BAVICO: what changed
BAVICO
Largest movements
- Cash -€25,720
down €25,720 (-62.9%), from €40,878 to €15,158
mainly Contributions, distributions and other (-€50,157) and Other debts (-€15,558)
- Deferred charges and accrued income -€15,631
down €15,631 (-81.7%), from €19,143 to €3,511
- Receivables within one year -€7,445
down €7,445 (-38.4%), from €19,394 to €11,949
of which Trade receivables: -€14,505
- Stocks and contracts -€7,282
down €7,282 (-59.5%), from €12,239 to €4,957
- Tangible fixed assets -€3,290
down €3,290 (-6.4%), from €51,260 to €47,970
of which Furniture and vehicles: -€9,345
- Contributions -€18,000
down €18,000 (-96.8%), from €18,600 to €600
- Reserves -€17,908
down €17,908 (-27.9%), from €64,286 to €46,378
- Other debts -€15,558
down €15,558 (-99.9%), from €15,575 to €17
- Trade debts -€13,574
down €13,574 (-84.8%), from €16,009 to €2,436
- Short-term financial debts +€10,142
new in 2025: €10,142
- Gross operating margin -€1,935
down €1,935 (-5.1%), from €37,580 to €35,646
- Depreciation +€1,515
up €1,515 (+9.9%), from €15,374 to €16,889
- Taxes -€525
down €525 (-7.1%), from €7,434 to €6,909
- Financial charges +€413
up €413 (+43.9%), from €941 to €1,354
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €144,413 | €85,044 | -€59,369 | -41.1% |
| Fixed assets | 21/28 | €52,760 | €49,470 | -€3,290 | -6.2% |
| Tangible fixed assets | 22/27 | €51,260 | €47,970 | -€3,290 | -6.4% |
| Plant, machinery and equipment | 23 | €8,934 | €10,335 | +€1,402 | +15.7% |
| Furniture and vehicles | 24 | €34,640 | €25,295 | -€9,345 | -27.0% |
| Other tangible fixed assets | 26 | €7,686 | €12,340 | +€4,653 | +60.5% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €91,653 | €35,574 | -€56,079 | -61.2% |
| Stocks and contracts in progress | 3 | €12,239 | €4,957 | -€7,282 | -59.5% |
| Stocks | 30/36 | €12,239 | €4,957 | -€7,282 | -59.5% |
| Amounts receivable within one year | 40/41 | €19,394 | €11,949 | -€7,445 | -38.4% |
| Trade receivables | 40 | €15,012 | €507 | -€14,505 | -96.6% |
| Other amounts receivable | 41 | €4,382 | €11,442 | +€7,060 | +161% |
| Cash at bank and in hand | 54/58 | €40,878 | €15,158 | -€25,720 | -62.9% |
| Deferred charges and accrued income | 490/1 | €19,143 | €3,511 | -€15,631 | -81.7% |
| Total equity and liabilities | 10/49 | €144,413 | €85,044 | -€59,369 | -41.1% |
| Equity | 10/15 | €82,886 | €46,978 | -€35,908 | -43.3% |
| Contributions | 10/11 | €18,600 | €600 | -€18,000 | -96.8% |
| Reserves | 13 | €64,286 | €46,378 | -€17,908 | -27.9% |
| Distributable reserves | 133 | €64,286 | €46,378 | -€17,908 | -27.9% |
| Amounts payable | 17/49 | €61,527 | €38,066 | -€23,460 | -38.1% |
| Amounts payable after more than one year | 17 | €18,027 | €9,061 | -€8,965 | -49.7% |
| Financial debts | 170/4 | €18,027 | €9,061 | -€8,965 | -49.7% |
| Amounts payable within one year | 42/48 | €43,500 | €24,722 | -€18,779 | -43.2% |
| Current portion of amounts payable after more than one year | 42 | €8,870 | €8,965 | +€95 | +1.1% |
| Financial debts | 43 | - | €10,142 | +€10,142 | |
| Credit institutions | 430/8 | - | €10,142 | +€10,142 | |
| Trade debts | 44 | €16,009 | €2,436 | -€13,574 | -84.8% |
| Suppliers | 440/4 | €16,009 | €2,436 | -€13,574 | -84.8% |
| Taxes, remuneration and social security | 45 | €3,046 | €3,162 | +€116 | +3.8% |
| Taxes | 450/3 | €3,046 | €3,162 | +€116 | +3.8% |
| Other amounts payable | 47/48 | €15,575 | €17 | -€15,558 | -99.9% |
| Accrued charges and deferred income | 492/3 | - | €4,284 | +€4,284 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,374 | €16,889 | +€1,515 | +9.9% |
| Other operating charges | 640/8 | €828 | €631 | -€197 | -23.8% |
| Gross operating margin | 9900 | €37,580 | €35,646 | -€1,935 | -5.1% |
| Operating profit (loss) | 9901 | €21,378 | €18,126 | -€3,252 | -15.2% |
| Financial income | 75/76B | €4,370 | €4,386 | +€16 | +0.4% |
| Recurring financial income | 75 | €4,370 | €4,386 | +€16 | +0.4% |
| Financial charges | 65/66B | €941 | €1,354 | +€413 | +43.9% |
| Recurring financial charges | 65 | €941 | €1,354 | +€413 | +43.9% |
| Profit (loss) for the period before taxes | 9903 | €24,807 | €21,158 | -€3,650 | -14.7% |
| Income taxes | 67/77 | €7,434 | €6,909 | -€525 | -7.1% |
| Profit (loss) for the period | 9904 | €17,373 | €14,249 | -€3,124 | -18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,373 | €14,249 | -€3,124 | -18.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.