BFUND: 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.
BFUND
Largest movements
- Stocks and contracts +€255,925
up €255,925 (+7.5%), from €3.4m to €3.7m
- Receivables within one year -€65,347
down €65,347 (-80.0%), from €81,719 to €16,372
of which Trade receivables: -€63,774
- Other debts +€303,600
up €303,600 (+31.0%), from €978,455 to €1.3m
- Profit (loss) carried forward -€200,214
down €200,214 (-31.9%), from -€628,119 to -€828,333
- Short-term financial debts +€104,565
up €104,565 (+3.5%), from €3.0m to €3.1m
- Trade debts -€44,822
down €44,822 (-43.1%), from €103,962 to €59,139
- Financial charges -€23,661
down €23,661 (-11.4%), from €207,575 to €183,915
- Other operating charges -€19,496
down €19,496 (-98.7%), from €19,746 to €250
- Gross operating margin -€10,328
down €10,328 (-179.9%), from -€5,741 to -€16,069
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 | €3,534,037 | €3,698,720 | +€164,683 | +4.7% |
| Fixed assets | 21/28 | €26,000 | - | -€26,000 | |
| Financial fixed assets | 28 | €26,000 | - | -€26,000 | |
| Current assets | 29/58 | €3,508,037 | €3,698,720 | +€190,683 | +5.4% |
| Stocks and contracts in progress | 3 | €3,423,301 | €3,679,227 | +€255,925 | +7.5% |
| Stocks | 30/36 | €3,423,301 | €3,679,227 | +€255,925 | +7.5% |
| Amounts receivable within one year | 40/41 | €81,719 | €16,372 | -€65,347 | -80.0% |
| Trade receivables | 40 | €63,872 | €98 | -€63,774 | -99.8% |
| Other amounts receivable | 41 | €17,847 | €16,274 | -€1,573 | -8.8% |
| Cash at bank and in hand | 54/58 | €3,017 | €3,121 | +€105 | +3.5% |
| Total equity and liabilities | 10/49 | €3,534,037 | €3,698,720 | +€164,683 | +4.7% |
| Equity | 10/15 | -€558,819 | -€759,033 | -€200,214 | -35.8% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €6,300 | €6,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€628,119 | -€828,333 | -€200,214 | -31.9% |
| Amounts payable | 17/49 | €4,092,856 | €4,457,753 | +€364,897 | +8.9% |
| Amounts payable within one year | 42/48 | €4,091,889 | €4,457,753 | +€365,864 | +8.9% |
| Financial debts | 43 | €2,997,485 | €3,102,050 | +€104,565 | +3.5% |
| Credit institutions | 430/8 | €2,997,485 | €3,102,050 | +€104,565 | +3.5% |
| Trade debts | 44 | €103,962 | €59,139 | -€44,822 | -43.1% |
| Suppliers | 440/4 | €103,962 | €59,139 | -€44,822 | -43.1% |
| Taxes, remuneration and social security | 45 | €11,987 | €14,508 | +€2,521 | +21.0% |
| Taxes | 450/3 | €11,987 | €14,508 | +€2,521 | +21.0% |
| Other amounts payable | 47/48 | €978,455 | €1,282,055 | +€303,600 | +31.0% |
| Accrued charges and deferred income | 492/3 | €968 | - | -€968 | |
| Other operating charges | 640/8 | €19,746 | €250 | -€19,496 | -98.7% |
| Gross operating margin | 9900 | -€5,741 | -€16,069 | -€10,328 | -179.9% |
| Operating profit (loss) | 9901 | -€25,487 | -€16,319 | +€9,168 | +36.0% |
| Financial income | 75/76B | €163 | €20 | -€143 | -87.7% |
| Recurring financial income | 75 | €163 | €20 | -€143 | -87.7% |
| Financial charges | 65/66B | €207,575 | €183,915 | -€23,661 | -11.4% |
| Recurring financial charges | 65 | €207,575 | €183,915 | -€23,661 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | -€232,899 | -€200,214 | +€32,686 | +14.0% |
| Profit (loss) for the period | 9904 | -€232,899 | -€200,214 | +€32,686 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€232,899 | -€200,214 | +€32,686 | +14.0% |
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 4 October 2026 via checked.be.