BDP: 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.
BDP
Largest movements
- Financial fixed assets +€590,930
up €590,930 (+191.1%), from €309,279 to €900,209
- Tangible fixed assets +€325,138
up €325,138 (+22.9%), from €1.4m to €1.7m
of which Land and buildings: +€325,583
- Cash -€241,024
down €241,024 (-62.2%), from €387,790 to €146,766
mainly Short-term financial debts (-€1.7m) and Investment in fixed assets (net) (-€967,961)
- Receivables within one year +€62,438
up €62,438 (+11.1%), from €562,765 to €625,202
of which Other amounts receivable: +€61,901
- Debts after one year +€1.8m
up €1.8m (+106.7%), from €1.7m to €3.5m
of which Financial debts: +€1.8m
- Short-term financial debts -€1.7m
down €1.7m (-67.2%), from €2.5m to €833,954
of which Credit institutions: -€1.7m
- Other debts +€471,660
up €471,660 (+454.7%), from €103,738 to €575,398
- Profit (loss) carried forward -€128,400
down €128,400 (-32.2%), from €399,221 to €270,821
- Trade debts +€95,212
up €95,212 (+5159.7%), from €1,845 to €97,057
- Financial income -€211,973
down €211,973 (-98.8%), from €214,610 to €2,637
of which Non-recurring financial income: -€214,498
- Gross operating margin +€41,677
up €41,677 (+9.7%), from €431,288 to €472,965
- Depreciation -€38,870
down €38,870 (-42.8%), from €90,764 to €51,894
- Financial charges +€29,225
up €29,225 (+21.1%), from €138,554 to €167,779
- Taxes +€15,638
up €15,638 (+46.3%), from €33,809 to €49,447
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 | €4,887,591 | €5,584,377 | +€696,786 | +14.3% |
| Fixed assets | 21/28 | €1,730,803 | €2,646,870 | +€916,068 | +52.9% |
| Tangible fixed assets | 22/27 | €1,421,523 | €1,746,661 | +€325,138 | +22.9% |
| Land and buildings | 22 | €1,421,078 | €1,746,661 | +€325,583 | +22.9% |
| Furniture and vehicles | 24 | €445 | €0 | -€445 | -100.0% |
| Financial fixed assets | 28 | €309,279 | €900,209 | +€590,930 | +191.1% |
| Current assets | 29/58 | €3,156,789 | €2,937,507 | -€219,282 | -6.9% |
| Stocks and contracts in progress | 3 | €2,200,853 | €2,160,595 | -€40,258 | -1.8% |
| Stocks | 30/36 | €2,200,853 | €2,160,595 | -€40,258 | -1.8% |
| Amounts receivable within one year | 40/41 | €562,765 | €625,202 | +€62,438 | +11.1% |
| Trade receivables | 40 | €5,599 | €6,135 | +€537 | +9.6% |
| Other amounts receivable | 41 | €557,166 | €619,067 | +€61,901 | +11.1% |
| Cash at bank and in hand | 54/58 | €387,790 | €146,766 | -€241,024 | -62.2% |
| Deferred charges and accrued income | 490/1 | €5,381 | €4,943 | -€437 | -8.1% |
| Total equity and liabilities | 10/49 | €4,887,591 | €5,584,377 | +€696,786 | +14.3% |
| Equity | 10/15 | €414,221 | €285,821 | -€128,400 | -31.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €399,221 | €270,821 | -€128,400 | -32.2% |
| Amounts payable | 17/49 | €4,473,370 | €5,298,556 | +€825,186 | +18.4% |
| Amounts payable after more than one year | 17 | €1,672,090 | €3,456,466 | +€1.8m | +106.7% |
| Financial debts | 170/4 | €1,665,000 | €3,449,376 | +€1.8m | +107.2% |
| Other amounts payable | 178/9 | €7,090 | €7,090 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,673,592 | €1,680,936 | -€992,656 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | - | €82,159 | +€82,159 | |
| Financial debts | 43 | €2,545,968 | €833,954 | -€1.7m | -67.2% |
| Credit institutions | 430/8 | €2,545,442 | €833,930 | -€1.7m | -67.2% |
| Other loans | 439 | €526 | €24 | -€502 | -95.5% |
| Trade debts | 44 | €1,845 | €97,057 | +€95,212 | +5159.7% |
| Suppliers | 440/4 | €1,845 | €97,057 | +€95,212 | +5159.7% |
| Taxes, remuneration and social security | 45 | €22,040 | €92,369 | +€70,328 | +319.1% |
| Taxes | 450/3 | €17,012 | €85,447 | +€68,435 | +402.3% |
| Remuneration and social security | 454/9 | €5,028 | €6,922 | +€1,894 | +37.7% |
| Other amounts payable | 47/48 | €103,738 | €575,398 | +€471,660 | +454.7% |
| Accrued charges and deferred income | 492/3 | €127,688 | €161,153 | +€33,465 | +26.2% |
| Non-recurring operating income | 76A | €25 | €0 | -€25 | -100.0% |
| Remuneration, social security and pensions | 62 | €25,524 | €30,670 | +€5,145 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,764 | €51,894 | -€38,870 | -42.8% |
| Other operating charges | 640/8 | €7,119 | €4,212 | -€2,907 | -40.8% |
| Non-recurring operating charges | 66A | €22,670 | €0 | -€22,670 | -100.0% |
| Gross operating margin | 9900 | €431,288 | €472,965 | +€41,677 | +9.7% |
| Operating profit (loss) | 9901 | €285,210 | €386,190 | +€100,979 | +35.4% |
| Financial income | 75/76B | €214,610 | €2,637 | -€211,973 | -98.8% |
| Recurring financial income | 75 | €113 | €2,637 | +€2,524 | +2242.6% |
| Non-recurring financial income | 76B | €214,498 | €0 | -€214,498 | -100.0% |
| Financial charges | 65/66B | €138,554 | €167,779 | +€29,225 | +21.1% |
| Recurring financial charges | 65 | €138,554 | €167,779 | +€29,225 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €361,266 | €221,047 | -€140,219 | -38.8% |
| Income taxes | 67/77 | €33,809 | €49,447 | +€15,638 | +46.3% |
| Profit (loss) for the period | 9904 | €327,457 | €171,600 | -€155,857 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €327,457 | €171,600 | -€155,857 | -47.6% |
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 7 October 2026 via checked.be.