BMVH: 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.
What changed
BMVH
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€955,531
2024 · €817,352+€138,178
Equity
€48.1m
2024 · €47.2m+€955,510
Cash
€1.1m
2024 · €1.2m-€139,703
Balance sheet total
€58.2m
2024 · €56.2m+€1.9m
Largest movements
Assets
- Receivables after one year +€4.7m
new in 2025: €4.7m
- Receivables within one year -€3.7m
down €3.7m (-94.4%), from €4.0m to €219,857
of which Other amounts receivable: -€3.8m
- Current investments +€902,802
up €902,802 (+9.5%), from €9.5m to €10.4m
- Financial fixed assets +€844,778
up €844,778 (+4.2%), from €19.9m to €20.8m
- Tangible fixed assets -€619,659
down €619,659 (-2.9%), from €21.6m to €21.0m
of which Land and buildings: -€621,516
Equity and liabilities
- Other debts +€1.7m
up €1.7m (+35.6%), from €4.7m to €6.3m
- Reserves +€955,510
up €955,510 (+4.9%), from €19.5m to €20.5m
of which Distributable reserves: +€911,757
Income statement
- Gross operating margin +€562,938
up €562,938 (+142%), from €395,505 to €958,443
- Financial income -€236,359
down €236,359 (-18.2%), from €1.3m to €1.1m
- Depreciation +€214,953
up €214,953 (+47.7%), from €450,281 to €665,235
- Financial charges -€124,765
down €124,765 (-53.1%), from €235,152 to €110,387
- Other operating charges +€83,835
up €83,835 (+105%), from €79,907 to €163,742
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.
Result 2024
€817,352
Gross operating margin
+€562,938
Staff costs
-€8,154
Depreciation
-€214,953
Other operating charges
-€83,835
Financial income
-€236,359
Financial charges
+€124,765
Taxes
-€6,223
Result 2025
€955,531
raises the resultlowers the result
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.
From operations
+€2.2m
Investment
-€1.8m
Financing
-€500,021
Cash 2024
€1.2m
From operations (derived)
+€2.2m
Net result for the year
+€955,531
Depreciation
+€665,235
Receivables after one year
-€4.7m
Receivables within one year
+€3.7m
Smaller working-capital items
-€1,381
Trade debts
-€31,134
Other debts
+€1.7m
Accrued charges and deferred income
-€150,280
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€890,355
Current investments
-€902,802
Financing
-€500,021
Debts after one year
-€500,000
Current portion of long-term debt
+€500,000
Short-term financial debts
-€500,000
Contributions, distributions and other
-€21
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,218,729 | €58,156,772 | +€1.9m | +3.4% |
| Fixed assets | 21/28 | €41,507,214 | €41,732,333 | +€225,120 | +0.5% |
| Tangible fixed assets | 22/27 | €21,588,859 | €20,969,201 | -€619,659 | -2.9% |
| Land and buildings | 22 | €21,416,531 | €20,795,016 | -€621,516 | -2.9% |
| Plant, machinery and equipment | 23 | €114,245 | €134,867 | +€20,622 | +18.1% |
| Furniture and vehicles | 24 | €58,083 | €39,318 | -€18,765 | -32.3% |
| Financial fixed assets | 28 | €19,918,354 | €20,763,133 | +€844,778 | +4.2% |
| Current assets | 29/58 | €14,711,515 | €16,424,438 | +€1.7m | +11.6% |
| Amounts receivable after more than one year | 29 | - | €4,684,773 | +€4.7m | |
| Other amounts receivable | 291 | - | €4,684,773 | +€4.7m | |
| Amounts receivable within one year | 40/41 | €3,956,645 | €219,857 | -€3.7m | -94.4% |
| Trade receivables | 40 | €5,767 | €26,035 | +€20,269 | +351% |
| Other amounts receivable | 41 | €3,950,878 | €193,822 | -€3.8m | -95.1% |
| Current investments | 50/53 | €9,517,839 | €10,420,641 | +€902,802 | +9.5% |
