BGS IMMO: 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.
What changed
BGS IMMO
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€16,827
2024 · €1,778+€15,049
Equity
€312,899
2024 · €296,072+€16,827
Cash
€13,483
2024 · €14,661-€1,178
Balance sheet total
€3.8m
2024 · €1.8m+€2.0m
Largest movements
Assets
- Receivables within one year +€1.9m
up €1.9m (+957.4%), from €202,333 to €2.1m
of which Trade receivables: +€2.0m
- Stocks and contracts +€116,000
up €116,000 (+7.9%), from €1.5m to €1.6m
Equity and liabilities
- Trade debts +€2.0m
up €2.0m (+692.6%), from €283,945 to €2.3m
- Short-term financial debts +€67,491
up €67,491 (+28.1%), from €240,028 to €307,520
Income statement
- Gross operating margin +€15,731
up €15,731 (+22.5%), from €70,002 to €85,732
- Financial charges +€10,017
up €10,017 (+29.8%), from €33,643 to €43,659
of which Financial charges: +€9,852
- Taxes -€6,139
down €6,139 (-51.7%), from €11,885 to €5,747
- Depreciation -€2,170
down €2,170 (-14.7%), from €14,750 to €12,580
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
€1,778
Gross operating margin
+€15,731
Depreciation
+€2,170
Other operating charges
+€670
Financial income
+€357
Financial charges
-€10,017
Taxes
+€6,139
Result 2025
€16,827
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.
From operations
-€43,257
Investment
€0
Financing
+€42,079
Cash 2024
€14,661
From operations (derived)
-€43,257
Net result for the year
+€16,827
Depreciation
+€12,580
Stocks and contracts
-€116,000
Receivables within one year
-€1.9m
Deferred charges and accrued income
+€1,537
Trade debts
+€2.0m
Tax, wage and social debts
+€5,967
Other debts
+€6,493
Financing
+€42,079
Debts after one year
-€24,780
Current portion of long-term debt
-€632
Short-term financial debts
+€67,491
Cash 2025
€13,483
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,785,046 | €3,822,982 | +€2.0m | +114.2% |
| Fixed assets | 21/28 | €100,879 | €88,299 | -€12,580 | -12.5% |
| Tangible fixed assets | 22/27 | €97,742 | €85,162 | -€12,580 | -12.9% |
| Land and buildings | 22 | €95,594 | €84,014 | -€11,580 | -12.1% |
| Furniture and vehicles | 24 | €2,148 | €1,148 | -€1,000 | -46.6% |
| Financial fixed assets | 28 | €3,137 | €3,137 | = | 0.0% |
| Current assets | 29/58 | €1,684,168 | €3,734,683 | +€2.1m | +121.8% |
| Stocks and contracts in progress | 3 | €1,464,000 | €1,580,000 | +€116,000 | +7.9% |
| Stocks | 30/36 | €1,464,000 | €1,580,000 | +€116,000 | +7.9% |
| Amounts receivable within one year | 40/41 | €202,333 | €2,139,563 | +€1.9m | +957.4% |
| Trade receivables | 40 | - | €1,969,101 | +€2.0m | |
| Other amounts receivable | 41 | €202,333 | €170,462 | -€31,872 | -15.8% |
| Cash at bank and in hand | 54/58 | €14,661 | €13,483 | -€1,178 | -8.0% |
| Deferred charges and accrued income | 490/1 | €3,173 | €1,637 | -€1,537 | -48.4% |
| Total equity and liabilities | 10/49 | €1,785,046 | €3,822,982 | +€2.0m | +114.2% |
| Equity | 10/15 | €296,072 | €312,899 | +€16,827 | +5.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €131,050 | €131,050 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | - | -€10,000 | |
| Reserves not available under the articles | 1311 | €10,000 | - | -€10,000 | |
| Distributable reserves | 133 | €121,050 | €131,050 | +€10,000 | +8.3% |
| Profit (loss) carried forward | 14 | €115,022 | €131,849 | +€16,827 | +14.6% |
| Amounts payable | 17/49 | €1,488,974 | €3,510,083 | +€2.0m | +135.7% |
| Amounts payable after more than one year | 17 | €933,399 | €908,619 | -€24,780 | -2.7% |
| Financial debts | 170/4 | €933,399 | €908,619 | -€24,780 | -2.7% |
| Amounts payable within one year | 42/48 | €555,576 | €2,601,464 | +€2.0m | +368.2% |
| Current portion of amounts payable after more than one year | 42 | €25,412 | €24,780 | -€632 | -2.5% |
| Financial debts | 43 | €240,028 | €307,520 | +€67,491 | +28.1% |
| Credit institutions | 430/8 | €240,028 | €307,520 | +€67,491 | +28.1% |
| Trade debts | 44 | €283,945 | €2,250,515 | +€2.0m | +692.6% |
| Suppliers | 440/4 | €283,945 | €2,250,515 | +€2.0m | +692.6% |
| Taxes, remuneration and social security | 45 | €6,190 | €12,157 | +€5,967 | +96.4% |
| Taxes | 450/3 | €6,190 | €12,157 | +€5,967 | +96.4% |
| Other amounts payable | 47/48 | - | €6,493 | +€6,493 | |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,750 | €12,580 | -€2,170 | -14.7% |
| Other operating charges | 640/8 | €7,973 | €7,303 | -€670 | -8.4% |
| Non-recurring operating charges | 66A | - | €1 | +€1 | |
| Gross operating margin | 9900 | €70,002 | €85,732 | +€15,731 | +22.5% |
| Operating profit (loss) | 9901 | €47,279 | €65,849 | +€18,570 | +39.3% |
| Financial income | 75/76B | €27 | €384 | +€357 | +1307.3% |
| Recurring financial income | 75 | €27 | €384 | +€357 | +1307.3% |
| Financial charges | 65/66B | €33,643 | €43,659 | +€10,017 | +29.8% |
| Recurring financial charges | 65 | €33,643 | €43,494 | +€9,852 | +29.3% |
| Non-recurring financial charges | 66B | - | €165 | +€165 | |
| Profit (loss) for the period before taxes | 9903 | €13,663 | €22,574 | +€8,910 | +65.2% |
| Income taxes | 67/77 | €11,885 | €5,747 | -€6,139 | -51.7% |
| Profit (loss) for the period | 9904 | €1,778 | €16,827 | +€15,049 | +846.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,778 | €16,827 | +€15,049 | +846.5% |
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 7 October 2026 via checked.be.