BOVAM: 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.
BOVAM
Largest movements
- Cash +€65,894
up €65,894 (+590%), from €11,176 to €77,070
mainly Trade debts (+€52,383) and Other debts (+€50,387)
- Stocks and contracts +€28,804
up €28,804 (+70.7%), from €40,750 to €69,554
- Deferred charges and accrued income +€9,821
new in 2025: €9,821
- Trade debts +€52,383
up €52,383 (+19,424%), from €270 to €52,653
- Other debts +€50,387
up €50,387 (+24.3%), from €207,287 to €257,674
- Tax, wage and social debts +€16,821
new in 2025: €16,821
of which Taxes: +€13,307
- Profit (loss) carried forward -€14,723
down €14,723 (-94.8%), from -€15,525 to -€30,248
- Gross operating margin +€38,253
up €38,253, from -€6,027 to €32,226
- Staff costs +€33,344
new in 2025: €33,344
- Depreciation +€4,536
up €4,536 (+86.2%), from €5,263 to €9,799
- Financial income +€525
new in 2025: €525
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.
Derived cash bridge
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 | €221,791 | €326,658 | +€104,868 | +47.3% |
| Fixed assets | 21/28 | €167,858 | €170,213 | +€2,356 | +1.4% |
| Tangible fixed assets | 22/27 | €167,858 | €170,213 | +€2,356 | +1.4% |
| Land and buildings | 22 | €154,553 | €157,467 | +€2,914 | +1.9% |
| Plant, machinery and equipment | 23 | €13,305 | €12,747 | -€558 | -4.2% |
| Current assets | 29/58 | €53,933 | €156,445 | +€102,512 | +190% |
| Stocks and contracts in progress | 3 | €40,750 | €69,554 | +€28,804 | +70.7% |
| Stocks | 30/36 | €40,750 | €69,554 | +€28,804 | +70.7% |
| Amounts receivable within one year | 40/41 | €2,008 | - | -€2,008 | |
| Other amounts receivable | 41 | €2,008 | - | -€2,008 | |
| Cash at bank and in hand | 54/58 | €11,176 | €77,070 | +€65,894 | +590% |
| Deferred charges and accrued income | 490/1 | - | €9,821 | +€9,821 | |
| Total equity and liabilities | 10/49 | €221,791 | €326,658 | +€104,868 | +47.3% |
| Equity | 10/15 | €14,234 | -€489 | -€14,723 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €11,167 | €11,167 | = | 0.0% |
| Distributable reserves | 133 | €11,167 | €11,167 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,525 | -€30,248 | -€14,723 | -94.8% |
| Amounts payable | 17/49 | €207,556 | €327,147 | +€119,591 | +57.6% |
| Amounts payable within one year | 42/48 | €207,556 | €327,147 | +€119,591 | +57.6% |
| Trade debts | 44 | €270 | €52,653 | +€52,383 | +19,424% |
| Suppliers | 440/4 | €270 | €52,653 | +€52,383 | +19,424% |
| Taxes, remuneration and social security | 45 | - | €16,821 | +€16,821 | |
| Taxes | 450/3 | - | €13,307 | +€13,307 | |
| Remuneration and social security | 454/9 | - | €3,514 | +€3,514 | |
| Other amounts payable | 47/48 | €207,287 | €257,674 | +€50,387 | +24.3% |
| Remuneration, social security and pensions | 62 | - | €33,344 | +€33,344 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,263 | €9,799 | +€4,536 | +86.2% |
| Other operating charges | 640/8 | €4,022 | €4,223 | +€201 | +5.0% |
| Gross operating margin | 9900 | -€6,027 | €32,226 | +€38,253 | |
| Operating profit (loss) | 9901 | -€15,312 | -€15,140 | +€171 | +1.1% |
| Financial income | 75/76B | - | €525 | +€525 | |
| Recurring financial income | 75 | - | €525 | +€525 | |
| Financial charges | 65/66B | €213 | €108 | -€104 | -49.0% |
| Recurring financial charges | 65 | €213 | €108 | -€104 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,525 | -€14,723 | +€801 | +5.2% |
| Profit (loss) for the period | 9904 | -€15,525 | -€14,723 | +€801 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,525 | -€14,723 | +€801 | +5.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.