| Cash at bank and in hand | 54/58 | €1,225,700 | €1,085,996 | -€139,703 | -11.4% |
| Deferred charges and accrued income | 490/1 | €11,332 | €13,170 | +€1,839 | +16.2% |
| Total equity and liabilities | 10/49 | €56,218,729 | €58,156,772 | +€1.9m | +3.4% |
| Equity | 10/15 | €47,156,155 | €48,111,665 | +€955,510 | +2.0% |
| Contributions | 10/11 | €27,635,000 | €27,635,000 | = | 0.0% |
| Capital | 10 | €27,635,000 | €27,635,000 | = | 0.0% |
| Issued capital | 100 | €27,635,000 | €27,635,000 | = | 0.0% |
| Reserves | 13 | €19,521,155 | €20,476,665 | +€955,510 | +4.9% |
| Non-distributable reserves | 130/1 | €843,000 | €891,000 | +€48,000 | +5.7% |
| Legal reserve | 130 | €843,000 | €891,000 | +€48,000 | +5.7% |
| Tax-exempt reserves | 132 | €15,266 | €11,019 | -€4,247 | -27.8% |
| Distributable reserves | 133 | €18,662,889 | €19,574,646 | +€911,757 | +4.9% |
| Provisions and deferred taxes | 16 | €2,155 | €0 | -€2,155 | -100% |
| Deferred taxes | 168 | €2,155 | €0 | -€2,155 | -100% |
| Amounts payable | 17/49 | €9,060,418 | €10,045,107 | +€984,689 | +10.9% |
| Amounts payable after more than one year | 17 | €3,500,000 | €3,000,000 | -€500,000 | -14.3% |
| Financial debts | 170/4 | €3,500,000 | €3,000,000 | -€500,000 | -14.3% |
| Amounts payable within one year | 42/48 | €5,349,617 | €6,984,585 | +€1.6m | +30.6% |
| Current portion of amounts payable after more than one year | 42 | - | €500,000 | +€500,000 | |
| Financial debts | 43 | €500,000 | - | -€500,000 | |
| Credit institutions | 430/8 | €500,000 | - | -€500,000 | |
| Trade debts | 44 | €156,093 | €124,959 | -€31,134 | -19.9% |
| Suppliers | 440/4 | €156,093 | €124,959 | -€31,134 | -19.9% |
| Taxes, remuneration and social security | 45 | €22,892 | €25,505 | +€2,613 | +11.4% |
| Taxes | 450/3 | €9,156 | €10,904 | +€1,749 | +19.1% |
| Remuneration and social security | 454/9 | €13,736 | €14,601 | +€865 | +6.3% |
| Other amounts payable | 47/48 | €4,670,632 | €6,334,121 | +€1.7m | +35.6% |
| Accrued charges and deferred income | 492/3 | €210,801 | €60,522 | -€150,280 | -71.3% |
| Non-recurring operating income | 76A | - | €41,605 | +€41,605 | |
| Remuneration, social security and pensions | 62 | €111,317 | €119,471 | +€8,154 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €450,281 | €665,235 | +€214,953 | +47.7% |
| Other operating charges | 640/8 | €79,907 | €163,742 | +€83,835 | +105% |
| Gross operating margin | 9900 | €395,505 | €958,443 | +€562,938 | +142% |
| Operating profit (loss) | 9901 | -€246,000 | €9,995 | +€255,995 | |
| Financial income | 75/76B | €1,297,277 | €1,060,918 | -€236,359 | -18.2% |
| Recurring financial income | 75 | €1,297,277 | €1,060,918 | -€236,359 | -18.2% |
| Financial charges | 65/66B | €235,152 | €110,387 | -€124,765 | -53.1% |
| Recurring financial charges | 65 | €235,152 | €110,387 | -€124,765 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | €816,125 | €960,526 | +€144,401 | +17.7% |
| Transfer from deferred taxes | 780 | €2,176 | €2,176 | = | 0.0% |
| Income taxes | 67/77 | €949 | €7,172 | +€6,223 | +656% |
| Profit (loss) for the period | 9904 | €817,352 | €955,531 | +€138,178 | +16.9% |
| Transfer from tax-exempt reserves | 789 | €4,226 | €4,226 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €821,578 | €959,757 | +€138,178 | +16.8% |
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 16 October 2026 via checked.be.