BOVAKO: 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.
BOVAKO
Largest movements
- Stocks and contracts +€686,682
up €686,682 (+208.1%), from €329,928 to €1.0m
- Tangible fixed assets +€220,337
up €220,337 (+3.5%), from €6.2m to €6.5m
of which Land and buildings: +€243,128
- Cash +€175,028
up €175,028 (+172.4%), from €101,497 to €276,524
mainly Other debts (+€501,098) and Debts after one year (+€393,935)
- Deferred charges and accrued income +€170,874
up €170,874 (+338.8%), from €50,433 to €221,307
- Receivables within one year -€170,870
down €170,870 (-22.8%), from €748,081 to €577,211
of which Trade receivables: -€95,722
- Other debts +€501,098
up €501,098 (+50.4%), from €993,764 to €1.5m
- Profit (loss) carried forward +€433,638
up €433,638 (+21.1%), from €2.1m to €2.5m
- Debts after one year +€393,935
up €393,935 (+15.8%), from €2.5m to €2.9m
- Short-term financial debts -€276,766
down €276,766 (-9.6%), from €2.9m to €2.6m
- Gross operating margin +€145,937
up €145,937 (+15.3%), from €951,213 to €1.1m
- Depreciation +€77,978
up €77,978 (+28.4%), from €274,291 to €352,269
- Taxes +€53,956
up €53,956 (+196.4%), from €27,477 to €81,433
- Other operating charges +€17,514
up €17,514 (+14.5%), from €121,200 to €138,715
- Staff costs -€12,099
down €12,099 (-7.1%), from €171,368 to €159,269
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 | €11,528,935 | €12,630,985 | +€1.1m | +9.6% |
| Fixed assets | 21/28 | €10,298,997 | €10,539,334 | +€240,337 | +2.3% |
| Tangible fixed assets | 22/27 | €6,234,254 | €6,454,591 | +€220,337 | +3.5% |
| Land and buildings | 22 | €6,139,717 | €6,382,846 | +€243,128 | +4.0% |
| Furniture and vehicles | 24 | €94,536 | €71,745 | -€22,791 | -24.1% |
| Financial fixed assets | 28 | €4,064,743 | €4,084,743 | +€20,000 | +0.5% |
| Current assets | 29/58 | €1,229,938 | €2,091,651 | +€861,713 | +70.1% |
| Stocks and contracts in progress | 3 | €329,928 | €1,016,610 | +€686,682 | +208.1% |
| Stocks | 30/36 | €329,928 | €1,016,610 | +€686,682 | +208.1% |
| Amounts receivable within one year | 40/41 | €748,081 | €577,211 | -€170,870 | -22.8% |
| Trade receivables | 40 | €454,433 | €358,711 | -€95,722 | -21.1% |
| Other amounts receivable | 41 | €293,648 | €218,500 | -€75,148 | -25.6% |
| Cash at bank and in hand | 54/58 | €101,497 | €276,524 | +€175,028 | +172.4% |
| Deferred charges and accrued income | 490/1 | €50,433 | €221,307 | +€170,874 | +338.8% |
| Total equity and liabilities | 10/49 | €11,528,935 | €12,630,985 | +€1.1m | +9.6% |
| Equity | 10/15 | €4,242,716 | €4,573,234 | +€330,518 | +7.8% |
| Contributions | 10/11 | €1,349,200 | €1,349,200 | = | 0.0% |
| Capital | 10 | €1,349,200 | €1,349,200 | = | 0.0% |
| Issued capital | 100 | €1,349,200 | €1,349,200 | = | 0.0% |
| Reserves | 13 | €841,255 | €738,135 | -€103,121 | -12.3% |
| Non-distributable reserves | 130/1 | €134,920 | €134,920 | = | 0.0% |
| Legal reserve | 130 | €134,920 | €134,920 | = | 0.0% |
| Tax-exempt reserves | 132 | €706,335 | €603,215 | -€103,121 | -14.6% |
| Profit (loss) carried forward | 14 | €2,052,261 | €2,485,899 | +€433,638 | +21.1% |
| Provisions and deferred taxes | 16 | €235,445 | €201,072 | -€34,374 | -14.6% |
| Deferred taxes | 168 | €235,445 | €201,072 | -€34,374 | -14.6% |
| Amounts payable | 17/49 | €7,050,773 | €7,856,680 | +€805,906 | +11.4% |
| Amounts payable after more than one year | 17 | €2,498,148 | €2,892,083 | +€393,935 | +15.8% |
| Financial debts | 170/4 | €2,498,148 | €2,892,083 | +€393,935 | +15.8% |
| Amounts payable within one year | 42/48 | €4,460,959 | €4,829,895 | +€368,935 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €531,700 | €616,674 | +€84,974 | +16.0% |
| Financial debts | 43 | €2,897,151 | €2,620,385 | -€276,766 | -9.6% |
| Credit institutions | 430/8 | €2,897,151 | €2,620,385 | -€276,766 | -9.6% |
| Trade debts | 44 | €15,448 | €20,951 | +€5,502 | +35.6% |
| Suppliers | 440/4 | €15,448 | €20,951 | +€5,502 | +35.6% |
| Taxes, remuneration and social security | 45 | €22,895 | €77,022 | +€54,127 | +236.4% |
| Taxes | 450/3 | €3,406 | €43,088 | +€39,682 | +1165.1% |
| Remuneration and social security | 454/9 | €19,490 | €33,934 | +€14,445 | +74.1% |
| Other amounts payable | 47/48 | €993,764 | €1,494,863 | +€501,098 | +50.4% |
| Accrued charges and deferred income | 492/3 | €91,666 | €134,702 | +€43,036 | +46.9% |
| Non-recurring operating income | 76A | €39,437 | - | -€39,437 | |
| Remuneration, social security and pensions | 62 | €171,368 | €159,269 | -€12,099 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €274,291 | €352,269 | +€77,978 | +28.4% |
| Other operating charges | 640/8 | €121,200 | €138,715 | +€17,514 | +14.5% |
| Gross operating margin | 9900 | €951,213 | €1,097,149 | +€145,937 | +15.3% |
| Operating profit (loss) | 9901 | €384,353 | €446,896 | +€62,543 | +16.3% |
| Financial income | 75/76B | €214,899 | €217,070 | +€2,172 | +1.0% |
| Recurring financial income | 75 | €214,899 | €217,070 | +€2,172 | +1.0% |
| Financial charges | 65/66B | €285,657 | €286,390 | +€732 | +0.3% |
| Recurring financial charges | 65 | €285,657 | €286,390 | +€732 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €313,595 | €377,577 | +€63,982 | +20.4% |
| Transfer from deferred taxes | 780 | €15,544 | €34,374 | +€18,829 | +121.1% |
| Transfer to deferred taxes | 680 | €9,859 | - | -€9,859 | |
| Income taxes | 67/77 | €27,477 | €81,433 | +€53,956 | +196.4% |
| Profit (loss) for the period | 9904 | €291,803 | €330,518 | +€38,715 | +13.3% |
| Transfer from tax-exempt reserves | 789 | €46,633 | €103,121 | +€56,488 | +121.1% |
| Transfer to tax-exempt reserves | 689 | €29,577 | - | -€29,577 | |
| Profit (loss) for the period to be appropriated | 9905 | €308,859 | €433,638 | +€124,780 | +40.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.