BGSI: 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.
BGSI
Largest movements
- Receivables within one year -€139,805
down €139,805 (-44.8%), from €311,931 to €172,126
of which Trade receivables: -€101,262
- Cash +€6,362
up €6,362 (+1476.3%), from €431 to €6,793
mainly Receivables within one year (+€139,805) and Net result for the year (+€8,134)
- Trade debts -€144,884
down €144,884 (-92.7%), from €156,322 to €11,437
- Profit (loss) carried forward +€8,134
up €8,134 (+7.2%), from €112,718 to €120,852
- Gross operating margin -€70,459
down €70,459 (-94.2%), from €74,765 to €4,306
- Other operating charges -€65,582
down €65,582 (-100.0%), from €65,582 to €0
- Financial income -€1,919
down €1,919 (-21.0%), from €9,151 to €7,232
- Depreciation -€1,705
down €1,705 (-100.0%), from €1,705 to €0
- Taxes -€1,548
down €1,548 (-34.3%), from €4,509 to €2,961
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 | €312,709 | €178,919 | -€133,790 | -42.8% |
| Fixed assets | 21/28 | €346 | €0 | -€346 | -100.0% |
| Tangible fixed assets | 22/27 | €346 | €0 | -€346 | -100.0% |
| Furniture and vehicles | 24 | €346 | €0 | -€346 | -100.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €312,362 | €178,919 | -€133,444 | -42.7% |
| Amounts receivable within one year | 40/41 | €311,931 | €172,126 | -€139,805 | -44.8% |
| Trade receivables | 40 | €131,889 | €30,627 | -€101,262 | -76.8% |
| Other amounts receivable | 41 | €180,043 | €141,499 | -€38,543 | -21.4% |
| Cash at bank and in hand | 54/58 | €431 | €6,793 | +€6,362 | +1476.3% |
| Total equity and liabilities | 10/49 | €312,709 | €178,919 | -€133,790 | -42.8% |
| Equity | 10/15 | €151,878 | €160,012 | +€8,134 | +5.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,718 | €120,852 | +€8,134 | +7.2% |
| Amounts payable | 17/49 | €160,831 | €18,907 | -€141,924 | -88.2% |
| Amounts payable within one year | 42/48 | €160,831 | €18,907 | -€141,924 | -88.2% |
| Trade debts | 44 | €156,322 | €11,437 | -€144,884 | -92.7% |
| Suppliers | 440/4 | €156,322 | €11,437 | -€144,884 | -92.7% |
| Taxes, remuneration and social security | 45 | €4,509 | €7,470 | +€2,961 | +65.7% |
| Taxes | 450/3 | €4,509 | €7,470 | +€2,961 | +65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,705 | €0 | -€1,705 | -100.0% |
| Other operating charges | 640/8 | €65,582 | €0 | -€65,582 | -100.0% |
| Non-recurring operating charges | 66A | - | €346 | +€346 | |
| Gross operating margin | 9900 | €74,765 | €4,306 | -€70,459 | -94.2% |
| Operating profit (loss) | 9901 | €7,478 | €3,960 | -€3,519 | -47.1% |
| Financial income | 75/76B | €9,151 | €7,232 | -€1,919 | -21.0% |
| Recurring financial income | 75 | €9,151 | €7,232 | -€1,919 | -21.0% |
| Financial charges | 65/66B | €83 | €97 | +€14 | +16.3% |
| Recurring financial charges | 65 | €83 | €97 | +€14 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €16,546 | €11,095 | -€5,452 | -32.9% |
| Income taxes | 67/77 | €4,509 | €2,961 | -€1,548 | -34.3% |
| Profit (loss) for the period | 9904 | €12,037 | €8,134 | -€3,904 | -32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,037 | €8,134 | -€3,904 | -32.4% |
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 4 October 2026 via checked.be.