BGFA: 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.
BGFA
Largest movements
- Receivables within one year +€152,913
up €152,913 (+19.3%), from €793,435 to €946,348
of which Other amounts receivable: +€148,678
- Receivables after one year -€97,196
down €97,196 (-36.1%), from €269,289 to €172,093
- Cash -€84,961
down €84,961 (-61.9%), from €137,293 to €52,332
mainly Receivables within one year (-€152,913) and Contributions, distributions and other (-€50,000)
- Current investments -€41,750
down €41,750 (-8.4%), from €500,000 to €458,250
- Reserves -€50,000
down €50,000 (-2.9%), from €1.7m to €1.7m
- Other debts -€39,548
no longer reported in 2025 (was €39,548)
- Accrued charges and deferred income -€19,289
no longer reported in 2025 (was €19,289)
- Financial income +€11,774
up €11,774 (+69.8%), from €16,874 to €28,648
- Taxes +€5,082
up €5,082 (+649%), from €784 to €5,866
- Gross operating margin +€2,829
up €2,829, from -€458 to €2,370
- Financial charges +€245
up €245 (+12.1%), from €2,027 to €2,272
- Other operating charges +€168
up €168 (+7.3%), from €2,295 to €2,463
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 | €1,845,602 | €1,755,508 | -€90,094 | -4.9% |
| Fixed assets | 21/28 | €133,020 | €126,484 | -€6,535 | -4.9% |
| Tangible fixed assets | 22/27 | €21,020 | €14,484 | -€6,535 | -31.1% |
| Furniture and vehicles | 24 | €21,020 | €14,484 | -€6,535 | -31.1% |
| Financial fixed assets | 28 | €112,000 | €112,000 | = | 0.0% |
| Current assets | 29/58 | €1,712,582 | €1,629,024 | -€83,559 | -4.9% |
| Amounts receivable after more than one year | 29 | €269,289 | €172,093 | -€97,196 | -36.1% |
| Other amounts receivable | 291 | €269,289 | €172,093 | -€97,196 | -36.1% |
| Amounts receivable within one year | 40/41 | €793,435 | €946,348 | +€152,913 | +19.3% |
| Trade receivables | 40 | - | €4,235 | +€4,235 | |
| Other amounts receivable | 41 | €793,435 | €942,113 | +€148,678 | +18.7% |
| Current investments | 50/53 | €500,000 | €458,250 | -€41,750 | -8.4% |
| Cash at bank and in hand | 54/58 | €137,293 | €52,332 | -€84,961 | -61.9% |
| Deferred charges and accrued income | 490/1 | €12,565 | - | -€12,565 | |
| Total equity and liabilities | 10/49 | €1,845,602 | €1,755,508 | -€90,094 | -4.9% |
| Equity | 10/15 | €1,784,375 | €1,748,257 | -€36,118 | -2.0% |
| Contributions | 10/11 | €48,200 | €48,200 | = | 0.0% |
| Reserves | 13 | €1,730,000 | €1,680,000 | -€50,000 | -2.9% |
| Distributable reserves | 133 | €1,730,000 | €1,680,000 | -€50,000 | -2.9% |
| Profit (loss) carried forward | 14 | €6,175 | €20,057 | +€13,882 | +225% |
| Amounts payable | 17/49 | €61,227 | €7,251 | -€53,976 | -88.2% |
| Amounts payable within one year | 42/48 | €41,938 | €7,251 | -€34,687 | -82.7% |
| Trade debts | 44 | €2,390 | €2,022 | -€368 | -15.4% |
| Suppliers | 440/4 | €2,390 | €2,022 | -€368 | -15.4% |
| Taxes, remuneration and social security | 45 | - | €5,229 | +€5,229 | |
| Taxes | 450/3 | - | €5,229 | +€5,229 | |
| Other amounts payable | 47/48 | €39,548 | - | -€39,548 | |
| Accrued charges and deferred income | 492/3 | €19,289 | - | -€19,289 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,535 | €6,535 | = | 0.0% |
| Other operating charges | 640/8 | €2,295 | €2,463 | +€168 | +7.3% |
| Gross operating margin | 9900 | -€458 | €2,370 | +€2,829 | |
| Operating profit (loss) | 9901 | -€9,289 | -€6,628 | +€2,661 | +28.6% |
| Financial income | 75/76B | €16,874 | €28,648 | +€11,774 | +69.8% |
| Recurring financial income | 75 | €16,874 | €28,648 | +€11,774 | +69.8% |
| Financial charges | 65/66B | €2,027 | €2,272 | +€245 | +12.1% |
| Recurring financial charges | 65 | €2,027 | €2,272 | +€245 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €5,559 | €19,748 | +€14,189 | +255% |
| Income taxes | 67/77 | €784 | €5,866 | +€5,082 | +649% |
| Profit (loss) for the period | 9904 | €4,775 | €13,882 | +€9,107 | +191% |
| Profit (loss) for the period to be appropriated | 9905 | €4,775 | €13,882 | +€9,107 | +191% |
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 25 October 2026 via checked.be.