BDF PROJECTS: 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.
BDF PROJECTS
Largest movements
- Financial fixed assets +€95,802
new in 2025: €95,802
- Receivables within one year +€37,116
up €37,116 (+189.1%), from €19,625 to €56,741
- Intangible fixed assets -€6,283
no longer reported in 2025 (was €6,283)
- Cash -€5,214
down €5,214 (-56.5%), from €9,234 to €4,020
mainly Investment in fixed assets (net) (-€95,802) and Receivables within one year (-€37,116)
- Tangible fixed assets -€5,194
down €5,194 (-38.2%), from €13,610 to €8,416
of which Furniture and vehicles: -€3,283
- Debts after one year +€47,581
new in 2025: €47,581
- Trade debts +€24,750
up €24,750 (+239.5%), from €10,334 to €35,084
- Tax, wage and social debts +€11,898
up €11,898 (+120.1%), from €9,910 to €21,808
- Other debts +€11,048
up €11,048 (+40.1%), from €27,534 to €38,582
- Current portion of long-term debt +€9,066
new in 2025: €9,066
- Depreciation +€5,047
up €5,047 (+78.5%), from €6,430 to €11,477
- Gross operating margin +€4,574
up €4,574 (+11.8%), from €38,619 to €43,193
- Taxes +€3,499
up €3,499 (+63.7%), from €5,493 to €8,992
- Financial charges +€784
up €784 (+86.3%), from €909 to €1,692
- Other operating charges -€696
down €696 (-39.0%), from €1,784 to €1,088
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 | €64,830 | €181,136 | +€116,306 | +179.4% |
| Fixed assets | 21/28 | €19,892 | €104,218 | +€84,325 | +423.9% |
| Intangible fixed assets | 21 | €6,283 | - | -€6,283 | |
| Tangible fixed assets | 22/27 | €13,610 | €8,416 | -€5,194 | -38.2% |
| Plant, machinery and equipment | 23 | €3,539 | €1,628 | -€1,911 | -54.0% |
| Furniture and vehicles | 24 | €10,071 | €6,788 | -€3,283 | -32.6% |
| Financial fixed assets | 28 | - | €95,802 | +€95,802 | |
| Current assets | 29/58 | €44,937 | €76,918 | +€31,981 | +71.2% |
| Stocks and contracts in progress | 3 | €16,079 | €16,157 | +€78 | +0.5% |
| Stocks | 30/36 | €16,079 | €16,157 | +€78 | +0.5% |
| Amounts receivable within one year | 40/41 | €19,625 | €56,741 | +€37,116 | +189.1% |
| Trade receivables | 40 | €19,625 | €56,741 | +€37,116 | +189.1% |
| Cash at bank and in hand | 54/58 | €9,234 | €4,020 | -€5,214 | -56.5% |
| Total equity and liabilities | 10/49 | €64,830 | €181,136 | +€116,306 | +179.4% |
| Equity | 10/15 | €17,051 | €29,014 | +€11,962 | +70.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €10,414 | +€8,554 | +459.9% |
| 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 | - | €8,554 | +€8,554 | |
| Profit (loss) carried forward | 14 | -€3,409 | - | +€3,409 | |
| Amounts payable | 17/49 | €47,778 | €152,122 | +€104,344 | +218.4% |
| Amounts payable after more than one year | 17 | - | €47,581 | +€47,581 | |
| Financial debts | 170/4 | - | €47,581 | +€47,581 | |
| Amounts payable within one year | 42/48 | €47,778 | €104,541 | +€56,762 | +118.8% |
| Current portion of amounts payable after more than one year | 42 | - | €9,066 | +€9,066 | |
| Trade debts | 44 | €10,334 | €35,084 | +€24,750 | +239.5% |
| Suppliers | 440/4 | €10,334 | €35,084 | +€24,750 | +239.5% |
| Taxes, remuneration and social security | 45 | €9,910 | €21,808 | +€11,898 | +120.1% |
| Taxes | 450/3 | €9,910 | €21,808 | +€11,898 | +120.1% |
| Other amounts payable | 47/48 | €27,534 | €38,582 | +€11,048 | +40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,430 | €11,477 | +€5,047 | +78.5% |
| Other operating charges | 640/8 | €1,784 | €1,088 | -€696 | -39.0% |
| Gross operating margin | 9900 | €38,619 | €43,193 | +€4,574 | +11.8% |
| Operating profit (loss) | 9901 | €30,405 | €30,629 | +€224 | +0.7% |
| Financial income | 75/76B | €27 | €18 | -€9 | -34.3% |
| Recurring financial income | 75 | €27 | €18 | -€9 | -34.3% |
| Financial charges | 65/66B | €909 | €1,692 | +€784 | +86.3% |
| Recurring financial charges | 65 | €909 | €1,692 | +€784 | +86.3% |
| Profit (loss) for the period before taxes | 9903 | €29,524 | €28,954 | -€569 | -1.9% |
| Income taxes | 67/77 | €5,493 | €8,992 | +€3,499 | +63.7% |
| Profit (loss) for the period | 9904 | €24,030 | €19,962 | -€4,068 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,030 | €19,962 | -€4,068 | -16.9% |
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 6 October 2026 via checked.be.