BOVAL: 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.
BOVAL
Largest movements
- Cash +€461,821
up €461,821 (+36.2%), from €1.3m to €1.7m
mainly Net result for the year (+€351,538) and Trade debts (+€235,756)
- Receivables within one year +€202,805
up €202,805 (+16.8%), from €1.2m to €1.4m
of which Trade receivables: +€227,043
- Reserves +€351,538
up €351,538 (+11.3%), from €3.1m to €3.4m
of which Distributable reserves: +€351,538
- Trade debts +€235,756
up €235,756 (+65.3%), from €361,292 to €597,048
- Staff costs -€84,749
down €84,749 (-8.1%), from €1.0m to €959,049
- Gross operating margin -€59,936
down €59,936 (-3.6%), from €1.7m to €1.6m
- Taxes -€37,006
down €37,006 (-22.2%), from €166,333 to €129,327
- Write-downs +€24,184
up €24,184, from -€11,152 to €13,033
- Financial income -€22,057
down €22,057 (-13.3%), from €165,749 to €143,692
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 | €5,227,638 | €5,850,720 | +€623,081 | +11.9% |
| Fixed assets | 21/28 | €1,601,424 | €1,555,420 | -€46,005 | -2.9% |
| Tangible fixed assets | 22/27 | €1,600,822 | €1,554,812 | -€46,010 | -2.9% |
| Land and buildings | 22 | €1,332,342 | €1,276,026 | -€56,317 | -4.2% |
| Plant, machinery and equipment | 23 | €80,680 | €131,155 | +€50,474 | +62.6% |
| Furniture and vehicles | 24 | €187,800 | €147,632 | -€40,168 | -21.4% |
| Financial fixed assets | 28 | €602 | €607 | +€5 | +0.9% |
| Current assets | 29/58 | €3,626,214 | €4,295,300 | +€669,086 | +18.5% |
| Stocks and contracts in progress | 3 | €1,142,362 | €1,146,822 | +€4,460 | +0.4% |
| Stocks | 30/36 | €1,142,362 | €1,146,822 | +€4,460 | +0.4% |
| Amounts receivable within one year | 40/41 | €1,206,894 | €1,409,699 | +€202,805 | +16.8% |
| Trade receivables | 40 | €1,147,984 | €1,375,027 | +€227,043 | +19.8% |
| Other amounts receivable | 41 | €58,911 | €34,672 | -€24,239 | -41.1% |
| Cash at bank and in hand | 54/58 | €1,276,958 | €1,738,779 | +€461,821 | +36.2% |
| Total equity and liabilities | 10/49 | €5,227,638 | €5,850,720 | +€623,081 | +11.9% |
| Equity | 10/15 | €4,016,997 | €4,368,535 | +€351,538 | +8.8% |
| Contributions | 10/11 | €918,600 | €918,600 | = | 0.0% |
| Reserves | 13 | €3,098,397 | €3,449,935 | +€351,538 | +11.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €3,098,397 | €3,449,935 | +€351,538 | +11.3% |
| Amounts payable | 17/49 | €1,210,642 | €1,482,185 | +€271,543 | +22.4% |
| Amounts payable after more than one year | 17 | €168,056 | €138,056 | -€30,000 | -17.9% |
| Financial debts | 170/4 | €168,056 | €138,056 | -€30,000 | -17.9% |
| Amounts payable within one year | 42/48 | €1,029,118 | €1,330,330 | +€301,212 | +29.3% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €361,292 | €597,048 | +€235,756 | +65.3% |
| Suppliers | 440/4 | €361,292 | €597,048 | +€235,756 | +65.3% |
| Taxes, remuneration and social security | 45 | €175,720 | €201,215 | +€25,496 | +14.5% |
| Taxes | 450/3 | €41,019 | €81,530 | +€40,512 | +98.8% |
| Remuneration and social security | 454/9 | €134,701 | €119,685 | -€15,016 | -11.1% |
| Other amounts payable | 47/48 | €462,106 | €502,067 | +€39,960 | +8.6% |
| Accrued charges and deferred income | 492/3 | €13,468 | €13,798 | +€331 | +2.5% |
| Remuneration, social security and pensions | 62 | €1,043,798 | €959,049 | -€84,749 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,084 | €157,498 | +€16,414 | +11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,152 | €13,033 | +€24,184 | |
| Other operating charges | 640/8 | €55,524 | €52,435 | -€3,089 | -5.6% |
| Gross operating margin | 9900 | €1,661,590 | €1,601,654 | -€59,936 | -3.6% |
| Operating profit (loss) | 9901 | €432,336 | €419,640 | -€12,695 | -2.9% |
| Financial income | 75/76B | €165,749 | €143,692 | -€22,057 | -13.3% |
| Recurring financial income | 75 | €165,749 | €143,692 | -€22,057 | -13.3% |
| Financial charges | 65/66B | €77,757 | €82,467 | +€4,710 | +6.1% |
| Recurring financial charges | 65 | €77,757 | €82,467 | +€4,710 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €520,327 | €480,865 | -€39,462 | -7.6% |
| Income taxes | 67/77 | €166,333 | €129,327 | -€37,006 | -22.2% |
| Profit (loss) for the period | 9904 | €353,994 | €351,538 | -€2,456 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €353,994 | €351,538 | -€2,456 | -0.7% |
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 30 September 2026 via checked.be.