B.V.R.: 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.R.
Largest movements
- Current investments -€399,501
no longer reported in 2026 (was €399,501)
- Tangible fixed assets +€341,799
up €341,799 (+32.9%), from €1.0m to €1.4m
of which Land and buildings: +€346,791
- Cash -€43,255
down €43,255 (-57.0%), from €75,848 to €32,592
mainly Investment in fixed assets (net) (-€399,435) and Debts after one year (-€77,584)
- Debts after one year -€77,584
down €77,584 (-11.9%), from €651,389 to €573,806
- Reserves -€17,821
down €17,821 (-3.3%), from €533,863 to €516,042
of which Tax-exempt reserves: -€17,821
- Gross operating margin +€28,276
up €28,276 (+1748.2%), from €1,617 to €29,893
- Depreciation +€28,026
up €28,026 (+94.6%), from €29,610 to €57,636
- Other operating charges -€25,671
down €25,671 (-80.2%), from €32,007 to €6,336
- Financial income -€18,036
down €18,036 (-67.2%), from €26,830 to €8,794
- Financial charges +€9,253
up €9,253 (+281.9%), from €3,282 to €12,536
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,529,035 | €1,419,154 | -€109,881 | -7.2% |
| Fixed assets | 21/28 | €1,039,242 | €1,381,040 | +€341,799 | +32.9% |
| Tangible fixed assets | 22/27 | €1,039,242 | €1,381,040 | +€341,799 | +32.9% |
| Land and buildings | 22 | €1,005,591 | €1,352,382 | +€346,791 | +34.5% |
| Plant, machinery and equipment | 23 | €27,255 | €23,678 | -€3,577 | -13.1% |
| Furniture and vehicles | 24 | €6,395 | €4,980 | -€1,415 | -22.1% |
| Current assets | 29/58 | €489,793 | €38,113 | -€451,680 | -92.2% |
| Amounts receivable within one year | 40/41 | €10,695 | €2,638 | -€8,057 | -75.3% |
| Other amounts receivable | 41 | €10,695 | €2,638 | -€8,057 | -75.3% |
| Current investments | 50/53 | €399,501 | - | -€399,501 | |
| Cash at bank and in hand | 54/58 | €75,848 | €32,592 | -€43,255 | -57.0% |
| Deferred charges and accrued income | 490/1 | €3,749 | €2,882 | -€867 | -23.1% |
| Total equity and liabilities | 10/49 | €1,529,035 | €1,419,154 | -€109,881 | -7.2% |
| Equity | 10/15 | €722,383 | €690,504 | -€31,879 | -4.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €533,863 | €516,042 | -€17,821 | -3.3% |
| Tax-exempt reserves | 132 | €431,281 | €413,460 | -€17,821 | -4.1% |
| Distributable reserves | 133 | €102,582 | €102,582 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,060 | €154,002 | -€14,058 | -8.4% |
| Provisions and deferred taxes | 16 | €143,760 | €137,820 | -€5,940 | -4.1% |
| Deferred taxes | 168 | €143,760 | €137,820 | -€5,940 | -4.1% |
| Amounts payable | 17/49 | €662,891 | €590,830 | -€72,061 | -10.9% |
| Amounts payable after more than one year | 17 | €651,389 | €573,806 | -€77,584 | -11.9% |
| Financial debts | 170/4 | €651,389 | €573,806 | -€77,584 | -11.9% |
| Amounts payable within one year | 42/48 | €11,502 | €16,174 | +€4,672 | +40.6% |
| Current portion of amounts payable after more than one year | 42 | €8,765 | €9,084 | +€318 | +3.6% |
| Trade debts | 44 | €2,013 | €2,467 | +€454 | +22.6% |
| Suppliers | 440/4 | €2,013 | €2,467 | +€454 | +22.6% |
| Other amounts payable | 47/48 | €723 | €4,623 | +€3,900 | +539.3% |
| Accrued charges and deferred income | 492/3 | - | €850 | +€850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,610 | €57,636 | +€28,026 | +94.6% |
| Other operating charges | 640/8 | €32,007 | €6,336 | -€25,671 | -80.2% |
| Gross operating margin | 9900 | €1,617 | €29,893 | +€28,276 | +1748.2% |
| Operating profit (loss) | 9901 | -€60,000 | -€34,078 | +€25,922 | +43.2% |
| Financial income | 75/76B | €26,830 | €8,794 | -€18,036 | -67.2% |
| Recurring financial income | 75 | €26,830 | €8,794 | -€18,036 | -67.2% |
| Financial charges | 65/66B | €3,282 | €12,536 | +€9,253 | +281.9% |
| Recurring financial charges | 65 | €3,282 | €12,536 | +€9,253 | +281.9% |
| Profit (loss) for the period before taxes | 9903 | -€36,452 | -€37,819 | -€1,368 | -3.8% |
| Transfer from deferred taxes | 780 | €626 | €5,940 | +€5,314 | +848.6% |
| Profit (loss) for the period | 9904 | -€35,826 | -€31,879 | +€3,947 | +11.0% |
| Transfer from tax-exempt reserves | 789 | €1,879 | €17,821 | +€15,943 | +848.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,947 | -€14,058 | +€19,889 | +58.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.