BOVAFOK: 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.
BOVAFOK
Largest movements
- Stocks and contracts -€146,297
down €146,297 (-53.6%), from €272,797 to €126,500
of which Stocks: -€152,797
- Cash -€139,605
down €139,605 (-20.1%), from €696,117 to €556,512
mainly Trade debts (-€172,084) and Receivables within one year (-€97,931)
- Receivables within one year +€97,931
up €97,931 (+105.3%), from €92,969 to €190,900
of which Trade receivables: +€92,058
- Tangible fixed assets -€85,274
down €85,274 (-16.6%), from €514,691 to €429,418
of which Land and buildings: -€62,243
- Trade debts -€172,084
down €172,084 (-79.1%), from €217,467 to €45,383
- Other debts -€49,873
down €49,873 (-31.4%), from €158,774 to €108,900
- Debts after one year -€27,667
down €27,667 (-1.5%), from €1.8m to €1.8m
- Current portion of long-term debt -€23,812
down €23,812 (-46.3%), from €51,479 to €27,667
- Gross operating margin -€251,437
down €251,437 (-69.2%), from €363,292 to €111,855
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 | €1,577,824 | €1,304,580 | -€273,244 | -17.3% |
| Fixed assets | 21/28 | €515,941 | €430,668 | -€85,274 | -16.5% |
| Tangible fixed assets | 22/27 | €514,691 | €429,418 | -€85,274 | -16.6% |
| Land and buildings | 22 | €419,385 | €357,142 | -€62,243 | -14.8% |
| Plant, machinery and equipment | 23 | €95,307 | €72,276 | -€23,031 | -24.2% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €1,061,882 | €873,912 | -€187,970 | -17.7% |
| Stocks and contracts in progress | 3 | €272,797 | €126,500 | -€146,297 | -53.6% |
| Stocks | 30/36 | €152,797 | €0 | -€152,797 | -100.0% |
| Contracts in progress | 37 | €120,000 | €126,500 | +€6,500 | +5.4% |
| Amounts receivable within one year | 40/41 | €92,969 | €190,900 | +€97,931 | +105.3% |
| Trade receivables | 40 | €90,651 | €182,709 | +€92,058 | +101.6% |
| Other amounts receivable | 41 | €2,318 | €8,191 | +€5,873 | +253.4% |
| Cash at bank and in hand | 54/58 | €696,117 | €556,512 | -€139,605 | -20.1% |
| Total equity and liabilities | 10/49 | €1,577,824 | €1,304,580 | -€273,244 | -17.3% |
| Equity | 10/15 | -€695,279 | -€694,700 | +€580 | +0.1% |
| Contributions | 10/11 | €56,250 | €56,250 | = | 0.0% |
| Reserves | 13 | €19,076 | €19,076 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,625 | €5,625 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,625 | €5,625 | = | 0.0% |
| Distributable reserves | 133 | €13,451 | €13,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€770,606 | -€770,026 | +€580 | +0.1% |
| Amounts payable | 17/49 | €2,273,103 | €1,999,279 | -€273,824 | -12.0% |
| Amounts payable after more than one year | 17 | €1,844,996 | €1,817,329 | -€27,667 | -1.5% |
| Financial debts | 170/4 | €1,844,996 | €1,817,329 | -€27,667 | -1.5% |
| Amounts payable within one year | 42/48 | €428,107 | €181,950 | -€246,157 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €51,479 | €27,667 | -€23,812 | -46.3% |
| Trade debts | 44 | €217,467 | €45,383 | -€172,084 | -79.1% |
| Suppliers | 440/4 | €217,467 | €45,383 | -€172,084 | -79.1% |
| Taxes, remuneration and social security | 45 | €388 | €0 | -€388 | -100.0% |
| Taxes | 450/3 | €388 | €0 | -€388 | -100.0% |
| Other amounts payable | 47/48 | €158,774 | €108,900 | -€49,873 | -31.4% |
| Remuneration, social security and pensions | 62 | - | €290 | +€290 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,687 | €102,361 | -€3,326 | -3.1% |
| Other operating charges | 640/8 | €2,230 | €2,324 | +€94 | +4.2% |
| Gross operating margin | 9900 | €363,292 | €111,855 | -€251,437 | -69.2% |
| Operating profit (loss) | 9901 | €255,375 | €6,880 | -€248,495 | -97.3% |
| Financial income | 75/76B | €43 | €158 | +€115 | +263.9% |
| Recurring financial income | 75 | €43 | €158 | +€115 | +263.9% |
| Financial charges | 65/66B | €8,029 | €6,458 | -€1,571 | -19.6% |
| Recurring financial charges | 65 | €8,029 | €6,458 | -€1,571 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €247,390 | €580 | -€246,810 | -99.8% |
| Profit (loss) for the period | 9904 | €247,390 | €580 | -€246,810 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €247,390 | €580 | -€246,810 | -99.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.