B.G.P.: 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.
What changed
B.G.P.
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,364
2024 · €11,717-€7,353
Equity
€156,506
2024 · €152,142+€4,364
Cash
€4,435
2024 · €2,723+€1,712
Balance sheet total
€1.2m
2024 · €736,034+€436,514
Largest movements
Assets
- Tangible fixed assets +€428,876
up €428,876 (+59.5%), from €721,187 to €1.2m
of which Furniture and vehicles: +€401,812
Equity and liabilities
- Other debts +€292,967
up €292,967 (+228%), from €128,227 to €421,194
- Debts after one year +€100,087
up €100,087 (+22.2%), from €450,000 to €550,087
- Current portion of long-term debt +€33,827
new in 2025: €33,827
Income statement
- Depreciation +€19,571
up €19,571 (+41.0%), from €47,737 to €67,308
- Gross operating margin +€14,124
up €14,124 (+22.4%), from €62,930 to €77,055
- Other operating charges +€1,161
up €1,161 (+36.6%), from €3,175 to €4,337
- Financial charges +€927
up €927 (+308%), from €301 to €1,228
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.
Result 2024
€11,717
Gross operating margin
+€14,124
Depreciation
-€19,571
Other operating charges
-€1,161
Financial income
+€182
Financial charges
-€927
Result 2025
€4,364
raises the resultlowers the result
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.
From operations
+€363,954
Investment
-€496,184
Financing
+€133,942
Cash 2024
€2,723
From operations (derived)
+€363,954
Net result for the year
+€4,364
Depreciation
+€67,308
Smaller working-capital items
-€1,114
Deferred charges and accrued income
-€4,805
Trade debts
+€5,235
Other debts
+€292,967
Investment (derived)
-€496,184
Investment in fixed assets (net)
-€496,184
Financing
+€133,942
Debts after one year
+€100,087
Current portion of long-term debt
+€33,827
Short-term financial debts
+€29
Cash 2025
€4,435
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €736,034 | €1,172,548 | +€436,514 | +59.3% |
| Fixed assets | 21/28 | €723,422 | €1,152,298 | +€428,876 | +59.3% |
| Tangible fixed assets | 22/27 | €721,187 | €1,150,063 | +€428,876 | +59.5% |
| Land and buildings | 22 | €619,346 | €637,466 | +€18,119 | +2.9% |
| Plant, machinery and equipment | 23 | €10,800 | €19,745 | +€8,945 | +82.8% |
| Furniture and vehicles | 24 | €91,040 | €492,852 | +€401,812 | +441% |
| Financial fixed assets | 28 | €2,235 | €2,235 | = | 0.0% |
| Current assets | 29/58 | €12,612 | €20,250 | +€7,638 | +60.6% |
| Amounts receivable within one year | 40/41 | €6,550 | €7,670 | +€1,120 | +17.1% |
| Trade receivables | 40 | €6,510 | €7,013 | +€503 | +7.7% |
| Other amounts receivable | 41 | €40 | €657 | +€617 | +1,538% |
| Cash at bank and in hand | 54/58 | €2,723 | €4,435 | +€1,712 | +62.9% |
| Deferred charges and accrued income | 490/1 | €3,339 | €8,145 | +€4,805 | +144% |
| Total equity and liabilities | 10/49 | €736,034 | €1,172,548 | +€436,514 | +59.3% |
| Equity | 10/15 | €152,142 | €156,506 | +€4,364 | +2.9% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €90,000 | €90,000 | = | 0.0% |
| Revaluation surpluses | 12 | €399,804 | €399,804 | = | 0.0% |
| Reserves | 13 | €110,232 | €110,232 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,512 | €5,512 | = | 0.0% |
| Legal reserve | 130 | €5,512 | €5,512 | = | 0.0% |
| Distributable reserves | 133 | €104,720 | €104,720 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€447,893 | -€443,530 | +€4,364 | +1.0% |
| Amounts payable | 17/49 | €583,892 | €1,016,042 | +€432,150 | +74.0% |
| Amounts payable after more than one year | 17 | €450,000 | €550,087 | +€100,087 | +22.2% |
| Financial debts | 170/4 | €450,000 | €550,087 | +€100,087 | +22.2% |
| Amounts payable within one year | 42/48 | €133,892 | €465,955 | +€332,064 | +248% |
| Current portion of amounts payable after more than one year | 42 | - | €33,827 | +€33,827 | |
| Financial debts | 43 | - | €29 | +€29 | |
| Credit institutions | 430/8 | - | €29 | +€29 | |
| Trade debts | 44 | €2,312 | €7,547 | +€5,235 | +226% |
| Suppliers | 440/4 | €2,312 | €7,547 | +€5,235 | +226% |
| Taxes, remuneration and social security | 45 | €3,353 | €3,359 | +€6 | +0.2% |
| Taxes | 450/3 | €3,353 | €3,359 | +€6 | +0.2% |
| Other amounts payable | 47/48 | €128,227 | €421,194 | +€292,967 | +228% |
| Non-recurring operating income | 76A | - | €31,886 | +€31,886 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,737 | €67,308 | +€19,571 | +41.0% |
| Other operating charges | 640/8 | €3,175 | €4,337 | +€1,161 | +36.6% |
| Gross operating margin | 9900 | €62,930 | €77,055 | +€14,124 | +22.4% |
| Operating profit (loss) | 9901 | €12,018 | €5,410 | -€6,608 | -55.0% |
| Financial income | 75/76B | €0 | €182 | +€182 | +1,815,900% |
| Recurring financial income | 75 | €0 | €182 | +€182 | +1,815,900% |
| Financial charges | 65/66B | €301 | €1,228 | +€927 | +308% |
| Recurring financial charges | 65 | €301 | €1,228 | +€927 | +308% |
| Profit (loss) for the period before taxes | 9903 | €11,717 | €4,364 | -€7,353 | -62.8% |
| Profit (loss) for the period | 9904 | €11,717 | €4,364 | -€7,353 | -62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,717 | €4,364 | -€7,353 | -62.8% |
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 29 October 2026 via checked.be.