BCGO: 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.
BCGO
Largest movements
- Stocks and contracts +€4.7m
up €4.7m (+117.2%), from €4.0m to €8.7m
- Cash -€365,746
down €365,746 (-71.8%), from €509,120 to €143,374
mainly Stocks and contracts (-€4.7m) and Trade debts (-€172,539)
- Receivables within one year -€358,256
down €358,256 (-73.7%), from €485,963 to €127,707
of which Trade receivables: -€361,938
- Short-term financial debts +€4.5m
up €4.5m (+136.8%), from €3.3m to €7.8m
- Trade debts -€172,539
down €172,539 (-15.4%), from €1.1m to €949,309
- Profit (loss) carried forward -€158,179
down €158,179 (-78.6%), from -€201,278 to -€359,457
- Tax, wage and social debts -€129,105
down €129,105 (-99.2%), from €130,175 to €1,070
- Financial charges -€28,958
down €28,958 (-14.9%), from €194,922 to €165,964
- Gross operating margin +€5,107
up €5,107 (+60.1%), from €8,499 to €13,606
- Other operating charges +€2,447
up €2,447 (+82.4%), from €2,968 to €5,414
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 | €7,313,926 | €11,285,727 | +€4.0m | +54.3% |
| Current assets | 29/58 | €7,313,926 | €11,285,727 | +€4.0m | +54.3% |
| Stocks and contracts in progress | 3 | €4,007,759 | €8,703,529 | +€4.7m | +117.2% |
| Stocks | 30/36 | €4,007,759 | €8,703,529 | +€4.7m | +117.2% |
| Amounts receivable within one year | 40/41 | €485,963 | €127,707 | -€358,256 | -73.7% |
| Trade receivables | 40 | €484,267 | €122,329 | -€361,938 | -74.7% |
| Other amounts receivable | 41 | €1,696 | €5,378 | +€3,682 | +217.1% |
| Current investments | 50/53 | €2,309,108 | €2,309,108 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €509,120 | €143,374 | -€365,746 | -71.8% |
| Deferred charges and accrued income | 490/1 | €1,976 | €2,009 | +€33 | +1.6% |
| Total equity and liabilities | 10/49 | €7,313,926 | €11,285,727 | +€4.0m | +54.3% |
| Equity | 10/15 | -€185,707 | -€343,886 | -€158,179 | -85.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,171 | €3,171 | = | 0.0% |
| 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 | €1,311 | €1,311 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€201,278 | -€359,457 | -€158,179 | -78.6% |
| Amounts payable | 17/49 | €7,499,633 | €11,629,613 | +€4.1m | +55.1% |
| Amounts payable within one year | 42/48 | €7,499,633 | €11,629,613 | +€4.1m | +55.1% |
| Financial debts | 43 | €3,287,802 | €7,785,000 | +€4.5m | +136.8% |
| Credit institutions | 430/8 | €3,287,802 | €7,785,000 | +€4.5m | +136.8% |
| Trade debts | 44 | €1,121,848 | €949,309 | -€172,539 | -15.4% |
| Suppliers | 440/4 | €1,121,848 | €949,309 | -€172,539 | -15.4% |
| Taxes, remuneration and social security | 45 | €130,175 | €1,070 | -€129,105 | -99.2% |
| Taxes | 450/3 | €130,175 | €1,070 | -€129,105 | -99.2% |
| Other amounts payable | 47/48 | €2,959,808 | €2,894,234 | -€65,574 | -2.2% |
| Other operating charges | 640/8 | €2,968 | €5,414 | +€2,447 | +82.4% |
| Gross operating margin | 9900 | €8,499 | €13,606 | +€5,107 | +60.1% |
| Operating profit (loss) | 9901 | €5,532 | €8,192 | +€2,660 | +48.1% |
| Financial charges | 65/66B | €194,922 | €165,964 | -€28,958 | -14.9% |
| Recurring financial charges | 65 | €194,922 | €165,964 | -€28,958 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | -€189,391 | -€157,772 | +€31,618 | +16.7% |
| Income taxes | 67/77 | €304 | €407 | +€103 | +33.8% |
| Profit (loss) for the period | 9904 | -€189,695 | -€158,179 | +€31,515 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€189,695 | -€158,179 | +€31,515 | +16.6% |
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 3 October 2026 via checked.be.