BHL Ventures: 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.
BHL Ventures
Largest movements
- Financial fixed assets -€67,472
down €67,472 (-33.3%), from €202,500 to €135,028
- Cash +€40,886
up €40,886 (+629.7%), from €6,493 to €47,380
mainly Net result for the year (+€85,417) and Investment in fixed assets (net) (+€64,416)
- Tangible fixed assets +€2,691
new in 2025: €2,691
of which Plant, machinery and equipment: +€1,678
- Debts after one year -€134,682
down €134,682 (-77.6%), from €173,569 to €38,887
- Reserves +€85,417
up €85,417 (+323.5%), from €26,402 to €111,820
- Other debts +€31,250
new in 2025: €31,250
- Tax, wage and social debts -€5,925
down €5,925 (-39.4%), from €15,035 to €9,110
of which Taxes: -€7,496
- Financial income +€65,606
up €65,606 (+29974.9%), from €219 to €65,825
- Financial charges +€5,517
up €5,517 (+209.5%), from €2,634 to €8,151
- Taxes -€2,159
down €2,159 (-19.9%), from €10,858 to €8,698
- Gross operating margin -€1,856
down €1,856 (-4.5%), from €41,021 to €39,165
- Depreciation +€949
up €949 (+96.9%), from €979 to €1,928
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 | €226,953 | €201,727 | -€25,226 | -11.1% |
| Formation expenses | 20 | €1,563 | €0 | -€1,563 | -100.0% |
| Fixed assets | 21/28 | €202,500 | €137,719 | -€64,781 | -32.0% |
| Tangible fixed assets | 22/27 | - | €2,691 | +€2,691 | |
| Plant, machinery and equipment | 23 | - | €1,678 | +€1,678 | |
| Furniture and vehicles | 24 | - | €1,012 | +€1,012 | |
| Financial fixed assets | 28 | €202,500 | €135,028 | -€67,472 | -33.3% |
| Current assets | 29/58 | €22,890 | €64,008 | +€41,117 | +179.6% |
| Amounts receivable within one year | 40/41 | €16,128 | €16,269 | +€141 | +0.9% |
| Trade receivables | 40 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 41 | €6,128 | €6,269 | +€141 | +2.3% |
| Cash at bank and in hand | 54/58 | €6,493 | €47,380 | +€40,886 | +629.7% |
| Deferred charges and accrued income | 490/1 | €269 | €359 | +€90 | +33.5% |
| Total equity and liabilities | 10/49 | €226,953 | €201,727 | -€25,226 | -11.1% |
| Equity | 10/15 | €26,552 | €111,970 | +€85,417 | +321.7% |
| Contributions | 10/11 | €150 | €150 | = | 0.0% |
| Reserves | 13 | €26,402 | €111,820 | +€85,417 | +323.5% |
| Distributable reserves | 133 | €26,402 | €111,820 | +€85,417 | +323.5% |
| Amounts payable | 17/49 | €200,401 | €89,757 | -€110,644 | -55.2% |
| Amounts payable after more than one year | 17 | €173,569 | €38,887 | -€134,682 | -77.6% |
| Financial debts | 170/4 | €173,569 | €38,887 | -€134,682 | -77.6% |
| Amounts payable within one year | 42/48 | €26,832 | €50,869 | +€24,038 | +89.6% |
| Current portion of amounts payable after more than one year | 42 | €9,827 | €10,182 | +€355 | +3.6% |
| Trade debts | 44 | €1,970 | €328 | -€1,642 | -83.3% |
| Suppliers | 440/4 | €1,970 | €328 | -€1,642 | -83.3% |
| Taxes, remuneration and social security | 45 | €15,035 | €9,110 | -€5,925 | -39.4% |
| Taxes | 450/3 | €15,035 | €7,539 | -€7,496 | -49.9% |
| Remuneration and social security | 454/9 | - | €1,571 | +€1,571 | |
| Other amounts payable | 47/48 | - | €31,250 | +€31,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €979 | €1,928 | +€949 | +96.9% |
| Other operating charges | 640/8 | €367 | €795 | +€428 | +116.5% |
| Gross operating margin | 9900 | €41,021 | €39,165 | -€1,856 | -4.5% |
| Operating profit (loss) | 9901 | €39,675 | €36,442 | -€3,233 | -8.1% |
| Financial income | 75/76B | €219 | €65,825 | +€65,606 | +29974.9% |
| Recurring financial income | 75 | €219 | €65,825 | +€65,606 | +29974.9% |
| Financial charges | 65/66B | €2,634 | €8,151 | +€5,517 | +209.5% |
| Recurring financial charges | 65 | €2,634 | €8,151 | +€5,517 | +209.5% |
| Profit (loss) for the period before taxes | 9903 | €37,260 | €94,116 | +€56,856 | +152.6% |
| Income taxes | 67/77 | €10,858 | €8,698 | -€2,159 | -19.9% |
| Profit (loss) for the period | 9904 | €26,402 | €85,417 | +€59,015 | +223.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,402 | €85,417 | +€59,015 | +223.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.