BGS: 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.
BGS
Largest movements
- Tangible fixed assets -€145,751
down €145,751 (-9.4%), from €1.5m to €1.4m
of which Land and buildings: -€91,065
- Receivables within one year -€57,548
down €57,548 (-8.5%), from €679,602 to €622,053
of which Trade receivables: -€57,548
- Cash +€52,703
up €52,703 (+87.3%), from €60,363 to €113,066
mainly Depreciation (+€174,707) and Net result for the year (+€151,475)
- Debts after one year -€161,827
down €161,827 (-13.5%), from €1.2m to €1.0m
- Reserves +€112,639
up €112,639 (+23.9%), from €470,952 to €583,591
of which Distributable reserves: +€70,539
- Other debts -€54,825
down €54,825 (-14.6%), from €375,787 to €320,962
- Short-term financial debts -€25,000
down €25,000 (-100.0%), from €25,000 to €0
of which Credit institutions: -€25,000
- Gross operating margin +€129,159
up €129,159 (+20.8%), from €620,619 to €749,778
- Staff costs +€56,361
up €56,361 (+23.3%), from €241,451 to €297,812
- Taxes +€20,196
up €20,196 (+43.7%), from €46,176 to €66,371
- Financial charges -€10,533
down €10,533 (-21.1%), from €49,808 to €39,275
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 | €2,432,562 | €2,267,855 | -€164,707 | -6.8% |
| Fixed assets | 21/28 | €1,550,917 | €1,399,820 | -€151,097 | -9.7% |
| Intangible fixed assets | 21 | €5,345 | €0 | -€5,345 | -100.0% |
| Tangible fixed assets | 22/27 | €1,545,571 | €1,399,820 | -€145,751 | -9.4% |
| Land and buildings | 22 | €1,233,195 | €1,142,130 | -€91,065 | -7.4% |
| Plant, machinery and equipment | 23 | €48,585 | €54,285 | +€5,700 | +11.7% |
| Furniture and vehicles | 24 | €107,950 | €77,305 | -€30,645 | -28.4% |
| Leasing and similar rights | 25 | €155,841 | €126,100 | -€29,741 | -19.1% |
| Current assets | 29/58 | €881,646 | €868,035 | -€13,611 | -1.5% |
| Stocks and contracts in progress | 3 | €138,470 | €129,561 | -€8,909 | -6.4% |
| Stocks | 30/36 | €138,470 | €129,561 | -€8,909 | -6.4% |
| Amounts receivable within one year | 40/41 | €679,602 | €622,053 | -€57,548 | -8.5% |
| Trade receivables | 40 | €675,433 | €617,884 | -€57,548 | -8.5% |
| Other amounts receivable | 41 | €4,169 | €4,169 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €60,363 | €113,066 | +€52,703 | +87.3% |
| Deferred charges and accrued income | 490/1 | €3,211 | €3,355 | +€144 | +4.5% |
| Total equity and liabilities | 10/49 | €2,432,562 | €2,267,855 | -€164,707 | -6.8% |
| Equity | 10/15 | €477,152 | €589,791 | +€112,639 | +23.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €470,952 | €583,591 | +€112,639 | +23.9% |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | €470,952 | €541,491 | +€70,539 | +15.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,955,410 | €1,678,064 | -€277,346 | -14.2% |
| Amounts payable after more than one year | 17 | €1,198,488 | €1,036,660 | -€161,827 | -13.5% |
| Financial debts | 170/4 | €1,198,488 | €1,036,660 | -€161,827 | -13.5% |
| Amounts payable within one year | 42/48 | €756,922 | €641,404 | -€115,519 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €167,872 | €161,827 | -€6,045 | -3.6% |
| Financial debts | 43 | €25,000 | €0 | -€25,000 | -100.0% |
| Credit institutions | 430/8 | €25,000 | €0 | -€25,000 | -100.0% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €65,796 | €55,868 | -€9,928 | -15.1% |
| Suppliers | 440/4 | €65,796 | €55,868 | -€9,928 | -15.1% |
| Taxes, remuneration and social security | 45 | €122,468 | €102,747 | -€19,721 | -16.1% |
| Taxes | 450/3 | €84,035 | €61,613 | -€22,422 | -26.7% |
| Remuneration and social security | 454/9 | €38,433 | €41,134 | +€2,701 | +7.0% |
| Other amounts payable | 47/48 | €375,787 | €320,962 | -€54,825 | -14.6% |
| Non-recurring operating income | 76A | €1,000 | €0 | -€1,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €241,451 | €297,812 | +€56,361 | +23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,645 | €174,707 | +€4,063 | +2.4% |
| Other operating charges | 640/8 | €20,270 | €20,369 | +€98 | +0.5% |
| Gross operating margin | 9900 | €620,619 | €749,778 | +€129,159 | +20.8% |
| Operating profit (loss) | 9901 | €188,253 | €256,891 | +€68,637 | +36.5% |
| Financial income | 75/76B | €91 | €231 | +€139 | +152.5% |
| Recurring financial income | 75 | €91 | €231 | +€139 | +152.5% |
| Financial charges | 65/66B | €49,808 | €39,275 | -€10,533 | -21.1% |
| Recurring financial charges | 65 | €49,808 | €39,275 | -€10,533 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €138,537 | €217,846 | +€79,310 | +57.2% |
| Income taxes | 67/77 | €46,176 | €66,371 | +€20,196 | +43.7% |
| Profit (loss) for the period | 9904 | €92,361 | €151,475 | +€59,114 | +64.0% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,361 | €109,375 | +€17,014 | +18.4% |
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 10 October 2026 via checked.be.