B.G.V.: 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.V.
Largest movements
- Receivables within one year -€32,718
down €32,718 (-44.7%), from €73,177 to €40,460
of which Trade receivables: -€20,000
- Cash -€7,870
down €7,870 (-15.7%), from €50,032 to €42,162
mainly Net result for the year (-€27,761) and Tax, wage and social debts (-€20,140)
- Tangible fixed assets -€4,025
down €4,025 (-25.0%), from €16,106 to €12,082
of which Plant, machinery and equipment: -€3,665
- Profit (loss) carried forward -€27,761
down €27,761 (-33.3%), from €83,296 to €55,535
- Tax, wage and social debts -€20,140
down €20,140 (-48.4%), from €41,651 to €21,511
of which Taxes: -€20,952
- Trade debts +€3,849
up €3,849 (+38.6%), from €9,972 to €13,821
- Staff costs +€37,468
up €37,468 (+108%), from €34,654 to €72,122
- Gross operating margin +€17,650
up €17,650 (+44.6%), from €39,548 to €57,198
- Other operating charges -€1,437
down €1,437 (-21.7%), from €6,607 to €5,170
- Depreciation -€696
down €696 (-11.7%), from €5,943 to €5,247
- Financial charges +€654
up €654 (+60.3%), from €1,084 to €1,737
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 | €156,201 | €112,150 | -€44,052 | -28.2% |
| Fixed assets | 21/28 | €19,267 | €14,662 | -€4,606 | -23.9% |
| Tangible fixed assets | 22/27 | €16,106 | €12,082 | -€4,025 | -25.0% |
| Plant, machinery and equipment | 23 | €8,430 | €4,765 | -€3,665 | -43.5% |
| Furniture and vehicles | 24 | €2,071 | €2,411 | +€340 | +16.4% |
| Other tangible fixed assets | 26 | €5,606 | €4,906 | -€700 | -12.5% |
| Financial fixed assets | 28 | €3,161 | €2,580 | -€581 | -18.4% |
| Current assets | 29/58 | €136,934 | €97,488 | -€39,446 | -28.8% |
| Stocks and contracts in progress | 3 | €1,836 | €2,678 | +€842 | +45.9% |
| Stocks | 30/36 | €1,836 | €2,678 | +€842 | +45.9% |
| Amounts receivable within one year | 40/41 | €73,177 | €40,460 | -€32,718 | -44.7% |
| Trade receivables | 40 | €46,470 | €26,470 | -€20,000 | -43.0% |
| Other amounts receivable | 41 | €26,708 | €13,990 | -€12,718 | -47.6% |
| Current investments | 50/53 | €11,889 | €11,975 | +€86 | +0.7% |
| Cash at bank and in hand | 54/58 | €50,032 | €42,162 | -€7,870 | -15.7% |
| Deferred charges and accrued income | 490/1 | - | €214 | +€214 | |
| Total equity and liabilities | 10/49 | €156,201 | €112,150 | -€44,052 | -28.2% |
| Equity | 10/15 | €103,748 | €75,987 | -€27,761 | -26.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,296 | €55,535 | -€27,761 | -33.3% |
| Amounts payable | 17/49 | €52,453 | €36,162 | -€16,291 | -31.1% |
| Amounts payable within one year | 42/48 | €52,453 | €36,162 | -€16,291 | -31.1% |
| Trade debts | 44 | €9,972 | €13,821 | +€3,849 | +38.6% |
| Suppliers | 440/4 | €9,972 | €13,821 | +€3,849 | +38.6% |
| Taxes, remuneration and social security | 45 | €41,651 | €21,511 | -€20,140 | -48.4% |
| Taxes | 450/3 | €33,860 | €12,908 | -€20,952 | -61.9% |
| Remuneration and social security | 454/9 | €7,790 | €8,603 | +€812 | +10.4% |
| Other amounts payable | 47/48 | €830 | €830 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €34,654 | €72,122 | +€37,468 | +108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,943 | €5,247 | -€696 | -11.7% |
| Other operating charges | 640/8 | €6,607 | €5,170 | -€1,437 | -21.7% |
| Gross operating margin | 9900 | €39,548 | €57,198 | +€17,650 | +44.6% |
| Operating profit (loss) | 9901 | -€7,656 | -€25,342 | -€17,686 | -231% |
| Financial income | 75/76B | €102 | €101 | -€1 | -0.7% |
| Recurring financial income | 75 | €102 | €101 | -€1 | -0.7% |
| Financial charges | 65/66B | €1,084 | €1,737 | +€654 | +60.3% |
| Recurring financial charges | 65 | €1,084 | €1,737 | +€654 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,638 | -€26,978 | -€18,340 | -212% |
| Income taxes | 67/77 | €918 | €783 | -€135 | -14.7% |
| Profit (loss) for the period | 9904 | -€9,556 | -€27,761 | -€18,205 | -191% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,556 | -€27,761 | -€18,205 | -191% |
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.