BMVAL: 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.
BMVAL
Largest movements
- Tangible fixed assets +€83,178
up €83,178 (+98.9%), from €84,099 to €167,278
of which Other tangible fixed assets: +€78,181
- Cash +€72,835
up €72,835 (+115.6%), from €63,033 to €135,868
mainly Receivables within one year (+€56,404) and Other debts (+€35,570)
- Receivables within one year -€56,404
no longer reported in 2025 (was €56,404)
of which Other amounts receivable: -€53,199
- Financial fixed assets +€30,000
new in 2025: €30,000
- Stocks and contracts +€18,237
up €18,237 (+39.8%), from €45,774 to €64,011
- Other debts +€35,570
up €35,570 (+78.5%), from €45,307 to €80,877
- Trade debts +€33,421
up €33,421 (+48.7%), from €68,562 to €101,983
- Advances received +€27,661
up €27,661 (+41.2%), from €67,198 to €94,859
- Debts after one year +€21,257
up €21,257 (+11.7%), from €181,243 to €202,500
of which Other amounts payable: +€33,375
- Tax, wage and social debts +€10,052
up €10,052 (+17.2%), from €58,406 to €68,459
of which Remuneration and social security: +€5,688
- Gross operating margin +€33,521
up €33,521 (+16.5%), from €203,002 to €236,523
- Depreciation +€10,277
up €10,277 (+43.8%), from €23,487 to €33,764
- Staff costs +€7,512
up €7,512 (+4.3%), from €174,719 to €182,230
- Financial charges +€3,614
up €3,614 (+72.8%), from €4,967 to €8,581
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 | €272,147 | €407,828 | +€135,682 | +49.9% |
| Fixed assets | 21/28 | €103,933 | €200,111 | +€96,178 | +92.5% |
| Intangible fixed assets | 21 | €19,833 | €2,833 | -€17,000 | -85.7% |
| Tangible fixed assets | 22/27 | €84,099 | €167,278 | +€83,178 | +98.9% |
| Furniture and vehicles | 24 | €4,125 | €9,122 | +€4,998 | +121.2% |
| Other tangible fixed assets | 26 | €79,975 | €158,155 | +€78,181 | +97.8% |
| Financial fixed assets | 28 | - | €30,000 | +€30,000 | |
| Current assets | 29/58 | €168,214 | €207,717 | +€39,503 | +23.5% |
| Stocks and contracts in progress | 3 | €45,774 | €64,011 | +€18,237 | +39.8% |
| Stocks | 30/36 | €45,774 | €64,011 | +€18,237 | +39.8% |
| Amounts receivable within one year | 40/41 | €56,404 | - | -€56,404 | |
| Trade receivables | 40 | €3,205 | - | -€3,205 | |
| Other amounts receivable | 41 | €53,199 | - | -€53,199 | |
| Cash at bank and in hand | 54/58 | €63,033 | €135,868 | +€72,835 | +115.6% |
| Deferred charges and accrued income | 490/1 | €3,003 | €7,838 | +€4,835 | +161.0% |
| Total equity and liabilities | 10/49 | €272,147 | €407,828 | +€135,682 | +49.9% |
| Equity | 10/15 | -€160,439 | -€152,967 | +€7,473 | +4.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€190,439 | -€182,967 | +€7,473 | +3.9% |
| Amounts payable | 17/49 | €432,586 | €560,795 | +€128,209 | +29.6% |
| Amounts payable after more than one year | 17 | €181,243 | €202,500 | +€21,257 | +11.7% |
| Financial debts | 170/4 | €70,906 | €58,788 | -€12,118 | -17.1% |
| Other amounts payable | 178/9 | €110,337 | €143,712 | +€33,375 | +30.2% |
| Amounts payable within one year | 42/48 | €251,093 | €358,295 | +€107,201 | +42.7% |
| Current portion of amounts payable after more than one year | 42 | €11,620 | €12,118 | +€497 | +4.3% |
| Trade debts | 44 | €68,562 | €101,983 | +€33,421 | +48.7% |
| Suppliers | 440/4 | €68,562 | €101,983 | +€33,421 | +48.7% |
| Advances received on contracts in progress | 46 | €67,198 | €94,859 | +€27,661 | +41.2% |
| Taxes, remuneration and social security | 45 | €58,406 | €68,459 | +€10,052 | +17.2% |
| Taxes | 450/3 | €26,465 | €30,830 | +€4,365 | +16.5% |
| Remuneration and social security | 454/9 | €31,941 | €37,629 | +€5,688 | +17.8% |
| Other amounts payable | 47/48 | €45,307 | €80,877 | +€35,570 | +78.5% |
| Accrued charges and deferred income | 492/3 | €250 | - | -€250 | |
| Remuneration, social security and pensions | 62 | €174,719 | €182,230 | +€7,512 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,487 | €33,764 | +€10,277 | +43.8% |
| Other operating charges | 640/8 | €6,312 | €4,137 | -€2,175 | -34.5% |
| Gross operating margin | 9900 | €203,002 | €236,523 | +€33,521 | +16.5% |
| Operating profit (loss) | 9901 | -€1,515 | €16,392 | +€17,907 | |
| Financial income | 75/76B | €212 | €162 | -€50 | -23.5% |
| Recurring financial income | 75 | €212 | €162 | -€50 | -23.5% |
| Financial charges | 65/66B | €4,967 | €8,581 | +€3,614 | +72.8% |
| Recurring financial charges | 65 | €4,967 | €8,581 | +€3,614 | +72.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,271 | €7,973 | +€14,243 | |
| Income taxes | 67/77 | €212 | €500 | +€288 | +136.4% |
| Profit (loss) for the period | 9904 | -€6,482 | €7,473 | +€13,955 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,482 | €7,473 | +€13,955 |
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.