B.S.F.: what changed
B.S.F.
Largest movements
- Cash +€88,906
up €88,906 (+1,901%), from €4,677 to €93,583
mainly Net result for the year (+€71,126) and Depreciation (+€59,716)
- Intangible fixed assets -€37,629
down €37,629 (-31.4%), from €119,939 to €82,310
- Receivables after one year +€26,750
up €26,750 (+4.7%), from €569,113 to €595,863
- Receivables within one year +€20,832
up €20,832 (+192%), from €10,872 to €31,704
- Tangible fixed assets -€13,801
down €13,801 (-19.3%), from €71,453 to €57,652
of which Furniture and vehicles: -€9,405
- Reserves +€71,126
up €71,126 (+13.8%), from €516,477 to €587,603
of which Distributable reserves: +€71,126
- Debts after one year -€38,129
down €38,129 (-42.2%), from €90,444 to €52,316
- Other debts +€31,522
up €31,522 (+9,237%), from €341 to €31,863
- Current portion of long-term debt +€25,773
up €25,773 (+70.9%), from €36,356 to €62,129
- Staff costs +€79,602
up €79,602 (+61.5%), from €129,493 to €209,094
- Gross operating margin +€42,387
up €42,387 (+12.7%), from €334,462 to €376,849
- Other operating charges -€33,817
down €33,817 (-80.5%), from €41,998 to €8,181
- Taxes -€8,557
down €8,557 (-27.0%), from €31,706 to €23,149
- Depreciation +€5,622
up €5,622 (+10.4%), from €54,094 to €59,716
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €779,263 | €863,455 | +€84,193 | +10.8% |
| Fixed assets | 21/28 | €191,442 | €140,012 | -€51,430 | -26.9% |
| Intangible fixed assets | 21 | €119,939 | €82,310 | -€37,629 | -31.4% |
| Tangible fixed assets | 22/27 | €71,453 | €57,652 | -€13,801 | -19.3% |
| Plant, machinery and equipment | 23 | €47,655 | €43,259 | -€4,396 | -9.2% |
| Furniture and vehicles | 24 | €23,798 | €14,393 | -€9,405 | -39.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €587,821 | €723,443 | +€135,622 | +23.1% |
| Amounts receivable after more than one year | 29 | €569,113 | €595,863 | +€26,750 | +4.7% |
| Trade receivables | 290 | €569,113 | €595,863 | +€26,750 | +4.7% |
| Amounts receivable within one year | 40/41 | €10,872 | €31,704 | +€20,832 | +192% |
| Other amounts receivable | 41 | €10,872 | €31,704 | +€20,832 | +192% |
| Cash at bank and in hand | 54/58 | €4,677 | €93,583 | +€88,906 | +1,901% |
| Deferred charges and accrued income | 490/1 | €3,159 | €2,293 | -€866 | -27.4% |
| Total equity and liabilities | 10/49 | €779,263 | €863,455 | +€84,193 | +10.8% |
| Equity | 10/15 | €535,077 | €606,203 | +€71,126 | +13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €516,477 | €587,603 | +€71,126 | +13.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,463 | €52,463 | = | 0.0% |
| Distributable reserves | 133 | €462,154 | €533,280 | +€71,126 | +15.4% |
| Amounts payable | 17/49 | €244,186 | €257,253 | +€13,067 | +5.4% |
| Amounts payable after more than one year | 17 | €90,444 | €52,316 | -€38,129 | -42.2% |
| Financial debts | 170/4 | €90,444 | €52,316 | -€38,129 | -42.2% |
| Amounts payable within one year | 42/48 | €151,780 | €202,975 | +€51,195 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €36,356 | €62,129 | +€25,773 | +70.9% |
| Financial debts | 43 | €1,430 | - | -€1,430 | |
| Credit institutions | 430/8 | €1,430 | - | -€1,430 | |
| Trade debts | 44 | €29,721 | €23,421 | -€6,300 | -21.2% |
| Suppliers | 440/4 | €29,721 | €23,421 | -€6,300 | -21.2% |
| Taxes, remuneration and social security | 45 | €83,931 | €85,562 | +€1,631 | +1.9% |
| Taxes | 450/3 | €31,697 | €35,031 | +€3,335 | +10.5% |
| Remuneration and social security | 454/9 | €52,235 | €50,531 | -€1,704 | -3.3% |
| Other amounts payable | 47/48 | €341 | €31,863 | +€31,522 | +9,237% |
| Accrued charges and deferred income | 492/3 | €1,962 | €1,962 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €129,493 | €209,094 | +€79,602 | +61.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,094 | €59,716 | +€5,622 | +10.4% |
| Other operating charges | 640/8 | €41,998 | €8,181 | -€33,817 | -80.5% |
| Gross operating margin | 9900 | €334,462 | €376,849 | +€42,387 | +12.7% |
| Operating profit (loss) | 9901 | €108,876 | €99,857 | -€9,019 | -8.3% |
| Financial income | 75/76B | €18 | €9 | -€9 | -49.2% |
| Recurring financial income | 75 | €18 | €9 | -€9 | -49.2% |
| Financial charges | 65/66B | €7,940 | €5,591 | -€2,349 | -29.6% |
| Recurring financial charges | 65 | €7,940 | €5,591 | -€2,349 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €100,955 | €94,275 | -€6,679 | -6.6% |
| Income taxes | 67/77 | €31,706 | €23,149 | -€8,557 | -27.0% |
| Profit (loss) for the period | 9904 | €69,248 | €71,126 | +€1,878 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €69,248 | €71,126 | +€1,878 | +2.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.