BOVAGA: 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.
What changed
BOVAGA
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€28,029
2024 · €56,851-€84,880
Equity
€4.2m
2024 · €4.2m-€28,029
Cash
€221,821
2024 · €780,590-€558,770
Balance sheet total
€8.8m
2024 · €9.1m-€327,034
Largest movements
Assets
- Cash -€558,770
down €558,770 (-71.6%), from €780,590 to €221,821
mainly Current investments (-€485,685) and Debts after one year (-€292,820)
- Current investments +€485,685
up €485,685 (+29.7%), from €1.6m to €2.1m
- Tangible fixed assets -€276,769
down €276,769 (-4.1%), from €6.7m to €6.4m
of which Land and buildings: -€273,196
Equity and liabilities
- Debts after one year -€292,820
down €292,820 (-7.0%), from €4.2m to €3.9m
of which Financial debts: -€292,970
Income statement
- Gross operating margin -€59,277
down €59,277 (-13.9%), from €425,042 to €365,765
- Financial income +€46,838
up €46,838 (+251.9%), from €18,591 to €65,430
- Other operating charges +€26,360
up €26,360 (+89.3%), from €29,533 to €55,893
- Depreciation +€24,998
up €24,998 (+9.3%), from €269,072 to €294,070
- Financial charges -€8,750
down €8,750 (-9.4%), from €93,285 to €84,535
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
€56,851
Gross operating margin
-€59,277
Depreciation
-€24,998
Write-downs
-€900
Other operating charges
-€26,360
Other operating items
-€37,422
Financial income
+€46,838
Financial charges
+€8,750
Taxes
+€8,488
Result 2025
-€28,029
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
+€267,270
Investment
-€502,986
Financing
-€323,054
Cash 2024
€780,590
From operations (derived)
+€267,270
Net result for the year
-€28,029
Depreciation
+€294,070
Receivables within one year
-€15,765
Deferred charges and accrued income
-€7,055
Provisions
-€15,419
Trade debts
+€56,583
Tax, wage and social debts
+€34,497
Other debts
-€31,684
Accrued charges and deferred income
-€19,928
Investment (derived)
-€502,986
Investment in fixed assets (net)
-€17,301
Current investments
-€485,685
Financing
-€323,054
Debts after one year
-€292,820
Current portion of long-term debt
+€4,390
Short-term financial debts
-€34,624
Cash 2025
€221,821
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,134,759 | €8,807,726 | -€327,034 | -3.6% |
| Fixed assets | 21/28 | €6,703,251 | €6,426,482 | -€276,769 | -4.1% |
| Tangible fixed assets | 22/27 | €6,703,251 | €6,426,482 | -€276,769 | -4.1% |
| Land and buildings | 22 | €6,691,889 | €6,418,693 | -€273,196 | -4.1% |
| Furniture and vehicles | 24 | €11,362 | €7,789 | -€3,573 | -31.4% |
| Current assets | 29/58 | €2,431,508 | €2,381,244 | -€50,264 | -2.1% |
| Amounts receivable within one year | 40/41 | €6,296 | €22,061 | +€15,765 | +250.4% |
| Trade receivables | 40 | €3,452 | €5,973 | +€2,521 | +73.0% |
| Other amounts receivable | 41 | €2,844 | €16,087 | +€13,244 | +465.8% |
| Current investments | 50/53 | €1,635,509 | €2,121,194 | +€485,685 | +29.7% |
| Cash at bank and in hand | 54/58 | €780,590 | €221,821 | -€558,770 | -71.6% |
| Deferred charges and accrued income | 490/1 | €9,113 | €16,168 | +€7,055 | +77.4% |
| Total equity and liabilities | 10/49 | €9,134,759 | €8,807,726 | -€327,034 | -3.6% |
