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
- Financial fixed assets -€287,614
down €287,614 (-9.5%), from €3.0m to €2.7m
- Receivables within one year +€255,158
up €255,158 (+187%), from €136,123 to €391,280
of which Trade receivables: +€260,606
- Receivables after one year +€182,000
up €182,000 (+27.6%), from €660,000 to €842,000
- Tangible fixed assets -€53,243
down €53,243 (-5.1%), from €1.0m to €985,830
of which Land and buildings: -€43,160
- Profit (loss) carried forward +€665,239
up €665,239 (+52.8%), from €1.3m to €1.9m
- Short-term financial debts -€250,000
down €250,000 (-25.8%), from €970,000 to €720,000
- Debts after one year -€233,000
down €233,000 (-17.5%), from €1.3m to €1.1m
- Trade debts -€108,984
down €108,984 (-68.6%), from €158,862 to €49,877
- Gross operating margin +€654,670
up €654,670 (+1,389%), from €47,146 to €701,816
- Financial income +€18,885
up €18,885 (+31.0%), from €60,924 to €79,809
of which Financial income: +€19,809
- Financial charges -€12,501
down €12,501 (-18.1%), from €68,999 to €56,497
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.
Derived cash bridge
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 | €5,182,261 | €5,248,904 | +€66,644 | +1.3% |
| Fixed assets | 21/28 | €4,074,413 | €3,733,557 | -€340,857 | -8.4% |
| Tangible fixed assets | 22/27 | €1,039,073 | €985,830 | -€53,243 | -5.1% |
| Land and buildings | 22 | €994,330 | €951,171 | -€43,160 | -4.3% |
| Plant, machinery and equipment | 23 | €31,890 | €21,807 | -€10,083 | -31.6% |
| Other tangible fixed assets | 26 | €12,852 | €12,852 | = | 0.0% |
| Financial fixed assets | 28 | €3,035,341 | €2,747,727 | -€287,614 | -9.5% |
| Current assets | 29/58 | €1,107,847 | €1,515,348 | +€407,500 | +36.8% |
| Amounts receivable after more than one year | 29 | €660,000 | €842,000 | +€182,000 | +27.6% |
| Other amounts receivable | 291 | €660,000 | €842,000 | +€182,000 | +27.6% |
| Stocks and contracts in progress | 3 | €205,186 | €156,920 | -€48,267 | -23.5% |
| Stocks | 30/36 | €205,186 | €156,920 | -€48,267 | -23.5% |
| Amounts receivable within one year | 40/41 | €136,123 | €391,280 | +€255,158 | +187% |
| Trade receivables | 40 | €130,675 | €391,280 | +€260,606 | +199% |
| Other amounts receivable | 41 | €5,448 | - | -€5,448 | |
| Current investments | 50/53 | €19,670 | €19,670 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,081 | €103,630 | +€18,549 | +21.8% |
| Deferred charges and accrued income | 490/1 | €1,787 | €1,848 | +€60 | +3.4% |
| Total equity and liabilities | 10/49 | €5,182,261 | €5,248,904 | +€66,644 | +1.3% |
| Equity | 10/15 | €2,688,978 | €3,354,217 | +€665,239 | +24.7% |
| Contributions | 10/11 | €1,300,000 | €1,300,000 | = | 0.0% |
| Capital | 10 | €1,300,000 | €1,300,000 | = | 0.0% |
| Issued capital | 100 | €1,300,000 | €1,300,000 | = | 0.0% |
| Reserves | 13 | €130,000 | €130,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €130,000 | €130,000 | = | 0.0% |
| Legal reserve | 130 | €130,000 | €130,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,258,978 | €1,924,217 | +€665,239 | +52.8% |
| Amounts payable | 17/49 | €2,493,282 | €1,894,687 | -€598,596 | -24.0% |
| Amounts payable after more than one year | 17 | €1,329,700 | €1,096,700 | -€233,000 | -17.5% |
| Other amounts payable | 178/9 | €1,329,700 | €1,096,700 | -€233,000 | -17.5% |
| Amounts payable within one year | 42/48 | €1,137,232 | €781,064 | -€356,167 | -31.3% |
| Financial debts | 43 | €970,000 | €720,000 | -€250,000 | -25.8% |
| Other loans | 439 | €970,000 | €720,000 | -€250,000 | -25.8% |
| Trade debts | 44 | €158,862 | €49,877 | -€108,984 | -68.6% |
| Suppliers | 440/4 | €158,862 | €49,877 | -€108,984 | -68.6% |
| Taxes, remuneration and social security | 45 | €8,370 | €11,187 | +€2,817 | +33.7% |
| Taxes | 450/3 | €8,370 | €11,187 | +€2,817 | +33.7% |
| Accrued charges and deferred income | 492/3 | €26,351 | €16,922 | -€9,428 | -35.8% |
| Non-recurring operating income | 76A | - | €512,386 | +€512,386 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,294 | €53,243 | -€4,051 | -7.1% |
| Other operating charges | 640/8 | €1,189 | €1,198 | +€9 | +0.7% |
| Non-recurring operating charges | 66A | - | €5,448 | +€5,448 | |
| Gross operating margin | 9900 | €47,146 | €701,816 | +€654,670 | +1,389% |
| Operating profit (loss) | 9901 | -€11,337 | €641,927 | +€653,264 | |
| Financial income | 75/76B | €60,924 | €79,809 | +€18,885 | +31.0% |
| Recurring financial income | 75 | €60,000 | €79,809 | +€19,809 | +33.0% |
| Non-recurring financial income | 76B | €924 | - | -€924 | |
| Financial charges | 65/66B | €68,999 | €56,497 | -€12,501 | -18.1% |
| Recurring financial charges | 65 | €68,999 | €56,497 | -€12,501 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | -€19,411 | €665,239 | +€684,650 | |
| Profit (loss) for the period | 9904 | -€19,411 | €665,239 | +€684,650 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,411 | €665,239 | +€684,650 |
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 14 October 2026 via checked.be.