BGZ: 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.
BGZ
Largest movements
- Receivables within one year +€23,758
up €23,758 (+61.6%), from €38,572 to €62,330
of which Trade receivables: +€22,332
- Tangible fixed assets -€11,760
down €11,760 (-56.1%), from €20,956 to €9,196
of which Furniture and vehicles: -€6,444
- Financial fixed assets +€8,000
new in 2025: €8,000
- Cash +€1,997
up €1,997 (+135856.5%), from €1 to €1,999
mainly Other debts (+€22,075) and Net result for the year (+€12,491)
- Other debts +€22,075
up €22,075 (+160.9%), from €13,718 to €35,793
- Trade debts -€18,844
down €18,844 (-77.4%), from €24,358 to €5,514
- Reserves +€12,491
up €12,491 (+902.2%), from €1,385 to €13,875
- Tax, wage and social debts +€6,273
up €6,273 (+36.8%), from €17,069 to €23,342
of which Taxes: +€3,388
- Staff costs -€20,088
down €20,088 (-29.5%), from €68,203 to €48,115
- Depreciation +€3,681
up €3,681 (+45.6%), from €8,080 to €11,760
- Taxes +€3,266
up €3,266 (+236.6%), from €1,381 to €4,647
- Gross operating margin -€1,562
down €1,562 (-1.9%), from €80,829 to €79,267
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 | €59,530 | €81,525 | +€21,995 | +36.9% |
| Fixed assets | 21/28 | €20,956 | €17,196 | -€3,760 | -17.9% |
| Tangible fixed assets | 22/27 | €20,956 | €9,196 | -€11,760 | -56.1% |
| Plant, machinery and equipment | 23 | €6,643 | €1,327 | -€5,316 | -80.0% |
| Furniture and vehicles | 24 | €14,313 | €7,869 | -€6,444 | -45.0% |
| Financial fixed assets | 28 | - | €8,000 | +€8,000 | |
| Current assets | 29/58 | €38,574 | €64,329 | +€25,755 | +66.8% |
| Amounts receivable within one year | 40/41 | €38,572 | €62,330 | +€23,758 | +61.6% |
| Trade receivables | 40 | €36,310 | €58,642 | +€22,332 | +61.5% |
| Other amounts receivable | 41 | €2,262 | €3,688 | +€1,426 | +63.0% |
| Current investments | 50/53 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €1 | €1,999 | +€1,997 | +135856.5% |
| Total equity and liabilities | 10/49 | €59,530 | €81,525 | +€21,995 | +36.9% |
| Equity | 10/15 | €4,385 | €16,875 | +€12,491 | +284.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,385 | €13,875 | +€12,491 | +902.2% |
| Distributable reserves | 133 | €1,385 | €13,875 | +€12,491 | +902.2% |
| Amounts payable | 17/49 | €55,145 | €64,650 | +€9,504 | +17.2% |
| Amounts payable within one year | 42/48 | €55,145 | €64,650 | +€9,504 | +17.2% |
| Trade debts | 44 | €24,358 | €5,514 | -€18,844 | -77.4% |
| Suppliers | 440/4 | €24,358 | €5,514 | -€18,844 | -77.4% |
| Taxes, remuneration and social security | 45 | €17,069 | €23,342 | +€6,273 | +36.8% |
| Taxes | 450/3 | €2,799 | €6,187 | +€3,388 | +121.0% |
| Remuneration and social security | 454/9 | €14,270 | €17,156 | +€2,886 | +20.2% |
| Other amounts payable | 47/48 | €13,718 | €35,793 | +€22,075 | +160.9% |
| Remuneration, social security and pensions | 62 | €68,203 | €48,115 | -€20,088 | -29.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,080 | €11,760 | +€3,681 | +45.6% |
| Other operating charges | 640/8 | €1,670 | €1,514 | -€155 | -9.3% |
| Gross operating margin | 9900 | €80,829 | €79,267 | -€1,562 | -1.9% |
| Operating profit (loss) | 9901 | €2,877 | €17,877 | +€15,001 | +521.5% |
| Financial income | 75/76B | - | €36 | +€36 | |
| Recurring financial income | 75 | - | €36 | +€36 | |
| Financial charges | 65/66B | €94 | €776 | +€682 | +723.8% |
| Recurring financial charges | 65 | €94 | €776 | +€682 | +723.8% |
| Profit (loss) for the period before taxes | 9903 | €2,783 | €17,138 | +€14,355 | +515.9% |
| Income taxes | 67/77 | €1,381 | €4,647 | +€3,266 | +236.6% |
| Profit (loss) for the period | 9904 | €1,402 | €12,491 | +€11,089 | +791.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,402 | €12,491 | +€11,089 | +791.0% |
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 2 October 2026 via checked.be.