Baro: what changed
Baro
Largest movements
- Receivables within one year +€52,516
up €52,516 (+43.6%), from €120,485 to €173,001
of which Trade receivables: +€46,412
- Tangible fixed assets +€23,487
up €23,487 (+13.7%), from €171,425 to €194,912
of which Land and buildings: +€17,020
- Cash +€14,730
up €14,730 (+116%), from €12,741 to €27,471
mainly Net result for the year (+€72,277) and Depreciation (+€34,016)
- Reserves +€56,409
up €56,409 (+60.2%), from €93,778 to €150,187
- Debts after one year +€20,743
up €20,743 (+77.7%), from €26,708 to €47,451
- Trade debts -€17,107
down €17,107 (-10.9%), from €157,442 to €140,335
- Profit (loss) carried forward +€15,868
up €15,868 (+28.1%), from €56,409 to €72,277
- Tax, wage and social debts +€9,256
up €9,256 (+377%), from €2,456 to €11,711
of which Remuneration and social security: +€5,453
- Gross operating margin +€27,789
up €27,789 (+12.3%), from €225,139 to €252,928
- Depreciation +€7,864
up €7,864 (+30.1%), from €26,152 to €34,016
- Staff costs +€7,278
up €7,278 (+6.9%), from €105,228 to €112,506
- Other operating charges -€6,811
down €6,811 (-54.7%), from €12,460 to €5,648
- Financial charges -€6,431
down €6,431 (-47.9%), from €13,437 to €7,006
of which Financial charges: -€6,366
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 | €386,896 | €478,170 | +€91,274 | +23.6% |
| Fixed assets | 21/28 | €171,425 | €194,912 | +€23,487 | +13.7% |
| Tangible fixed assets | 22/27 | €171,425 | €194,912 | +€23,487 | +13.7% |
| Land and buildings | 22 | €82,635 | €99,655 | +€17,020 | +20.6% |
| Plant, machinery and equipment | 23 | €25,855 | €41,122 | +€15,267 | +59.0% |
| Furniture and vehicles | 24 | €15,732 | €12,535 | -€3,197 | -20.3% |
| Other tangible fixed assets | 26 | €47,203 | €41,601 | -€5,602 | -11.9% |
| Current assets | 29/58 | €215,471 | €283,257 | +€67,786 | +31.5% |
| Stocks and contracts in progress | 3 | €80,087 | €78,350 | -€1,737 | -2.2% |
| Stocks | 30/36 | €80,087 | €78,350 | -€1,737 | -2.2% |
| Amounts receivable within one year | 40/41 | €120,485 | €173,001 | +€52,516 | +43.6% |
| Trade receivables | 40 | €65,627 | €112,039 | +€46,412 | +70.7% |
| Other amounts receivable | 41 | €54,858 | €60,962 | +€6,104 | +11.1% |
| Cash at bank and in hand | 54/58 | €12,741 | €27,471 | +€14,730 | +116% |
| Deferred charges and accrued income | 490/1 | €2,158 | €4,435 | +€2,277 | +106% |
| Total equity and liabilities | 10/49 | €386,896 | €478,170 | +€91,274 | +23.6% |
| Equity | 10/15 | €153,187 | €225,464 | +€72,277 | +47.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €93,778 | €150,187 | +€56,409 | +60.2% |
| Distributable reserves | 133 | €93,778 | €150,187 | +€56,409 | +60.2% |
| Profit (loss) carried forward | 14 | €56,409 | €72,277 | +€15,868 | +28.1% |
| Amounts payable | 17/49 | €233,709 | €252,706 | +€18,997 | +8.1% |
| Amounts payable after more than one year | 17 | €26,708 | €47,451 | +€20,743 | +77.7% |
| Financial debts | 170/4 | €26,708 | €47,451 | +€20,743 | +77.7% |
| Amounts payable within one year | 42/48 | €203,645 | €201,103 | -€2,543 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €18,748 | €19,057 | +€309 | +1.6% |
| Financial debts | 43 | €25,000 | €30,000 | +€5,000 | +20.0% |
| Credit institutions | 430/8 | €25,000 | €30,000 | +€5,000 | +20.0% |
| Trade debts | 44 | €157,442 | €140,335 | -€17,107 | -10.9% |
| Suppliers | 440/4 | €157,442 | €140,335 | -€17,107 | -10.9% |
| Taxes, remuneration and social security | 45 | €2,456 | €11,711 | +€9,256 | +377% |
| Taxes | 450/3 | €42 | €3,845 | +€3,803 | +9,019% |
| Remuneration and social security | 454/9 | €2,414 | €7,867 | +€5,453 | +226% |
| Accrued charges and deferred income | 492/3 | €3,356 | €4,152 | +€796 | +23.7% |
| Remuneration, social security and pensions | 62 | €105,228 | €112,506 | +€7,278 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,152 | €34,016 | +€7,864 | +30.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,000 | €0 | +€3,000 | |
| Other operating charges | 640/8 | €12,460 | €5,648 | -€6,811 | -54.7% |
| Non-recurring operating charges | 66A | €824 | €1,416 | +€592 | +71.9% |
| Gross operating margin | 9900 | €225,139 | €252,928 | +€27,789 | +12.3% |
| Operating profit (loss) | 9901 | €83,476 | €99,342 | +€15,866 | +19.0% |
| Financial income | 75/76B | €3,543 | €2,216 | -€1,327 | -37.5% |
| Recurring financial income | 75 | €3,543 | €2,216 | -€1,327 | -37.5% |
| Financial charges | 65/66B | €13,437 | €7,006 | -€6,431 | -47.9% |
| Recurring financial charges | 65 | €13,372 | €7,006 | -€6,366 | -47.6% |
| Non-recurring financial charges | 66B | €65 | €0 | -€65 | -100% |
| Profit (loss) for the period before taxes | 9903 | €73,582 | €94,552 | +€20,969 | +28.5% |
| Income taxes | 67/77 | €17,173 | €22,275 | +€5,102 | +29.7% |
| Profit (loss) for the period | 9904 | €56,409 | €72,277 | +€15,868 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,409 | €72,277 | +€15,868 | +28.1% |
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 7 November 2026 via checked.be.