Bavo: 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.
What changed
Bavo
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€89,099
2024 · -€67,831+€156,930
Equity
€2.1m
2024 · €2.0m+€89,099
Cash
€5,769
2024 · €4,906+€863
Balance sheet total
€3.8m
2024 · €3.8m-€18,142
Largest movements
Assets
- Receivables within one year -€49,785
down €49,785 (-86.2%), from €57,737 to €7,952
Equity and liabilities
- Profit (loss) carried forward +€107,530
up €107,530 (+12.9%), from €833,271 to €940,801
- Other debts -€60,071
down €60,071 (-10.9%), from €552,532 to €492,461
Income statement
- Gross operating margin +€151,025
up €151,025 (+63.5%), from €237,987 to €389,012
- Depreciation -€4,216
down €4,216 (-3.6%), from €116,837 to €112,620
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.
Result 2024
-€67,831
Gross operating margin
+€151,025
Staff costs
+€701
Depreciation
+€4,216
Other operating charges
-€1,394
Financial charges
+€1,890
Taxes
+€491
Result 2025
€89,099
raises the resultlowers the result
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.
From operations
+€184,233
Investment
-€143,400
Financing
-€39,970
Cash 2024
€4,906
From operations (derived)
+€184,233
Net result for the year
+€89,099
Depreciation
+€112,620
Receivables within one year
+€49,785
Provisions
-€9,493
Trade debts
+€6,671
Tax, wage and social debts
-€4,379
Other debts
-€60,071
Investment (derived)
-€143,400
Investment in fixed assets (net)
-€143,400
Financing
-€39,970
Debts after one year
-€18,126
Current portion of long-term debt
-€21,845
Cash 2025
€5,769
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,849,418 | €3,831,276 | -€18,142 | -0.5% |
| Fixed assets | 21/28 | €3,786,775 | €3,817,555 | +€30,780 | +0.8% |
| Tangible fixed assets | 22/27 | €1,123,822 | €1,154,602 | +€30,780 | +2.7% |
| Land and buildings | 22 | €1,107,788 | €1,154,602 | +€46,813 | +4.2% |
| Plant, machinery and equipment | 23 | €16,034 | €0 | -€16,034 | -100% |
| Financial fixed assets | 28 | €2,662,953 | €2,662,953 | = | 0.0% |
| Current assets | 29/58 | €62,643 | €13,721 | -€48,922 | -78.1% |
| Amounts receivable within one year | 40/41 | €57,737 | €7,952 | -€49,785 | -86.2% |
| Trade receivables | 40 | €57,737 | €7,952 | -€49,785 | -86.2% |
| Cash at bank and in hand | 54/58 | €4,906 | €5,769 | +€863 | +17.6% |
| Total equity and liabilities | 10/49 | €3,849,418 | €3,831,276 | -€18,142 | -0.5% |
| Equity | 10/15 | €1,970,093 | €2,059,192 | +€89,099 | +4.5% |
| Contributions | 10/11 | €871,000 | €871,000 | = | 0.0% |
| Capital | 10 | €871,000 | €871,000 | = | 0.0% |
| Issued capital | 100 | €871,000 | €871,000 | = | 0.0% |
| Reserves | 13 | €265,821 | €247,391 | -€18,431 | -6.9% |
| Non-distributable reserves | 130/1 | €99,200 | €99,200 | = | 0.0% |
| Legal reserve | 130 | €99,200 | €99,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €165,973 | €147,542 | -€18,431 | -11.1% |
| Distributable reserves | 133 | €648 | €648 | = | 0.0% |
| Profit (loss) carried forward | 14 | €833,271 | €940,801 | +€107,530 | +12.9% |
| Provisions and deferred taxes | 16 | €85,484 | €75,992 | -€9,493 | -11.1% |
| Deferred taxes | 168 | €85,484 | €75,992 | -€9,493 | -11.1% |
| Amounts payable | 17/49 | €1,793,841 | €1,696,092 | -€97,749 | -5.4% |
| Amounts payable after more than one year | 17 | €1,170,308 | €1,152,182 | -€18,126 | -1.5% |
| Financial debts | 170/4 | €1,170,308 | €1,152,182 | -€18,126 | -1.5% |
| Amounts payable within one year | 42/48 | €623,533 | €543,910 | -€79,623 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €39,970 | €18,126 | -€21,845 | -54.7% |
| Trade debts | 44 | €5,959 | €12,630 | +€6,671 | +112% |
| Suppliers | 440/4 | €5,959 | €12,630 | +€6,671 | +112% |
| Taxes, remuneration and social security | 45 | €25,071 | €20,693 | -€4,379 | -17.5% |
| Taxes | 450/3 | €10,861 | €13,588 | +€2,727 | +25.1% |
| Remuneration and social security | 454/9 | €14,210 | €7,105 | -€7,106 | -50.0% |
| Other amounts payable | 47/48 | €552,532 | €492,461 | -€60,071 | -10.9% |
| Remuneration, social security and pensions | 62 | €126,995 | €126,293 | -€701 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,837 | €112,620 | -€4,216 | -3.6% |
| Other operating charges | 640/8 | €37,446 | €38,840 | +€1,394 | +3.7% |
| Gross operating margin | 9900 | €237,987 | €389,012 | +€151,025 | +63.5% |
| Operating profit (loss) | 9901 | -€43,290 | €111,259 | +€154,549 | |
| Financial charges | 65/66B | €33,543 | €31,652 | -€1,890 | -5.6% |
| Recurring financial charges | 65 | €33,543 | €31,652 | -€1,890 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | -€76,833 | €79,606 | +€156,439 | |
| Transfer from deferred taxes | 780 | €9,493 | €9,493 | = | 0.0% |
| Income taxes | 67/77 | €491 | €0 | -€491 | -100% |
| Profit (loss) for the period | 9904 | -€67,831 | €89,099 | +€156,930 | |
| Transfer from tax-exempt reserves | 789 | €18,431 | €18,431 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,400 | €107,530 | +€156,930 |
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 23 October 2026 via checked.be.