BG & KO: 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.
BG & KO
Largest movements
- Receivables within one year -€64,902
down €64,902 (-84.5%), from €76,770 to €11,868
of which Trade receivables: -€37,458
- Cash -€60,487
down €60,487 (-77.4%), from €78,146 to €17,659
mainly Net result for the year (-€151,039) and Current investments (-€4,426)
- Current investments +€4,426
new in 2025: €4,426
- Tangible fixed assets -€2,218
down €2,218 (-25.3%), from €8,762 to €6,544
- Profit (loss) carried forward -€151,039
down €151,039, from €144,125 to -€6,914
- Other debts +€13,642
up €13,642 (+546%), from €2,500 to €16,142
- Tax, wage and social debts +€11,141
up €11,141 (+1,434%), from €777 to €11,918
of which Remuneration and social security: +€6,216
- Trade debts +€2,485
new in 2025: €2,485
- Gross operating margin -€150,570
down €150,570, from €107,921 to -€42,650
- Staff costs +€42,918
new in 2025: €42,918
- Financial charges -€14,294
down €14,294 (-18.5%), from €77,289 to €62,996
of which Non-recurring financial charges: -€10,200
- Taxes -€9,697
down €9,697 (-96.4%), from €10,062 to €365
- Financial income -€2,357
down €2,357 (-77.7%), from €3,032 to €675
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.
Derived cash bridge
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 | €166,002 | €42,231 | -€123,771 | -74.6% |
| Formation expenses | 20 | €960 | €712 | -€248 | -25.8% |
| Fixed assets | 21/28 | €8,762 | €6,817 | -€1,946 | -22.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €8,762 | €6,544 | -€2,218 | -25.3% |
| Furniture and vehicles | 24 | €8,762 | €6,544 | -€2,218 | -25.3% |
| Financial fixed assets | 28 | - | €272 | +€272 | |
| Current assets | 29/58 | €156,280 | €34,702 | -€121,578 | -77.8% |
| Amounts receivable within one year | 40/41 | €76,770 | €11,868 | -€64,902 | -84.5% |
| Trade receivables | 40 | €39,927 | €2,468 | -€37,458 | -93.8% |
| Other amounts receivable | 41 | €36,843 | €9,399 | -€27,444 | -74.5% |
| Current investments | 50/53 | - | €4,426 | +€4,426 | |
| Cash at bank and in hand | 54/58 | €78,146 | €17,659 | -€60,487 | -77.4% |
| Deferred charges and accrued income | 490/1 | €1,364 | €750 | -€615 | -45.1% |
| Total equity and liabilities | 10/49 | €166,002 | €42,231 | -€123,771 | -74.6% |
| Equity | 10/15 | €162,725 | €11,686 | -€151,039 | -92.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,125 | -€6,914 | -€151,039 | |
| Amounts payable | 17/49 | €3,277 | €30,545 | +€27,268 | +832% |
| Amounts payable within one year | 42/48 | €3,277 | €30,545 | +€27,268 | +832% |
| Trade debts | 44 | - | €2,485 | +€2,485 | |
| Suppliers | 440/4 | - | €2,485 | +€2,485 | |
| Taxes, remuneration and social security | 45 | €777 | €11,918 | +€11,141 | +1,434% |
| Taxes | 450/3 | €777 | €5,702 | +€4,925 | +634% |
| Remuneration and social security | 454/9 | - | €6,216 | +€6,216 | |
| Other amounts payable | 47/48 | €2,500 | €16,142 | +€13,642 | +546% |
| Remuneration, social security and pensions | 62 | - | €42,918 | +€42,918 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,111 | €2,465 | +€354 | +16.8% |
| Other operating charges | 640/8 | €340 | €320 | -€20 | -6.0% |
| Gross operating margin | 9900 | €107,921 | -€42,650 | -€150,570 | |
| Operating profit (loss) | 9901 | €105,470 | -€88,353 | -€193,823 | |
| Financial income | 75/76B | €3,032 | €675 | -€2,357 | -77.7% |
| Recurring financial income | 75 | €3,032 | €675 | -€2,357 | -77.7% |
| Financial charges | 65/66B | €77,289 | €62,996 | -€14,294 | -18.5% |
| Recurring financial charges | 65 | €67,089 | €62,996 | -€4,094 | -6.1% |
| Non-recurring financial charges | 66B | €10,200 | - | -€10,200 | |
| Profit (loss) for the period before taxes | 9903 | €31,212 | -€150,674 | -€181,886 | |
| Income taxes | 67/77 | €10,062 | €365 | -€9,697 | -96.4% |
| Profit (loss) for the period | 9904 | €21,150 | -€151,039 | -€172,189 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,150 | -€151,039 | -€172,189 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.