BDH: 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.
BDH
Largest movements
- Stocks and contracts +€110,909
up €110,909 (+41.3%), from €268,740 to €379,649
- Receivables within one year -€101,433
down €101,433 (-18.2%), from €556,674 to €455,241
of which Trade receivables: -€105,261
- Tangible fixed assets +€31,659
up €31,659 (+13.6%), from €232,111 to €263,771
of which Furniture and vehicles: +€27,732
- Cash -€23,469
down €23,469 (-19.4%), from €120,780 to €97,312
mainly Investment in fixed assets (net) (-€138,143) and Stocks and contracts (-€110,909)
- Deferred charges and accrued income -€13,258
down €13,258 (-40.3%), from €32,863 to €19,605
- Profit (loss) carried forward +€66,201
up €66,201 (+17.8%), from €371,916 to €438,117
- Tax, wage and social debts +€60,731
up €60,731 (+115.8%), from €52,429 to €113,160
of which Remuneration and social security: +€60,010
- Trade debts -€45,478
down €45,478 (-15.1%), from €300,562 to €255,084
- Advances received -€42,026
no longer reported in 2025 (was €42,026)
- Debts after one year -€30,400
down €30,400 (-21.7%), from €140,410 to €110,010
- Gross operating margin +€148,605
up €148,605 (+9.3%), from €1.6m to €1.7m
- Taxes +€31,661
up €31,661 (+556.3%), from €5,691 to €37,352
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 | €1,212,030 | €1,218,235 | +€6,205 | +0.5% |
| Fixed assets | 21/28 | €232,973 | €266,428 | +€33,455 | +14.4% |
| Intangible fixed assets | 21 | €452 | €2,392 | +€1,940 | +429.4% |
| Tangible fixed assets | 22/27 | €232,111 | €263,771 | +€31,659 | +13.6% |
| Plant, machinery and equipment | 23 | €50,463 | €55,744 | +€5,281 | +10.5% |
| Furniture and vehicles | 24 | €138,896 | €166,628 | +€27,732 | +20.0% |
| Other tangible fixed assets | 26 | €42,752 | €41,399 | -€1,354 | -3.2% |
| Financial fixed assets | 28 | €410 | €266 | -€144 | -35.2% |
| Current assets | 29/58 | €979,058 | €951,807 | -€27,250 | -2.8% |
| Stocks and contracts in progress | 3 | €268,740 | €379,649 | +€110,909 | +41.3% |
| Stocks | 30/36 | €268,740 | €379,649 | +€110,909 | +41.3% |
| Amounts receivable within one year | 40/41 | €556,674 | €455,241 | -€101,433 | -18.2% |
| Trade receivables | 40 | €383,717 | €278,456 | -€105,261 | -27.4% |
| Other amounts receivable | 41 | €172,957 | €176,785 | +€3,828 | +2.2% |
| Cash at bank and in hand | 54/58 | €120,780 | €97,312 | -€23,469 | -19.4% |
| Deferred charges and accrued income | 490/1 | €32,863 | €19,605 | -€13,258 | -40.3% |
| Total equity and liabilities | 10/49 | €1,212,030 | €1,218,235 | +€6,205 | +0.5% |
| Equity | 10/15 | €450,566 | €516,767 | +€66,201 | +14.7% |
| Contributions | 10/11 | €71,500 | €71,500 | = | 0.0% |
| Capital | 10 | €71,500 | €71,500 | = | 0.0% |
| Issued capital | 100 | €71,500 | €71,500 | = | 0.0% |
| Reserves | 13 | €7,150 | €7,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,150 | €7,150 | = | 0.0% |
| Legal reserve | 130 | €7,150 | €7,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €371,916 | €438,117 | +€66,201 | +17.8% |
| Amounts payable | 17/49 | €761,465 | €701,468 | -€59,996 | -7.9% |
| Amounts payable after more than one year | 17 | €140,410 | €110,010 | -€30,400 | -21.7% |
| Financial debts | 170/4 | €140,410 | €110,010 | -€30,400 | -21.7% |
| Amounts payable within one year | 42/48 | €609,471 | €587,316 | -€22,155 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €99,349 | €90,042 | -€9,308 | -9.4% |
| Trade debts | 44 | €300,562 | €255,084 | -€45,478 | -15.1% |
| Suppliers | 440/4 | €300,562 | €255,084 | -€45,478 | -15.1% |
| Advances received on contracts in progress | 46 | €42,026 | - | -€42,026 | |
| Taxes, remuneration and social security | 45 | €52,429 | €113,160 | +€60,731 | +115.8% |
| Taxes | 450/3 | €2,275 | €2,996 | +€721 | +31.7% |
| Remuneration and social security | 454/9 | €50,153 | €110,164 | +€60,010 | +119.7% |
| Other amounts payable | 47/48 | €115,105 | €129,030 | +€13,926 | +12.1% |
| Accrued charges and deferred income | 492/3 | €11,584 | €4,142 | -€7,442 | -64.2% |
| Remuneration, social security and pensions | 62 | €1,451,243 | €1,464,824 | +€13,581 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,977 | €104,688 | +€12,710 | +13.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,000 | -€1,000 | |
| Other operating charges | 640/8 | €5,445 | €7,763 | +€2,318 | +42.6% |
| Gross operating margin | 9900 | €1,591,810 | €1,740,414 | +€148,605 | +9.3% |
| Operating profit (loss) | 9901 | €43,145 | €164,140 | +€120,995 | +280.4% |
| Financial income | 75/76B | €8,949 | €5,751 | -€3,198 | -35.7% |
| Recurring financial income | 75 | €8,949 | €5,751 | -€3,198 | -35.7% |
| Financial charges | 65/66B | €14,802 | €16,337 | +€1,535 | +10.4% |
| Recurring financial charges | 65 | €14,802 | €16,337 | +€1,535 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €37,291 | €153,554 | +€116,262 | +311.8% |
| Income taxes | 67/77 | €5,691 | €37,352 | +€31,661 | +556.3% |
| Profit (loss) for the period | 9904 | €31,600 | €116,201 | +€84,601 | +267.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,600 | €116,201 | +€84,601 | +267.7% |
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 2 October 2026 via checked.be.