BARDAF: 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.
BARDAF
Largest movements
- Tangible fixed assets +€370,813
up €370,813 (+289%), from €128,336 to €499,149
of which Other tangible fixed assets: +€362,305
- Cash +€208,206
up €208,206 (+47.9%), from €434,233 to €642,439
mainly Debts after one year (+€399,695) and Net result for the year (+€159,582)
- Receivables within one year -€113,852
down €113,852 (-27.2%), from €418,350 to €304,499
of which Trade receivables: -€117,952
- Receivables after one year +€92,500
new in 2026: €92,500
- Debts after one year +€399,695
up €399,695 (+2,730%), from €14,641 to €414,336
- Reserves +€109,000
up €109,000 (+15.9%), from €684,000 to €793,000
- Short-term financial debts +€47,948
up €47,948 (+12,612%), from €380 to €48,329
- Other debts -€24,500
down €24,500 (-40.8%), from €60,030 to €35,530
- Current portion of long-term debt +€18,581
up €18,581 (+73.3%), from €25,334 to €43,915
- Gross operating margin -€48,113
down €48,113 (-6.2%), from €771,217 to €723,104
- Staff costs +€40,437
up €40,437 (+10.0%), from €404,253 to €444,690
- Taxes -€24,012
down €24,012 (-29.6%), from €81,130 to €57,118
- Depreciation +€11,970
up €11,970 (+25.3%), from €47,245 to €59,215
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €987,792 | €1,545,445 | +€557,653 | +56.5% |
| Fixed assets | 21/28 | €132,175 | €504,288 | +€372,113 | +282% |
| Tangible fixed assets | 22/27 | €128,336 | €499,149 | +€370,813 | +289% |
| Furniture and vehicles | 24 | €71,914 | €80,423 | +€8,508 | +11.8% |
| Other tangible fixed assets | 26 | €56,422 | €418,727 | +€362,305 | +642% |
| Financial fixed assets | 28 | €3,838 | €5,138 | +€1,300 | +33.9% |
| Current assets | 29/58 | €855,617 | €1,041,157 | +€185,540 | +21.7% |
| Amounts receivable after more than one year | 29 | - | €92,500 | +€92,500 | |
| Other amounts receivable | 291 | - | €92,500 | +€92,500 | |
| Amounts receivable within one year | 40/41 | €418,350 | €304,499 | -€113,852 | -27.2% |
| Trade receivables | 40 | €394,544 | €276,592 | -€117,952 | -29.9% |
| Other amounts receivable | 41 | €23,807 | €27,907 | +€4,100 | +17.2% |
| Cash at bank and in hand | 54/58 | €434,233 | €642,439 | +€208,206 | +47.9% |
| Deferred charges and accrued income | 490/1 | €3,034 | €1,719 | -€1,314 | -43.3% |
| Total equity and liabilities | 10/49 | €987,792 | €1,545,445 | +€557,653 | +56.5% |
| Equity | 10/15 | €685,896 | €795,478 | +€109,582 | +16.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €684,000 | €793,000 | +€109,000 | +15.9% |
| Distributable reserves | 133 | €684,000 | €793,000 | +€109,000 | +15.9% |
| Profit (loss) carried forward | 14 | €1,396 | €1,978 | +€582 | +41.7% |
| Amounts payable | 17/49 | €301,896 | €749,967 | +€448,071 | +148% |
| Amounts payable after more than one year | 17 | €14,641 | €414,336 | +€399,695 | +2,730% |
| Financial debts | 170/4 | €14,641 | €414,336 | +€399,695 | +2,730% |
| Amounts payable within one year | 42/48 | €287,254 | €319,867 | +€32,613 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €25,334 | €43,915 | +€18,581 | +73.3% |
| Financial debts | 43 | €380 | €48,329 | +€47,948 | +12,612% |
| Credit institutions | 430/8 | €380 | €48,329 | +€47,948 | +12,612% |
| Trade debts | 44 | €142,742 | €127,776 | -€14,966 | -10.5% |
| Suppliers | 440/4 | €142,742 | €127,776 | -€14,966 | -10.5% |
| Taxes, remuneration and social security | 45 | €58,769 | €64,317 | +€5,549 | +9.4% |
| Taxes | 450/3 | €25,500 | €23,931 | -€1,569 | -6.2% |
| Remuneration and social security | 454/9 | €33,269 | €40,387 | +€7,118 | +21.4% |
| Other amounts payable | 47/48 | €60,030 | €35,530 | -€24,500 | -40.8% |
| Accrued charges and deferred income | 492/3 | - | €15,764 | +€15,764 | |
| Remuneration, social security and pensions | 62 | €404,253 | €444,690 | +€40,437 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,245 | €59,215 | +€11,970 | +25.3% |
| Other operating charges | 640/8 | €245 | €85 | -€160 | -65.4% |
| Gross operating margin | 9900 | €771,217 | €723,104 | -€48,113 | -6.2% |
| Operating profit (loss) | 9901 | €319,474 | €219,114 | -€100,359 | -31.4% |
| Financial income | 75/76B | €5 | €4,435 | +€4,430 | +88,250% |
| Recurring financial income | 75 | €5 | €4,435 | +€4,430 | +88,250% |
| Financial charges | 65/66B | €5,599 | €6,849 | +€1,250 | +22.3% |
| Recurring financial charges | 65 | €5,599 | €6,849 | +€1,250 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €313,880 | €216,701 | -€97,180 | -31.0% |
| Income taxes | 67/77 | €81,130 | €57,118 | -€24,012 | -29.6% |
| Profit (loss) for the period | 9904 | €232,750 | €159,582 | -€73,168 | -31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €232,750 | €159,582 | -€73,168 | -31.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.