BGCOS: 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.
What changed
BGCOS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€9.2m
2024 · -€10.7m+€1.5m
Equity
€184.3m
2024 · €167.1m+€17.3m
Cash
€15,154
2024 · €345+€14,809
Balance sheet total
€312.0m
2024 · €293.2m+€18.8m
Largest movements
Assets
- Financial fixed assets +€23.5m
up €23.5m (+8.6%), from €274.4m to €297.8m
- Receivables within one year -€5.7m
down €5.7m (-31.5%), from €18.3m to €12.5m
of which Other amounts receivable: -€5.9m
Equity and liabilities
- Contributions +€26.5m
up €26.5m (+14.9%), from €177.8m to €204.2m
- Profit (loss) carried forward -€9.2m
down €9.2m (-86.2%), from -€10.7m to -€19.9m
Income statement
- Financial charges +€5.0m
up €5.0m (+89.4%), from €5.6m to €10.6m
- Services and other goods -€4.2m
down €4.2m (-79.6%), from €5.3m to €1.1m
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.
Result 2024
-€10.7m
Other operating charges
-€121
Other operating items
+€5.4m
Financial income
+€1.1m
Financial charges
-€5.0m
Result 2025
-€9.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€4.7m
Investment
-€23.5m
Financing
+€28.2m
Cash 2024
€345
From operations (derived)
-€4.7m
Net result for the year
-€9.2m
Receivables within one year
+€5.7m
Deferred charges and accrued income
-€1.1m
Trade debts
+€129,024
Tax, wage and social debts
+€16,700
Other debts
+€1.8m
Accrued charges and deferred income
-€2.0m
Investment (derived)
-€23.5m
Investment in fixed assets (net)
-€23.5m
Financing
+€28.2m
Debts after one year
+€1.7m
Contributions, distributions and other
+€26.5m
Not broken down
+€1
Cash 2025
€15,154
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €293,217,651 | €312,025,080 | +€18.8m | +6.4% |
| Fixed assets | 21/28 | €274,364,453 | €297,834,087 | +€23.5m | +8.6% |
| Financial fixed assets | 28 | €274,364,453 | €297,834,087 | +€23.5m | +8.6% |
| Affiliated companies | 280/1 | €274,364,453 | €297,834,087 | +€23.5m | +8.6% |
| Participating interests | 280 | €274,364,453 | €297,834,087 | +€23.5m | +8.6% |
| Current assets | 29/58 | €18,853,198 | €14,190,993 | -€4.7m | -24.7% |
| Amounts receivable within one year | 40/41 | €18,255,290 | €12,508,567 | -€5.7m | -31.5% |
| Trade receivables | 40 | €34,917 | €143,719 | +€108,802 | +312% |
| Other amounts receivable | 41 | €18,220,373 | €12,364,849 | -€5.9m | -32.1% |
| Cash at bank and in hand | 54/58 | €345 | €15,154 | +€14,809 | +4,287% |
| Deferred charges and accrued income | 490/1 | €597,563 | €1,667,272 | +€1.1m | +179% |
| Total equity and liabilities | 10/49 | €293,217,651 | €312,025,080 | +€18.8m | +6.4% |
| Equity | 10/15 | €167,060,375 | €184,310,924 | +€17.3m | +10.3% |
| Contributions | 10/11 | €177,750,000 | €204,219,634 | +€26.5m | +14.9% |
| Profit (loss) carried forward | 14 | -€10,689,625 | -€19,908,711 | -€9.2m | -86.2% |
| Amounts payable | 17/49 | €126,157,275 | €127,714,157 | +€1.6m | +1.2% |
| Amounts payable after more than one year | 17 | €124,000,000 | €125,700,000 | +€1.7m | +1.4% |
| Financial debts | 170/4 | €124,000,000 | €125,700,000 | +€1.7m | +1.4% |
| Credit institutions | 173 | €124,000,000 | €125,700,000 | +€1.7m | +1.4% |
| Amounts payable within one year | 42/48 | €94,736 | €1,990,460 | +€1.9m | +2,001% |
| Trade debts | 44 | €94,736 | €223,760 | +€129,024 | +136% |
| Suppliers | 440/4 | €94,736 | €223,760 | +€129,024 | +136% |
| Taxes, remuneration and social security | 45 | - | €16,700 | +€16,700 | |
| Remuneration and social security | 454/9 | - | €16,700 | +€16,700 | |
| Other amounts payable | 47/48 | - | €1,750,000 | +€1.8m | |
| Accrued charges and deferred income | 492/3 | €2,062,539 | €23,696 | -€2.0m | -98.9% |
| Operating income | 70/76A | - | €1,207,599 | +€1.2m | |
| Other operating income | 74 | - | €1,207,599 | +€1.2m | |
| Operating charges | 60/66A | €5,260,930 | €1,073,542 | -€4.2m | -79.6% |
| Services and other goods | 61 | €5,260,531 | €1,072,976 | -€4.2m | -79.6% |
| Other operating charges | 640/8 | €399 | €520 | +€121 | +30.2% |
| Non-recurring operating charges | 66A | - | €46 | +€46 | |
| Operating profit (loss) | 9901 | -€5,260,930 | €134,057 | +€5.4m | |
| Financial income | 75/76B | €145,578 | €1,202,843 | +€1.1m | +726% |
| Recurring financial income | 75 | €145,578 | €1,202,843 | +€1.1m | +726% |
| Income from current assets | 751 | €145,576 | €1,202,843 | +€1.1m | +726% |
| Other financial income | 752/9 | €2 | €0 | -€2 | -100% |
| Financial charges | 65/66B | €5,574,272 | €10,555,986 | +€5.0m | +89.4% |
| Recurring financial charges | 65 | €5,574,272 | €10,555,986 | +€5.0m | +89.4% |
| Debt charges | 650 | €5,574,052 | €10,555,632 | +€5.0m | +89.4% |
| Other financial charges | 652/9 | €221 | €354 | +€133 | +60.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,689,625 | -€9,219,086 | +€1.5m | +13.8% |
| Profit (loss) for the period | 9904 | -€10,689,625 | -€9,219,086 | +€1.5m | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,689,625 | -€9,219,086 | +€1.5m | +13.8% |
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 21 October 2026 via checked.be.