BNF: what changed
What changed
BNF
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€89,400
2024 · €79,331+€10,070
Equity
€701,768
2024 · €612,367+€89,400
Cash
€28,068
2024 · €12,141+€15,927
Balance sheet total
€3.0m
2024 · €2.6m+€427,262
Largest movements
Assets
- Tangible fixed assets +€336,657
up €336,657 (+13.4%), from €2.5m to €2.9m
of which Other tangible fixed assets: +€284,908
- Receivables within one year +€62,946
up €62,946 (+127%), from €49,744 to €112,690
of which Trade receivables: +€63,214
Equity and liabilities
- Other debts +€343,309
up €343,309 (+17.6%), from €2.0m to €2.3m
- Reserves +€89,400
up €89,400 (+14.7%), from €606,167 to €695,568
of which Distributable reserves: +€89,400
Income statement
- Gross operating margin +€16,826
up €16,826 (+15.0%), from €112,027 to €128,853
- Depreciation +€4,165
up €4,165 (+2,123%), from €196 to €4,361
- Taxes +€3,188
up €3,188 (+10.5%), from €30,455 to €33,643
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€79,331
Gross operating margin
+€16,826
Depreciation
-€4,165
Other operating charges
-€70
Financial income
-€0
Financial charges
+€666
Taxes
-€3,188
Result 2025
€89,400
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€357,856
Investment
-€341,017
Financing
-€912
Cash 2024
€12,141
From operations (derived)
+€357,856
Net result for the year
+€89,400
Depreciation
+€4,361
Stocks and contracts
-€11,733
Receivables within one year
-€62,946
Tax, wage and social debts
-€4,535
Other debts
+€343,309
Investment (derived)
-€341,017
Investment in fixed assets (net)
-€341,017
Financing
-€912
Short-term financial debts
-€912
Cash 2025
€28,068
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,582,632 | €3,009,895 | +€427,262 | +16.5% |
| Fixed assets | 21/28 | €2,520,748 | €2,857,404 | +€336,657 | +13.4% |
| Tangible fixed assets | 22/27 | €2,520,748 | €2,857,404 | +€336,657 | +13.4% |
| Land and buildings | 22 | €131,560 | €131,560 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €49,261 | +€49,261 | |
| Furniture and vehicles | 24 | €874 | €3,361 | +€2,487 | +285% |
| Other tangible fixed assets | 26 | €2,388,314 | €2,673,222 | +€284,908 | +11.9% |
| Current assets | 29/58 | €61,885 | €152,490 | +€90,606 | +146% |
| Stocks and contracts in progress | 3 | - | €11,733 | +€11,733 | |
| Stocks | 30/36 | - | €11,733 | +€11,733 | |
| Amounts receivable within one year | 40/41 | €49,744 | €112,690 | +€62,946 | +127% |
| Trade receivables | 40 | - | €63,214 | +€63,214 | |
| Other amounts receivable | 41 | €49,744 | €49,475 | -€268 | -0.5% |
| Cash at bank and in hand | 54/58 | €12,141 | €28,068 | +€15,927 | +131% |
| Total equity and liabilities | 10/49 | €2,582,632 | €3,009,895 | +€427,262 | +16.5% |
| Equity | 10/15 | €612,367 | €701,768 | +€89,400 | +14.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €606,167 | €695,568 | +€89,400 | +14.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €606,167 | €695,568 | +€89,400 | +14.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,970,265 | €2,308,127 | +€337,862 | +17.1% |
| Amounts payable within one year | 42/48 | €1,970,265 | €2,308,127 | +€337,862 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €13,180 | €12,269 | -€912 | -6.9% |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | €13,180 | €12,269 | -€912 | -6.9% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €4,535 | €0 | -€4,535 | -100% |
| Taxes | 450/3 | €4,535 | €0 | -€4,535 | -100% |
| Other amounts payable | 47/48 | €1,952,549 | €2,295,858 | +€343,309 | +17.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196 | €4,361 | +€4,165 | +2,123% |
| Other operating charges | 640/8 | €1,081 | €1,151 | +€70 | +6.4% |
| Gross operating margin | 9900 | €112,027 | €128,853 | +€16,826 | +15.0% |
| Operating profit (loss) | 9901 | €110,750 | €123,341 | +€12,591 | +11.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €964 | €298 | -€666 | -69.1% |
| Recurring financial charges | 65 | €964 | €298 | -€666 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | €109,786 | €123,043 | +€13,258 | +12.1% |
| Income taxes | 67/77 | €30,455 | €33,643 | +€3,188 | +10.5% |
| Profit (loss) for the period | 9904 | €79,331 | €89,400 | +€10,070 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €79,331 | €89,400 | +€10,070 | +12.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.