B.M.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.M.V.
Largest movements
- Tangible fixed assets +€168,487
up €168,487 (+13.0%), from €1.3m to €1.5m
of which Land and buildings: +€142,367
- Receivables within one year -€33,278
down €33,278 (-90.5%), from €36,757 to €3,479
of which Other amounts receivable: -€30,660
- Short-term financial debts +€175,000
new in 2025: €175,000
- Debts after one year -€89,635
down €89,635 (-12.6%), from €713,302 to €623,667
of which Financial debts: -€89,635
- Trade debts +€77,435
up €77,435 (+142%), from €54,579 to €132,014
- Profit (loss) carried forward -€61,881
new in 2025: -€61,881
- Other debts +€27,817
up €27,817 (+18.0%), from €154,438 to €182,255
- Gross operating margin -€320,764
down €320,764 (-88.7%), from €361,563 to €40,799
- Taxes -€72,300
down €72,300 (-99.8%), from €72,440 to €140
- Depreciation -€25,444
down €25,444 (-28.6%), from €88,886 to €63,442
- Financial charges +€7,896
up €7,896 (+40.5%), from €19,502 to €27,398
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 | €1,434,800 | €1,562,182 | +€127,382 | +8.9% |
| Fixed assets | 21/28 | €1,300,050 | €1,469,037 | +€168,987 | +13.0% |
| Tangible fixed assets | 22/27 | €1,299,800 | €1,468,287 | +€168,487 | +13.0% |
| Land and buildings | 22 | €1,286,876 | €1,429,243 | +€142,367 | +11.1% |
| Plant, machinery and equipment | 23 | €7,290 | €20,746 | +€13,455 | +185% |
| Furniture and vehicles | 24 | €5,634 | €18,299 | +€12,665 | +225% |
| Financial fixed assets | 28 | €250 | €750 | +€500 | +200% |
| Current assets | 29/58 | €134,750 | €93,145 | -€41,605 | -30.9% |
| Stocks and contracts in progress | 3 | €37,908 | €41,254 | +€3,346 | +8.8% |
| Stocks | 30/36 | €37,908 | €41,254 | +€3,346 | +8.8% |
| Amounts receivable within one year | 40/41 | €36,757 | €3,479 | -€33,278 | -90.5% |
| Trade receivables | 40 | €2,746 | €128 | -€2,618 | -95.3% |
| Other amounts receivable | 41 | €34,011 | €3,351 | -€30,660 | -90.1% |
| Cash at bank and in hand | 54/58 | €56,999 | €45,409 | -€11,589 | -20.3% |
| Deferred charges and accrued income | 490/1 | €3,086 | €3,003 | -€83 | -2.7% |
| Total equity and liabilities | 10/49 | €1,434,800 | €1,562,182 | +€127,382 | +8.9% |
| Equity | 10/15 | €401,397 | €339,302 | -€62,095 | -15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €382,797 | €382,583 | -€214 | -0.1% |
| Distributable reserves | 133 | €382,797 | €382,583 | -€214 | -0.1% |
| Profit (loss) carried forward | 14 | - | -€61,881 | -€61,881 | |
| Amounts payable | 17/49 | €1,033,403 | €1,222,881 | +€189,477 | +18.3% |
| Amounts payable after more than one year | 17 | €713,302 | €623,667 | -€89,635 | -12.6% |
| Financial debts | 170/4 | €710,442 | €620,807 | -€89,635 | -12.6% |
| Other amounts payable | 178/9 | €2,860 | €2,860 | = | 0.0% |
| Amounts payable within one year | 42/48 | €318,403 | €593,046 | +€274,644 | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €87,865 | €89,635 | +€1,770 | +2.0% |
| Financial debts | 43 | - | €175,000 | +€175,000 | |
| Credit institutions | 430/8 | - | €175,000 | +€175,000 | |
| Trade debts | 44 | €54,579 | €132,014 | +€77,435 | +142% |
| Suppliers | 440/4 | €54,579 | €132,014 | +€77,435 | +142% |
| Taxes, remuneration and social security | 45 | €21,520 | €14,142 | -€7,379 | -34.3% |
| Taxes | 450/3 | €21,520 | €14,142 | -€7,379 | -34.3% |
| Other amounts payable | 47/48 | €154,438 | €182,255 | +€27,817 | +18.0% |
| Accrued charges and deferred income | 492/3 | €1,699 | €6,167 | +€4,469 | +263% |
| Non-recurring operating income | 76A | €346,411 | - | -€346,411 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,886 | €63,442 | -€25,444 | -28.6% |
| Other operating charges | 640/8 | €13,758 | €12,434 | -€1,324 | -9.6% |
| Gross operating margin | 9900 | €361,563 | €40,799 | -€320,764 | -88.7% |
| Operating profit (loss) | 9901 | €258,920 | -€35,076 | -€293,996 | |
| Financial income | 75/76B | €2,083 | €519 | -€1,564 | -75.1% |
| Recurring financial income | 75 | €2,083 | €519 | -€1,564 | -75.1% |
| Financial charges | 65/66B | €19,502 | €27,398 | +€7,896 | +40.5% |
| Recurring financial charges | 65 | €19,502 | €27,398 | +€7,896 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | €241,501 | -€61,955 | -€303,456 | |
| Income taxes | 67/77 | €72,440 | €140 | -€72,300 | -99.8% |
| Profit (loss) for the period | 9904 | €169,061 | -€62,095 | -€231,156 | |
| Profit (loss) for the period to be appropriated | 9905 | €169,061 | -€62,095 | -€231,156 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.