BDV: 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.
BDV
Largest movements
- Current investments +€174,029
up €174,029 (+42.0%), from €414,643 to €588,672
- Cash +€17,881
up €17,881 (+20.2%), from €88,617 to €106,499
mainly Debts after one year (+€160,519) and Net result for the year (+€29,004)
- Receivables within one year +€8,469
up €8,469 (+59.9%), from €14,138 to €22,607
of which Trade receivables: +€9,301
- Debts after one year +€160,519
up €160,519 (+101.6%), from €157,978 to €318,497
- Reserves +€29,004
up €29,004 (+7.7%), from €374,742 to €403,746
of which Tax-exempt reserves: +€16,840
- Financial income -€4,938
down €4,938 (-44.5%), from €11,108 to €6,170
of which Financial income: -€5,542
- Gross operating margin +€3,750
up €3,750 (+6.4%), from €58,673 to €62,423
- Financial charges +€3,287
up €3,287 (+25.5%), from €12,895 to €16,182
of which Financial charges: +€3,241
- Taxes -€2,404
down €2,404 (-22.6%), from €10,657 to €8,254
- Depreciation +€779
up €779 (+5.8%), from €13,375 to €14,155
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 | €591,714 | €787,829 | +€196,115 | +33.1% |
| Fixed assets | 21/28 | €73,242 | €67,870 | -€5,372 | -7.3% |
| Tangible fixed assets | 22/27 | €29,377 | €24,005 | -€5,372 | -18.3% |
| Plant, machinery and equipment | 23 | €4,397 | €6,624 | +€2,227 | +50.7% |
| Furniture and vehicles | 24 | €24,980 | €17,380 | -€7,599 | -30.4% |
| Financial fixed assets | 28 | €43,865 | €43,865 | = | 0.0% |
| Current assets | 29/58 | €518,472 | €719,960 | +€201,487 | +38.9% |
| Amounts receivable within one year | 40/41 | €14,138 | €22,607 | +€8,469 | +59.9% |
| Trade receivables | 40 | €8,697 | €17,998 | +€9,301 | +106.9% |
| Other amounts receivable | 41 | €5,441 | €4,609 | -€832 | -15.3% |
| Current investments | 50/53 | €414,643 | €588,672 | +€174,029 | +42.0% |
| Cash at bank and in hand | 54/58 | €88,617 | €106,499 | +€17,881 | +20.2% |
| Deferred charges and accrued income | 490/1 | €1,074 | €2,183 | +€1,109 | +103.3% |
| Total equity and liabilities | 10/49 | €591,714 | €787,829 | +€196,115 | +33.1% |
| Equity | 10/15 | €394,742 | €423,746 | +€29,004 | +7.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €374,742 | €403,746 | +€29,004 | +7.7% |
| Tax-exempt reserves | 132 | €2,149 | €18,989 | +€16,840 | +783.7% |
| Distributable reserves | 133 | €372,593 | €384,757 | +€12,164 | +3.3% |
| Amounts payable | 17/49 | €196,972 | €364,083 | +€167,111 | +84.8% |
| Amounts payable after more than one year | 17 | €157,978 | €318,497 | +€160,519 | +101.6% |
| Financial debts | 170/4 | €157,978 | €318,497 | +€160,519 | +101.6% |
| Amounts payable within one year | 42/48 | €37,780 | €45,586 | +€7,806 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €6,000 | = | 0.0% |
| Trade debts | 44 | €5,293 | €4,654 | -€639 | -12.1% |
| Suppliers | 440/4 | €5,293 | €4,654 | -€639 | -12.1% |
| Taxes, remuneration and social security | 45 | €2,273 | €5,734 | +€3,461 | +152.3% |
| Taxes | 450/3 | €1,523 | €4,984 | +€3,461 | +227.3% |
| Remuneration and social security | 454/9 | €750 | €750 | = | 0.0% |
| Other amounts payable | 47/48 | €24,215 | €29,199 | +€4,984 | +20.6% |
| Accrued charges and deferred income | 492/3 | €1,214 | - | -€1,214 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,375 | €14,155 | +€779 | +5.8% |
| Other operating charges | 640/8 | €1,292 | €998 | -€294 | -22.8% |
| Gross operating margin | 9900 | €58,673 | €62,423 | +€3,750 | +6.4% |
| Operating profit (loss) | 9901 | €44,005 | €47,270 | +€3,264 | +7.4% |
| Financial income | 75/76B | €11,108 | €6,170 | -€4,938 | -44.5% |
| Recurring financial income | 75 | €11,108 | €5,566 | -€5,542 | -49.9% |
| Non-recurring financial income | 76B | - | €604 | +€604 | |
| Financial charges | 65/66B | €12,895 | €16,182 | +€3,287 | +25.5% |
| Recurring financial charges | 65 | €12,895 | €16,136 | +€3,241 | +25.1% |
| Non-recurring financial charges | 66B | - | €46 | +€46 | |
| Profit (loss) for the period before taxes | 9903 | €42,218 | €37,258 | -€4,961 | -11.7% |
| Income taxes | 67/77 | €10,657 | €8,254 | -€2,404 | -22.6% |
| Profit (loss) for the period | 9904 | €31,561 | €29,004 | -€2,557 | -8.1% |
| Transfer to tax-exempt reserves | 689 | - | €16,840 | +€16,840 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,561 | €12,164 | -€19,397 | -61.5% |
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 3 October 2026 via checked.be.