M. Bafort: 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.
M. Bafort
Largest movements
- Cash +€1.1m
up €1.1m (+1323.1%), from €85,997 to €1.2m
mainly Current investments (+€969,548) and Other debts (+€572,880)
- Current investments -€969,548
down €969,548 (-25.3%), from €3.8m to €2.9m
- Receivables after one year +€292,485
up €292,485 (+98.8%), from €296,065 to €588,550
- Tangible fixed assets -€90,380
down €90,380 (-3.3%), from €2.7m to €2.6m
of which Land and buildings: -€83,394
- Receivables within one year +€80,584
up €80,584 (+310.3%), from €25,971 to €106,555
of which Other amounts receivable: +€68,648
- Other debts +€572,880
up €572,880 (+171.0%), from €335,092 to €907,972
- Reserves +€520,000
up €520,000 (+10.3%), from €5.1m to €5.6m
of which Distributable reserves: +€520,000
- Accrued charges and deferred income -€440,960
down €440,960 (-99.0%), from €445,196 to €4,236
- Tax, wage and social debts -€213,376
down €213,376 (-96.5%), from €221,181 to €7,805
- Gross operating margin -€372,562
down €372,562 (-38.0%), from €980,616 to €608,054
- Taxes -€127,570
down €127,570 (-39.7%), from €320,978 to €193,408
- Financial income +€110,532
up €110,532 (+85.2%), from €129,758 to €240,290
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 | €6,971,363 | €7,417,368 | +€446,005 | +6.4% |
| Fixed assets | 21/28 | €2,720,164 | €2,629,784 | -€90,380 | -3.3% |
| Tangible fixed assets | 22/27 | €2,720,163 | €2,629,783 | -€90,380 | -3.3% |
| Land and buildings | 22 | €2,681,518 | €2,598,124 | -€83,394 | -3.1% |
| Furniture and vehicles | 24 | €38,646 | €31,659 | -€6,986 | -18.1% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €4,251,198 | €4,787,584 | +€536,385 | +12.6% |
| Amounts receivable after more than one year | 29 | €296,065 | €588,550 | +€292,485 | +98.8% |
| Other amounts receivable | 291 | €296,065 | €588,550 | +€292,485 | +98.8% |
| Amounts receivable within one year | 40/41 | €25,971 | €106,555 | +€80,584 | +310.3% |
| Trade receivables | 40 | €15,193 | €27,129 | +€11,937 | +78.6% |
| Other amounts receivable | 41 | €10,778 | €79,426 | +€68,648 | +636.9% |
| Current investments | 50/53 | €3,831,700 | €2,862,152 | -€969,548 | -25.3% |
| Cash at bank and in hand | 54/58 | €85,997 | €1,223,825 | +€1.1m | +1323.1% |
| Deferred charges and accrued income | 490/1 | €11,466 | €6,502 | -€4,964 | -43.3% |
| Total equity and liabilities | 10/49 | €6,971,363 | €7,417,368 | +€446,005 | +6.4% |
| Equity | 10/15 | €5,499,894 | €6,022,946 | +€523,051 | +9.5% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €5,071,510 | €5,591,510 | +€520,000 | +10.3% |
| Non-distributable reserves | 130/1 | €17,000 | €17,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,000 | €17,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,910 | €1,910 | = | 0.0% |
| Distributable reserves | 133 | €5,052,600 | €5,572,600 | +€520,000 | +10.3% |
| Profit (loss) carried forward | 14 | €258,384 | €261,435 | +€3,051 | +1.2% |
| Provisions and deferred taxes | 16 | €470,000 | €470,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €470,000 | €470,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €470,000 | €470,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,001,469 | €924,422 | -€77,046 | -7.7% |
| Amounts payable within one year | 42/48 | €556,273 | €920,186 | +€363,913 | +65.4% |
| Trade debts | 44 | - | €4,410 | +€4,410 | |
| Suppliers | 440/4 | - | €4,410 | +€4,410 | |
| Taxes, remuneration and social security | 45 | €221,181 | €7,805 | -€213,376 | -96.5% |
| Taxes | 450/3 | €221,181 | €7,805 | -€213,376 | -96.5% |
| Other amounts payable | 47/48 | €335,092 | €907,972 | +€572,880 | +171.0% |
| Accrued charges and deferred income | 492/3 | €445,196 | €4,236 | -€440,960 | -99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,377 | €90,380 | +€1,004 | +1.1% |
| Other operating charges | 640/8 | €24,026 | €16,076 | -€7,950 | -33.1% |
| Gross operating margin | 9900 | €980,616 | €608,054 | -€372,562 | -38.0% |
| Operating profit (loss) | 9901 | €867,212 | €501,597 | -€365,615 | -42.2% |
| Financial income | 75/76B | €129,758 | €240,290 | +€110,532 | +85.2% |
| Recurring financial income | 75 | €129,758 | €240,290 | +€110,532 | +85.2% |
| Financial charges | 65/66B | €29,626 | €25,428 | -€4,198 | -14.2% |
| Recurring financial charges | 65 | €29,626 | €25,428 | -€4,198 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €967,345 | €716,459 | -€250,886 | -25.9% |
| Income taxes | 67/77 | €320,978 | €193,408 | -€127,570 | -39.7% |
| Profit (loss) for the period | 9904 | €646,367 | €523,051 | -€123,316 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €646,367 | €523,051 | -€123,316 | -19.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.