BG PROJECTS: 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.
BG PROJECTS
Largest movements
- Cash -€23,767
down €23,767 (-55.3%), from €42,990 to €19,223
mainly Investment in fixed assets (net) (-€36,719) and Receivables within one year (-€20,516)
- Receivables within one year +€20,516
up €20,516 (+33.9%), from €60,457 to €80,973
of which Other amounts receivable: +€15,676
- Tangible fixed assets +€20,049
up €20,049 (+18.6%), from €107,780 to €127,829
of which Other tangible fixed assets: +€33,749
- Reserves +€34,784
up €34,784 (+32.6%), from €106,561 to €141,345
- Debts after one year -€12,382
down €12,382 (-32.0%), from €38,672 to €26,290
- Accrued charges and deferred income -€5,290
down €5,290 (-41.1%), from €12,871 to €7,581
- Other debts +€4,706
up €4,706 (+45.8%), from €10,282 to €14,988
- Trade debts -€4,215
down €4,215 (-95.6%), from €4,411 to €195
- Depreciation +€5,633
up €5,633 (+51.0%), from €11,038 to €16,670
- Gross operating margin +€5,019
up €5,019 (+7.5%), from €66,750 to €71,769
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 | €211,227 | €228,025 | +€16,798 | +8.0% |
| Fixed assets | 21/28 | €107,780 | €127,829 | +€20,049 | +18.6% |
| Tangible fixed assets | 22/27 | €107,780 | €127,829 | +€20,049 | +18.6% |
| Plant, machinery and equipment | 23 | €90,347 | €80,147 | -€10,200 | -11.3% |
| Furniture and vehicles | 24 | €17,433 | €13,933 | -€3,500 | -20.1% |
| Other tangible fixed assets | 26 | - | €33,749 | +€33,749 | |
| Current assets | 29/58 | €103,447 | €100,197 | -€3,250 | -3.1% |
| Amounts receivable within one year | 40/41 | €60,457 | €80,973 | +€20,516 | +33.9% |
| Trade receivables | 40 | €13,552 | €18,392 | +€4,840 | +35.7% |
| Other amounts receivable | 41 | €46,905 | €62,581 | +€15,676 | +33.4% |
| Cash at bank and in hand | 54/58 | €42,990 | €19,223 | -€23,767 | -55.3% |
| Total equity and liabilities | 10/49 | €211,227 | €228,025 | +€16,798 | +8.0% |
| Equity | 10/15 | €112,761 | €147,545 | +€34,784 | +30.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €106,561 | €141,345 | +€34,784 | +32.6% |
| Distributable reserves | 133 | €106,561 | €141,345 | +€34,784 | +32.6% |
| Amounts payable | 17/49 | €98,466 | €80,480 | -€17,986 | -18.3% |
| Amounts payable after more than one year | 17 | €38,672 | €26,290 | -€12,382 | -32.0% |
| Financial debts | 170/4 | €38,672 | €26,290 | -€12,382 | -32.0% |
| Amounts payable within one year | 42/48 | €46,923 | €46,608 | -€314 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €24,872 | €25,932 | +€1,060 | +4.3% |
| Trade debts | 44 | €4,411 | €195 | -€4,215 | -95.6% |
| Suppliers | 440/4 | €4,411 | €195 | -€4,215 | -95.6% |
| Taxes, remuneration and social security | 45 | €7,358 | €5,493 | -€1,865 | -25.4% |
| Taxes | 450/3 | €5,358 | €3,478 | -€1,879 | -35.1% |
| Remuneration and social security | 454/9 | €2,000 | €2,014 | +€14 | +0.7% |
| Other amounts payable | 47/48 | €10,282 | €14,988 | +€4,706 | +45.8% |
| Accrued charges and deferred income | 492/3 | €12,871 | €7,581 | -€5,290 | -41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,038 | €16,670 | +€5,633 | +51.0% |
| Other operating charges | 640/8 | €603 | €1,027 | +€424 | +70.2% |
| Gross operating margin | 9900 | €66,750 | €71,769 | +€5,019 | +7.5% |
| Operating profit (loss) | 9901 | €55,109 | €54,072 | -€1,037 | -1.9% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €2,525 | €2,316 | -€209 | -8.3% |
| Recurring financial charges | 65 | €2,525 | €2,316 | -€209 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €52,584 | €51,761 | -€823 | -1.6% |
| Income taxes | 67/77 | €16,848 | €16,977 | +€128 | +0.8% |
| Profit (loss) for the period | 9904 | €35,735 | €34,784 | -€951 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,735 | €34,784 | -€951 | -2.7% |
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 6 October 2026 via checked.be.