B.G.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.G.M.
Largest movements
- Tangible fixed assets +€349,281
up €349,281 (+12.8%), from €2.7m to €3.1m
of which Land and buildings: +€337,759
- Receivables within one year +€53,850
new in 2025: €53,850
- Other debts +€535,000
up €535,000 (+145.8%), from €367,000 to €902,000
- Debts after one year -€177,244
down €177,244 (-43.0%), from €412,561 to €235,317
of which Financial debts: -€187,444
- Gross operating margin +€30,045
up €30,045 (+24.2%), from €124,098 to €154,143
- Other operating charges +€8,094
up €8,094 (+77.1%), from €10,501 to €18,595
- Financial charges -€4,106
down €4,106 (-11.2%), from €36,825 to €32,719
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,776,673 | €3,163,566 | +€386,893 | +13.9% |
| Fixed assets | 21/28 | €2,728,715 | €3,077,997 | +€349,281 | +12.8% |
| Tangible fixed assets | 22/27 | €2,728,715 | €3,077,997 | +€349,281 | +12.8% |
| Land and buildings | 22 | €2,728,715 | €3,066,474 | +€337,759 | +12.4% |
| Plant, machinery and equipment | 23 | - | €11,523 | +€11,523 | |
| Current assets | 29/58 | €47,957 | €85,569 | +€37,612 | +78.4% |
| Amounts receivable within one year | 40/41 | - | €53,850 | +€53,850 | |
| Trade receivables | 40 | - | €53,850 | +€53,850 | |
| Cash at bank and in hand | 54/58 | €47,957 | €31,719 | -€16,238 | -33.9% |
| Total equity and liabilities | 10/49 | €2,776,673 | €3,163,566 | +€386,893 | +13.9% |
| Equity | 10/15 | €1,745,721 | €1,757,815 | +€12,094 | +0.7% |
| Contributions | 10/11 | €210,710 | €210,710 | = | 0.0% |
| Capital | 10 | €210,710 | €210,710 | = | 0.0% |
| Issued capital | 100 | €210,710 | €210,710 | = | 0.0% |
| Revaluation surpluses | 12 | €1,790,942 | €1,790,942 | = | 0.0% |
| Reserves | 13 | €11,364 | €11,364 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,364 | €11,364 | = | 0.0% |
| Legal reserve | 130 | €11,364 | €11,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€267,294 | -€255,200 | +€12,094 | +4.5% |
| Amounts payable | 17/49 | €1,030,951 | €1,405,750 | +€374,799 | +36.4% |
| Amounts payable after more than one year | 17 | €412,561 | €235,317 | -€177,244 | -43.0% |
| Financial debts | 170/4 | €412,561 | €225,117 | -€187,444 | -45.4% |
| Other amounts payable | 178/9 | - | €10,200 | +€10,200 | |
| Amounts payable within one year | 42/48 | €457,720 | €1,007,013 | +€549,293 | +120.0% |
| Current portion of amounts payable after more than one year | 42 | €83,420 | €97,122 | +€13,702 | +16.4% |
| Trade debts | 44 | €6,792 | €3,183 | -€3,609 | -53.1% |
| Suppliers | 440/4 | €6,792 | €3,183 | -€3,609 | -53.1% |
| Taxes, remuneration and social security | 45 | €508 | €4,708 | +€4,200 | +827.6% |
| Taxes | 450/3 | €508 | €4,708 | +€4,200 | +827.6% |
| Other amounts payable | 47/48 | €367,000 | €902,000 | +€535,000 | +145.8% |
| Accrued charges and deferred income | 492/3 | €160,670 | €163,420 | +€2,750 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,854 | €62,838 | -€1,016 | -1.6% |
| Other operating charges | 640/8 | €10,501 | €18,595 | +€8,094 | +77.1% |
| Gross operating margin | 9900 | €124,098 | €154,143 | +€30,045 | +24.2% |
| Operating profit (loss) | 9901 | €49,743 | €72,709 | +€22,966 | +46.2% |
| Financial income | 75/76B | - | €254 | +€254 | |
| Recurring financial income | 75 | - | €254 | +€254 | |
| Financial charges | 65/66B | €36,825 | €32,719 | -€4,106 | -11.2% |
| Recurring financial charges | 65 | €36,825 | €32,719 | -€4,106 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €12,918 | €40,244 | +€27,326 | +211.5% |
| Income taxes | 67/77 | - | €785 | +€785 | |
| Profit (loss) for the period | 9904 | €12,918 | €39,459 | +€26,541 | +205.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,918 | €39,459 | +€26,541 | +205.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.