BGSA: 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.
BGSA
Largest movements
- Receivables within one year +€45,266
up €45,266 (+107.7%), from €42,030 to €87,296
of which Other amounts receivable: +€43,556
- Current investments -€19,147
down €19,147 (-9.6%), from €200,026 to €180,879
- Deferred charges and accrued income +€6,507
up €6,507, from €0 to €6,507
- Other debts +€59,578
up €59,578 (+14.5%), from €412,106 to €471,684
- Current portion of long-term debt -€14,567
down €14,567 (-34.2%), from €42,630 to €28,063
- Tax, wage and social debts -€7,213
down €7,213 (-10.4%), from €69,663 to €62,450
of which Taxes: -€10,667
- Gross operating margin -€83,128
down €83,128 (-21.5%), from €387,269 to €304,142
- Taxes -€24,325
down €24,325 (-27.5%), from €88,436 to €64,111
- Staff costs +€8,910
up €8,910 (+22.8%), from €39,111 to €48,021
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 | €581,350 | €613,898 | +€32,548 | +5.6% |
| Fixed assets | 21/28 | €323,278 | €318,131 | -€5,147 | -1.6% |
| Tangible fixed assets | 22/27 | €38,183 | €33,036 | -€5,147 | -13.5% |
| Furniture and vehicles | 24 | €38,183 | €33,036 | -€5,147 | -13.5% |
| Financial fixed assets | 28 | €285,095 | €285,095 | = | 0.0% |
| Current assets | 29/58 | €258,072 | €295,767 | +€37,695 | +14.6% |
| Amounts receivable within one year | 40/41 | €42,030 | €87,296 | +€45,266 | +107.7% |
| Trade receivables | 40 | €20,754 | €22,464 | +€1,710 | +8.2% |
| Other amounts receivable | 41 | €21,276 | €64,832 | +€43,556 | +204.7% |
| Current investments | 50/53 | €200,026 | €180,879 | -€19,147 | -9.6% |
| Cash at bank and in hand | 54/58 | €16,016 | €21,086 | +€5,070 | +31.7% |
| Deferred charges and accrued income | 490/1 | €0 | €6,507 | +€6,507 | |
| Total equity and liabilities | 10/49 | €581,350 | €613,898 | +€32,548 | +5.6% |
| Equity | 10/15 | €33,581 | €28,270 | -€5,310 | -15.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,581 | €3,270 | -€5,310 | -61.9% |
| Amounts payable | 17/49 | €547,769 | €585,628 | +€37,859 | +6.9% |
| Amounts payable after more than one year | 17 | €1,109 | €0 | -€1,109 | -100.0% |
| Financial debts | 170/4 | €1,109 | €0 | -€1,109 | -100.0% |
| Amounts payable within one year | 42/48 | €546,660 | €585,628 | +€38,967 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €42,630 | €28,063 | -€14,567 | -34.2% |
| Trade debts | 44 | €22,262 | €23,431 | +€1,170 | +5.3% |
| Suppliers | 440/4 | €22,262 | €23,431 | +€1,170 | +5.3% |
| Taxes, remuneration and social security | 45 | €69,663 | €62,450 | -€7,213 | -10.4% |
| Taxes | 450/3 | €62,021 | €51,354 | -€10,667 | -17.2% |
| Remuneration and social security | 454/9 | €7,642 | €11,096 | +€3,454 | +45.2% |
| Other amounts payable | 47/48 | €412,106 | €471,684 | +€59,578 | +14.5% |
| Remuneration, social security and pensions | 62 | €39,111 | €48,021 | +€8,910 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,818 | €8,246 | +€1,428 | +20.9% |
| Other operating charges | 640/8 | €1,964 | €1,708 | -€256 | -13.0% |
| Gross operating margin | 9900 | €387,269 | €304,142 | -€83,128 | -21.5% |
| Operating profit (loss) | 9901 | €339,375 | €246,166 | -€93,209 | -27.5% |
| Financial income | 75/76B | €7,700 | €10,348 | +€2,648 | +34.4% |
| Recurring financial income | 75 | €7,700 | €10,348 | +€2,648 | +34.4% |
| Financial charges | 65/66B | €4,406 | €2,713 | -€1,693 | -38.4% |
| Recurring financial charges | 65 | €4,406 | €2,713 | -€1,693 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €342,669 | €253,801 | -€88,868 | -25.9% |
| Income taxes | 67/77 | €88,436 | €64,111 | -€24,325 | -27.5% |
| Profit (loss) for the period | 9904 | €254,233 | €189,690 | -€64,543 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €254,233 | €189,690 | -€64,543 | -25.4% |
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.