BOVAND: 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.
BOVAND
Largest movements
- Current investments +€360,866
up €360,866 (+90.6%), from €398,410 to €759,276
- Cash -€124,396
down €124,396 (-92.3%), from €134,734 to €10,338
mainly Current investments (-€360,866) and Tax, wage and social debts (-€65,610)
- Receivables within one year -€35,919
down €35,919 (-73.2%), from €49,092 to €13,173
of which Trade receivables: -€38,117
- Tangible fixed assets -€29,186
down €29,186 (-7.2%), from €407,106 to €377,920
of which Furniture and vehicles: -€17,580
- Profit (loss) carried forward +€177,685
up €177,685 (+16994.6%), from €1,046 to €178,731
- Tax, wage and social debts -€65,610
down €65,610 (-80.1%), from €81,927 to €16,317
- Reserves +€60,000
up €60,000 (+6.7%), from €895,500 to €955,500
- Depreciation -€32,922
down €32,922 (-51.1%), from €64,469 to €31,547
- Financial income +€17,107
up €17,107 (+288.1%), from €5,939 to €23,046
- Taxes -€11,581
down €11,581 (-11.8%), from €97,818 to €86,237
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 | €991,186 | €1,162,520 | +€171,334 | +17.3% |
| Fixed assets | 21/28 | €407,168 | €377,982 | -€29,186 | -7.2% |
| Tangible fixed assets | 22/27 | €407,106 | €377,920 | -€29,186 | -7.2% |
| Land and buildings | 22 | €372,451 | €360,845 | -€11,606 | -3.1% |
| Furniture and vehicles | 24 | €34,655 | €17,075 | -€17,580 | -50.7% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €584,018 | €784,538 | +€200,521 | +34.3% |
| Amounts receivable within one year | 40/41 | €49,092 | €13,173 | -€35,919 | -73.2% |
| Trade receivables | 40 | €48,986 | €10,869 | -€38,117 | -77.8% |
| Other amounts receivable | 41 | €105 | €2,304 | +€2,198 | +2086.0% |
| Current investments | 50/53 | €398,410 | €759,276 | +€360,866 | +90.6% |
| Cash at bank and in hand | 54/58 | €134,734 | €10,338 | -€124,396 | -92.3% |
| Deferred charges and accrued income | 490/1 | €1,782 | €1,751 | -€30 | -1.7% |
| Total equity and liabilities | 10/49 | €991,186 | €1,162,520 | +€171,334 | +17.3% |
| Equity | 10/15 | €901,546 | €1,139,231 | +€237,685 | +26.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €895,500 | €955,500 | +€60,000 | +6.7% |
| Distributable reserves | 133 | €895,500 | €955,500 | +€60,000 | +6.7% |
| Profit (loss) carried forward | 14 | €1,046 | €178,731 | +€177,685 | +16994.6% |
| Amounts payable | 17/49 | €89,640 | €23,290 | -€66,351 | -74.0% |
| Amounts payable within one year | 42/48 | €89,640 | €23,290 | -€66,351 | -74.0% |
| Trade debts | 44 | €5,295 | €5,750 | +€455 | +8.6% |
| Suppliers | 440/4 | €5,295 | €5,750 | +€455 | +8.6% |
| Taxes, remuneration and social security | 45 | €81,927 | €16,317 | -€65,610 | -80.1% |
| Taxes | 450/3 | €81,927 | €16,317 | -€65,610 | -80.1% |
| Other amounts payable | 47/48 | €2,419 | €1,222 | -€1,196 | -49.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,469 | €31,547 | -€32,922 | -51.1% |
| Other operating charges | 640/8 | €1,150 | €1,741 | +€591 | +51.4% |
| Gross operating margin | 9900 | €337,846 | €335,306 | -€2,540 | -0.8% |
| Operating profit (loss) | 9901 | €272,227 | €302,018 | +€29,791 | +10.9% |
| Financial income | 75/76B | €5,939 | €23,046 | +€17,107 | +288.1% |
| Recurring financial income | 75 | €5,939 | €23,046 | +€17,107 | +288.1% |
| Financial charges | 65/66B | €1,569 | €1,142 | -€427 | -27.2% |
| Recurring financial charges | 65 | €1,569 | €1,142 | -€427 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €276,597 | €323,922 | +€47,325 | +17.1% |
| Income taxes | 67/77 | €97,818 | €86,237 | -€11,581 | -11.8% |
| Profit (loss) for the period | 9904 | €178,779 | €237,685 | +€58,906 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €178,779 | €237,685 | +€58,906 | +32.9% |
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 12 October 2026 via checked.be.