BMS: 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.
BMS
Largest movements
- Tangible fixed assets +€2.4m
up €2.4m (+132.9%), from €1.8m to €4.3m
of which Plant, machinery and equipment: +€2.3m
- Receivables after one year +€1.4m
new in 2025: €1.4m
- Cash +€869,321
up €869,321 (+181.4%), from €479,293 to €1.3m
- Receivables within one year +€469,334
up €469,334 (+44.9%), from €1.0m to €1.5m
of which Trade receivables: +€420,587
- Deferred charges and accrued income +€165,137
up €165,137 (+94.9%), from €173,947 to €339,084
- Contributions +€2.3m
up €2.3m (+1918.3%), from €120,000 to €2.4m
- Other debts +€2.1m
up €2.1m, from €0 to €2.1m
- Debts after one year +€1.9m
up €1.9m (+62.5%), from €3.1m to €5.0m
- Profit (loss) carried forward -€1.4m
down €1.4m (-64.7%), from -€2.1m to -€3.5m
- Short-term financial debts +€750,000
new in 2025: €750,000
- Gross operating margin +€2.6m
up €2.6m (+284.2%), from €928,729 to €3.6m
- Staff costs +€1.6m
up €1.6m (+61.0%), from €2.5m to €4.1m
- Depreciation +€227,085
up €227,085 (+69.3%), from €327,495 to €554,580
- Financial charges +€141,352
up €141,352 (+101.2%), from €139,694 to €281,046
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,147,791 | €9,559,030 | +€5.4m | +130.5% |
| Fixed assets | 21/28 | €2,299,833 | €4,784,802 | +€2.5m | +108.1% |
| Intangible fixed assets | 21 | €456,026 | €481,152 | +€25,125 | +5.5% |
| Tangible fixed assets | 22/27 | €1,842,292 | €4,290,586 | +€2.4m | +132.9% |
| Plant, machinery and equipment | 23 | €126,272 | €2,376,664 | +€2.3m | +1782.2% |
| Furniture and vehicles | 24 | €71,208 | €81,170 | +€9,962 | +14.0% |
| Other tangible fixed assets | 26 | €1,644,812 | €1,660,184 | +€15,372 | +0.9% |
| Assets under construction and advance payments | 27 | - | €172,568 | +€172,568 | |
| Financial fixed assets | 28 | €1,514 | €13,064 | +€11,550 | +762.9% |
| Current assets | 29/58 | €1,847,959 | €4,774,228 | +€2.9m | +158.4% |
| Amounts receivable after more than one year | 29 | - | €1,426,668 | +€1.4m | |
| Other amounts receivable | 291 | - | €1,426,668 | +€1.4m | |
| Stocks and contracts in progress | 3 | €148,515 | €144,325 | -€4,190 | -2.8% |
| Stocks | 30/36 | €148,515 | €144,325 | -€4,190 | -2.8% |
| Amounts receivable within one year | 40/41 | €1,046,203 | €1,515,537 | +€469,334 | +44.9% |
| Trade receivables | 40 | €1,046,203 | €1,466,790 | +€420,587 | +40.2% |
| Other amounts receivable | 41 | €0 | €48,747 | +€48,747 | |
| Cash at bank and in hand | 54/58 | €479,293 | €1,348,614 | +€869,321 | +181.4% |
| Deferred charges and accrued income | 490/1 | €173,947 | €339,084 | +€165,137 | +94.9% |
| Total equity and liabilities | 10/49 | €4,147,791 | €9,559,030 | +€5.4m | +130.5% |
| Equity | 10/15 | -€2,000,878 | -€1,071,526 | +€929,352 | +46.4% |
| Contributions | 10/11 | €120,000 | €2,421,946 | +€2.3m | +1918.3% |
| Profit (loss) carried forward | 14 | -€2,120,878 | -€3,493,472 | -€1.4m | -64.7% |
| Amounts payable | 17/49 | €6,148,669 | €10,630,556 | +€4.5m | +72.9% |
| Amounts payable after more than one year | 17 | €3,104,920 | €5,044,375 | +€1.9m | +62.5% |
| Financial debts | 170/4 | €3,104,920 | €5,044,375 | +€1.9m | +62.5% |
| Amounts payable within one year | 42/48 | €2,667,209 | €5,221,898 | +€2.6m | +95.8% |
| Current portion of amounts payable after more than one year | 42 | €477,500 | €727,500 | +€250,000 | +52.4% |
| Financial debts | 43 | - | €750,000 | +€750,000 | |
| Other loans | 439 | - | €750,000 | +€750,000 | |
| Trade debts | 44 | €1,749,531 | €1,001,419 | -€748,112 | -42.8% |
| Suppliers | 440/4 | €1,749,531 | €1,001,419 | -€748,112 | -42.8% |
| Taxes, remuneration and social security | 45 | €440,178 | €642,979 | +€202,801 | +46.1% |
| Taxes | 450/3 | €105,279 | €85,382 | -€19,897 | -18.9% |
| Remuneration and social security | 454/9 | €334,899 | €557,596 | +€222,698 | +66.5% |
| Other amounts payable | 47/48 | €0 | €2,100,000 | +€2.1m | |
| Accrued charges and deferred income | 492/3 | €376,540 | €364,284 | -€12,256 | -3.3% |
| Remuneration, social security and pensions | 62 | €2,545,714 | €4,098,341 | +€1.6m | +61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €327,495 | €554,580 | +€227,085 | +69.3% |
| Other operating charges | 640/8 | €18,580 | €11,390 | -€7,191 | -38.7% |
| Non-recurring operating charges | 66A | €5,800 | €0 | -€5,800 | -100.0% |
| Gross operating margin | 9900 | €928,729 | €3,568,483 | +€2.6m | +284.2% |
| Operating profit (loss) | 9901 | -€1,968,859 | -€1,095,828 | +€873,031 | +44.3% |
| Financial income | 75/76B | €275 | €5,140 | +€4,865 | +1770.0% |
| Recurring financial income | 75 | €275 | €5,140 | +€4,865 | +1770.0% |
| Financial charges | 65/66B | €139,694 | €281,046 | +€141,352 | +101.2% |
| Recurring financial charges | 65 | €139,694 | €281,046 | +€141,352 | +101.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,108,278 | -€1,371,734 | +€736,544 | +34.9% |
| Income taxes | 67/77 | €1,496 | €861 | -€635 | -42.5% |
| Profit (loss) for the period | 9904 | -€2,109,774 | -€1,372,594 | +€737,180 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,109,774 | -€1,372,594 | +€737,180 | +34.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.