B.S.F.: what changed
What changed
B.S.F.
filed annual accounts (NBB)
Net result for the year
-€54,977
2024 · -€201,747+€146,770
Equity
-€366,301
2024 · -€311,324-€54,977
Cash
€153,245
2024 · €127,092+€26,152
Balance sheet total
€4.5m
2024 · €4.3m+€211,884
Largest movements
Assets
- Tangible fixed assets +€185,550
up €185,550 (+4.5%), from €4.1m to €4.3m
of which Land and buildings: +€208,115
Equity and liabilities
- Other debts +€1.1m
up €1.1m (+59.4%), from €1.9m to €3.0m
- Debts after one year -€871,193
down €871,193 (-32.8%), from €2.7m to €1.8m
- Profit (loss) carried forward -€54,977
down €54,977 (-14.0%), from -€392,748 to -€447,725
Income statement
- Gross operating margin +€198,259
up €198,259, from -€26,766 to €171,493
- Depreciation +€34,184
up €34,184 (+23.6%), from €144,746 to €178,929
- Other operating charges +€10,076
up €10,076 (+1,814%), from €556 to €10,632
- Financial charges +€7,261
up €7,261 (+24.8%), from €29,307 to €36,568
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.
Result 2024
-€201,747
Gross operating margin
+€198,259
Depreciation
-€34,184
Other operating charges
-€10,076
Financial charges
-€7,261
Taxes
+€33
Result 2025
-€54,977
raises the resultlowers the result
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.
From operations
+€1.2m
Investment
-€364,479
Financing
-€827,266
Cash 2024
€127,092
From operations (derived)
+€1.2m
Net result for the year
-€54,977
Depreciation
+€178,929
Smaller working-capital items
-€215
Trade debts
-€13,082
Other debts
+€1.1m
Investment (derived)
-€364,479
Investment in fixed assets (net)
-€364,479
Financing
-€827,266
Debts after one year
-€871,193
Current portion of long-term debt
+€43,927
Cash 2025
€153,245
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,265,201 | €4,477,085 | +€211,884 | +5.0% |
| Fixed assets | 21/28 | €4,138,109 | €4,323,658 | +€185,550 | +4.5% |
| Tangible fixed assets | 22/27 | €4,138,109 | €4,323,658 | +€185,550 | +4.5% |
| Land and buildings | 22 | €4,087,229 | €4,295,344 | +€208,115 | +5.1% |
| Furniture and vehicles | 24 | €50,880 | €28,315 | -€22,565 | -44.3% |
| Current assets | 29/58 | €127,092 | €153,427 | +€26,334 | +20.7% |
| Cash at bank and in hand | 54/58 | €127,092 | €153,245 | +€26,152 | +20.6% |
| Deferred charges and accrued income | 490/1 | - | €182 | +€182 | |
| Total equity and liabilities | 10/49 | €4,265,201 | €4,477,085 | +€211,884 | +5.0% |
| Equity | 10/15 | -€311,324 | -€366,301 | -€54,977 | -17.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €56,424 | €56,424 | = | 0.0% |
| Distributable reserves | 133 | €56,424 | €56,424 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€392,748 | -€447,725 | -€54,977 | -14.0% |
| Amounts payable | 17/49 | €4,576,525 | €4,843,386 | +€266,861 | +5.8% |
| Amounts payable after more than one year | 17 | €2,659,820 | €1,788,628 | -€871,193 | -32.8% |
| Financial debts | 170/4 | €2,659,820 | €1,788,628 | -€871,193 | -32.8% |
| Amounts payable within one year | 42/48 | €1,916,705 | €3,054,759 | +€1.1m | +59.4% |
| Current portion of amounts payable after more than one year | 42 | €38,755 | €82,681 | +€43,927 | +113% |
| Trade debts | 44 | €14,276 | €1,194 | -€13,082 | -91.6% |
| Suppliers | 440/4 | €14,276 | €1,194 | -€13,082 | -91.6% |
| Taxes, remuneration and social security | 45 | €374 | €341 | -€33 | -8.7% |
| Taxes | 450/3 | €374 | €341 | -€33 | -8.7% |
| Other amounts payable | 47/48 | €1,863,301 | €2,970,542 | +€1.1m | +59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,746 | €178,929 | +€34,184 | +23.6% |
| Other operating charges | 640/8 | €556 | €10,632 | +€10,076 | +1,814% |
| Gross operating margin | 9900 | -€26,766 | €171,493 | +€198,259 | |
| Operating profit (loss) | 9901 | -€172,067 | -€18,068 | +€153,999 | +89.5% |
| Financial charges | 65/66B | €29,307 | €36,568 | +€7,261 | +24.8% |
| Recurring financial charges | 65 | €29,307 | €36,568 | +€7,261 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | -€201,373 | -€54,636 | +€146,738 | +72.9% |
| Income taxes | 67/77 | €374 | €341 | -€33 | -8.7% |
| Profit (loss) for the period | 9904 | -€201,747 | -€54,977 | +€146,770 | +72.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€201,747 | -€54,977 | +€146,770 | +72.7% |
Next steps
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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 8 November 2026 via checked.be.