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 -€82,837
down €82,837 (-31.8%), from €260,379 to €177,542
mainly Receivables within one year (-€36,074) and Tax, wage and social debts (-€31,231)
- Receivables within one year +€36,074
up €36,074 (+36.6%), from €98,521 to €134,595
- Tangible fixed assets -€19,517
down €19,517 (-7.3%), from €268,599 to €249,082
of which Land and buildings: -€12,380
- Tax, wage and social debts -€31,231
down €31,231 (-98.5%), from €31,718 to €488
- Reserves -€26,536
down €26,536 (-2.5%), from €1.1m to €1.0m
- Financial income -€7,498
down €7,498 (-55.8%), from €13,441 to €5,943
of which Non-recurring financial income: -€10,000
- Depreciation -€5,150
down €5,150 (-20.9%), from €24,667 to €19,517
- Gross operating margin +€3,493
up €3,493 (+26.3%), from -€13,282 to -€9,789
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 | €1,114,369 | €1,048,124 | -€66,246 | -5.9% |
| Fixed assets | 21/28 | €754,826 | €735,309 | -€19,517 | -2.6% |
| Tangible fixed assets | 22/27 | €268,599 | €249,082 | -€19,517 | -7.3% |
| Land and buildings | 22 | €249,235 | €236,856 | -€12,380 | -5.0% |
| Furniture and vehicles | 24 | €1,278 | €752 | -€525 | -41.1% |
| Other tangible fixed assets | 26 | €18,086 | €11,474 | -€6,612 | -36.6% |
| Financial fixed assets | 28 | €486,227 | €486,227 | = | 0.0% |
| Current assets | 29/58 | €359,543 | €312,814 | -€46,729 | -13.0% |
| Amounts receivable within one year | 40/41 | €98,521 | €134,595 | +€36,074 | +36.6% |
| Other amounts receivable | 41 | €98,521 | €134,595 | +€36,074 | +36.6% |
| Cash at bank and in hand | 54/58 | €260,379 | €177,542 | -€82,837 | -31.8% |
| Deferred charges and accrued income | 490/1 | €643 | €677 | +€34 | +5.3% |
| Total equity and liabilities | 10/49 | €1,114,369 | €1,048,124 | -€66,246 | -5.9% |
| Equity | 10/15 | €1,073,498 | €1,046,962 | -€26,536 | -2.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,061,098 | €1,034,562 | -€26,536 | -2.5% |
| Distributable reserves | 133 | €1,061,098 | €1,034,562 | -€26,536 | -2.5% |
| Amounts payable | 17/49 | €40,871 | €1,162 | -€39,710 | -97.2% |
| Amounts payable within one year | 42/48 | €40,871 | €1,162 | -€39,710 | -97.2% |
| Trade debts | 44 | €9,153 | €674 | -€8,479 | -92.6% |
| Suppliers | 440/4 | €9,153 | €674 | -€8,479 | -92.6% |
| Taxes, remuneration and social security | 45 | €31,718 | €488 | -€31,231 | -98.5% |
| Taxes | 450/3 | €31,718 | €488 | -€31,231 | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,667 | €19,517 | -€5,150 | -20.9% |
| Other operating charges | 640/8 | €2,550 | €2,629 | +€79 | +3.1% |
| Gross operating margin | 9900 | -€13,282 | -€9,789 | +€3,493 | +26.3% |
| Operating profit (loss) | 9901 | -€40,499 | -€31,935 | +€8,564 | +21.1% |
| Financial income | 75/76B | €13,441 | €5,943 | -€7,498 | -55.8% |
| Recurring financial income | 75 | €3,441 | €5,943 | +€2,502 | +72.7% |
| Non-recurring financial income | 76B | €10,000 | - | -€10,000 | |
| Financial charges | 65/66B | €139 | €150 | +€11 | +8.1% |
| Recurring financial charges | 65 | €139 | €150 | +€11 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | -€27,197 | -€26,142 | +€1,055 | +3.9% |
| Income taxes | 67/77 | €468 | €394 | -€74 | -15.9% |
| Profit (loss) for the period | 9904 | -€27,665 | -€26,536 | +€1,129 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,665 | -€26,536 | +€1,129 | +4.1% |
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 8 October 2026 via checked.be.