BDC-RAD: 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.
BDC-RAD
Largest movements
- Current investments +€400,875
up €400,875 (+1180.3%), from €33,963 to €434,838
- Cash -€159,742
down €159,742 (-64.6%), from €247,454 to €87,713
mainly Current investments (-€400,875) and Contributions, distributions and other (-€250,000)
- Deferred charges and accrued income +€24,201
up €24,201 (+12.2%), from €198,464 to €222,666
- Tangible fixed assets -€8,724
down €8,724 (-37.2%), from €23,459 to €14,736
of which Furniture and vehicles: -€7,163
- Reserves +€178,500
up €178,500 (+87.0%), from €205,250 to €383,750
of which Distributable reserves: +€178,500
- Other debts +€49,619
up €49,619 (+19.2%), from €258,146 to €307,765
- Tax, wage and social debts +€28,205
up €28,205 (+145.9%), from €19,337 to €47,542
- Gross operating margin +€30,809
up €30,809 (+5.6%), from €551,850 to €582,658
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 | €503,407 | €759,952 | +€256,545 | +51.0% |
| Fixed assets | 21/28 | €23,459 | €14,736 | -€8,724 | -37.2% |
| Tangible fixed assets | 22/27 | €23,459 | €14,736 | -€8,724 | -37.2% |
| Plant, machinery and equipment | 23 | €6,832 | €5,272 | -€1,560 | -22.8% |
| Furniture and vehicles | 24 | €16,627 | €9,464 | -€7,163 | -43.1% |
| Current assets | 29/58 | €479,948 | €745,216 | +€265,269 | +55.3% |
| Amounts receivable within one year | 40/41 | €67 | - | -€67 | |
| Trade receivables | 40 | €67 | - | -€67 | |
| Current investments | 50/53 | €33,963 | €434,838 | +€400,875 | +1180.3% |
| Cash at bank and in hand | 54/58 | €247,454 | €87,713 | -€159,742 | -64.6% |
| Deferred charges and accrued income | 490/1 | €198,464 | €222,666 | +€24,201 | +12.2% |
| Total equity and liabilities | 10/49 | €503,407 | €759,952 | +€256,545 | +51.0% |
| Equity | 10/15 | €225,924 | €404,582 | +€178,658 | +79.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €205,250 | €383,750 | +€178,500 | +87.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €278,500 | +€178,500 | +178.5% |
| Profit (loss) carried forward | 14 | €2,074 | €2,232 | +€158 | +7.6% |
| Amounts payable | 17/49 | €277,483 | €355,370 | +€77,887 | +28.1% |
| Amounts payable within one year | 42/48 | €277,483 | €355,370 | +€77,887 | +28.1% |
| Trade debts | 44 | - | €63 | +€63 | |
| Suppliers | 440/4 | - | €63 | +€63 | |
| Taxes, remuneration and social security | 45 | €19,337 | €47,542 | +€28,205 | +145.9% |
| Taxes | 450/3 | €19,337 | €47,542 | +€28,205 | +145.9% |
| Other amounts payable | 47/48 | €258,146 | €307,765 | +€49,619 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,035 | €13,294 | +€258 | +2.0% |
| Other operating charges | 640/8 | €694 | €3,884 | +€3,190 | +459.7% |
| Gross operating margin | 9900 | €551,850 | €582,658 | +€30,809 | +5.6% |
| Operating profit (loss) | 9901 | €538,121 | €565,481 | +€27,360 | +5.1% |
| Financial income | 75/76B | €5,644 | €2,019 | -€3,626 | -64.2% |
| Recurring financial income | 75 | €5,644 | €2,019 | -€3,626 | -64.2% |
| Financial charges | 65/66B | €84 | €120 | +€36 | +43.3% |
| Recurring financial charges | 65 | €84 | €120 | +€36 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | €543,681 | €567,379 | +€23,698 | +4.4% |
| Transfer to deferred taxes | 680 | €105,250 | - | -€105,250 | |
| Income taxes | 67/77 | €134,737 | €138,721 | +€3,984 | +3.0% |
| Profit (loss) for the period | 9904 | €303,694 | €428,658 | +€124,965 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €303,694 | €428,658 | +€124,965 | +41.1% |
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.