BGD: 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.
BGD
Largest movements
- Receivables within one year +€108,597
up €108,597 (+111.7%), from €97,190 to €205,787
of which Trade receivables: +€75,017
- Financial fixed assets +€26,420
up €26,420 (+4.2%), from €635,000 to €661,420
- Cash -€21,719
down €21,719 (-74.7%), from €29,075 to €7,357
mainly Receivables within one year (-€108,597) and Debts after one year (-€95,625)
- Trade debts +€126,801
up €126,801 (+2754.8%), from €4,603 to €131,404
- Debts after one year -€95,625
down €95,625 (-15.4%), from €620,316 to €524,690
- Current portion of long-term debt +€59,872
up €59,872 (+201.7%), from €29,684 to €89,556
- Reserves +€29,602
up €29,602 (+46.7%), from €63,376 to €92,978
- Other debts -€17,281
down €17,281 (-18.9%), from €91,380 to €74,099
- Financial income +€65,374
up €65,374 (+326872050.0%), from €0 to €65,374
- Gross operating margin +€16,815
up €16,815 (+62.2%), from €27,053 to €43,868
- Financial charges +€13,038
up €13,038 (+146.8%), from €8,880 to €21,918
- Taxes +€4,290
up €4,290 (+361.7%), from €1,186 to €5,477
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 | €820,313 | €925,248 | +€104,935 | +12.8% |
| Fixed assets | 21/28 | €689,986 | €709,263 | +€19,277 | +2.8% |
| Tangible fixed assets | 22/27 | €54,986 | €47,843 | -€7,143 | -13.0% |
| Land and buildings | 22 | - | €10,882 | +€10,882 | |
| Furniture and vehicles | 24 | €45,760 | €30,162 | -€15,597 | -34.1% |
| Other tangible fixed assets | 26 | €9,226 | €6,800 | -€2,427 | -26.3% |
| Financial fixed assets | 28 | €635,000 | €661,420 | +€26,420 | +4.2% |
| Current assets | 29/58 | €130,327 | €215,984 | +€85,658 | +65.7% |
| Amounts receivable within one year | 40/41 | €97,190 | €205,787 | +€108,597 | +111.7% |
| Trade receivables | 40 | €52,190 | €127,207 | +€75,017 | +143.7% |
| Other amounts receivable | 41 | €45,000 | €78,580 | +€33,580 | +74.6% |
| Cash at bank and in hand | 54/58 | €29,075 | €7,357 | -€21,719 | -74.7% |
| Deferred charges and accrued income | 490/1 | €4,061 | €2,841 | -€1,221 | -30.1% |
| Total equity and liabilities | 10/49 | €820,313 | €925,248 | +€104,935 | +12.8% |
| Equity | 10/15 | €64,775 | €95,478 | +€30,703 | +47.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €63,376 | €92,978 | +€29,602 | +46.7% |
| Distributable reserves | 133 | €63,376 | €92,978 | +€29,602 | +46.7% |
| Profit (loss) carried forward | 14 | -€1,101 | €0 | +€1,101 | |
| Amounts payable | 17/49 | €755,538 | €829,770 | +€74,232 | +9.8% |
| Amounts payable after more than one year | 17 | €620,316 | €524,690 | -€95,625 | -15.4% |
| Financial debts | 170/4 | €620,316 | €524,690 | -€95,625 | -15.4% |
| Amounts payable within one year | 42/48 | €135,222 | €304,624 | +€169,402 | +125.3% |
| Current portion of amounts payable after more than one year | 42 | €29,684 | €89,556 | +€59,872 | +201.7% |
| Trade debts | 44 | €4,603 | €131,404 | +€126,801 | +2754.8% |
| Suppliers | 440/4 | €4,603 | €131,404 | +€126,801 | +2754.8% |
| Taxes, remuneration and social security | 45 | €9,555 | €9,565 | +€10 | +0.1% |
| Taxes | 450/3 | €9,555 | €9,565 | +€10 | +0.1% |
| Other amounts payable | 47/48 | €91,380 | €74,099 | -€17,281 | -18.9% |
| Accrued charges and deferred income | 492/3 | - | €456 | +€456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,024 | €18,111 | +€87 | +0.5% |
| Other operating charges | 640/8 | €64 | €472 | +€408 | +639.4% |
| Gross operating margin | 9900 | €27,053 | €43,868 | +€16,815 | +62.2% |
| Operating profit (loss) | 9901 | €8,965 | €25,285 | +€16,320 | +182.0% |
| Financial income | 75/76B | €0 | €65,374 | +€65,374 | +326872050.0% |
| Recurring financial income | 75 | €0 | €65,374 | +€65,374 | +326872050.0% |
| Financial charges | 65/66B | €8,880 | €21,918 | +€13,038 | +146.8% |
| Recurring financial charges | 65 | €8,880 | €21,918 | +€13,038 | +146.8% |
| Profit (loss) for the period before taxes | 9903 | €85 | €68,742 | +€68,657 | +80422.5% |
| Income taxes | 67/77 | €1,186 | €5,477 | +€4,290 | +361.7% |
| Profit (loss) for the period | 9904 | -€1,101 | €63,266 | +€64,366 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,101 | €63,266 | +€64,366 |
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 11 October 2026 via checked.be.