BCG: 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.
BCG
Largest movements
- Cash +€301,142
up €301,142 (+206.9%), from €145,577 to €446,719
mainly Trade debts (+€191,840) and Net result for the year (+€113,698)
- Tangible fixed assets -€25,744
down €25,744 (-38.1%), from €67,589 to €41,844
of which Plant, machinery and equipment: -€18,238
- Receivables within one year -€23,742
down €23,742 (-3.0%), from €780,410 to €756,668
of which Trade receivables: -€19,645
- Intangible fixed assets -€15,304
down €15,304 (-85.5%), from €17,892 to €2,587
- Trade debts +€191,840
up €191,840 (+89.7%), from €213,752 to €405,592
- Profit (loss) carried forward +€113,698
up €113,698 (+23.1%), from €491,803 to €605,502
- Accrued charges and deferred income -€100,973
down €100,973 (-37.6%), from €268,777 to €167,804
- Tax, wage and social debts +€20,283
new in 2025: €20,283
- Gross operating margin +€29,659
up €29,659 (+14.7%), from €201,944 to €231,604
- Taxes +€2,690
up €2,690 (+7.7%), from €35,000 to €37,690
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 | €1,069,085 | €1,300,537 | +€231,452 | +21.6% |
| Fixed assets | 21/28 | €142,979 | €97,031 | -€45,949 | -32.1% |
| Intangible fixed assets | 21 | €17,892 | €2,587 | -€15,304 | -85.5% |
| Tangible fixed assets | 22/27 | €67,589 | €41,844 | -€25,744 | -38.1% |
| Plant, machinery and equipment | 23 | €50,579 | €32,340 | -€18,238 | -36.1% |
| Furniture and vehicles | 24 | €13,708 | €8,225 | -€5,483 | -40.0% |
| Other tangible fixed assets | 26 | €3,302 | €1,279 | -€2,023 | -61.3% |
| Financial fixed assets | 28 | €57,499 | €52,599 | -€4,900 | -8.5% |
| Current assets | 29/58 | €926,106 | €1,203,506 | +€277,400 | +30.0% |
| Amounts receivable within one year | 40/41 | €780,410 | €756,668 | -€23,742 | -3.0% |
| Trade receivables | 40 | €755,497 | €735,852 | -€19,645 | -2.6% |
| Other amounts receivable | 41 | €24,913 | €20,816 | -€4,097 | -16.4% |
| Cash at bank and in hand | 54/58 | €145,577 | €446,719 | +€301,142 | +206.9% |
| Deferred charges and accrued income | 490/1 | €119 | €119 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,069,085 | €1,300,537 | +€231,452 | +21.6% |
| Equity | 10/15 | €514,204 | €627,903 | +€113,698 | +22.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,809 | €3,809 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,950 | €1,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | €491,803 | €605,502 | +€113,698 | +23.1% |
| Amounts payable | 17/49 | €554,881 | €672,634 | +€117,753 | +21.2% |
| Amounts payable within one year | 42/48 | €286,104 | €504,830 | +€218,727 | +76.5% |
| Current portion of amounts payable after more than one year | 42 | €657 | - | -€657 | |
| Trade debts | 44 | €213,752 | €405,592 | +€191,840 | +89.7% |
| Suppliers | 440/4 | €213,752 | €405,592 | +€191,840 | +89.7% |
| Taxes, remuneration and social security | 45 | - | €20,283 | +€20,283 | |
| Taxes | 450/3 | - | €20,283 | +€20,283 | |
| Other amounts payable | 47/48 | €71,695 | €78,955 | +€7,260 | +10.1% |
| Accrued charges and deferred income | 492/3 | €268,777 | €167,804 | -€100,973 | -37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,049 | €41,049 | = | 0.0% |
| Other operating charges | 640/8 | €36,034 | €37,880 | +€1,845 | +5.1% |
| Gross operating margin | 9900 | €201,944 | €231,604 | +€29,659 | +14.7% |
| Operating profit (loss) | 9901 | €124,861 | €152,675 | +€27,814 | +22.3% |
| Financial income | 75/76B | €166 | - | -€166 | |
| Recurring financial income | 75 | €166 | - | -€166 | |
| Financial charges | 65/66B | €1,531 | €1,287 | -€244 | -15.9% |
| Recurring financial charges | 65 | €1,531 | €1,160 | -€371 | -24.2% |
| Non-recurring financial charges | 66B | - | €127 | +€127 | |
| Profit (loss) for the period before taxes | 9903 | €123,496 | €151,388 | +€27,892 | +22.6% |
| Income taxes | 67/77 | €35,000 | €37,690 | +€2,690 | +7.7% |
| Profit (loss) for the period | 9904 | €88,496 | €113,698 | +€25,202 | +28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €88,496 | €113,698 | +€25,202 | +28.5% |
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 30 September 2026 via checked.be.