BGL INVEST: what changed
BGL INVEST
Largest movements
- Cash +€124,375
up €124,375 (+1,126%), from €11,045 to €135,421
mainly Current portion of long-term debt (+€366,563) and Net result for the year (+€147,969)
- Stocks and contracts +€93,482
up €93,482 (+19.9%), from €470,764 to €564,246
of which Contracts in progress: +€313,284
- Receivables within one year +€22,650
new in 2025: €22,650
- Tangible fixed assets +€20,598
new in 2025: €20,598
- Deferred charges and accrued income -€13,130
down €13,130 (-100%), from €13,130 to €0
- Current portion of long-term debt +€366,563
new in 2025: €366,563
- Short-term financial debts -€325,900
down €325,900 (-100%), from €325,900 to €0
- Reserves +€132,784
new in 2025: €132,784
- Tax, wage and social debts +€40,167
new in 2025: €40,167
- Other debts +€15,382
up €15,382 (+30.1%), from €51,136 to €66,518
- Gross operating margin +€211,476
up €211,476, from -€4,880 to €206,596
- Taxes +€39,464
up €39,464 (+5,613%), from €703 to €40,167
- Depreciation +€3,602
new in 2025: €3,602
- Financial charges +€3,183
up €3,183 (+33.6%), from €9,483 to €12,666
- Other operating charges +€2,074
up €2,074 (+1,758%), from €118 to €2,192
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €494,939 | €742,915 | +€247,975 | +50.1% |
| Fixed assets | 21/28 | - | €20,598 | +€20,598 | |
| Tangible fixed assets | 22/27 | - | €20,598 | +€20,598 | |
| Furniture and vehicles | 24 | - | €20,598 | +€20,598 | |
| Current assets | 29/58 | €494,939 | €722,317 | +€227,377 | +45.9% |
| Stocks and contracts in progress | 3 | €470,764 | €564,246 | +€93,482 | +19.9% |
| Stocks | 30/36 | €219,802 | €0 | -€219,802 | -100% |
| Contracts in progress | 37 | €250,962 | €564,246 | +€313,284 | +125% |
| Amounts receivable within one year | 40/41 | - | €22,650 | +€22,650 | |
| Trade receivables | 40 | - | €22,650 | +€22,650 | |
| Cash at bank and in hand | 54/58 | €11,045 | €135,421 | +€124,375 | +1,126% |
| Deferred charges and accrued income | 490/1 | €13,130 | €0 | -€13,130 | -100% |
| Total equity and liabilities | 10/49 | €494,939 | €742,915 | +€247,975 | +50.1% |
| Equity | 10/15 | -€12,184 | €135,784 | +€147,969 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €132,784 | +€132,784 | |
| Distributable reserves | 133 | - | €132,784 | +€132,784 | |
| Profit (loss) carried forward | 14 | -€15,184 | €0 | +€15,184 | |
| Amounts payable | 17/49 | €507,123 | €607,130 | +€100,007 | +19.7% |
| Amounts payable after more than one year | 17 | €130,000 | €130,000 | = | 0.0% |
| Financial debts | 170/4 | €130,000 | €130,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €377,123 | €477,130 | +€100,007 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | - | €366,563 | +€366,563 | |
| Financial debts | 43 | €325,900 | €0 | -€325,900 | -100% |
| Credit institutions | 430/8 | €325,900 | €0 | -€325,900 | -100% |
| Trade debts | 44 | €87 | €3,882 | +€3,795 | +4,354% |
| Suppliers | 440/4 | €87 | €3,882 | +€3,795 | +4,354% |
| Taxes, remuneration and social security | 45 | - | €40,167 | +€40,167 | |
| Taxes | 450/3 | - | €40,167 | +€40,167 | |
| Other amounts payable | 47/48 | €51,136 | €66,518 | +€15,382 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,602 | +€3,602 | |
| Other operating charges | 640/8 | €118 | €2,192 | +€2,074 | +1,758% |
| Gross operating margin | 9900 | -€4,880 | €206,596 | +€211,476 | |
| Operating profit (loss) | 9901 | -€4,998 | €200,802 | +€205,800 | |
| Financial charges | 65/66B | €9,483 | €12,666 | +€3,183 | +33.6% |
| Recurring financial charges | 65 | €9,483 | €12,666 | +€3,183 | +33.6% |
| Profit (loss) for the period before taxes | 9903 | -€14,481 | €188,136 | +€202,617 | |
| Income taxes | 67/77 | €703 | €40,167 | +€39,464 | +5,613% |
| Profit (loss) for the period | 9904 | -€15,184 | €147,969 | +€163,153 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,184 | €147,969 | +€163,153 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.