BD-Strategy: 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.
BD-Strategy
Largest movements
- Receivables within one year -€69,434
down €69,434 (-71.0%), from €97,772 to €28,338
of which Trade receivables: -€65,300
- Current investments +€45,245
up €45,245 (+50.0%), from €90,542 to €135,787
- Cash +€44,059
up €44,059 (+335.0%), from €13,153 to €57,212
mainly Other debts (+€115,503) and Receivables within one year (+€69,434)
- Tangible fixed assets -€15,346
down €15,346 (-21.3%), from €72,075 to €56,729
of which Furniture and vehicles: -€13,817
- Deferred charges and accrued income -€2,903
down €2,903 (-57.4%), from €5,057 to €2,154
- Other debts +€115,503
up €115,503 (+3876.5%), from €2,980 to €118,483
- Trade debts -€64,234
down €64,234 (-98.7%), from €65,095 to €861
- Reserves -€52,618
down €52,618 (-28.6%), from €183,688 to €131,070
- Tax, wage and social debts +€2,907
up €2,907 (+35.4%), from €8,215 to €11,122
- Depreciation +€13,102
up €13,102 (+584.0%), from €2,244 to €15,346
- Gross operating margin +€12,345
up €12,345 (+15.2%), from €81,202 to €93,547
- Financial income +€9,960
up €9,960 (+102.9%), from €9,675 to €19,635
- Taxes +€5,480
up €5,480 (+24.2%), from €22,652 to €28,132
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 | €278,599 | €280,220 | +€1,621 | +0.6% |
| Fixed assets | 21/28 | €72,075 | €56,729 | -€15,346 | -21.3% |
| Tangible fixed assets | 22/27 | €72,075 | €56,729 | -€15,346 | -21.3% |
| Plant, machinery and equipment | 23 | €4,902 | €3,463 | -€1,439 | -29.4% |
| Furniture and vehicles | 24 | €66,923 | €53,106 | -€13,817 | -20.6% |
| Other tangible fixed assets | 26 | €250 | €160 | -€90 | -36.1% |
| Current assets | 29/58 | €206,524 | €223,491 | +€16,967 | +8.2% |
| Amounts receivable within one year | 40/41 | €97,772 | €28,338 | -€69,434 | -71.0% |
| Trade receivables | 40 | €93,638 | €28,338 | -€65,300 | -69.7% |
| Other amounts receivable | 41 | €4,134 | - | -€4,134 | |
| Current investments | 50/53 | €90,542 | €135,787 | +€45,245 | +50.0% |
| Cash at bank and in hand | 54/58 | €13,153 | €57,212 | +€44,059 | +335.0% |
| Deferred charges and accrued income | 490/1 | €5,057 | €2,154 | -€2,903 | -57.4% |
| Total equity and liabilities | 10/49 | €278,599 | €280,220 | +€1,621 | +0.6% |
| Equity | 10/15 | €202,288 | €149,670 | -€52,618 | -26.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €183,688 | €131,070 | -€52,618 | -28.6% |
| Distributable reserves | 133 | €183,688 | €131,070 | -€52,618 | -28.6% |
| Amounts payable | 17/49 | €76,311 | €130,550 | +€54,239 | +71.1% |
| Amounts payable within one year | 42/48 | €76,289 | €130,466 | +€54,177 | +71.0% |
| Trade debts | 44 | €65,095 | €861 | -€64,234 | -98.7% |
| Suppliers | 440/4 | €65,095 | €861 | -€64,234 | -98.7% |
| Taxes, remuneration and social security | 45 | €8,215 | €11,122 | +€2,907 | +35.4% |
| Taxes | 450/3 | €8,215 | €11,122 | +€2,907 | +35.4% |
| Other amounts payable | 47/48 | €2,980 | €118,483 | +€115,503 | +3876.5% |
| Accrued charges and deferred income | 492/3 | €22 | €84 | +€62 | +290.0% |
| Non-recurring operating income | 76A | €1,407 | - | -€1,407 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,244 | €15,346 | +€13,102 | +584.0% |
| Other operating charges | 640/8 | €3,530 | €4,313 | +€783 | +22.2% |
| Gross operating margin | 9900 | €81,202 | €93,547 | +€12,345 | +15.2% |
| Operating profit (loss) | 9901 | €75,428 | €73,888 | -€1,540 | -2.0% |
| Financial income | 75/76B | €9,675 | €19,635 | +€9,960 | +102.9% |
| Recurring financial income | 75 | €9,675 | €19,635 | +€9,960 | +102.9% |
| Financial charges | 65/66B | €1,269 | €362 | -€907 | -71.5% |
| Recurring financial charges | 65 | €1,269 | €362 | -€907 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €83,835 | €93,161 | +€9,326 | +11.1% |
| Income taxes | 67/77 | €22,652 | €28,132 | +€5,480 | +24.2% |
| Profit (loss) for the period | 9904 | €61,184 | €65,029 | +€3,845 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,184 | €65,029 | +€3,845 | +6.3% |
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 11 October 2026 via checked.be.