| Equity | 10/15 | €4,185,987 | €4,157,958 | -€28,029 | -0.7% |
| Contributions | 10/11 | €3,037,437 | €3,037,437 | = | 0.0% |
| Capital | 10 | €3,037,437 | €3,037,437 | = | 0.0% |
| Issued capital | 100 | €3,037,437 | €3,037,437 | = | 0.0% |
| Reserves | 13 | €1,148,550 | €1,120,521 | -€28,029 | -2.4% |
| Non-distributable reserves | 130/1 | €33,273 | €34,184 | +€911 | +2.7% |
| Legal reserve | 130 | €33,273 | €34,184 | +€911 | +2.7% |
| Tax-exempt reserves | 132 | €991,985 | €945,729 | -€46,256 | -4.7% |
| Distributable reserves | 133 | €123,293 | €140,608 | +€17,316 | +14.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €330,662 | €315,243 | -€15,419 | -4.7% |
| Deferred taxes | 168 | €330,662 | €315,243 | -€15,419 | -4.7% |
| Amounts payable | 17/49 | €4,618,111 | €4,334,525 | -€283,586 | -6.1% |
| Amounts payable after more than one year | 17 | €4,196,916 | €3,904,096 | -€292,820 | -7.0% |
| Financial debts | 170/4 | €3,768,681 | €3,475,711 | -€292,970 | -7.8% |
| Other amounts payable | 178/9 | €428,235 | €428,385 | +€150 | 0.0% |
| Amounts payable within one year | 42/48 | €389,280 | €418,443 | +€29,162 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €288,580 | €292,970 | +€4,390 | +1.5% |
| Financial debts | 43 | €43,265 | €8,641 | -€34,624 | -80.0% |
| Credit institutions | 430/8 | €43,265 | €8,641 | -€34,624 | -80.0% |
| Trade debts | 44 | €12,451 | €69,034 | +€56,583 | +454.4% |
| Suppliers | 440/4 | €12,451 | €69,034 | +€56,583 | +454.4% |
| Taxes, remuneration and social security | 45 | €13,300 | €47,797 | +€34,497 | +259.4% |
| Taxes | 450/3 | €10,250 | €17,297 | +€7,047 | +68.7% |
| Remuneration and social security | 454/9 | €3,050 | €30,500 | +€27,450 | +900.0% |
| Other amounts payable | 47/48 | €31,684 | €0 | -€31,684 | -100.0% |
| Accrued charges and deferred income | 492/3 | €31,914 | €11,986 | -€19,928 | -62.4% |
| Non-recurring operating income | 76A | €39,261 | €0 | -€39,261 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €269,072 | €294,070 | +€24,998 | +9.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €900 | +€900 | |
| Other operating charges | 640/8 | €29,533 | €55,893 | +€26,360 | +89.3% |
| Non-recurring operating charges | 66A | - | €37,422 | +€37,422 | |
| Gross operating margin | 9900 | €425,042 | €365,765 | -€59,277 | -13.9% |
| Operating profit (loss) | 9901 | €126,437 | -€22,519 | -€148,956 | |
| Financial income | 75/76B | €18,591 | €65,430 | +€46,838 | +251.9% |
| Recurring financial income | 75 | €18,591 | €65,430 | +€46,838 | +251.9% |
| Financial charges | 65/66B | €93,285 | €84,535 | -€8,750 | -9.4% |
| Recurring financial charges | 65 | €93,285 | €84,535 | -€8,750 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €51,743 | -€41,625 | -€93,368 | |
| Transfer from deferred taxes | 780 | €15,419 | €15,419 | = | 0.0% |
| Income taxes | 67/77 | €10,311 | €1,823 | -€8,488 | -82.3% |
| Profit (loss) for the period | 9904 | €56,851 | -€28,029 | -€84,880 | |
| Transfer from tax-exempt reserves | 789 | €46,256 | €46,256 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €103,107 | €18,227 | -€84,880 | -82.3% |
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 8 October 2026 via checked.be.