B.V.S.: what changed
Two financial 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.S.
Largest movements
- Financial fixed assets +€1.3m
up €1.3m (+728.3%), from €174,729 to €1.4m
- Receivables within one year -€112,112
down €112,112 (-94.6%), from €118,467 to €6,354
of which Other amounts receivable: -€68,377
- Cash -€77,722
down €77,722 (-92.7%), from €83,809 to €6,087
mainly Investment in fixed assets (net) (-€1.3m) and Tax, wage and social debts (-€13,381)
- Debts after one year +€878,870
up €878,870 (+1017.4%), from €86,384 to €965,254
- Current portion of long-term debt +€87,001
up €87,001 (+433.4%), from €20,076 to €107,076
- Reserves +€68,884
up €68,884 (+39.3%), from €175,139 to €244,023
- Other debts +€46,988
up €46,988 (+66.1%), from €71,128 to €118,116
- Gross operating margin +€10,542
up €10,542 (+10.1%), from €104,834 to €115,376
- Financial charges +€9,323
up €9,323 (+169.8%), from €5,490 to €14,813
- Depreciation +€5,899
up €5,899 (+75.8%), from €7,781 to €13,680
- Taxes -€1,306
down €1,306 (-7.0%), from €18,559 to €17,253
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 | €429,594 | €1,499,662 | +€1.1m | +249.1% |
| Fixed assets | 21/28 | €224,162 | €1,483,117 | +€1.3m | +561.6% |
| Tangible fixed assets | 22/27 | €49,433 | €35,754 | -€13,680 | -27.7% |
| Plant, machinery and equipment | 23 | €3,017 | €1,915 | -€1,102 | -36.5% |
| Furniture and vehicles | 24 | €46,416 | €33,838 | -€12,577 | -27.1% |
| Financial fixed assets | 28 | €174,729 | €1,447,363 | +€1.3m | +728.3% |
| Current assets | 29/58 | €205,432 | €16,546 | -€188,886 | -91.9% |
| Stocks and contracts in progress | 3 | €3,156 | €3,205 | +€49 | +1.5% |
| Stocks | 30/36 | €3,156 | €3,205 | +€49 | +1.5% |
| Amounts receivable within one year | 40/41 | €118,467 | €6,354 | -€112,112 | -94.6% |
| Trade receivables | 40 | €44,744 | €1,009 | -€43,735 | -97.7% |
| Other amounts receivable | 41 | €73,723 | €5,345 | -€68,377 | -92.7% |
| Cash at bank and in hand | 54/58 | €83,809 | €6,087 | -€77,722 | -92.7% |
| Deferred charges and accrued income | 490/1 | - | €900 | +€900 | |
| Total equity and liabilities | 10/49 | €429,594 | €1,499,662 | +€1.1m | +249.1% |
| Equity | 10/15 | €225,139 | €294,023 | +€68,884 | +30.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €175,139 | €244,023 | +€68,884 | +39.3% |
| Distributable reserves | 133 | €175,139 | €244,023 | +€68,884 | +39.3% |
| Amounts payable | 17/49 | €204,455 | €1,205,640 | +€1.0m | +489.7% |
| Amounts payable after more than one year | 17 | €86,384 | €965,254 | +€878,870 | +1017.4% |
| Financial debts | 170/4 | €86,384 | €965,254 | +€878,870 | +1017.4% |
| Amounts payable within one year | 42/48 | €118,071 | €240,386 | +€122,314 | +103.6% |
| Current portion of amounts payable after more than one year | 42 | €20,076 | €107,076 | +€87,001 | +433.4% |
| Trade debts | 44 | - | €1,707 | +€1,707 | |
| Suppliers | 440/4 | - | €1,707 | +€1,707 | |
| Taxes, remuneration and social security | 45 | €26,867 | €13,486 | -€13,381 | -49.8% |
| Taxes | 450/3 | €23,867 | €13,486 | -€10,381 | -43.5% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €71,128 | €118,116 | +€46,988 | +66.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,781 | €13,680 | +€5,899 | +75.8% |
| Other operating charges | 640/8 | €511 | €746 | +€235 | +45.9% |
| Gross operating margin | 9900 | €104,834 | €115,376 | +€10,542 | +10.1% |
| Operating profit (loss) | 9901 | €96,541 | €100,949 | +€4,408 | +4.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | +3200.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +3200.0% |
| Financial charges | 65/66B | €5,490 | €14,813 | +€9,323 | +169.8% |
| Recurring financial charges | 65 | €5,490 | €14,813 | +€9,323 | +169.8% |
| Profit (loss) for the period before taxes | 9903 | €91,051 | €86,137 | -€4,914 | -5.4% |
| Income taxes | 67/77 | €18,559 | €17,253 | -€1,306 | -7.0% |
| Profit (loss) for the period | 9904 | €72,492 | €68,884 | -€3,608 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,492 | €68,884 | -€3,608 | -5.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.