BIVOUWAGG: 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.
BIVOUWAGG
Largest movements
- Cash +€131,059
up €131,059 (+267%), from €49,016 to €180,075
mainly Contributions, distributions and other (+€142,938) and Debts after one year (+€136,332)
- Tangible fixed assets +€66,416
up €66,416 (+16.5%), from €402,423 to €468,839
of which Other tangible fixed assets: +€34,144
- Receivables within one year -€43,802
down €43,802 (-51.4%), from €85,247 to €41,445
of which Other amounts receivable: -€41,036
- Intangible fixed assets -€15,696
down €15,696 (-14.2%), from €110,684 to €94,988
- Profit (loss) carried forward -€400,607
down €400,607 (-58.1%), from -€689,278 to -€1.1m
- Investment grants +€142,938
new in 2025: €142,938
- Debts after one year +€136,332
up €136,332 (+76.0%), from €179,399 to €315,730
- Trade debts +€134,461
up €134,461 (+34.0%), from €395,965 to €530,426
- Other debts +€93,679
up €93,679 (+14.5%), from €646,104 to €739,783
- Staff costs +€354,714
up €354,714 (+254%), from €139,903 to €494,617
- Gross operating margin +€339,484
up €339,484, from -€91,017 to €248,467
- Depreciation +€80,378
up €80,378 (+737%), from €10,908 to €91,287
- Financial charges +€42,109
up €42,109 (+191%), from €22,046 to €64,155
of which Non-recurring financial charges: +€32,377
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 | €656,657 | €803,318 | +€146,661 | +22.3% |
| Fixed assets | 21/28 | €513,208 | €563,927 | +€50,720 | +9.9% |
| Intangible fixed assets | 21 | €110,684 | €94,988 | -€15,696 | -14.2% |
| Tangible fixed assets | 22/27 | €402,423 | €468,839 | +€66,416 | +16.5% |
| Plant, machinery and equipment | 23 | €94,861 | €100,869 | +€6,008 | +6.3% |
| Furniture and vehicles | 24 | €8,321 | €34,585 | +€26,264 | +316% |
| Other tangible fixed assets | 26 | €299,242 | €333,386 | +€34,144 | +11.4% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €143,449 | €239,391 | +€95,942 | +66.9% |
| Stocks and contracts in progress | 3 | €5,799 | €12,910 | +€7,111 | +123% |
| Stocks | 30/36 | €5,799 | €12,910 | +€7,111 | +123% |
| Amounts receivable within one year | 40/41 | €85,247 | €41,445 | -€43,802 | -51.4% |
| Trade receivables | 40 | €44,073 | €41,307 | -€2,766 | -6.3% |
| Other amounts receivable | 41 | €41,174 | €138 | -€41,036 | -99.7% |
| Cash at bank and in hand | 54/58 | €49,016 | €180,075 | +€131,059 | +267% |
| Deferred charges and accrued income | 490/1 | €3,387 | €4,961 | +€1,574 | +46.5% |
| Total equity and liabilities | 10/49 | €656,657 | €803,318 | +€146,661 | +22.3% |
| Equity | 10/15 | -€669,278 | -€926,947 | -€257,669 | -38.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€689,278 | -€1,089,885 | -€400,607 | -58.1% |
| Investment grants | 15 | - | €142,938 | +€142,938 | |
| Amounts payable | 17/49 | €1,325,935 | €1,730,266 | +€404,331 | +30.5% |
| Amounts payable after more than one year | 17 | €179,399 | €315,730 | +€136,332 | +76.0% |
| Financial debts | 170/4 | €179,399 | €315,730 | +€136,332 | +76.0% |
| Amounts payable within one year | 42/48 | €1,142,333 | €1,408,337 | +€266,004 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €48,990 | €66,269 | +€17,279 | +35.3% |
| Trade debts | 44 | €395,965 | €530,426 | +€134,461 | +34.0% |
| Suppliers | 440/4 | €395,965 | €530,426 | +€134,461 | +34.0% |
| Taxes, remuneration and social security | 45 | €51,274 | €71,860 | +€20,586 | +40.1% |
| Taxes | 450/3 | €3,422 | €17,561 | +€14,139 | +413% |
| Remuneration and social security | 454/9 | €47,852 | €54,299 | +€6,448 | +13.5% |
| Other amounts payable | 47/48 | €646,104 | €739,783 | +€93,679 | +14.5% |
| Accrued charges and deferred income | 492/3 | €4,204 | €6,198 | +€1,995 | +47.5% |
| Remuneration, social security and pensions | 62 | €139,903 | €494,617 | +€354,714 | +254% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,908 | €91,287 | +€80,378 | +737% |
| Other operating charges | 640/8 | - | €1,509 | +€1,509 | |
| Gross operating margin | 9900 | -€91,017 | €248,467 | +€339,484 | |
| Operating profit (loss) | 9901 | -€241,828 | -€338,946 | -€97,118 | -40.2% |
| Financial income | 75/76B | €933 | €2,751 | +€1,817 | +195% |
| Recurring financial income | 75 | €933 | €2,751 | +€1,817 | +195% |
| Financial charges | 65/66B | €22,046 | €64,155 | +€42,109 | +191% |
| Recurring financial charges | 65 | €22,046 | €31,779 | +€9,732 | +44.1% |
| Non-recurring financial charges | 66B | - | €32,377 | +€32,377 | |
| Profit (loss) for the period before taxes | 9903 | -€262,941 | -€400,350 | -€137,410 | -52.3% |
| Income taxes | 67/77 | - | €257 | +€257 | |
| Profit (loss) for the period | 9904 | -€262,941 | -€400,607 | -€137,667 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€262,941 | -€400,607 | -€137,667 | -52.4% |
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 14 October 2026 via checked.be.