BOUVAN: 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.
BOUVAN
Largest movements
- Cash -€302,728
down €302,728 (-90.2%), from €335,586 to €32,858
mainly Debts after one year (-€500,000) and Contributions, distributions and other (-€200,000)
- Tangible fixed assets -€174,992
down €174,992 (-4.6%), from €3.8m to €3.6m
- Debts after one year -€500,000
no longer reported in 2025 (was €500,000)
- Depreciation -€17,242
down €17,242 (-9.0%), from €192,235 to €174,992
- Taxes +€9,688
up €9,688 (+15.2%), from €63,662 to €73,350
- Gross operating margin +€8,943
up €8,943 (+1.6%), from €568,570 to €577,514
- Financial charges -€7,433
down €7,433 (-10.6%), from €70,305 to €62,871
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 | €4,132,522 | €3,653,167 | -€479,355 | -11.6% |
| Fixed assets | 21/28 | €3,793,255 | €3,618,263 | -€174,992 | -4.6% |
| Tangible fixed assets | 22/27 | €3,793,255 | €3,618,263 | -€174,992 | -4.6% |
| Land and buildings | 22 | €3,793,255 | €3,618,263 | -€174,992 | -4.6% |
| Current assets | 29/58 | €339,266 | €34,904 | -€304,363 | -89.7% |
| Amounts receivable within one year | 40/41 | €3,681 | €2,046 | -€1,635 | -44.4% |
| Trade receivables | 40 | - | €575 | +€575 | |
| Other amounts receivable | 41 | €3,681 | €1,471 | -€2,209 | -60.0% |
| Cash at bank and in hand | 54/58 | €335,586 | €32,858 | -€302,728 | -90.2% |
| Total equity and liabilities | 10/49 | €4,132,522 | €3,653,167 | -€479,355 | -11.6% |
| Equity | 10/15 | €2,071,205 | €2,084,507 | +€13,302 | +0.6% |
| Contributions | 10/11 | €1,130,005 | €1,130,005 | = | 0.0% |
| Capital | 10 | €1,130,000 | €1,130,000 | = | 0.0% |
| Issued capital | 100 | €1,130,000 | €1,130,000 | = | 0.0% |
| Contributions outside capital | 11 | €5 | €5 | = | 0.0% |
| Share premium | 1100/10 | €5 | €5 | = | 0.0% |
| Reserves | 13 | €941,200 | €954,502 | +€13,302 | +1.4% |
| Non-distributable reserves | 130/1 | €65,643 | €76,308 | +€10,665 | +16.2% |
| Legal reserve | 130 | €65,643 | €76,308 | +€10,665 | +16.2% |
| Distributable reserves | 133 | €875,557 | €878,194 | +€2,637 | +0.3% |
| Amounts payable | 17/49 | €2,061,317 | €1,568,660 | -€492,657 | -23.9% |
| Amounts payable after more than one year | 17 | €500,000 | - | -€500,000 | |
| Financial debts | 170/4 | €500,000 | - | -€500,000 | |
| Amounts payable within one year | 42/48 | €1,541,153 | €1,548,496 | +€7,343 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €1,300,000 | €1,300,000 | = | 0.0% |
| Trade debts | 44 | €2,806 | €9,045 | +€6,239 | +222% |
| Suppliers | 440/4 | €2,806 | €9,045 | +€6,239 | +222% |
| Taxes, remuneration and social security | 45 | €13,662 | €17,013 | +€3,350 | +24.5% |
| Taxes | 450/3 | €13,662 | €17,013 | +€3,350 | +24.5% |
| Other amounts payable | 47/48 | €224,685 | €222,438 | -€2,246 | -1.0% |
| Accrued charges and deferred income | 492/3 | €20,164 | €20,164 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,235 | €174,992 | -€17,242 | -9.0% |
| Other operating charges | 640/8 | €51,381 | €52,998 | +€1,617 | +3.1% |
| Gross operating margin | 9900 | €568,570 | €577,514 | +€8,943 | +1.6% |
| Operating profit (loss) | 9901 | €324,955 | €349,523 | +€24,569 | +7.6% |
| Financial charges | 65/66B | €70,305 | €62,871 | -€7,433 | -10.6% |
| Recurring financial charges | 65 | €70,305 | €62,871 | -€7,433 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €254,650 | €286,652 | +€32,002 | +12.6% |
| Income taxes | 67/77 | €63,662 | €73,350 | +€9,688 | +15.2% |
| Profit (loss) for the period | 9904 | €190,987 | €213,302 | +€22,314 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €190,987 | €213,302 | +€22,314 | +11.7% |
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.