B.C.D.: 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.
B.C.D.
Largest movements
- Tangible fixed assets -€42,754
down €42,754 (-6.4%), from €663,791 to €621,037
- Deferred charges and accrued income +€27,728
up €27,728 (+28.8%), from €96,441 to €124,169
- Debts after one year -€61,056
down €61,056 (-15.8%), from €386,462 to €325,406
- Reserves +€29,704
up €29,704 (+16.0%), from €186,072 to €215,775
of which Distributable reserves: +€37,160
- Tax, wage and social debts +€18,785
up €18,785 (+168.3%), from €11,163 to €29,948
- Gross operating margin +€21,549
up €21,549 (+26.1%), from €82,502 to €104,051
- Taxes +€7,433
up €7,433 (+66.6%), from €11,163 to €18,596
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 | €767,619 | €755,635 | -€11,984 | -1.6% |
| Fixed assets | 21/28 | €663,791 | €621,037 | -€42,754 | -6.4% |
| Tangible fixed assets | 22/27 | €663,791 | €621,037 | -€42,754 | -6.4% |
| Land and buildings | 22 | €663,791 | €621,037 | -€42,754 | -6.4% |
| Current assets | 29/58 | €103,828 | €134,597 | +€30,770 | +29.6% |
| Amounts receivable within one year | 40/41 | €369 | €5,059 | +€4,690 | +1271.9% |
| Trade receivables | 40 | - | €4,690 | +€4,690 | |
| Other amounts receivable | 41 | €369 | €369 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,018 | €5,369 | -€1,648 | -23.5% |
| Deferred charges and accrued income | 490/1 | €96,441 | €124,169 | +€27,728 | +28.8% |
| Total equity and liabilities | 10/49 | €767,619 | €755,635 | -€11,984 | -1.6% |
| Equity | 10/15 | €223,256 | €252,959 | +€29,704 | +13.3% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €186,072 | €215,775 | +€29,704 | +16.0% |
| Tax-exempt reserves | 132 | €89,478 | €82,022 | -€7,457 | -8.3% |
| Distributable reserves | 133 | €96,594 | €133,754 | +€37,160 | +38.5% |
| Provisions and deferred taxes | 16 | €46,074 | €42,235 | -€3,840 | -8.3% |
| Deferred taxes | 168 | €46,074 | €42,235 | -€3,840 | -8.3% |
| Amounts payable | 17/49 | €498,289 | €460,441 | -€37,848 | -7.6% |
| Amounts payable after more than one year | 17 | €386,462 | €325,406 | -€61,056 | -15.8% |
| Financial debts | 170/4 | €386,462 | €325,406 | -€61,056 | -15.8% |
| Amounts payable within one year | 42/48 | €108,794 | €132,349 | +€23,556 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €60,447 | €61,056 | +€610 | +1.0% |
| Trade debts | 44 | - | €161 | +€161 | |
| Suppliers | 440/4 | - | €161 | +€161 | |
| Taxes, remuneration and social security | 45 | €11,163 | €29,948 | +€18,785 | +168.3% |
| Taxes | 450/3 | €11,163 | €29,948 | +€18,785 | +168.3% |
| Other amounts payable | 47/48 | €37,184 | €41,184 | +€4,000 | +10.8% |
| Accrued charges and deferred income | 492/3 | €3,032 | €2,685 | -€347 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,754 | €42,754 | = | 0.0% |
| Other operating charges | 640/8 | €9,776 | €9,484 | -€292 | -3.0% |
| Gross operating margin | 9900 | €82,502 | €104,051 | +€21,549 | +26.1% |
| Operating profit (loss) | 9901 | €29,972 | €51,813 | +€21,841 | +72.9% |
| Financial charges | 65/66B | €8,304 | €7,353 | -€951 | -11.4% |
| Recurring financial charges | 65 | €8,304 | €7,353 | -€951 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €21,669 | €44,460 | +€22,792 | +105.2% |
| Transfer from deferred taxes | 780 | €3,840 | €3,840 | = | 0.0% |
| Income taxes | 67/77 | €11,163 | €18,596 | +€7,433 | +66.6% |
| Profit (loss) for the period | 9904 | €14,345 | €29,704 | +€15,359 | +107.1% |
| Transfer from tax-exempt reserves | 789 | €7,457 | €7,457 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,802 | €37,160 | +€15,359 | +70.4% |
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 7 October 2026 via checked.be.