Bovaco: what changed
Two fiscal 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.
Bovaco
Largest movements
- Tangible fixed assets -€7,591
down €7,591 (-2.3%), from €329,122 to €321,531
of which Furniture and vehicles: -€5,375
- Reserves -€6,562
down €6,562 (-2.1%), from €313,424 to €306,862
of which Tax-exempt reserves: -€6,562
- Gross operating margin +€16,292
up €16,292 (+196.2%), from €8,304 to €24,595
- Depreciation -€6,250
down €6,250 (-19.2%), from €32,591 to €26,341
- Taxes +€2,713
up €2,713 (+612.9%), from €443 to €3,156
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 | €459,206 | €452,425 | -€6,781 | -1.5% |
| Fixed assets | 21/28 | €329,477 | €321,886 | -€7,591 | -2.3% |
| Tangible fixed assets | 22/27 | €329,122 | €321,531 | -€7,591 | -2.3% |
| Land and buildings | 22 | €322,425 | €320,208 | -€2,216 | -0.7% |
| Furniture and vehicles | 24 | €6,697 | €1,322 | -€5,375 | -80.3% |
| Financial fixed assets | 28 | €355 | €355 | = | 0.0% |
| Current assets | 29/58 | €129,729 | €130,539 | +€810 | +0.6% |
| Amounts receivable within one year | 40/41 | €104,699 | €103,095 | -€1,604 | -1.5% |
| Trade receivables | 40 | €69,509 | €69,370 | -€140 | -0.2% |
| Other amounts receivable | 41 | €35,190 | €33,726 | -€1,464 | -4.2% |
| Current investments | 50/53 | €1,650 | €1,650 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,071 | €25,761 | +€3,690 | +16.7% |
| Deferred charges and accrued income | 490/1 | €1,309 | €33 | -€1,276 | -97.5% |
| Total equity and liabilities | 10/49 | €459,206 | €452,425 | -€6,781 | -1.5% |
| Equity | 10/15 | €382,182 | €377,589 | -€4,594 | -1.2% |
| Contributions | 10/11 | €153,991 | €153,991 | = | 0.0% |
| Reserves | 13 | €313,424 | €306,862 | -€6,562 | -2.1% |
| Tax-exempt reserves | 132 | €199,715 | €193,154 | -€6,562 | -3.3% |
| Distributable reserves | 133 | €113,709 | €113,709 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,232 | -€83,264 | +€1,968 | +2.3% |
| Provisions and deferred taxes | 16 | €66,541 | €64,354 | -€2,187 | -3.3% |
| Deferred taxes | 168 | €66,541 | €64,354 | -€2,187 | -3.3% |
| Amounts payable | 17/49 | €10,482 | €10,482 | -€0 | 0.0% |
| Amounts payable within one year | 42/48 | €10,482 | €10,482 | -€0 | 0.0% |
| Trade debts | 44 | €1,446 | €2,252 | +€806 | +55.7% |
| Suppliers | 440/4 | €1,446 | €2,252 | +€806 | +55.7% |
| Taxes, remuneration and social security | 45 | €534 | €2,157 | +€1,623 | +303.8% |
| Taxes | 450/3 | €534 | €2,157 | +€1,623 | +303.8% |
| Other amounts payable | 47/48 | €8,502 | €6,073 | -€2,429 | -28.6% |
| Non-recurring operating income | 76A | - | €18,750 | +€18,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,591 | €26,341 | -€6,250 | -19.2% |
| Other operating charges | 640/8 | €2,021 | €1,807 | -€214 | -10.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €8,304 | €24,595 | +€16,292 | +196.2% |
| Operating profit (loss) | 9901 | -€26,308 | -€3,553 | +€22,756 | +86.5% |
| Financial charges | 65/66B | €67 | €72 | +€5 | +7.4% |
| Recurring financial charges | 65 | €67 | €72 | +€5 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | -€26,375 | -€3,625 | +€22,751 | +86.3% |
| Transfer from deferred taxes | 780 | €5,730 | €2,187 | -€3,543 | -61.8% |
| Income taxes | 67/77 | €443 | €3,156 | +€2,713 | +612.9% |
| Profit (loss) for the period | 9904 | -€21,088 | -€4,594 | +€16,495 | +78.2% |
| Transfer from tax-exempt reserves | 789 | €17,189 | €6,562 | -€10,628 | -61.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,899 | €1,968 | +€5,867 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.