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
- Tangible fixed assets -€15,332
down €15,332 (-79.0%), from €19,416 to €4,084
of which Leasing and similar rights: -€14,443
- Cash -€7,762
down €7,762 (-46.7%), from €16,616 to €8,854
mainly Contributions, distributions and other (-€112,000) and Current portion of long-term debt (-€6,524)
- Reserves -€93,000
down €93,000 (-61.6%), from €150,859 to €57,859
- Other debts +€67,000
up €67,000 (+148.9%), from €45,000 to €112,000
- Tax, wage and social debts +€7,045
up €7,045 (+44.8%), from €15,737 to €22,782
of which Taxes: +€4,660
- Current portion of long-term debt -€6,524
down €6,524 (-77.4%), from €8,425 to €1,901
- Taxes -€21,300
down €21,300 (-69.6%), from €30,590 to €9,290
- Gross operating margin -€10,703
down €10,703 (-14.3%), from €74,921 to €64,218
- Staff costs +€6,927
new in 2025: €6,927
- Financial charges +€3,278
up €3,278 (+235.5%), from €1,392 to €4,670
of which Non-recurring financial charges: +€3,237
- Other operating charges +€2,631
up €2,631 (+45.0%), from €5,846 to €8,477
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 | €485,140 | €457,448 | -€27,692 | -5.7% |
| Fixed assets | 21/28 | €20,966 | €5,844 | -€15,122 | -72.1% |
| Tangible fixed assets | 22/27 | €19,416 | €4,084 | -€15,332 | -79.0% |
| Furniture and vehicles | 24 | €2,639 | €1,750 | -€889 | -33.7% |
| Leasing and similar rights | 25 | €16,777 | €2,334 | -€14,443 | -86.1% |
| Financial fixed assets | 28 | €1,550 | €1,760 | +€210 | +13.5% |
| Current assets | 29/58 | €464,174 | €451,604 | -€12,570 | -2.7% |
| Amounts receivable within one year | 40/41 | €443,219 | €442,750 | -€469 | -0.1% |
| Trade receivables | 40 | €60,441 | €81,631 | +€21,190 | +35.1% |
| Other amounts receivable | 41 | €382,778 | €361,119 | -€21,659 | -5.7% |
| Cash at bank and in hand | 54/58 | €16,616 | €8,854 | -€7,762 | -46.7% |
| Deferred charges and accrued income | 490/1 | €4,339 | - | -€4,339 | |
| Total equity and liabilities | 10/49 | €485,140 | €457,448 | -€27,692 | -5.7% |
| Equity | 10/15 | €413,243 | €320,765 | -€92,478 | -22.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €150,859 | €57,859 | -€93,000 | -61.6% |
| Distributable reserves | 133 | €150,859 | €57,859 | -€93,000 | -61.6% |
| Profit (loss) carried forward | 14 | €256,187 | €256,709 | +€522 | +0.2% |
| Amounts payable | 17/49 | €71,897 | €136,683 | +€64,786 | +90.1% |
| Amounts payable after more than one year | 17 | €2,735 | - | -€2,735 | |
| Financial debts | 170/4 | €2,735 | - | -€2,735 | |
| Amounts payable within one year | 42/48 | €69,162 | €136,683 | +€67,521 | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €8,425 | €1,901 | -€6,524 | -77.4% |
| Taxes, remuneration and social security | 45 | €15,737 | €22,782 | +€7,045 | +44.8% |
| Taxes | 450/3 | €15,737 | €20,397 | +€4,660 | +29.6% |
| Remuneration and social security | 454/9 | - | €2,385 | +€2,385 | |
| Other amounts payable | 47/48 | €45,000 | €112,000 | +€67,000 | +148.9% |
| Remuneration, social security and pensions | 62 | - | €6,927 | +€6,927 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,897 | €15,332 | +€435 | +2.9% |
| Other operating charges | 640/8 | €5,846 | €8,477 | +€2,631 | +45.0% |
| Gross operating margin | 9900 | €74,921 | €64,218 | -€10,703 | -14.3% |
| Operating profit (loss) | 9901 | €54,178 | €33,482 | -€20,696 | -38.2% |
| Financial charges | 65/66B | €1,392 | €4,670 | +€3,278 | +235.5% |
| Recurring financial charges | 65 | €1,317 | €1,358 | +€41 | +3.1% |
| Non-recurring financial charges | 66B | €75 | €3,312 | +€3,237 | +4316.0% |
| Profit (loss) for the period before taxes | 9903 | €52,786 | €28,812 | -€23,974 | -45.4% |
| Income taxes | 67/77 | €30,590 | €9,290 | -€21,300 | -69.6% |
| Profit (loss) for the period | 9904 | €22,196 | €19,522 | -€2,674 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,196 | €19,522 | -€2,674 | -12.0% |
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.