Bouvelo: 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
Bouvelo
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€146,576
2024 · €262,006-€115,430
Equity
€30.2m
2024 · €30.1m+€146,576
Cash
€1.7m
2024 · €1.4m+€288,650
Balance sheet total
€33.2m
2024 · €31.4m+€1.8m
Largest movements
Assets
- Receivables within one year +€2.5m
up €2.5m (+199.5%), from €1.2m to €3.7m
of which Other amounts receivable: +€2.6m
- Current investments -€2.2m
down €2.2m (-17.7%), from €12.5m to €10.3m
- Receivables after one year +€1.2m
up €1.2m (+77.8%), from €1.5m to €2.7m
Equity and liabilities
- Other debts +€1.6m
up €1.6m (+143.7%), from €1.1m to €2.7m
Income statement
- Financial income -€94,966
down €94,966 (-12.0%), from €793,582 to €698,617
- Financial charges +€72,582
up €72,582 (+85.3%), from €85,134 to €157,716
- Gross operating margin +€58,235
up €58,235 (+74.4%), from -€78,302 to -€20,066
- Depreciation +€53,406
up €53,406 (+20.3%), from €263,233 to €316,639
- Taxes -€50,330
down €50,330 (-66.2%), from €76,084 to €25,753
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
€262,006
Gross operating margin
+€58,235
Staff costs
-€192
Depreciation
-€53,406
Other operating charges
-€2,850
Financial income
-€94,966
Financial charges
-€72,582
Taxes
+€50,330
Result 2025
€146,576
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.
From operations
-€1.6m
Investment
+€1.9m
Financing
€0
Cash 2024
€1.4m
From operations (derived)
-€1.6m
Net result for the year
+€146,576
Depreciation
+€316,639
Receivables after one year
-€1.2m
Stocks and contracts
-€147,167
Receivables within one year
-€2.5m
Deferred charges and accrued income
+€38,158
Trade debts
+€27,808
Tax, wage and social debts
+€1,634
Other debts
+€1.6m
Accrued charges and deferred income
+€26,007
Investment (derived)
+€1.9m
Investment in fixed assets (net)
-€278,531
Current investments
+€2.2m
Cash 2025
€1.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,377,460 | €33,153,980 | +€1.8m | +5.7% |
| Fixed assets | 21/28 | €13,491,080 | €13,452,973 | -€38,108 | -0.3% |
| Tangible fixed assets | 22/27 | €6,487,331 | €6,249,173 | -€238,158 | -3.7% |
| Land and buildings | 22 | €6,429,465 | €6,139,972 | -€289,493 | -4.5% |
| Plant, machinery and equipment | 23 | €4,960 | €3,254 | -€1,707 | -34.4% |
| Furniture and vehicles | 24 | €52,906 | €105,948 | +€53,042 | +100.3% |
| Financial fixed assets | 28 | €7,003,749 | €7,203,799 | +€200,050 | +2.9% |
| Current assets | 29/58 | €17,886,380 | €19,701,008 | +€1.8m | +10.1% |
| Amounts receivable after more than one year | 29 | €1,500,000 | €2,667,000 | +€1.2m | +77.8% |
| Other amounts receivable | 291 | €1,500,000 | €2,667,000 | +€1.2m | +77.8% |
| Stocks and contracts in progress | 3 | €1,045,862 | €1,193,028 | +€147,167 | +14.1% |
| Stocks | 30/36 | €1,045,862 | €1,193,028 | +€147,167 | +14.1% |
| Amounts receivable within one year | 40/41 | €1,234,190 | €3,696,220 | +€2.5m | +199.5% |
| Trade receivables | 40 | €117,326 | €12,000 | -€105,326 | -89.8% |
| Other amounts receivable | 41 | €1,116,863 | €3,684,220 | +€2.6m | +229.9% |
| Current investments | 50/53 | €12,519,666 | €10,307,604 | -€2.2m | -17.7% |
| Cash at bank and in hand | 54/58 | €1,444,278 | €1,732,929 | +€288,650 | +20.0% |
| Deferred charges and accrued income | 490/1 | €142,385 | €104,227 | -€38,158 | -26.8% |
| Total equity and liabilities | 10/49 | €31,377,460 | €33,153,980 | +€1.8m | +5.7% |
| Equity | 10/15 | €30,073,345 | €30,219,921 | +€146,576 | +0.5% |
| Contributions | 10/11 | €5,104,935 | €5,104,935 | = | 0.0% |
| Reserves | 13 | €24,968,411 | €25,114,987 | +€146,576 | +0.6% |
| Distributable reserves | 133 | €24,968,411 | €25,114,987 | +€146,576 | +0.6% |
| Amounts payable | 17/49 | €1,304,115 | €2,934,059 | +€1.6m | +125.0% |
| Amounts payable within one year | 42/48 | €1,115,822 | €2,719,759 | +€1.6m | +143.7% |
| Trade debts | 44 | €11,938 | €39,746 | +€27,808 | +232.9% |
| Suppliers | 440/4 | €11,938 | €39,746 | +€27,808 | +232.9% |
| Taxes, remuneration and social security | 45 | €8,317 | €9,951 | +€1,634 | +19.6% |
| Taxes | 450/3 | €6,000 | €7,529 | +€1,529 | +25.5% |
| Remuneration and social security | 454/9 | €2,317 | €2,423 | +€105 | +4.5% |
| Other amounts payable | 47/48 | €1,095,567 | €2,670,061 | +€1.6m | +143.7% |
| Accrued charges and deferred income | 492/3 | €188,294 | €214,300 | +€26,007 | +13.8% |
| Remuneration, social security and pensions | 62 | €20,150 | €20,343 | +€192 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €263,233 | €316,639 | +€53,406 | +20.3% |
| Other operating charges | 640/8 | €8,674 | €11,524 | +€2,850 | +32.9% |
| Gross operating margin | 9900 | -€78,302 | -€20,066 | +€58,235 | +74.4% |
| Operating profit (loss) | 9901 | -€370,359 | -€368,571 | +€1,788 | +0.5% |
| Financial income | 75/76B | €793,582 | €698,617 | -€94,966 | -12.0% |
| Recurring financial income | 75 | €793,582 | €698,617 | -€94,966 | -12.0% |
| Financial charges | 65/66B | €85,134 | €157,716 | +€72,582 | +85.3% |
| Recurring financial charges | 65 | €85,134 | €157,716 | +€72,582 | +85.3% |
| Profit (loss) for the period before taxes | 9903 | €338,089 | €172,330 | -€165,760 | -49.0% |
| Income taxes | 67/77 | €76,084 | €25,753 | -€50,330 | -66.2% |
| Profit (loss) for the period | 9904 | €262,006 | €146,576 | -€115,430 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €262,006 | €146,576 | -€115,430 | -44.1% |
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 10 October 2026 via checked.be.