BAVS: 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.
BAVS
Largest movements
- Tangible fixed assets -€531,952
down €531,952 (-28.4%), from €1.9m to €1.3m
of which Land and buildings: -€528,912
- Financial fixed assets -€80,331
down €80,331 (-18.5%), from €435,039 to €354,708
- Receivables after one year -€62,845
no longer reported in 2025 (was €62,845)
- Receivables within one year -€24,815
down €24,815 (-43.9%), from €56,476 to €31,661
of which Trade receivables: -€23,726
- Short-term financial debts -€1.1m
down €1.1m (-98.3%), from €1.1m to €18,363
- Reserves +€436,615
up €436,615 (+92.9%), from €469,739 to €906,354
of which Tax-exempt reserves: +€329,215
- Other debts -€271,260
down €271,260 (-82.5%), from €328,809 to €57,549
- Provisions +€109,738
new in 2025: €109,738
- Debts after one year +€77,597
up €77,597 (+27.9%), from €277,727 to €355,323
- Gross operating margin +€373,353
up €373,353 (+132%), from €283,088 to €656,441
- Financial income +€49,918
up €49,918 (+644%), from €7,753 to €57,672
- Depreciation -€34,879
down €34,879 (-43.8%), from €79,641 to €44,762
- Financial charges -€25,754
down €25,754 (-23.5%), from €109,409 to €83,655
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.
Derived cash bridge
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 | €2,457,269 | €1,773,528 | -€683,742 | -27.8% |
| Fixed assets | 21/28 | €2,304,893 | €1,692,610 | -€612,283 | -26.6% |
| Tangible fixed assets | 22/27 | €1,869,854 | €1,337,902 | -€531,952 | -28.4% |
| Land and buildings | 22 | €1,849,550 | €1,320,638 | -€528,912 | -28.6% |
| Plant, machinery and equipment | 23 | €12,513 | €9,565 | -€2,948 | -23.6% |
| Furniture and vehicles | 24 | €92 | - | -€92 | |
| Other tangible fixed assets | 26 | €7,699 | €7,699 | = | 0.0% |
| Financial fixed assets | 28 | €435,039 | €354,708 | -€80,331 | -18.5% |
| Current assets | 29/58 | €152,376 | €80,918 | -€71,458 | -46.9% |
| Amounts receivable after more than one year | 29 | €62,845 | - | -€62,845 | |
| Other amounts receivable | 291 | €62,845 | - | -€62,845 | |
| Amounts receivable within one year | 40/41 | €56,476 | €31,661 | -€24,815 | -43.9% |
| Trade receivables | 40 | €55,387 | €31,661 | -€23,726 | -42.8% |
| Other amounts receivable | 41 | €1,089 | - | -€1,089 | |
| Cash at bank and in hand | 54/58 | €31,656 | €48,456 | +€16,800 | +53.1% |
| Deferred charges and accrued income | 490/1 | €1,399 | €801 | -€598 | -42.8% |
| Total equity and liabilities | 10/49 | €2,457,269 | €1,773,528 | -€683,742 | -27.8% |
| Equity | 10/15 | €693,339 | €1,129,954 | +€436,615 | +63.0% |
| Contributions | 10/11 | €223,600 | €223,600 | = | 0.0% |
| Reserves | 13 | €469,739 | €906,354 | +€436,615 | +92.9% |
| Tax-exempt reserves | 132 | - | €329,215 | +€329,215 | |
| Distributable reserves | 133 | €469,739 | €577,139 | +€107,400 | +22.9% |
| Provisions and deferred taxes | 16 | - | €109,738 | +€109,738 | |
| Deferred taxes | 168 | - | €109,738 | +€109,738 | |
| Amounts payable | 17/49 | €1,763,930 | €533,835 | -€1.2m | -69.7% |
| Amounts payable after more than one year | 17 | €277,727 | €355,323 | +€77,597 | +27.9% |
| Financial debts | 170/4 | €277,727 | €355,323 | +€77,597 | +27.9% |
| Amounts payable within one year | 42/48 | €1,486,203 | €178,512 | -€1.3m | -88.0% |
| Current portion of amounts payable after more than one year | 42 | €52,152 | €73,499 | +€21,347 | +40.9% |
| Financial debts | 43 | €1,083,025 | €18,363 | -€1.1m | -98.3% |
| Credit institutions | 430/8 | €1,083,025 | €18,363 | -€1.1m | -98.3% |
| Trade debts | 44 | €8,562 | €18,969 | +€10,408 | +122% |
| Suppliers | 440/4 | €8,562 | €18,969 | +€10,408 | +122% |
| Taxes, remuneration and social security | 45 | €13,656 | €10,132 | -€3,525 | -25.8% |
| Taxes | 450/3 | €13,656 | €10,132 | -€3,525 | -25.8% |
| Other amounts payable | 47/48 | €328,809 | €57,549 | -€271,260 | -82.5% |
| Non-recurring operating income | 76A | €76,642 | €470,533 | +€393,891 | +514% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,641 | €44,762 | -€34,879 | -43.8% |
| Other operating charges | 640/8 | €4,983 | €4,555 | -€429 | -8.6% |
| Non-recurring operating charges | 66A | - | €2,387 | +€2,387 | |
| Gross operating margin | 9900 | €283,088 | €656,441 | +€373,353 | +132% |
| Operating profit (loss) | 9901 | €198,464 | €604,737 | +€406,274 | +205% |
| Financial income | 75/76B | €7,753 | €57,672 | +€49,918 | +644% |
| Recurring financial income | 75 | €7,753 | €57,672 | +€49,918 | +644% |
| Financial charges | 65/66B | €109,409 | €83,655 | -€25,754 | -23.5% |
| Recurring financial charges | 65 | €109,409 | €83,655 | -€25,754 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €96,808 | €578,754 | +€481,946 | +498% |
| Transfer from deferred taxes | 780 | - | €7,895 | +€7,895 | |
| Transfer to deferred taxes | 680 | - | €117,633 | +€117,633 | |
| Income taxes | 67/77 | €31,781 | €32,401 | +€620 | +2.0% |
| Profit (loss) for the period | 9904 | €65,028 | €436,615 | +€371,587 | +571% |
| Transfer from tax-exempt reserves | 789 | - | €23,685 | +€23,685 | |
| Transfer to tax-exempt reserves | 689 | - | €352,900 | +€352,900 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,028 | €107,400 | +€42,372 | +65.2% |
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 13 October 2026 via checked.be.