BHS MANAGEMENT: 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.
BHS MANAGEMENT
Largest movements
- Financial fixed assets +€428,800
up €428,800 (+26.5%), from €1.6m to €2.0m
- Tangible fixed assets -€120,131
down €120,131 (-5.4%), from €2.2m to €2.1m
of which Land and buildings: -€75,604
- Cash -€43,128
down €43,128 (-66.1%), from €65,271 to €22,143
mainly Investment in fixed assets (net) (-€428,616) and Debts after one year (-€183,555)
- Other debts +€231,062
new in 2025: €231,062
- Debts after one year -€183,555
down €183,555 (-10.0%), from €1.8m to €1.7m
- Profit (loss) carried forward +€141,999
up €141,999 (+12.6%), from €1.1m to €1.3m
- Tax, wage and social debts +€46,449
up €46,449 (+63.7%), from €72,866 to €119,315
of which Taxes: +€42,241
- Financial income -€204,927
down €204,927 (-99.1%), from €206,714 to €1,788
of which Non-recurring financial income: -€200,000
- Gross operating margin +€92,284
up €92,284 (+16.2%), from €570,227 to €662,511
- Staff costs +€49,364
up €49,364 (+28.9%), from €170,884 to €220,248
- Provisions +€30,000
new in 2025: €30,000
- Financial charges +€8,565
up €8,565 (+14.9%), from €57,458 to €66,022
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 | €4,027,133 | €4,290,955 | +€263,822 | +6.6% |
| Fixed assets | 21/28 | €3,836,315 | €4,144,984 | +€308,669 | +8.0% |
| Tangible fixed assets | 22/27 | €2,215,651 | €2,095,520 | -€120,131 | -5.4% |
| Land and buildings | 22 | €2,036,061 | €1,960,457 | -€75,604 | -3.7% |
| Plant, machinery and equipment | 23 | €42,790 | €36,553 | -€6,238 | -14.6% |
| Furniture and vehicles | 24 | €134,149 | €95,861 | -€38,289 | -28.5% |
| Other tangible fixed assets | 26 | €2,650 | €2,650 | = | 0.0% |
| Financial fixed assets | 28 | €1,620,665 | €2,049,465 | +€428,800 | +26.5% |
| Current assets | 29/58 | €190,818 | €145,970 | -€44,847 | -23.5% |
| Amounts receivable within one year | 40/41 | €125,546 | €93,452 | -€32,094 | -25.6% |
| Trade receivables | 40 | €104,830 | €85,631 | -€19,199 | -18.3% |
| Other amounts receivable | 41 | €20,716 | €7,821 | -€12,895 | -62.2% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €65,271 | €22,143 | -€43,128 | -66.1% |
| Deferred charges and accrued income | 490/1 | - | €375 | +€375 | |
| Total equity and liabilities | 10/49 | €4,027,133 | €4,290,955 | +€263,822 | +6.6% |
| Equity | 10/15 | €1,648,773 | €1,780,770 | +€131,997 | +8.0% |
| Contributions | 10/11 | €290,510 | €290,510 | = | 0.0% |
| Reserves | 13 | €205,402 | €196,968 | -€8,434 | -4.1% |
| Tax-exempt reserves | 132 | €105,402 | €96,968 | -€8,434 | -8.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,129,554 | €1,271,553 | +€141,999 | +12.6% |
| Investment grants | 15 | €23,307 | €21,739 | -€1,568 | -6.7% |
| Provisions and deferred taxes | 16 | €54,274 | €79,931 | +€25,657 | +47.3% |
| Provisions for liabilities and charges | 160/5 | - | €30,000 | +€30,000 | |
| Other liabilities and charges | 164/5 | - | €30,000 | +€30,000 | |
| Deferred taxes | 168 | €54,274 | €49,931 | -€4,343 | -8.0% |
| Amounts payable | 17/49 | €2,324,086 | €2,430,254 | +€106,168 | +4.6% |
| Amounts payable after more than one year | 17 | €1,838,629 | €1,655,074 | -€183,555 | -10.0% |
| Financial debts | 170/4 | €1,838,629 | €1,655,074 | -€183,555 | -10.0% |
| Amounts payable within one year | 42/48 | €482,868 | €769,979 | +€287,111 | +59.5% |
| Current portion of amounts payable after more than one year | 42 | €384,660 | €372,899 | -€11,762 | -3.1% |
| Trade debts | 44 | €25,342 | €46,703 | +€21,361 | +84.3% |
| Suppliers | 440/4 | €25,342 | €46,703 | +€21,361 | +84.3% |
| Taxes, remuneration and social security | 45 | €72,866 | €119,315 | +€46,449 | +63.7% |
| Taxes | 450/3 | €56,219 | €98,460 | +€42,241 | +75.1% |
| Remuneration and social security | 454/9 | €16,646 | €20,855 | +€4,208 | +25.3% |
| Other amounts payable | 47/48 | - | €231,062 | +€231,062 | |
| Accrued charges and deferred income | 492/3 | €2,589 | €5,200 | +€2,611 | +100.8% |
| Remuneration, social security and pensions | 62 | €170,884 | €220,248 | +€49,364 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,211 | €119,947 | -€4,263 | -3.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €30,000 | +€30,000 | |
| Other operating charges | 640/8 | €40,526 | €39,855 | -€671 | -1.7% |
| Gross operating margin | 9900 | €570,227 | €662,511 | +€92,284 | +16.2% |
| Operating profit (loss) | 9901 | €234,606 | €252,460 | +€17,854 | +7.6% |
| Financial income | 75/76B | €206,714 | €1,788 | -€204,927 | -99.1% |
| Recurring financial income | 75 | €6,714 | €1,788 | -€4,927 | -73.4% |
| Non-recurring financial income | 76B | €200,000 | - | -€200,000 | |
| Financial charges | 65/66B | €57,458 | €66,022 | +€8,565 | +14.9% |
| Recurring financial charges | 65 | €57,458 | €66,022 | +€8,565 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €383,863 | €188,225 | -€195,638 | -51.0% |
| Transfer from deferred taxes | 780 | €4,343 | €4,343 | = | 0.0% |
| Income taxes | 67/77 | €58,623 | €59,003 | +€380 | +0.6% |
| Profit (loss) for the period | 9904 | €329,583 | €133,565 | -€196,018 | -59.5% |
| Transfer from tax-exempt reserves | 789 | €8,434 | €8,434 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €338,017 | €141,999 | -€196,018 | -58.0% |
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 5 October 2026 via checked.be.