BCO: 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.
BCO
Largest movements
- Cash -€585,213
down €585,213 (-48.4%), from €1.2m to €624,606
mainly Stocks and contracts (-€298,712) and Trade debts (-€192,596)
- Stocks and contracts +€298,712
up €298,712 (+87.3%), from €342,073 to €640,786
- Receivables within one year +€111,046
up €111,046 (+134.1%), from €82,786 to €193,831
of which Other amounts receivable: +€57,806
- Trade debts -€192,596
down €192,596 (-40.7%), from €473,490 to €280,893
- Advances received +€164,677
up €164,677 (+23.0%), from €716,135 to €880,812
- Other debts -€91,716
down €91,716 (-97.7%), from €93,872 to €2,157
- Reserves -€41,553
down €41,553 (-13.0%), from €320,782 to €279,229
- Tax, wage and social debts -€20,766
down €20,766 (-71.9%), from €28,888 to €8,121
- Gross operating margin -€127,265
down €127,265 (-98.9%), from €128,634 to €1,369
- Write-downs +€41,155
new in 2025: €41,155
- Taxes -€31,266
down €31,266 (-100.0%), from €31,266 to €0
- Financial charges -€21,388
down €21,388 (-64.6%), from €33,108 to €11,719
- Financial income -€16,602
down €16,602 (-59.5%), from €27,897 to €11,295
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 | €1,648,167 | €1,459,912 | -€188,255 | -11.4% |
| Fixed assets | 21/28 | €13,489 | €689 | -€12,800 | -94.9% |
| Tangible fixed assets | 22/27 | €314 | €114 | -€200 | -63.6% |
| Furniture and vehicles | 24 | €314 | €114 | -€200 | -63.6% |
| Financial fixed assets | 28 | €13,174 | €574 | -€12,600 | -95.6% |
| Current assets | 29/58 | €1,634,678 | €1,459,223 | -€175,455 | -10.7% |
| Stocks and contracts in progress | 3 | €342,073 | €640,786 | +€298,712 | +87.3% |
| Contracts in progress | 37 | €342,073 | €640,786 | +€298,712 | +87.3% |
| Amounts receivable within one year | 40/41 | €82,786 | €193,831 | +€111,046 | +134.1% |
| Trade receivables | 40 | €82,786 | €136,026 | +€53,240 | +64.3% |
| Other amounts receivable | 41 | €0 | €57,806 | +€57,806 | |
| Cash at bank and in hand | 54/58 | €1,209,819 | €624,606 | -€585,213 | -48.4% |
| Total equity and liabilities | 10/49 | €1,648,167 | €1,459,912 | -€188,255 | -11.4% |
| Equity | 10/15 | €326,982 | €285,429 | -€41,553 | -12.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €320,782 | €279,229 | -€41,553 | -13.0% |
| Distributable reserves | 133 | €320,782 | €279,229 | -€41,553 | -13.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,321,185 | €1,174,483 | -€146,701 | -11.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,312,385 | €1,171,983 | -€140,402 | -10.7% |
| Trade debts | 44 | €473,490 | €280,893 | -€192,596 | -40.7% |
| Suppliers | 440/4 | €473,490 | €280,893 | -€192,596 | -40.7% |
| Advances received on contracts in progress | 46 | €716,135 | €880,812 | +€164,677 | +23.0% |
| Taxes, remuneration and social security | 45 | €28,888 | €8,121 | -€20,766 | -71.9% |
| Taxes | 450/3 | €28,888 | €8,121 | -€20,766 | -71.9% |
| Other amounts payable | 47/48 | €93,872 | €2,157 | -€91,716 | -97.7% |
| Accrued charges and deferred income | 492/3 | €8,800 | €2,500 | -€6,300 | -71.6% |
| Non-recurring operating income | 76A | €4,563 | €3,200 | -€1,363 | -29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200 | €200 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €41,155 | +€41,155 | |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €128,634 | €1,369 | -€127,265 | -98.9% |
| Operating profit (loss) | 9901 | €127,326 | -€41,128 | -€168,454 | |
| Financial income | 75/76B | €27,897 | €11,295 | -€16,602 | -59.5% |
| Recurring financial income | 75 | €27,897 | €11,295 | -€16,602 | -59.5% |
| Financial charges | 65/66B | €33,108 | €11,719 | -€21,388 | -64.6% |
| Recurring financial charges | 65 | €33,108 | €11,719 | -€21,388 | -64.6% |
| Profit (loss) for the period before taxes | 9903 | €122,115 | -€41,553 | -€163,668 | |
| Income taxes | 67/77 | €31,266 | €0 | -€31,266 | -100.0% |
| Profit (loss) for the period | 9904 | €90,849 | -€41,553 | -€132,402 | |
| Profit (loss) for the period to be appropriated | 9905 | €90,849 | -€41,553 | -€132,402 |
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 10 October 2026 via checked.be.