BGIM: 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.
BGIM
Largest movements
- Tangible fixed assets -€53,266
down €53,266 (-10.3%), from €518,793 to €465,527
of which Land and buildings: -€55,187
- Cash +€15,174
up €15,174 (+201.4%), from €7,535 to €22,709
mainly Depreciation (+€55,481) and Current portion of long-term debt (+€705)
- Reserves -€18,028
down €18,028 (-17.9%), from €100,887 to €82,859
of which Distributable reserves: -€15,255
- Debts after one year -€14,264
down €14,264 (-5.3%), from €269,594 to €255,330
- Gross operating margin +€43,469
up €43,469 (+689.1%), from €6,308 to €49,777
- Depreciation +€3,309
up €3,309 (+6.3%), from €52,172 to €55,481
- Financial charges -€2,223
down €2,223 (-18.9%), from €11,745 to €9,523
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 | €529,718 | €493,874 | -€35,844 | -6.8% |
| Fixed assets | 21/28 | €518,793 | €466,434 | -€52,359 | -10.1% |
| Intangible fixed assets | 21 | - | €907 | +€907 | |
| Tangible fixed assets | 22/27 | €518,793 | €465,527 | -€53,266 | -10.3% |
| Land and buildings | 22 | €518,738 | €463,551 | -€55,187 | -10.6% |
| Furniture and vehicles | 24 | €55 | €1,976 | +€1,921 | +3508.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €10,925 | €27,440 | +€16,515 | +151.2% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €7,535 | €22,709 | +€15,174 | +201.4% |
| Deferred charges and accrued income | 490/1 | €3,390 | €4,731 | +€1,340 | +39.5% |
| Total equity and liabilities | 10/49 | €529,718 | €493,874 | -€35,844 | -6.8% |
| Equity | 10/15 | €230,887 | €212,859 | -€18,028 | -7.8% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €100,887 | €82,859 | -€18,028 | -17.9% |
| Tax-exempt reserves | 132 | €8,266 | €5,494 | -€2,772 | -33.5% |
| Distributable reserves | 133 | €92,621 | €77,365 | -€15,255 | -16.5% |
| Provisions and deferred taxes | 16 | €2,757 | €1,834 | -€923 | -33.5% |
| Deferred taxes | 168 | €2,757 | €1,834 | -€923 | -33.5% |
| Amounts payable | 17/49 | €296,074 | €279,181 | -€16,894 | -5.7% |
| Amounts payable after more than one year | 17 | €269,594 | €255,330 | -€14,264 | -5.3% |
| Financial debts | 170/4 | €269,594 | €255,330 | -€14,264 | -5.3% |
| Amounts payable within one year | 42/48 | €22,809 | €21,260 | -€1,549 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €18,559 | €19,264 | +€705 | +3.8% |
| Trade debts | 44 | €1,524 | €1,436 | -€88 | -5.8% |
| Suppliers | 440/4 | €1,524 | €1,436 | -€88 | -5.8% |
| Taxes, remuneration and social security | 45 | €2,166 | €0 | -€2,166 | -100.0% |
| Taxes | 450/3 | €2,166 | €0 | -€2,166 | -100.0% |
| Other amounts payable | 47/48 | €561 | €561 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,672 | €2,591 | -€1,081 | -29.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,172 | €55,481 | +€3,309 | +6.3% |
| Other operating charges | 640/8 | €3,834 | €3,743 | -€92 | -2.4% |
| Gross operating margin | 9900 | €6,308 | €49,777 | +€43,469 | +689.1% |
| Operating profit (loss) | 9901 | -€49,697 | -€9,446 | +€40,251 | +81.0% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €11,745 | €9,523 | -€2,223 | -18.9% |
| Recurring financial charges | 65 | €11,745 | €9,523 | -€2,223 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | -€61,443 | -€18,951 | +€42,492 | +69.2% |
| Transfer from deferred taxes | 780 | €923 | €923 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€60,519 | -€18,028 | +€42,492 | +70.2% |
| Transfer from tax-exempt reserves | 789 | €2,772 | €2,772 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,747 | -€15,255 | +€42,492 | +73.6% |
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 3 October 2026 via checked.be.