B.S.D.: 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.S.D.
Largest movements
- Receivables within one year +€211,688
up €211,688 (+101.2%), from €209,195 to €420,882
of which Trade receivables: +€113,846
- Cash -€117,415
down €117,415 (-57.6%), from €203,784 to €86,369
mainly Receivables within one year (-€211,688) and Net result for the year (-€70,804)
- Tangible fixed assets -€38,535
down €38,535 (-24.2%), from €159,479 to €120,944
of which Furniture and vehicles: -€24,624
- Financial fixed assets -€10,286
down €10,286 (-16.8%), from €61,408 to €51,122
- Trade debts +€135,384
up €135,384 (+62.8%), from €215,458 to €350,842
- Reserves -€70,804
down €70,804 (-28.3%), from €249,971 to €179,167
of which Distributable reserves: -€70,804
- Debts after one year -€14,987
down €14,987 (-57.6%), from €26,015 to €11,029
- Current portion of long-term debt -€14,754
down €14,754 (-49.7%), from €29,706 to €14,952
- Gross operating margin -€98,837
down €98,837 (-41.5%), from €238,440 to €139,604
- Staff costs -€15,164
down €15,164 (-10.2%), from €149,226 to €134,062
- Taxes -€4,276
down €4,276 (-100.0%), from €4,276 to €0
- Financial income -€3,617
down €3,617 (-76.1%), from €4,755 to €1,138
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.
Cash bridge derived
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 | €727,505 | €768,215 | +€40,710 | +5.6% |
| Fixed assets | 21/28 | €228,869 | €176,737 | -€52,132 | -22.8% |
| Intangible fixed assets | 21 | €7,982 | €4,671 | -€3,311 | -41.5% |
| Tangible fixed assets | 22/27 | €159,479 | €120,944 | -€38,535 | -24.2% |
| Land and buildings | 22 | €19,839 | €17,920 | -€1,919 | -9.7% |
| Plant, machinery and equipment | 23 | €31,110 | €26,312 | -€4,797 | -15.4% |
| Furniture and vehicles | 24 | €83,439 | €58,815 | -€24,624 | -29.5% |
| Leasing and similar rights | 25 | €25,091 | €17,897 | -€7,194 | -28.7% |
| Financial fixed assets | 28 | €61,408 | €51,122 | -€10,286 | -16.8% |
| Current assets | 29/58 | €498,636 | €591,479 | +€92,842 | +18.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €77,021 | €73,988 | -€3,033 | -3.9% |
| Stocks | 30/36 | €67,021 | €64,318 | -€2,703 | -4.0% |
| Contracts in progress | 37 | €10,000 | €9,670 | -€330 | -3.3% |
| Amounts receivable within one year | 40/41 | €209,195 | €420,882 | +€211,688 | +101.2% |
| Trade receivables | 40 | €176,160 | €290,006 | +€113,846 | +64.6% |
| Other amounts receivable | 41 | €33,035 | €130,877 | +€97,842 | +296.2% |
| Cash at bank and in hand | 54/58 | €203,784 | €86,369 | -€117,415 | -57.6% |
| Deferred charges and accrued income | 490/1 | €8,637 | €10,240 | +€1,603 | +18.6% |
| Total equity and liabilities | 10/49 | €727,505 | €768,215 | +€40,710 | +5.6% |
| Equity | 10/15 | €268,571 | €197,767 | -€70,804 | -26.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €249,971 | €179,167 | -€70,804 | -28.3% |
| Tax-exempt reserves | 132 | €19,592 | €19,592 | = | 0.0% |
| Distributable reserves | 133 | €230,379 | €159,576 | -€70,804 | -30.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €458,934 | €570,448 | +€111,514 | +24.3% |
| Amounts payable after more than one year | 17 | €26,015 | €11,029 | -€14,987 | -57.6% |
| Financial debts | 170/4 | €26,015 | €11,029 | -€14,987 | -57.6% |
| Amounts payable within one year | 42/48 | €432,919 | €559,419 | +€126,500 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €29,706 | €14,952 | -€14,754 | -49.7% |
| Financial debts | 43 | €187,645 | €187,645 | = | 0.0% |
| Credit institutions | 430/8 | €187,645 | €187,645 | = | 0.0% |
| Trade debts | 44 | €215,458 | €350,842 | +€135,384 | +62.8% |
| Suppliers | 440/4 | €215,458 | €350,842 | +€135,384 | +62.8% |
| Taxes, remuneration and social security | 45 | €110 | €1,398 | +€1,288 | +1166.0% |
| Taxes | 450/3 | €110 | €1,398 | +€1,288 | +1166.0% |
| Other amounts payable | 47/48 | - | €4,582 | +€4,582 | |
| Non-recurring operating income | 76A | €4,582 | €0 | -€4,582 | -100.0% |
| Remuneration, social security and pensions | 62 | €149,226 | €134,062 | -€15,164 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,156 | €48,190 | +€1,034 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,865 | €5,004 | +€139 | +2.9% |
| Non-recurring operating charges | 66A | €3,804 | €880 | -€2,924 | -76.9% |
| Gross operating margin | 9900 | €238,440 | €139,604 | -€98,837 | -41.5% |
| Operating profit (loss) | 9901 | €33,389 | -€48,533 | -€81,922 | |
| Financial income | 75/76B | €4,755 | €1,138 | -€3,617 | -76.1% |
| Recurring financial income | 75 | €4,755 | €1,138 | -€3,617 | -76.1% |
| Financial charges | 65/66B | €25,311 | €23,409 | -€1,902 | -7.5% |
| Recurring financial charges | 65 | €25,311 | €23,409 | -€1,902 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €12,833 | -€70,804 | -€83,637 | |
| Income taxes | 67/77 | €4,276 | €0 | -€4,276 | -100.0% |
| Profit (loss) for the period | 9904 | €8,557 | -€70,804 | -€79,360 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,557 | -€70,804 | -€79,360 |
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 10 October 2026 via checked.be.