BCD: 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.
BCD
Largest movements
- Tangible fixed assets +€266,390
up €266,390 (+586.2%), from €45,442 to €311,831
of which Furniture and vehicles: +€158,371
- Receivables within one year +€38,934
up €38,934 (+479.2%), from €8,125 to €47,059
of which Trade receivables: +€31,903
- Cash +€30,978
up €30,978 (+166.1%), from €18,649 to €49,627
mainly Debts after one year (+€174,000) and Trade debts (+€67,041)
- Deferred charges and accrued income +€7,580
up €7,580 (+193.8%), from €3,911 to €11,490
- Stocks and contracts +€5,493
up €5,493 (+18.3%), from €30,094 to €35,587
- Debts after one year +€174,000
new in 2025: €174,000
- Trade debts +€67,041
up €67,041 (+287.0%), from €23,360 to €90,401
- Other debts +€57,576
up €57,576 (+5667.9%), from €1,016 to €58,592
- Accrued charges and deferred income +€20,136
up €20,136 (+191.8%), from €10,499 to €30,635
- Profit (loss) carried forward +€17,289
up €17,289 (+54.9%), from €31,509 to €48,798
- Gross operating margin +€45,313
up €45,313 (+28.2%), from €160,764 to €206,077
- Staff costs +€32,774
up €32,774 (+27.3%), from €120,264 to €153,038
- Depreciation +€11,377
up €11,377 (+84.8%), from €13,424 to €24,802
- Financial charges -€2,805
down €2,805 (-41.7%), from €6,732 to €3,927
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 | €110,578 | €459,997 | +€349,419 | +316.0% |
| Fixed assets | 21/28 | €49,799 | €316,233 | +€266,434 | +535.0% |
| Intangible fixed assets | 21 | €1,882 | €1,926 | +€44 | +2.4% |
| Tangible fixed assets | 22/27 | €45,442 | €311,831 | +€266,390 | +586.2% |
| Plant, machinery and equipment | 23 | €19,724 | €38,383 | +€18,659 | +94.6% |
| Furniture and vehicles | 24 | €8,146 | €166,517 | +€158,371 | +1944.3% |
| Other tangible fixed assets | 26 | €17,572 | €106,932 | +€89,360 | +508.5% |
| Financial fixed assets | 28 | €2,475 | €2,475 | = | 0.0% |
| Current assets | 29/58 | €60,779 | €143,764 | +€82,985 | +136.5% |
| Stocks and contracts in progress | 3 | €30,094 | €35,587 | +€5,493 | +18.3% |
| Stocks | 30/36 | €30,094 | €35,587 | +€5,493 | +18.3% |
| Amounts receivable within one year | 40/41 | €8,125 | €47,059 | +€38,934 | +479.2% |
| Trade receivables | 40 | €4,609 | €36,513 | +€31,903 | +692.1% |
| Other amounts receivable | 41 | €3,516 | €10,547 | +€7,031 | +200.0% |
| Cash at bank and in hand | 54/58 | €18,649 | €49,627 | +€30,978 | +166.1% |
| Deferred charges and accrued income | 490/1 | €3,911 | €11,490 | +€7,580 | +193.8% |
| Total equity and liabilities | 10/49 | €110,578 | €459,997 | +€349,419 | +316.0% |
| Equity | 10/15 | €51,509 | €68,798 | +€17,289 | +33.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,509 | €48,798 | +€17,289 | +54.9% |
| Amounts payable | 17/49 | €59,069 | €391,199 | +€332,130 | +562.3% |
| Amounts payable after more than one year | 17 | - | €174,000 | +€174,000 | |
| Financial debts | 170/4 | - | €174,000 | +€174,000 | |
| Amounts payable within one year | 42/48 | €48,570 | €186,564 | +€137,994 | +284.1% |
| Trade debts | 44 | €23,360 | €90,401 | +€67,041 | +287.0% |
| Suppliers | 440/4 | €23,360 | €90,401 | +€67,041 | +287.0% |
| Taxes, remuneration and social security | 45 | €24,195 | €37,571 | +€13,377 | +55.3% |
| Taxes | 450/3 | €8,422 | €9,171 | +€749 | +8.9% |
| Remuneration and social security | 454/9 | €15,772 | €28,400 | +€12,628 | +80.1% |
| Other amounts payable | 47/48 | €1,016 | €58,592 | +€57,576 | +5667.9% |
| Accrued charges and deferred income | 492/3 | €10,499 | €30,635 | +€20,136 | +191.8% |
| Non-recurring operating income | 76A | €1,099 | €3,826 | +€2,727 | +248.1% |
| Remuneration, social security and pensions | 62 | €120,264 | €153,038 | +€32,774 | +27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,424 | €24,802 | +€11,377 | +84.8% |
| Other operating charges | 640/8 | €3,317 | €1,760 | -€1,557 | -46.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €160,764 | €206,077 | +€45,313 | +28.2% |
| Operating profit (loss) | 9901 | €23,759 | €26,478 | +€2,720 | +11.4% |
| Financial income | 75/76B | €12 | €1 | -€12 | -92.7% |
| Recurring financial income | 75 | €12 | €1 | -€12 | -92.7% |
| Financial charges | 65/66B | €6,732 | €3,927 | -€2,805 | -41.7% |
| Recurring financial charges | 65 | €6,732 | €3,927 | -€2,805 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €17,039 | €22,552 | +€5,513 | +32.4% |
| Income taxes | 67/77 | €5,346 | €5,263 | -€84 | -1.6% |
| Profit (loss) for the period | 9904 | €11,693 | €17,289 | +€5,596 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,693 | €17,289 | +€5,596 | +47.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.