BAVO: 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.
BAVO
Largest movements
- Tangible fixed assets +€40,009
up €40,009 (+80.9%), from €49,451 to €89,459
of which Leasing and similar rights: +€32,866
- Stocks and contracts +€39,879
up €39,879 (+14.3%), from €278,295 to €318,174
of which Stocks: +€36,914
- Cash -€24,719
no longer reported in 2025 (was €24,719)
mainly Investment in fixed assets (net) (-€56,433) and Contributions, distributions and other (-€51,447)
- Receivables within one year +€16,404
up €16,404 (+29.4%), from €55,816 to €72,220
of which Trade receivables: +€17,569
- Other debts +€66,917
up €66,917 (+700.1%), from €9,558 to €76,475
- Reserves -€27,032
down €27,032 (-31.7%), from €85,302 to €58,270
of which Distributable reserves: -€27,032
- Debts after one year +€26,616
up €26,616 (+347.8%), from €7,653 to €34,269
- Tax, wage and social debts +€8,919
up €8,919 (+21.5%), from €41,548 to €50,468
of which Taxes: +€7,863
- Short-term financial debts -€8,275
down €8,275 (-4.1%), from €203,000 to €194,725
- Gross operating margin +€33,436
up €33,436 (+13.3%), from €252,072 to €285,508
- Staff costs +€10,593
up €10,593 (+5.2%), from €202,141 to €212,734
- Depreciation +€4,284
up €4,284 (+35.3%), from €12,141 to €16,425
- Taxes +€3,594
up €3,594 (+874.2%), from €411 to €4,005
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 | €409,380 | €480,454 | +€71,074 | +17.4% |
| Fixed assets | 21/28 | €49,949 | €89,957 | +€40,009 | +80.1% |
| Tangible fixed assets | 22/27 | €49,451 | €89,459 | +€40,009 | +80.9% |
| Plant, machinery and equipment | 23 | €251 | - | -€251 | |
| Furniture and vehicles | 24 | €777 | €10,334 | +€9,557 | +1230.6% |
| Leasing and similar rights | 25 | €19,946 | €52,812 | +€32,866 | +164.8% |
| Other tangible fixed assets | 26 | €28,477 | €26,313 | -€2,164 | -7.6% |
| Financial fixed assets | 28 | €498 | €498 | = | 0.0% |
| Current assets | 29/58 | €359,431 | €390,496 | +€31,065 | +8.6% |
| Stocks and contracts in progress | 3 | €278,295 | €318,174 | +€39,879 | +14.3% |
| Stocks | 30/36 | €253,284 | €290,198 | +€36,914 | +14.6% |
| Contracts in progress | 37 | €25,011 | €27,976 | +€2,965 | +11.9% |
| Amounts receivable within one year | 40/41 | €55,816 | €72,220 | +€16,404 | +29.4% |
| Trade receivables | 40 | €52,565 | €70,134 | +€17,569 | +33.4% |
| Other amounts receivable | 41 | €3,252 | €2,086 | -€1,165 | -35.8% |
| Cash at bank and in hand | 54/58 | €24,719 | - | -€24,719 | |
| Deferred charges and accrued income | 490/1 | €601 | €102 | -€499 | -83.0% |
| Total equity and liabilities | 10/49 | €409,380 | €480,454 | +€71,074 | +17.4% |
| Equity | 10/15 | €91,502 | €64,470 | -€27,032 | -29.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €85,302 | €58,270 | -€27,032 | -31.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €83,442 | €56,410 | -€27,032 | -32.4% |
| Amounts payable | 17/49 | €317,878 | €415,984 | +€98,106 | +30.9% |
| Amounts payable after more than one year | 17 | €7,653 | €34,269 | +€26,616 | +347.8% |
| Financial debts | 170/4 | €7,653 | €34,269 | +€26,616 | +347.8% |
| Amounts payable within one year | 42/48 | €310,125 | €381,381 | +€71,256 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €9,322 | €15,109 | +€5,787 | +62.1% |
| Financial debts | 43 | €203,000 | €194,725 | -€8,275 | -4.1% |
| Credit institutions | 430/8 | €203,000 | €194,725 | -€8,275 | -4.1% |
| Trade debts | 44 | €46,697 | €44,605 | -€2,092 | -4.5% |
| Suppliers | 440/4 | €46,697 | €44,605 | -€2,092 | -4.5% |
| Taxes, remuneration and social security | 45 | €41,548 | €50,468 | +€8,919 | +21.5% |
| Taxes | 450/3 | €6,582 | €14,445 | +€7,863 | +119.5% |
| Remuneration and social security | 454/9 | €34,966 | €36,022 | +€1,056 | +3.0% |
| Other amounts payable | 47/48 | €9,558 | €76,475 | +€66,917 | +700.1% |
| Accrued charges and deferred income | 492/3 | €100 | €334 | +€234 | +233.9% |
| Non-recurring operating income | 76A | €500 | €4,321 | +€3,821 | +764.3% |
| Remuneration, social security and pensions | 62 | €202,141 | €212,734 | +€10,593 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,141 | €16,425 | +€4,284 | +35.3% |
| Other operating charges | 640/8 | €2,668 | €2,431 | -€237 | -8.9% |
| Gross operating margin | 9900 | €252,072 | €285,508 | +€33,436 | +13.3% |
| Operating profit (loss) | 9901 | €35,122 | €53,918 | +€18,796 | +53.5% |
| Financial income | 75/76B | €1,644 | €862 | -€781 | -47.5% |
| Recurring financial income | 75 | €1,644 | €862 | -€781 | -47.5% |
| Financial charges | 65/66B | €27,153 | €26,361 | -€792 | -2.9% |
| Recurring financial charges | 65 | €27,153 | €26,361 | -€792 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €9,612 | €28,419 | +€18,807 | +195.7% |
| Income taxes | 67/77 | €411 | €4,005 | +€3,594 | +874.2% |
| Profit (loss) for the period | 9904 | €9,201 | €24,415 | +€15,213 | +165.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,201 | €24,415 | +€15,213 | +165.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.