BCM: 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.
BCM
Largest movements
- Tangible fixed assets +€78,276
up €78,276 (+35.8%), from €218,900 to €297,177
of which Furniture and vehicles: +€88,577
- Receivables within one year -€54,533
down €54,533 (-11.3%), from €482,878 to €428,345
of which Trade receivables: -€101,558
- Stocks and contracts +€32,543
up €32,543 (+15.1%), from €215,268 to €247,811
- Cash +€21,338
up €21,338 (+5.5%), from €384,622 to €405,960
mainly Depreciation (+€65,848) and Debts after one year (+€63,055)
- Debts after one year +€63,055
up €63,055 (+95.4%), from €66,074 to €129,129
- Profit (loss) carried forward +€55,897
up €55,897 (+6.8%), from €824,223 to €880,120
- Trade debts -€55,674
down €55,674 (-88.9%), from €62,593 to €6,919
- Current portion of long-term debt +€29,830
up €29,830 (+77.8%), from €38,361 to €68,191
- Other debts -€27,268
no longer reported in 2025 (was €27,268)
- Gross operating margin +€263,489
up €263,489 (+72.9%), from €361,501 to €624,990
- Financial income +€67,797
up €67,797 (+96.8%), from €70,018 to €137,815
of which Financial income: +€66,104
- Staff costs +€50,465
up €50,465 (+9.5%), from €533,253 to €583,719
- Taxes -€11,169
down €11,169 (-92.1%), from €12,123 to €954
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 | €1,331,371 | €1,409,711 | +€78,340 | +5.9% |
| Fixed assets | 21/28 | €234,852 | €310,720 | +€75,868 | +32.3% |
| Tangible fixed assets | 22/27 | €218,900 | €297,177 | +€78,276 | +35.8% |
| Land and buildings | 22 | €103,116 | €92,815 | -€10,301 | -10.0% |
| Furniture and vehicles | 24 | €115,785 | €204,362 | +€88,577 | +76.5% |
| Financial fixed assets | 28 | €15,951 | €13,543 | -€2,408 | -15.1% |
| Current assets | 29/58 | €1,096,519 | €1,098,991 | +€2,472 | +0.2% |
| Stocks and contracts in progress | 3 | €215,268 | €247,811 | +€32,543 | +15.1% |
| Stocks | 30/36 | €215,268 | €247,811 | +€32,543 | +15.1% |
| Amounts receivable within one year | 40/41 | €482,878 | €428,345 | -€54,533 | -11.3% |
| Trade receivables | 40 | €319,526 | €217,967 | -€101,558 | -31.8% |
| Other amounts receivable | 41 | €163,353 | €210,378 | +€47,025 | +28.8% |
| Cash at bank and in hand | 54/58 | €384,622 | €405,960 | +€21,338 | +5.5% |
| Deferred charges and accrued income | 490/1 | €13,751 | €16,875 | +€3,124 | +22.7% |
| Total equity and liabilities | 10/49 | €1,331,371 | €1,409,711 | +€78,340 | +5.9% |
| Equity | 10/15 | €915,523 | €971,420 | +€55,897 | +6.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €29,327 | €29,327 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €23,129 | €23,129 | = | 0.0% |
| Profit (loss) carried forward | 14 | €824,223 | €880,120 | +€55,897 | +6.8% |
| Amounts payable | 17/49 | €415,848 | €438,291 | +€22,443 | +5.4% |
| Amounts payable after more than one year | 17 | €66,074 | €129,129 | +€63,055 | +95.4% |
| Financial debts | 170/4 | €66,074 | €129,129 | +€63,055 | +95.4% |
| Amounts payable within one year | 42/48 | €246,448 | €192,976 | -€53,471 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €38,361 | €68,191 | +€29,830 | +77.8% |
| Trade debts | 44 | €62,593 | €6,919 | -€55,674 | -88.9% |
| Suppliers | 440/4 | €62,593 | €6,919 | -€55,674 | -88.9% |
| Taxes, remuneration and social security | 45 | €118,226 | €117,866 | -€360 | -0.3% |
| Taxes | 450/3 | €58,700 | €51,485 | -€7,215 | -12.3% |
| Remuneration and social security | 454/9 | €59,526 | €66,381 | +€6,855 | +11.5% |
| Other amounts payable | 47/48 | €27,268 | - | -€27,268 | |
| Accrued charges and deferred income | 492/3 | €103,326 | €116,186 | +€12,860 | +12.4% |
| Non-recurring operating income | 76A | €4,732 | €13,580 | +€8,848 | +187.0% |
| Remuneration, social security and pensions | 62 | €533,253 | €583,719 | +€50,465 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,845 | €65,848 | +€2,003 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €38 | +€38 | |
| Other operating charges | 640/8 | €17,188 | €17,608 | +€421 | +2.4% |
| Non-recurring operating charges | 66A | €123,414 | €13,684 | -€109,730 | -88.9% |
| Gross operating margin | 9900 | €361,501 | €624,990 | +€263,489 | +72.9% |
| Operating profit (loss) | 9901 | -€376,199 | -€55,906 | +€320,293 | +85.1% |
| Financial income | 75/76B | €70,018 | €137,815 | +€67,797 | +96.8% |
| Recurring financial income | 75 | €70,018 | €136,122 | +€66,104 | +94.4% |
| Non-recurring financial income | 76B | - | €1,693 | +€1,693 | |
| Financial charges | 65/66B | €18,928 | €25,058 | +€6,129 | +32.4% |
| Recurring financial charges | 65 | €18,928 | €25,058 | +€6,129 | +32.4% |
| Profit (loss) for the period before taxes | 9903 | -€325,109 | €56,851 | +€381,960 | |
| Income taxes | 67/77 | €12,123 | €954 | -€11,169 | -92.1% |
| Profit (loss) for the period | 9904 | -€337,232 | €55,897 | +€393,129 | |
| Profit (loss) for the period to be appropriated | 9905 | -€337,232 | €55,897 | +€393,129 |
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 28 September 2026 via checked.be.