BGU: 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.
BGU
Largest movements
- Receivables within one year -€17,472
down €17,472 (-51.1%), from €34,225 to €16,752
of which Trade receivables: -€17,904
- Trade debts -€20,313
down €20,313 (-64.7%), from €31,395 to €11,082
- Advances received -€16,000
no longer reported in 2025 (was €16,000)
- Reserves +€14,500
up €14,500 (+21.6%), from €67,158 to €81,658
of which Distributable reserves: +€14,500
- Other debts +€5,149
up €5,149 (+375.4%), from €1,371 to €6,520
- Gross operating margin +€22,355
up €22,355, from -€2,174 to €20,181
- Taxes +€1,450
new in 2025: €1,450
- Depreciation -€636
down €636 (-17.2%), from €3,705 to €3,070
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 | €158,661 | €141,481 | -€17,180 | -10.8% |
| Fixed assets | 21/28 | €3,496 | €2,914 | -€582 | -16.6% |
| Tangible fixed assets | 22/27 | €3,496 | €2,914 | -€582 | -16.6% |
| Plant, machinery and equipment | 23 | - | €397 | +€397 | |
| Furniture and vehicles | 24 | €3,496 | €2,517 | -€979 | -28.0% |
| Current assets | 29/58 | €155,165 | €138,567 | -€16,598 | -10.7% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Other amounts receivable | 291 | €120,000 | €120,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,225 | €16,752 | -€17,472 | -51.1% |
| Trade receivables | 40 | €33,825 | €15,921 | -€17,904 | -52.9% |
| Other amounts receivable | 41 | €400 | €832 | +€432 | +107.9% |
| Cash at bank and in hand | 54/58 | €288 | €0 | -€288 | -99.9% |
| Deferred charges and accrued income | 490/1 | €652 | €1,814 | +€1,162 | +178.2% |
| Total equity and liabilities | 10/49 | €158,661 | €141,481 | -€17,180 | -10.8% |
| Equity | 10/15 | €83,777 | €99,289 | +€15,512 | +18.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €67,158 | €81,658 | +€14,500 | +21.6% |
| 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% |
| Distributable reserves | 133 | €46,548 | €61,048 | +€14,500 | +31.2% |
| Profit (loss) carried forward | 14 | €10,419 | €11,431 | +€1,012 | +9.7% |
| Amounts payable | 17/49 | €74,884 | €42,192 | -€32,692 | -43.7% |
| Amounts payable within one year | 42/48 | €74,308 | €41,690 | -€32,618 | -43.9% |
| Financial debts | 43 | €18,774 | €18,716 | -€58 | -0.3% |
| Credit institutions | 430/8 | €18,774 | €18,716 | -€58 | -0.3% |
| Trade debts | 44 | €31,395 | €11,082 | -€20,313 | -64.7% |
| Suppliers | 440/4 | €31,395 | €11,082 | -€20,313 | -64.7% |
| Advances received on contracts in progress | 46 | €16,000 | - | -€16,000 | |
| Taxes, remuneration and social security | 45 | €6,767 | €5,372 | -€1,396 | -20.6% |
| Taxes | 450/3 | €4,567 | €5,372 | +€804 | +17.6% |
| Remuneration and social security | 454/9 | €2,200 | - | -€2,200 | |
| Other amounts payable | 47/48 | €1,371 | €6,520 | +€5,149 | +375.4% |
| Accrued charges and deferred income | 492/3 | €576 | €502 | -€75 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,705 | €3,070 | -€636 | -17.2% |
| Other operating charges | 640/8 | €880 | €911 | +€32 | +3.6% |
| Gross operating margin | 9900 | -€2,174 | €20,181 | +€22,355 | |
| Operating profit (loss) | 9901 | -€6,759 | €16,200 | +€22,959 | |
| Financial income | 75/76B | €3,670 | €3,656 | -€14 | -0.4% |
| Recurring financial income | 75 | €3,670 | €3,656 | -€14 | -0.4% |
| Financial charges | 65/66B | €2,855 | €2,894 | +€39 | +1.4% |
| Recurring financial charges | 65 | €2,855 | €2,894 | +€39 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,944 | €16,962 | +€22,906 | |
| Income taxes | 67/77 | - | €1,450 | +€1,450 | |
| Profit (loss) for the period | 9904 | -€5,944 | €15,512 | +€21,456 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,944 | €15,512 | +€21,456 |
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 8 October 2026 via checked.be.