B.C.M.: 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.
B.C.M.
Largest movements
- Cash -€740,936
down €740,936 (-99.3%), from €745,865 to €4,929
mainly Contributions, distributions and other (-€501,834) and Investment in fixed assets (net) (-€443,485)
- Tangible fixed assets +€334,946
up €334,946 (+223.1%), from €150,102 to €485,048
of which Plant, machinery and equipment: +€216,948
- Receivables within one year +€176,141
up €176,141 (+17.3%), from €1.0m to €1.2m
of which Other amounts receivable: +€126,797
- Stocks and contracts +€55,360
up €55,360 (+42.7%), from €129,570 to €184,930
- Reserves -€339,276
down €339,276 (-19.4%), from €1.7m to €1.4m
- Debts after one year +€175,039
up €175,039 (+1441.2%), from €12,146 to €187,184
- Tax, wage and social debts -€47,482
down €47,482 (-32.5%), from €146,127 to €98,645
of which Taxes: -€55,169
- Current portion of long-term debt +€23,521
up €23,521 (+24.9%), from €94,539 to €118,060
- Gross operating margin -€53,763
down €53,763 (-6.5%), from €832,654 to €778,891
- Staff costs -€44,029
down €44,029 (-9.6%), from €459,657 to €415,628
- Depreciation +€40,563
up €40,563 (+54.5%), from €74,385 to €114,948
- Taxes -€18,507
down €18,507 (-22.1%), from €83,778 to €65,271
- Other operating charges -€12,266
down €12,266 (-62.6%), from €19,592 to €7,325
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 | €2,093,792 | €1,912,894 | -€180,898 | -8.6% |
| Fixed assets | 21/28 | €202,455 | €530,992 | +€328,537 | +162.3% |
| Intangible fixed assets | 21 | €38,453 | €32,044 | -€6,409 | -16.7% |
| Tangible fixed assets | 22/27 | €150,102 | €485,048 | +€334,946 | +223.1% |
| Land and buildings | 22 | €13,670 | €8,556 | -€5,113 | -37.4% |
| Plant, machinery and equipment | 23 | €125,839 | €342,787 | +€216,948 | +172.4% |
| Furniture and vehicles | 24 | €10,593 | €133,704 | +€123,111 | +1162.2% |
| Financial fixed assets | 28 | €13,900 | €13,900 | = | 0.0% |
| Current assets | 29/58 | €1,891,337 | €1,381,902 | -€509,435 | -26.9% |
| Stocks and contracts in progress | 3 | €129,570 | €184,930 | +€55,360 | +42.7% |
| Stocks | 30/36 | €129,570 | €184,930 | +€55,360 | +42.7% |
| Amounts receivable within one year | 40/41 | €1,015,902 | €1,192,043 | +€176,141 | +17.3% |
| Trade receivables | 40 | €212,330 | €261,675 | +€49,344 | +23.2% |
| Other amounts receivable | 41 | €803,572 | €930,368 | +€126,797 | +15.8% |
| Cash at bank and in hand | 54/58 | €745,865 | €4,929 | -€740,936 | -99.3% |
| Total equity and liabilities | 10/49 | €2,093,792 | €1,912,894 | -€180,898 | -8.6% |
| Equity | 10/15 | €1,768,453 | €1,429,178 | -€339,276 | -19.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,749,861 | €1,410,586 | -€339,276 | -19.4% |
| Distributable reserves | 133 | €1,749,861 | €1,410,586 | -€339,276 | -19.4% |
| Amounts payable | 17/49 | €325,338 | €483,716 | +€158,378 | +48.7% |
| Amounts payable after more than one year | 17 | €12,146 | €187,184 | +€175,039 | +1441.2% |
| Financial debts | 170/4 | €12,146 | €187,184 | +€175,039 | +1441.2% |
| Amounts payable within one year | 42/48 | €313,193 | €296,532 | -€16,661 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €94,539 | €118,060 | +€23,521 | +24.9% |
| Trade debts | 44 | €72,527 | €79,827 | +€7,300 | +10.1% |
| Suppliers | 440/4 | €72,527 | €79,827 | +€7,300 | +10.1% |
| Taxes, remuneration and social security | 45 | €146,127 | €98,645 | -€47,482 | -32.5% |
| Taxes | 450/3 | €109,956 | €54,787 | -€55,169 | -50.2% |
| Remuneration and social security | 454/9 | €36,171 | €43,858 | +€7,687 | +21.3% |
| Non-recurring operating income | 76A | - | €13,794 | +€13,794 | |
| Remuneration, social security and pensions | 62 | €459,657 | €415,628 | -€44,029 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,385 | €114,948 | +€40,563 | +54.5% |
| Other operating charges | 640/8 | €19,592 | €7,325 | -€12,266 | -62.6% |
| Gross operating margin | 9900 | €832,654 | €778,891 | -€53,763 | -6.5% |
| Operating profit (loss) | 9901 | €279,021 | €240,990 | -€38,031 | -13.6% |
| Financial income | 75/76B | €1,675 | €4,643 | +€2,967 | +177.1% |
| Recurring financial income | 75 | €1,675 | €4,643 | +€2,967 | +177.1% |
| Financial charges | 65/66B | €14,268 | €17,803 | +€3,535 | +24.8% |
| Recurring financial charges | 65 | €14,268 | €17,803 | +€3,535 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €266,428 | €227,829 | -€38,598 | -14.5% |
| Income taxes | 67/77 | €83,778 | €65,271 | -€18,507 | -22.1% |
| Profit (loss) for the period | 9904 | €182,650 | €162,558 | -€20,091 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €182,650 | €162,558 | -€20,091 | -11.0% |
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 10 October 2026 via checked.be.