B.G.F.: 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.G.F.
Largest movements
- Tangible fixed assets -€20,116
down €20,116 (-10.1%), from €199,389 to €179,273
- Cash -€16,672
down €16,672 (-60.1%), from €27,741 to €11,069
mainly Net result for the year (-€92,533) and Tax, wage and social debts (-€12,644)
- Stocks and contracts +€7,580
up €7,580 (+29.5%), from €25,732 to €33,311
- Profit (loss) carried forward -€92,533
down €92,533 (-29.4%), from -€314,354 to -€406,888
- Other debts +€72,399
up €72,399 (+21.8%), from €332,378 to €404,778
- Tax, wage and social debts -€12,644
down €12,644 (-21.9%), from €57,650 to €45,005
of which Remuneration and social security: -€12,132
- Gross operating margin -€11,898
down €11,898 (-5.4%), from €220,422 to €208,523
- Staff costs -€8,548
down €8,548 (-3.3%), from €257,555 to €249,007
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 | €346,103 | €314,848 | -€31,255 | -9.0% |
| Fixed assets | 21/28 | €204,923 | €184,807 | -€20,116 | -9.8% |
| Tangible fixed assets | 22/27 | €199,389 | €179,273 | -€20,116 | -10.1% |
| Plant, machinery and equipment | 23 | €199,389 | €179,273 | -€20,116 | -10.1% |
| Financial fixed assets | 28 | €5,534 | €5,534 | = | 0.0% |
| Current assets | 29/58 | €141,181 | €130,041 | -€11,140 | -7.9% |
| Stocks and contracts in progress | 3 | €25,732 | €33,311 | +€7,580 | +29.5% |
| Stocks | 30/36 | €25,732 | €33,311 | +€7,580 | +29.5% |
| Amounts receivable within one year | 40/41 | €71,816 | €71,471 | -€345 | -0.5% |
| Trade receivables | 40 | €38,104 | €40,051 | +€1,946 | +5.1% |
| Other amounts receivable | 41 | €33,712 | €31,420 | -€2,291 | -6.8% |
| Cash at bank and in hand | 54/58 | €27,741 | €11,069 | -€16,672 | -60.1% |
| Deferred charges and accrued income | 490/1 | €15,892 | €14,189 | -€1,703 | -10.7% |
| Total equity and liabilities | 10/49 | €346,103 | €314,848 | -€31,255 | -9.0% |
| Equity | 10/15 | -€164,354 | -€256,888 | -€92,533 | -56.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€314,354 | -€406,888 | -€92,533 | -29.4% |
| Provisions and deferred taxes | 16 | €17,406 | €17,406 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €17,406 | €17,406 | = | 0.0% |
| Taxes | 161 | €17,406 | €17,406 | = | 0.0% |
| Amounts payable | 17/49 | €493,051 | €554,330 | +€61,278 | +12.4% |
| Amounts payable within one year | 42/48 | €479,668 | €541,113 | +€61,446 | +12.8% |
| Trade debts | 44 | €89,640 | €91,330 | +€1,691 | +1.9% |
| Suppliers | 440/4 | €89,640 | €91,330 | +€1,691 | +1.9% |
| Taxes, remuneration and social security | 45 | €57,650 | €45,005 | -€12,644 | -21.9% |
| Taxes | 450/3 | €4,217 | €3,704 | -€513 | -12.2% |
| Remuneration and social security | 454/9 | €53,433 | €41,301 | -€12,132 | -22.7% |
| Other amounts payable | 47/48 | €332,378 | €404,778 | +€72,399 | +21.8% |
| Accrued charges and deferred income | 492/3 | €13,384 | €13,217 | -€167 | -1.2% |
| Remuneration, social security and pensions | 62 | €257,555 | €249,007 | -€8,548 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,964 | €28,618 | +€653 | +2.3% |
| Gross operating margin | 9900 | €220,422 | €208,523 | -€11,898 | -5.4% |
| Operating profit (loss) | 9901 | -€65,098 | -€69,102 | -€4,004 | -6.2% |
| Financial income | 75/76B | €118 | - | -€118 | |
| Recurring financial income | 75 | €118 | - | -€118 | |
| Financial charges | 65/66B | €24,072 | €23,432 | -€641 | -2.7% |
| Recurring financial charges | 65 | €24,072 | €23,432 | -€641 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€89,052 | -€92,533 | -€3,482 | -3.9% |
| Profit (loss) for the period | 9904 | -€89,052 | -€92,533 | -€3,482 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€89,052 | -€92,533 | -€3,482 | -3.9% |
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 30 October 2026 via checked.be.