BGR PARTNERS: 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
BGR PARTNERS
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€335,778
2024 · €1.6m-€1.3m
Equity
€17.4m
2024 · €17.0m+€335,778
Cash
€336,772
2024 · €464,904-€128,132
Balance sheet total
€17.4m
2024 · €17.2m+€236,279
Largest movements
Assets
- Current investments +€365,959
up €365,959 (+4.6%), from €8.0m to €8.4m
- Tangible fixed assets -€176,017
down €176,017 (-4.7%), from €3.7m to €3.5m
of which Land and buildings: -€113,308
Equity and liabilities
- Profit (loss) carried forward +€335,778
up €335,778 (+49.9%), from -€673,530 to -€337,752
Income statement
- Financial income -€2.8m
down €2.8m (-75.5%), from €3.7m to €902,749
of which Non-recurring financial income: -€3.2m
- Financial charges -€1.4m
down €1.4m (-82.1%), from €1.7m to €304,301
of which Non-recurring financial charges: -€1.5m
- Gross operating margin +€86,363
up €86,363 (+47.9%), from -€180,228 to -€93,864
- Taxes -€4,060
down €4,060 (-16.2%), from €25,027 to €20,967
- Write-downs -€3,000
no longer reported in 2025 (was €3,000)
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
€1.6m
Gross operating margin
+€86,363
Depreciation
+€1,313
Write-downs
+€3,000
Other operating charges
+€1,094
Financial income
-€2.8m
Financial charges
+€1.4m
Taxes
+€4,060
Result 2025
€335,778
raises the resultlowers the result
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
+€202,360
Investment
-€330,427
Financing
-€65
Cash 2024
€464,904
From operations (derived)
+€202,360
Net result for the year
+€335,778
Depreciation
+€131,034
Receivables within one year
-€169,931
Deferred charges and accrued income
+€4,914
Trade debts
-€58,277
Tax, wage and social debts
-€2,973
Other debts
-€38,907
Accrued charges and deferred income
+€724
Investment (derived)
-€330,427
Investment in fixed assets (net)
+€35,532
Current investments
-€365,959
Financing
-€65
Debts after one year
-€65
Cash 2025
€336,772
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,205,486 | €17,441,765 | +€236,279 | +1.4% |
| Fixed assets | 21/28 | €8,676,436 | €8,509,870 | -€166,566 | -1.9% |
| Tangible fixed assets | 22/27 | €3,711,406 | €3,535,389 | -€176,017 | -4.7% |
| Land and buildings | 22 | €3,016,489 | €2,903,180 | -€113,308 | -3.8% |
| Plant, machinery and equipment | 23 | €169 | - | -€169 | |
| Furniture and vehicles | 24 | €217 | - | -€217 | |
| Other tangible fixed assets | 26 | €692,302 | €632,209 | -€60,093 | -8.7% |
| Assets under construction and advance payments | 27 | €2,230 | - | -€2,230 | |
| Financial fixed assets | 28 | €4,965,030 | €4,974,481 | +€9,451 | +0.2% |
| Current assets | 29/58 | €8,529,050 | €8,931,895 | +€402,845 | +4.7% |
| Amounts receivable within one year | 40/41 | €11,209 | €181,140 | +€169,931 | +1,516% |
| Trade receivables | 40 | €916 | €160,000 | +€159,084 | +17,363% |
| Other amounts receivable | 41 | €10,293 | €21,140 | +€10,847 | +105% |
| Current investments | 50/53 | €8,035,083 | €8,401,042 | +€365,959 | +4.6% |
| Cash at bank and in hand | 54/58 | €464,904 | €336,772 | -€128,132 | -27.6% |
| Deferred charges and accrued income | 490/1 | €17,853 | €12,940 | -€4,914 | -27.5% |
| Total equity and liabilities | 10/49 | €17,205,486 | €17,441,765 | +€236,279 | +1.4% |
| Equity | 10/15 | €17,033,120 | €17,368,898 | +€335,778 | +2.0% |
| Contributions | 10/11 | €17,706,650 | €17,706,650 | = | 0.0% |
| Capital | 10 | €17,706,650 | €17,706,650 | = | 0.0% |
| Issued capital | 100 | €17,719,000 | €17,719,000 | = | 0.0% |
| Uncalled capital | 101 | €12,350 | €12,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€673,530 | -€337,752 | +€335,778 | +49.9% |
| Amounts payable | 17/49 | €172,367 | €72,867 | -€99,500 | -57.7% |
| Amounts payable after more than one year | 17 | €1,300 | €1,235 | -€65 | -5.0% |
| Other amounts payable | 178/9 | €1,300 | €1,235 | -€65 | -5.0% |
| Amounts payable within one year | 42/48 | €171,067 | €70,908 | -€100,158 | -58.5% |
| Trade debts | 44 | €96,103 | €37,825 | -€58,277 | -60.6% |
| Suppliers | 440/4 | €96,103 | €37,825 | -€58,277 | -60.6% |
| Taxes, remuneration and social security | 45 | €9,240 | €6,266 | -€2,973 | -32.2% |
| Taxes | 450/3 | €9,240 | €6,266 | -€2,973 | -32.2% |
| Other amounts payable | 47/48 | €65,724 | €26,817 | -€38,907 | -59.2% |
| Accrued charges and deferred income | 492/3 | - | €724 | +€724 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,348 | €131,034 | -€1,313 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,000 | - | -€3,000 | |
| Other operating charges | 640/8 | €17,898 | €16,804 | -€1,094 | -6.1% |
| Gross operating margin | 9900 | -€180,228 | -€93,864 | +€86,363 | +47.9% |
| Operating profit (loss) | 9901 | -€333,473 | -€241,703 | +€91,770 | +27.5% |
| Financial income | 75/76B | €3,691,381 | €902,749 | -€2.8m | -75.5% |
| Recurring financial income | 75 | €528,855 | €893,299 | +€364,444 | +68.9% |
| Non-recurring financial income | 76B | €3,162,526 | €9,451 | -€3.2m | -99.7% |
| Financial charges | 65/66B | €1,696,336 | €304,301 | -€1.4m | -82.1% |
| Recurring financial charges | 65 | €163,760 | €304,301 | +€140,541 | +85.8% |
| Non-recurring financial charges | 66B | €1,532,576 | - | -€1.5m | |
| Profit (loss) for the period before taxes | 9903 | €1,661,571 | €356,745 | -€1.3m | -78.5% |
| Income taxes | 67/77 | €25,027 | €20,967 | -€4,060 | -16.2% |
| Profit (loss) for the period | 9904 | €1,636,544 | €335,778 | -€1.3m | -79.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,636,544 | €335,778 | -€1.3m | -79.5% |
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.