B.V.D.: 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.D.
Largest movements
- Cash -€190,016
down €190,016 (-91.4%), from €207,820 to €17,803
mainly Receivables after one year (-€174,000) and Receivables within one year (-€49,506)
- Receivables after one year +€174,000
up €174,000 (+38.1%), from €457,000 to €631,000
- Receivables within one year +€49,506
up €49,506 (+6.6%), from €745,826 to €795,332
- Tax, wage and social debts +€46,340
new in 2025: €46,340
- Reserves -€40,244
down €40,244 (-1.5%), from €2.6m to €2.6m
of which Tax-exempt reserves: -€519,564
- Taxes +€45,233
up €45,233 (+740.7%), from €6,107 to €51,340
- Financial income -€12,513
down €12,513 (-17.3%), from €72,280 to €59,767
- Gross operating margin +€3,931
up €3,931 (+18.3%), from -€21,490 to -€17,559
- Other operating charges +€557
up €557 (+28.8%), from €1,932 to €2,489
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 | €2,878,447 | €2,877,508 | -€938 | 0.0% |
| Fixed assets | 21/28 | €1,448,690 | €1,433,373 | -€15,318 | -1.1% |
| Tangible fixed assets | 22/27 | €602,085 | €586,767 | -€15,318 | -2.5% |
| Land and buildings | 22 | €602,085 | €586,767 | -€15,318 | -2.5% |
| Financial fixed assets | 28 | €846,606 | €846,606 | = | 0.0% |
| Current assets | 29/58 | €1,429,756 | €1,444,136 | +€14,379 | +1.0% |
| Amounts receivable after more than one year | 29 | €457,000 | €631,000 | +€174,000 | +38.1% |
| Other amounts receivable | 291 | €457,000 | €631,000 | +€174,000 | +38.1% |
| Amounts receivable within one year | 40/41 | €745,826 | €795,332 | +€49,506 | +6.6% |
| Other amounts receivable | 41 | €745,826 | €795,332 | +€49,506 | +6.6% |
| Cash at bank and in hand | 54/58 | €207,820 | €17,803 | -€190,016 | -91.4% |
| Deferred charges and accrued income | 490/1 | €19,110 | - | -€19,110 | |
| Total equity and liabilities | 10/49 | €2,878,447 | €2,877,508 | -€938 | 0.0% |
| Equity | 10/15 | €2,701,699 | €2,661,455 | -€40,244 | -1.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,639,699 | €2,599,455 | -€40,244 | -1.5% |
| Non-distributable reserves | 130/1 | €3,307 | €3,307 | = | 0.0% |
| Legal reserve | 130 | €3,307 | €3,307 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,123,389 | €603,825 | -€519,564 | -46.2% |
| Distributable reserves | 133 | €1,513,003 | €1,992,323 | +€479,320 | +31.7% |
| Provisions and deferred taxes | 16 | €51,696 | €49,715 | -€1,981 | -3.8% |
| Deferred taxes | 168 | €51,696 | €49,715 | -€1,981 | -3.8% |
| Amounts payable | 17/49 | €125,051 | €166,339 | +€41,288 | +33.0% |
| Amounts payable within one year | 42/48 | €125,051 | €166,339 | +€41,288 | +33.0% |
| Trade debts | 44 | €106,051 | €104,749 | -€1,302 | -1.2% |
| Suppliers | 440/4 | €106,051 | €104,749 | -€1,302 | -1.2% |
| Taxes, remuneration and social security | 45 | - | €46,340 | +€46,340 | |
| Taxes | 450/3 | - | €46,340 | +€46,340 | |
| Other amounts payable | 47/48 | €19,000 | €15,250 | -€3,750 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,318 | €15,318 | = | 0.0% |
| Other operating charges | 640/8 | €1,932 | €2,489 | +€557 | +28.8% |
| Gross operating margin | 9900 | -€21,490 | -€17,559 | +€3,931 | +18.3% |
| Operating profit (loss) | 9901 | -€38,740 | -€35,366 | +€3,375 | +8.7% |
| Financial income | 75/76B | €72,280 | €59,767 | -€12,513 | -17.3% |
| Recurring financial income | 75 | €72,280 | €59,767 | -€12,513 | -17.3% |
| Financial charges | 65/66B | €140 | €38 | -€103 | -73.3% |
| Recurring financial charges | 65 | €140 | €38 | -€103 | -73.3% |
| Profit (loss) for the period before taxes | 9903 | €33,399 | €24,364 | -€9,035 | -27.1% |
| Transfer from deferred taxes | 780 | €1,981 | €1,981 | = | 0.0% |
| Income taxes | 67/77 | €6,107 | €51,340 | +€45,233 | +740.7% |
| Profit (loss) for the period | 9904 | €29,274 | -€24,994 | -€54,268 | |
| Transfer from tax-exempt reserves | 789 | €5,944 | €519,564 | +€513,620 | +8640.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,218 | €494,570 | +€459,352 | +1304.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.