BHG AG: 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.
What changed
BHG AG
NACE 47.789, Other retail sale of new goods
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€212,251
2025 · €127,276+€84,975
Equity
€1.5m
2025 · €1.5m+€12,251
Cash
€288,417
2025 · €357,852-€69,435
Balance sheet total
€5.3m
2025 · €6.2m-€945,820
Largest movements
Assets
- Receivables within one year -€1.4m
down €1.4m (-33.2%), from €4.1m to €2.7m
of which Trade receivables: -€752,845
- Receivables after one year +€550,000
new in 2026: €550,000
- Cash -€69,435
down €69,435 (-19.4%), from €357,852 to €288,417
mainly Trade debts (-€833,278) and Receivables after one year (-€550,000)
Equity and liabilities
- Trade debts -€833,278
down €833,278 (-34.6%), from €2.4m to €1.6m
- Debts after one year -€95,380
down €95,380 (-12.2%), from €781,230 to €685,850
Income statement
- Gross operating margin +€114,042
up €114,042 (+35.7%), from €319,103 to €433,144
- Taxes +€30,767
up €30,767 (+64.4%), from €47,767 to €78,535
- Financial charges +€24,372
up €24,372 (+38.7%), from €62,961 to €87,334
- Financial income +€19,830
up €19,830 (+79.9%), from €24,817 to €44,647
- Staff costs -€15,113
down €15,113 (-47.8%), from €31,635 to €16,522
From the 2025 result to the 2026 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.
Result 2025
€127,276
Gross operating margin
+€114,042
Staff costs
+€15,113
Depreciation
-€6,321
Other operating charges
-€2,549
Financial income
+€19,830
Financial charges
-€24,372
Taxes
-€30,767
Result 2026
€212,251
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€273,982
Investment
-€25,212
Financing
-€318,205
Cash 2025
€357,852
From operations (derived)
+€273,982
Net result for the year
+€212,251
Depreciation
+€78,575
Receivables after one year
-€550,000
Receivables within one year
+€1.4m
Deferred charges and accrued income
+€14,698
Trade debts
-€833,278
Tax, wage and social debts
+€22,981
Other debts
+€860
Accrued charges and deferred income
-€30,429
Investment (derived)
-€25,212
Investment in fixed assets (net)
-€25,212
Financing
-€318,205
Debts after one year
-€95,380
Current portion of long-term debt
-€22,825
Contributions, distributions and other
-€200,000
Cash 2026
€288,417
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,206,506 | €5,260,686 | -€945,820 | -15.2% |
| Fixed assets | 21/28 | €1,712,437 | €1,659,074 | -€53,363 | -3.1% |
| Tangible fixed assets | 22/27 | €549,937 | €496,574 | -€53,363 | -9.7% |
| Plant, machinery and equipment | 23 | €110,603 | €99,179 | -€11,424 | -10.3% |
| Furniture and vehicles | 24 | €45,200 | €55,076 | +€9,876 | +21.8% |
| Leasing and similar rights | 25 | €394,133 | €342,318 | -€51,815 | -13.1% |
| Financial fixed assets | 28 | €1,162,500 | €1,162,500 | = | 0.0% |
| Current assets | 29/58 | €4,494,070 | €3,601,612 | -€892,457 | -19.9% |
| Amounts receivable after more than one year | 29 | - | €550,000 | +€550,000 | |
| Other amounts receivable | 291 | - | €550,000 | +€550,000 | |
| Amounts receivable within one year | 40/41 | €4,085,392 | €2,727,068 | -€1.4m | -33.2% |
| Trade receivables | 40 | €2,358,141 | €1,605,295 | -€752,845 | -31.9% |
| Other amounts receivable | 41 | €1,727,252 | €1,121,773 | -€605,479 | -35.1% |
| Cash at bank and in hand | 54/58 | €357,852 | €288,417 | -€69,435 | -19.4% |
| Deferred charges and accrued income | 490/1 | €50,825 | €36,127 | -€14,698 | -28.9% |
| Total equity and liabilities | 10/49 | €6,206,506 | €5,260,686 | -€945,820 | -15.2% |
| Equity | 10/15 | €1,519,352 | €1,531,603 | +€12,251 | +0.8% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €40,000 | €40,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,079,352 | €1,091,603 | +€12,251 | +1.1% |
| Amounts payable | 17/49 | €4,687,155 | €3,729,084 | -€958,071 | -20.4% |
| Amounts payable after more than one year | 17 | €781,230 | €685,850 | -€95,380 | -12.2% |
| Financial debts | 170/4 | €781,230 | €685,850 | -€95,380 | -12.2% |
| Amounts payable within one year | 42/48 | €3,832,125 | €2,999,862 | -€832,263 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €119,041 | €96,216 | -€22,825 | -19.2% |
| Financial debts | 43 | €1,050,000 | €1,050,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,050,000 | €1,050,000 | = | 0.0% |
| Trade debts | 44 | €2,406,570 | €1,573,291 | -€833,278 | -34.6% |
| Suppliers | 440/4 | €2,406,570 | €1,573,291 | -€833,278 | -34.6% |
| Taxes, remuneration and social security | 45 | €55,554 | €78,535 | +€22,981 | +41.4% |
| Taxes | 450/3 | €47,934 | €78,535 | +€30,601 | +63.8% |
| Remuneration and social security | 454/9 | €7,620 | - | -€7,620 | |
| Other amounts payable | 47/48 | €200,960 | €201,820 | +€860 | +0.4% |
| Accrued charges and deferred income | 492/3 | €73,800 | €43,371 | -€30,429 | -41.2% |
| Remuneration, social security and pensions | 62 | €31,635 | €16,522 | -€15,113 | -47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,254 | €78,575 | +€6,321 | +8.7% |
| Other operating charges | 640/8 | €2,025 | €4,575 | +€2,549 | +126% |
| Gross operating margin | 9900 | €319,103 | €433,144 | +€114,042 | +35.7% |
| Operating profit (loss) | 9901 | €213,188 | €333,473 | +€120,285 | +56.4% |
| Financial income | 75/76B | €24,817 | €44,647 | +€19,830 | +79.9% |
| Recurring financial income | 75 | €24,817 | €44,647 | +€19,830 | +79.9% |
| Financial charges | 65/66B | €62,961 | €87,334 | +€24,372 | +38.7% |
| Recurring financial charges | 65 | €62,961 | €87,334 | +€24,372 | +38.7% |
| Profit (loss) for the period before taxes | 9903 | €175,043 | €290,786 | +€115,743 | +66.1% |
| Income taxes | 67/77 | €47,767 | €78,535 | +€30,767 | +64.4% |
| Profit (loss) for the period | 9904 | €127,276 | €212,251 | +€84,975 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €127,276 | €212,251 | +€84,975 | +66.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.