21/28 | €109,319 | €506,894 | +€397,575 | +364% |
| Tangible fixed assets | 22/27 | €108,819 | €506,394 | +€397,575 | +365% |
| Land and buildings | 22 | - | €349,932 | +€349,932 | |
| Plant, machinery and equipment | 23 | €62,515 | €121,964 | +€59,448 | +95.1% |
| Furniture and vehicles | 24 | €46,304 | €34,498 | -€11,806 | -25.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €579,075 | €770,597 | +€191,523 | +33.1% |
| Amounts receivable after more than one year | 29 | - | €300,000 | +€300,000 | |
| Other amounts receivable | 291 | - | €300,000 | +€300,000 | |
| Amounts receivable within one year | 40/41 | €1,675 | €22,637 | +€20,962 | +1,252% |
| Trade receivables | 40 | - | €29 | +€29 | |
| Other amounts receivable | 41 | €1,675 | €22,608 | +€20,934 | +1,250% |
| Cash at bank and in hand | 54/58 | €381,214 | €335,879 | -€45,335 | -11.9% |
| Deferred charges and accrued income | 490/1 | €196,186 | €112,081 | -€84,105 | -42.9% |
| Total equity and liabilities | 10/49 | €688,394 | €1,277,492 | +€589,098 | +85.6% |
| Equity | 10/15 | €492,955 | €1,088,630 | +€595,675 | +121% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €491,455 | €1,087,130 | +€595,675 | +121% |
| Distributable reserves | 133 | €491,455 | €1,087,130 | +€595,675 | +121% |
| Provisions and deferred taxes | 16 | €32,581 | - | -€32,581 | |
| Provisions for liabilities and charges | 160/5 | €32,581 | - | -€32,581 | |
| Other liabilities and charges | 164/5 | €32,581 | - | -€32,581 | |
| Amounts payable | 17/49 | €162,858 | €188,862 | +€26,004 | +16.0% |
| Amounts payable within one year | 42/48 | €162,858 | €188,261 | +€25,404 | +15.6% |
| Trade debts | 44 | €1,971 | €2,744 | +€773 | +39.2% |
| Suppliers | 440/4 | €1,971 | €2,744 | +€773 | +39.2% |
| Taxes, remuneration and social security | 45 | €160,028 | €185,517 | +€25,490 | +15.9% |
| Taxes | 450/3 | €160,028 | €183,069 | +€23,042 | +14.4% |
| Remuneration and social security | 454/9 | - | €2,448 | +€2,448 | |
| Other amounts payable | 47/48 | €859 | - | -€859 | |
| Accrued charges and deferred income | 492/3 | - | €600 | +€600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,658 | €40,343 | +€16,685 | +70.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €32,581 | -€32,581 | -€65,162 | |
| Other operating charges | 640/8 | €3,224 | €1,021 | -€2,202 | -68.3% |
| Gross operating margin | 9900 | €663,014 | €799,818 | +€136,804 | +20.6% |
| Operating profit (loss) | 9901 | €603,551 | €791,035 | +€187,484 | +31.1% |
| Financial income | 75/76B | €508 | €18,792 | +€18,284 | +3,597% |
| Recurring financial income | 75 | €508 | €18,792 | +€18,284 | +3,597% |
| Financial charges | 65/66B | €2,465 | €32,863 | +€30,398 | +1,233% |
| Recurring financial charges | 65 | €2,465 | €32,863 | +€30,398 | +1,233% |
| Profit (loss) for the period before taxes | 9903 | €601,594 | €776,964 | +€175,369 | +29.2% |
| Income taxes | 67/77 | €152,757 | €181,289 | +€28,531 | +18.7% |
| Profit (loss) for the period | 9904 | €448,837 | €595,675 | +€146,838 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €448,837 | €595,675 | +€146,838 | +32.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.