BDR MANAGEMENT: 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.
BDR MANAGEMENT
Largest movements
- Receivables after one year +€425,000
up €425,000 (+24.8%), from €1.7m to €2.1m
- Cash -€46,883
down €46,883 (-37.3%), from €125,637 to €78,755
mainly Receivables after one year (-€425,000) and Debts after one year (-€105,592)
- Current investments +€43,761
up €43,761 (+15.4%), from €284,800 to €328,560
- Tangible fixed assets -€40,468
down €40,468 (-7.3%), from €555,218 to €514,750
of which Land and buildings: -€20,572
- Other debts +€423,500
up €423,500 (+520.8%), from €81,320 to €504,820
- Debts after one year -€105,592
down €105,592 (-31.1%), from €339,468 to €233,876
- Reserves +€46,260
up €46,260 (+2.2%), from €2.2m to €2.2m
of which Distributable reserves: +€173,486
- Gross operating margin +€30,127
up €30,127 (+64.5%), from €46,685 to €76,812
- Financial income -€29,049
down €29,049 (-27.6%), from €105,242 to €76,193
- Taxes +€12,894
up €12,894 (+60.6%), from €21,281 to €34,175
- Financial charges +€7,688
up €7,688 (+37.6%), from €20,470 to €28,159
- Depreciation -€1,984
down €1,984 (-4.7%), from €42,451 to €40,468
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 | €2,716,033 | €3,099,918 | +€383,885 | +14.1% |
| Fixed assets | 21/28 | €555,218 | €514,750 | -€40,468 | -7.3% |
| Tangible fixed assets | 22/27 | €555,218 | €514,750 | -€40,468 | -7.3% |
| Land and buildings | 22 | €481,139 | €460,568 | -€20,572 | -4.3% |
| Furniture and vehicles | 24 | €74,078 | €54,182 | -€19,896 | -26.9% |
| Current assets | 29/58 | €2,160,815 | €2,585,168 | +€424,353 | +19.6% |
| Amounts receivable after more than one year | 29 | €1,716,000 | €2,141,000 | +€425,000 | +24.8% |
| Other amounts receivable | 291 | €1,716,000 | €2,141,000 | +€425,000 | +24.8% |
| Amounts receivable within one year | 40/41 | €17,620 | €22,108 | +€4,488 | +25.5% |
| Trade receivables | 40 | €14,460 | €22,108 | +€7,648 | +52.9% |
| Other amounts receivable | 41 | €3,161 | €1 | -€3,160 | -100.0% |
| Current investments | 50/53 | €284,800 | €328,560 | +€43,761 | +15.4% |
| Cash at bank and in hand | 54/58 | €125,637 | €78,755 | -€46,883 | -37.3% |
| Deferred charges and accrued income | 490/1 | €16,758 | €14,745 | -€2,013 | -12.0% |
| Total equity and liabilities | 10/49 | €2,716,033 | €3,099,918 | +€383,885 | +14.1% |
| Equity | 10/15 | €2,163,822 | €2,210,082 | +€46,260 | +2.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,151,422 | €2,197,682 | +€46,260 | +2.2% |
| Tax-exempt reserves | 132 | €313,311 | €186,085 | -€127,226 | -40.6% |
| Distributable reserves | 133 | €1,838,111 | €2,011,597 | +€173,486 | +9.4% |
| Provisions and deferred taxes | 16 | €3,397 | €3,088 | -€309 | -9.1% |
| Deferred taxes | 168 | €3,397 | €3,088 | -€309 | -9.1% |
| Amounts payable | 17/49 | €548,813 | €886,748 | +€337,934 | +61.6% |
| Amounts payable after more than one year | 17 | €339,468 | €233,876 | -€105,592 | -31.1% |
| Financial debts | 170/4 | €339,468 | €233,876 | -€105,592 | -31.1% |
| Amounts payable within one year | 42/48 | €203,835 | €649,191 | +€445,356 | +218.5% |
| Current portion of amounts payable after more than one year | 42 | €103,757 | €105,592 | +€1,835 | +1.8% |
| Trade debts | 44 | €3,464 | €4,376 | +€912 | +26.3% |
| Suppliers | 440/4 | €3,464 | €4,376 | +€912 | +26.3% |
| Taxes, remuneration and social security | 45 | €15,294 | €34,403 | +€19,109 | +124.9% |
| Taxes | 450/3 | €12,194 | €31,283 | +€19,089 | +156.5% |
| Remuneration and social security | 454/9 | €3,100 | €3,120 | +€20 | +0.6% |
| Other amounts payable | 47/48 | €81,320 | €504,820 | +€423,500 | +520.8% |
| Accrued charges and deferred income | 492/3 | €5,510 | €3,680 | -€1,829 | -33.2% |
| Non-recurring operating income | 76A | €1,288 | - | -€1,288 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,451 | €40,468 | -€1,984 | -4.7% |
| Other operating charges | 640/8 | €3,528 | €4,252 | +€724 | +20.5% |
| Gross operating margin | 9900 | €46,685 | €76,812 | +€30,127 | +64.5% |
| Operating profit (loss) | 9901 | €706 | €32,092 | +€31,386 | +4446.5% |
| Financial income | 75/76B | €105,242 | €76,193 | -€29,049 | -27.6% |
| Recurring financial income | 75 | €105,242 | €76,193 | -€29,049 | -27.6% |
| Financial charges | 65/66B | €20,470 | €28,159 | +€7,688 | +37.6% |
| Recurring financial charges | 65 | €20,470 | €28,159 | +€7,688 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €85,477 | €80,126 | -€5,351 | -6.3% |
| Transfer from deferred taxes | 780 | €337 | €309 | -€28 | -8.3% |
| Income taxes | 67/77 | €21,281 | €34,175 | +€12,894 | +60.6% |
| Profit (loss) for the period | 9904 | €64,534 | €46,260 | -€18,274 | -28.3% |
| Transfer from tax-exempt reserves | 789 | €1,010 | €127,226 | +€126,216 | +12493.3% |
| Profit (loss) for the period to be appropriated | 9905 | €65,544 | €173,486 | +€107,943 | +164.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.