BHAG: what changed
Two financial 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.
BHAG
Largest movements
- Tangible fixed assets +€743,674
up €743,674 (+105%), from €709,282 to €1.5m
of which Other tangible fixed assets: +€648,909
- Current investments -€437,328
down €437,328 (-40.0%), from €1.1m to €657,080
- Receivables within one year -€46,018
down €46,018 (-27.3%), from €168,859 to €122,841
of which Other amounts receivable: -€35,239
- Cash +€38,011
up €38,011 (+26.9%), from €141,479 to €179,490
mainly Current investments (+€437,328) and Debts after one year (+€253,881)
- Debts after one year +€253,881
up €253,881 (+47.9%), from €530,101 to €783,982
- Trade debts -€43,846
down €43,846 (-52.8%), from €83,039 to €39,193
- Other debts +€43,448
up €43,448 (+315%), from €13,789 to €57,237
- Tax, wage and social debts +€27,067
up €27,067 (+103%), from €26,402 to €53,469
of which Taxes: +€27,029
- Financial income +€82,449
up €82,449 (+272%), from €30,266 to €112,715
- Depreciation +€29,303
up €29,303 (+59.0%), from €49,678 to €78,981
- Gross operating margin +€25,419
up €25,419 (+6.9%), from €367,385 to €392,803
- Taxes +€19,989
up €19,989 (+18.5%), from €107,855 to €127,844
- Financial charges +€19,939
up €19,939 (+150%), from €13,282 to €33,221
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.
Derived cash bridge
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 | €2,205,251 | €2,503,239 | +€297,988 | +13.5% |
| Fixed assets | 21/28 | €794,088 | €1,537,762 | +€743,674 | +93.7% |
| Tangible fixed assets | 22/27 | €709,282 | €1,452,956 | +€743,674 | +105% |
| Land and buildings | 22 | €335,145 | €395,368 | +€60,223 | +18.0% |
| Plant, machinery and equipment | 23 | €814 | €1,540 | +€726 | +89.2% |
| Furniture and vehicles | 24 | €67,475 | €101,291 | +€33,816 | +50.1% |
| Other tangible fixed assets | 26 | €305,848 | €954,757 | +€648,909 | +212% |
| Financial fixed assets | 28 | €84,806 | €84,806 | = | 0.0% |
| Current assets | 29/58 | €1,411,163 | €965,477 | -€445,686 | -31.6% |
| Amounts receivable within one year | 40/41 | €168,859 | €122,841 | -€46,018 | -27.3% |
| Trade receivables | 40 | €133,620 | €122,841 | -€10,779 | -8.1% |
| Other amounts receivable | 41 | €35,239 | €0 | -€35,239 | -100% |
| Current investments | 50/53 | €1,094,407 | €657,080 | -€437,328 | -40.0% |
| Cash at bank and in hand | 54/58 | €141,479 | €179,490 | +€38,011 | +26.9% |
| Deferred charges and accrued income | 490/1 | €6,417 | €6,066 | -€351 | -5.5% |
| Total equity and liabilities | 10/49 | €2,205,251 | €2,503,239 | +€297,988 | +13.5% |
| Equity | 10/15 | €1,454,924 | €1,470,155 | +€15,230 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,436,324 | €1,451,555 | +€15,230 | +1.1% |
| Distributable reserves | 133 | €1,436,324 | €1,451,555 | +€15,230 | +1.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €750,326 | €1,033,084 | +€282,758 | +37.7% |
| Amounts payable after more than one year | 17 | €530,101 | €783,982 | +€253,881 | +47.9% |
| Financial debts | 170/4 | €530,101 | €783,982 | +€253,881 | +47.9% |
| Amounts payable within one year | 42/48 | €153,515 | €199,353 | +€45,838 | +29.9% |
| Current portion of amounts payable after more than one year | 42 | €30,286 | €49,455 | +€19,169 | +63.3% |
| Trade debts | 44 | €83,039 | €39,193 | -€43,846 | -52.8% |
| Suppliers | 440/4 | €83,039 | €39,193 | -€43,846 | -52.8% |
| Taxes, remuneration and social security | 45 | €26,402 | €53,469 | +€27,067 | +103% |
| Taxes | 450/3 | €20,990 | €48,019 | +€27,029 | +129% |
| Remuneration and social security | 454/9 | €5,411 | €5,449 | +€38 | +0.7% |
| Other amounts payable | 47/48 | €13,789 | €57,237 | +€43,448 | +315% |
| Accrued charges and deferred income | 492/3 | €66,710 | €49,748 | -€16,961 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,678 | €78,981 | +€29,303 | +59.0% |
| Other operating charges | 640/8 | €4,657 | €7,584 | +€2,927 | +62.9% |
| Non-recurring operating charges | 66A | - | €4,011 | +€4,011 | |
| Gross operating margin | 9900 | €367,385 | €392,803 | +€25,419 | +6.9% |
| Operating profit (loss) | 9901 | €313,050 | €302,227 | -€10,823 | -3.5% |
| Financial income | 75/76B | €30,266 | €112,715 | +€82,449 | +272% |
| Recurring financial income | 75 | €30,266 | €112,715 | +€82,449 | +272% |
| Financial charges | 65/66B | €13,282 | €33,221 | +€19,939 | +150% |
| Recurring financial charges | 65 | €13,282 | €33,221 | +€19,939 | +150% |
| Profit (loss) for the period before taxes | 9903 | €330,033 | €381,721 | +€51,688 | +15.7% |
| Income taxes | 67/77 | €107,855 | €127,844 | +€19,989 | +18.5% |
| Profit (loss) for the period | 9904 | €222,179 | €253,877 | +€31,698 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €222,179 | €253,877 | +€31,698 | +14.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.