BGCM: 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.
BGCM
Largest movements
- Receivables after one year +€57,000
new in 2025: €57,000
- Receivables within one year -€36,554
down €36,554 (-57.0%), from €64,156 to €27,602
of which Other amounts receivable: -€38,086
- Cash +€6,738
up €6,738 (+28.1%), from €23,940 to €30,678
mainly Receivables within one year (+€36,554) and Net result for the year (+€18,862)
- Profit (loss) carried forward +€18,862
up €18,862 (+33.9%), from €55,709 to €74,570
- Tax, wage and social debts +€8,507
up €8,507 (+65.5%), from €12,986 to €21,493
- Gross operating margin -€11,234
down €11,234 (-28.4%), from €39,588 to €28,354
- Financial income +€1,542
new in 2025: €1,542
- Staff costs -€961
no longer reported in 2025 (was €961)
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 | €88,456 | €115,280 | +€26,823 | +30.3% |
| Fixed assets | 21/28 | €360 | €0 | -€360 | -100.0% |
| Tangible fixed assets | 22/27 | €360 | €0 | -€360 | -100.0% |
| Plant, machinery and equipment | 23 | €360 | €0 | -€360 | -100.0% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €88,096 | €115,280 | +€27,184 | +30.9% |
| Amounts receivable after more than one year | 29 | - | €57,000 | +€57,000 | |
| Other amounts receivable | 291 | - | €57,000 | +€57,000 | |
| Amounts receivable within one year | 40/41 | €64,156 | €27,602 | -€36,554 | -57.0% |
| Trade receivables | 40 | €6,243 | €7,774 | +€1,531 | +24.5% |
| Other amounts receivable | 41 | €57,913 | €19,828 | -€38,086 | -65.8% |
| Cash at bank and in hand | 54/58 | €23,940 | €30,678 | +€6,738 | +28.1% |
| Total equity and liabilities | 10/49 | €88,456 | €115,280 | +€26,823 | +30.3% |
| Equity | 10/15 | €74,309 | €93,170 | +€18,862 | +25.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,709 | €74,570 | +€18,862 | +33.9% |
| Amounts payable | 17/49 | €14,148 | €22,109 | +€7,962 | +56.3% |
| Amounts payable within one year | 42/48 | €14,148 | €22,109 | +€7,962 | +56.3% |
| Trade debts | 44 | €1,161 | €616 | -€545 | -46.9% |
| Suppliers | 440/4 | €1,161 | €616 | -€545 | -46.9% |
| Taxes, remuneration and social security | 45 | €12,986 | €21,493 | +€8,507 | +65.5% |
| Taxes | 450/3 | €12,986 | €21,493 | +€8,507 | +65.5% |
| Remuneration, social security and pensions | 62 | €961 | - | -€961 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €589 | €360 | -€229 | -38.8% |
| Other operating charges | 640/8 | €968 | €801 | -€167 | -17.3% |
| Gross operating margin | 9900 | €39,588 | €28,354 | -€11,234 | -28.4% |
| Operating profit (loss) | 9901 | €37,069 | €27,193 | -€9,877 | -26.6% |
| Financial income | 75/76B | - | €1,542 | +€1,542 | |
| Recurring financial income | 75 | - | €1,542 | +€1,542 | |
| Financial charges | 65/66B | €1,791 | €1,673 | -€118 | -6.6% |
| Recurring financial charges | 65 | €1,791 | €1,673 | -€118 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €35,278 | €27,062 | -€8,217 | -23.3% |
| Income taxes | 67/77 | €8,507 | €8,200 | -€307 | -3.6% |
| Profit (loss) for the period | 9904 | €26,771 | €18,862 | -€7,910 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,771 | €18,862 | -€7,910 | -29.5% |
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 8 October 2026 via checked.be.