BAVARIAN: 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.
BAVARIAN
Largest movements
- Stocks and contracts +€418,153
up €418,153 (+34.5%), from €1.2m to €1.6m
- Receivables within one year -€239,306
down €239,306 (-91.9%), from €260,506 to €21,200
- Cash -€51,060
down €51,060 (-72.1%), from €70,773 to €19,713
mainly Stocks and contracts (-€418,153) and Investment in fixed assets (net) (-€139,917)
- Tangible fixed assets +€43,478
up €43,478 (+27.0%), from €161,088 to €204,565
of which Furniture and vehicles: +€44,279
- Intangible fixed assets +€31,155
new in 2025: €31,155
- Debts after one year +€107,160
up €107,160 (+77.6%), from €138,011 to €245,171
- Trade debts -€94,836
down €94,836 (-14.7%), from €646,135 to €551,299
- Profit (loss) carried forward +€74,454
up €74,454 (+227.0%), from €32,800 to €107,254
- Advances received +€39,019
new in 2025: €39,019
- Tax, wage and social debts +€30,024
up €30,024 (+19.3%), from €155,573 to €185,597
of which Taxes: +€37,112
- Staff costs +€59,980
up €59,980 (+10.3%), from €584,103 to €644,084
- Gross operating margin +€53,752
up €53,752 (+6.7%), from €807,688 to €861,440
- Financial charges +€10,847
up €10,847 (+30.8%), from €35,263 to €46,110
- Taxes -€9,385
down €9,385 (-34.6%), from €27,106 to €17,721
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 | €1,708,635 | €1,915,643 | +€207,009 | +12.1% |
| Fixed assets | 21/28 | €161,088 | €235,721 | +€74,633 | +46.3% |
| Intangible fixed assets | 21 | - | €31,155 | +€31,155 | |
| Tangible fixed assets | 22/27 | €161,088 | €204,565 | +€43,478 | +27.0% |
| Land and buildings | 22 | €12,412 | €11,246 | -€1,166 | -9.4% |
| Plant, machinery and equipment | 23 | €9,900 | €9,793 | -€107 | -1.1% |
| Furniture and vehicles | 24 | €119,520 | €163,799 | +€44,279 | +37.0% |
| Leasing and similar rights | 25 | €5,777 | - | -€5,777 | |
| Other tangible fixed assets | 26 | €13,479 | €19,727 | +€6,248 | +46.4% |
| Current assets | 29/58 | €1,547,547 | €1,679,922 | +€132,376 | +8.6% |
| Stocks and contracts in progress | 3 | €1,213,253 | €1,631,407 | +€418,153 | +34.5% |
| Stocks | 30/36 | €1,213,253 | €1,631,407 | +€418,153 | +34.5% |
| Amounts receivable within one year | 40/41 | €260,506 | €21,200 | -€239,306 | -91.9% |
| Trade receivables | 40 | €260,506 | €21,200 | -€239,306 | -91.9% |
| Cash at bank and in hand | 54/58 | €70,773 | €19,713 | -€51,060 | -72.1% |
| Deferred charges and accrued income | 490/1 | €3,014 | €7,603 | +€4,588 | +152.2% |
| Total equity and liabilities | 10/49 | €1,708,635 | €1,915,643 | +€207,009 | +12.1% |
| Equity | 10/15 | €53,260 | €127,714 | +€74,454 | +139.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,800 | €107,254 | +€74,454 | +227.0% |
| Amounts payable | 17/49 | €1,655,375 | €1,787,929 | +€132,554 | +8.0% |
| Amounts payable after more than one year | 17 | €138,011 | €245,171 | +€107,160 | +77.6% |
| Financial debts | 170/4 | €138,011 | €245,171 | +€107,160 | +77.6% |
| Amounts payable within one year | 42/48 | €1,503,311 | €1,527,764 | +€24,454 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €58,222 | €81,646 | +€23,424 | +40.2% |
| Financial debts | 43 | €250,000 | €261,605 | +€11,605 | +4.6% |
| Credit institutions | 430/8 | €250,000 | €261,605 | +€11,605 | +4.6% |
| Trade debts | 44 | €646,135 | €551,299 | -€94,836 | -14.7% |
| Suppliers | 440/4 | €646,135 | €551,299 | -€94,836 | -14.7% |
| Advances received on contracts in progress | 46 | - | €39,019 | +€39,019 | |
| Taxes, remuneration and social security | 45 | €155,573 | €185,597 | +€30,024 | +19.3% |
| Taxes | 450/3 | €87,686 | €124,798 | +€37,112 | +42.3% |
| Remuneration and social security | 454/9 | €67,887 | €60,799 | -€7,088 | -10.4% |
| Other amounts payable | 47/48 | €393,381 | €408,598 | +€15,217 | +3.9% |
| Accrued charges and deferred income | 492/3 | €14,053 | €14,994 | +€940 | +6.7% |
| Remuneration, social security and pensions | 62 | €584,103 | €644,084 | +€59,980 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,539 | €65,284 | -€8,255 | -11.2% |
| Other operating charges | 640/8 | €22,435 | €13,890 | -€8,544 | -38.1% |
| Gross operating margin | 9900 | €807,688 | €861,440 | +€53,752 | +6.7% |
| Operating profit (loss) | 9901 | €127,611 | €138,182 | +€10,571 | +8.3% |
| Financial income | 75/76B | €835 | €103 | -€732 | -87.6% |
| Recurring financial income | 75 | €835 | €103 | -€732 | -87.6% |
| Financial charges | 65/66B | €35,263 | €46,110 | +€10,847 | +30.8% |
| Recurring financial charges | 65 | €35,263 | €46,110 | +€10,847 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €93,183 | €92,175 | -€1,008 | -1.1% |
| Income taxes | 67/77 | €27,106 | €17,721 | -€9,385 | -34.6% |
| Profit (loss) for the period | 9904 | €66,077 | €74,454 | +€8,377 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €66,077 | €74,454 | +€8,377 | +12.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.