B&V: what changed
Two fiscal 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&V
Largest movements
- Stocks and contracts -€562,382
down €562,382 (-69.8%), from €805,700 to €243,318
- Receivables within one year +€99,240
up €99,240 (+32.8%), from €302,178 to €401,418
of which Trade receivables: +€90,879
- Cash +€63,187
up €63,187 (+122.3%), from €51,677 to €114,864
mainly Stocks and contracts (+€562,382) and Depreciation (+€21,888)
- Tangible fixed assets -€17,153
down €17,153 (-20.5%), from €83,788 to €66,635
of which Plant, machinery and equipment: -€17,645
- Debts after one year -€346,083
down €346,083 (-33.6%), from €1.0m to €685,000
- Trade debts -€55,081
down €55,081 (-98.5%), from €55,929 to €849
- Tax, wage and social debts -€13,982
down €13,982 (-67.0%), from €20,882 to €6,900
- Financial charges +€9,732
up €9,732 (+81.7%), from €11,919 to €21,651
- Gross operating margin +€7,876
up €7,876 (+16.6%), from €47,386 to €55,262
- Taxes -€2,482
down €2,482 (-42.2%), from €5,882 to €3,400
- Other operating charges +€1,833
up €1,833 (+75.7%), from €2,421 to €4,254
- Depreciation +€1,157
up €1,157 (+5.6%), from €20,731 to €21,888
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 | €1,247,003 | €829,099 | -€417,904 | -33.5% |
| Fixed assets | 21/28 | €83,788 | €66,635 | -€17,153 | -20.5% |
| Tangible fixed assets | 22/27 | €83,788 | €66,635 | -€17,153 | -20.5% |
| Plant, machinery and equipment | 23 | €51,300 | €33,655 | -€17,645 | -34.4% |
| Furniture and vehicles | 24 | €10,585 | €13,445 | +€2,860 | +27.0% |
| Other tangible fixed assets | 26 | €21,903 | €19,535 | -€2,368 | -10.8% |
| Current assets | 29/58 | €1,163,216 | €762,464 | -€400,752 | -34.5% |
| Stocks and contracts in progress | 3 | €805,700 | €243,318 | -€562,382 | -69.8% |
| Stocks | 30/36 | €805,700 | €243,318 | -€562,382 | -69.8% |
| Amounts receivable within one year | 40/41 | €302,178 | €401,418 | +€99,240 | +32.8% |
| Trade receivables | 40 | €296,426 | €387,305 | +€90,879 | +30.7% |
| Other amounts receivable | 41 | €5,753 | €14,113 | +€8,361 | +145.3% |
| Cash at bank and in hand | 54/58 | €51,677 | €114,864 | +€63,187 | +122.3% |
| Deferred charges and accrued income | 490/1 | €3,661 | €2,864 | -€797 | -21.8% |
| Total equity and liabilities | 10/49 | €1,247,003 | €829,099 | -€417,904 | -33.5% |
| Equity | 10/15 | €129,637 | €133,735 | +€4,098 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,037 | €115,135 | +€4,098 | +3.7% |
| Amounts payable | 17/49 | €1,117,366 | €695,365 | -€422,002 | -37.8% |
| Amounts payable after more than one year | 17 | €1,031,083 | €685,000 | -€346,083 | -33.6% |
| Financial debts | 170/4 | €1,031,083 | €685,000 | -€346,083 | -33.6% |
| Amounts payable within one year | 42/48 | €86,283 | €9,397 | -€76,886 | -89.1% |
| Financial debts | 43 | €4,884 | - | -€4,884 | |
| Credit institutions | 430/8 | €4,884 | - | -€4,884 | |
| Trade debts | 44 | €55,929 | €849 | -€55,081 | -98.5% |
| Suppliers | 440/4 | €55,929 | €849 | -€55,081 | -98.5% |
| Taxes, remuneration and social security | 45 | €20,882 | €6,900 | -€13,982 | -67.0% |
| Taxes | 450/3 | €20,882 | €6,900 | -€13,982 | -67.0% |
| Other amounts payable | 47/48 | €4,588 | €1,648 | -€2,939 | -64.1% |
| Accrued charges and deferred income | 492/3 | - | €968 | +€968 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,731 | €21,888 | +€1,157 | +5.6% |
| Other operating charges | 640/8 | €2,421 | €4,254 | +€1,833 | +75.7% |
| Gross operating margin | 9900 | €47,386 | €55,262 | +€7,876 | +16.6% |
| Operating profit (loss) | 9901 | €24,234 | €29,120 | +€4,886 | +20.2% |
| Financial income | 75/76B | €0 | €28 | +€28 | +283100.0% |
| Recurring financial income | 75 | €0 | €28 | +€28 | +283100.0% |
| Financial charges | 65/66B | €11,919 | €21,651 | +€9,732 | +81.7% |
| Recurring financial charges | 65 | €11,919 | €21,651 | +€9,732 | +81.7% |
| Profit (loss) for the period before taxes | 9903 | €12,315 | €7,497 | -€4,818 | -39.1% |
| Income taxes | 67/77 | €5,882 | €3,400 | -€2,482 | -42.2% |
| Profit (loss) for the period | 9904 | €6,434 | €4,098 | -€2,336 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,434 | €4,098 | -€2,336 | -36.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.