BOVAP: 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.
What changed
BOVAP
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€289,715
2024 · €195,590+€94,125
Equity
€7.0m
2024 · €1.8m+€5.2m
Cash
€81,698
2024 · €11,087+€70,612
Balance sheet total
€10.1m
2024 · €4.7m+€5.4m
Largest movements
Assets
- Tangible fixed assets +€4.9m
up €4.9m (+108%), from €4.5m to €9.4m
of which Land and buildings: +€4.9m
- Financial fixed assets +€475,000
new in 2025: €475,000
Equity and liabilities
- Revaluation surpluses +€5.0m
new in 2025: €5.0m
- Debts after one year +€244,362
up €244,362 (+11.4%), from €2.2m to €2.4m
- Reserves +€105,239
up €105,239 (+7.4%), from €1.4m to €1.5m
of which Distributable reserves: +€115,935
Income statement
- Gross operating margin +€202,980
up €202,980 (+24.2%), from €839,886 to €1.0m
- Depreciation +€60,756
up €60,756 (+12.7%), from €479,860 to €540,616
- Taxes +€31,844
up €31,844 (+115%), from €27,724 to €59,568
- Financial charges +€19,092
up €19,092 (+32.5%), from €58,675 to €77,767
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
€195,590
Gross operating margin
+€202,980
Depreciation
-€60,756
Other operating charges
-€2,279
Financial income
+€5,115
Financial charges
-€19,092
Taxes
-€31,844
Result 2025
€289,715
raises the resultlowers the result
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.
From operations
+€822,620
Investment
-€5.9m
Financing
+€5.1m
Cash 2024
€11,087
From operations (derived)
+€822,620
Net result for the year
+€289,715
Depreciation
+€540,616
Smaller working-capital items
-€4,106
Trade debts
-€77,368
Accrued charges and deferred income
+€73,764
Investment (derived)
-€5.9m
Investment in fixed assets (net)
-€5.9m
Financing
+€5.1m
Debts after one year
+€244,362
Current portion of long-term debt
+€13,665
Contributions, distributions and other
+€4.9m
Cash 2025
€81,698
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,705,431 | €10,112,427 | +€5.4m | +115% |
| Fixed assets | 21/28 | €4,506,515 | €9,841,631 | +€5.3m | +118% |
| Tangible fixed assets | 22/27 | €4,506,515 | €9,366,631 | +€4.9m | +108% |
| Land and buildings | 22 | €2,279,712 | €7,182,693 | +€4.9m | +215% |
| Plant, machinery and equipment | 23 | €2,226,803 | €2,183,938 | -€42,865 | -1.9% |
| Financial fixed assets | 28 | - | €475,000 | +€475,000 | |
| Current assets | 29/58 | €198,916 | €270,797 | +€71,881 | +36.1% |
| Amounts receivable within one year | 40/41 | €156,358 | €152,644 | -€3,714 | -2.4% |
| Trade receivables | 40 | €47,264 | €97,597 | +€50,334 | +106% |
| Other amounts receivable | 41 | €109,094 | €55,046 | -€54,048 | -49.5% |
| Cash at bank and in hand | 54/58 | €11,087 | €81,698 | +€70,612 | +637% |
| Deferred charges and accrued income | 490/1 | €31,471 | €36,455 | +€4,984 | +15.8% |
| Total equity and liabilities | 10/49 | €4,705,431 | €10,112,427 | +€5.4m | +115% |
| Equity | 10/15 | €1,836,754 | €6,992,164 | +€5.2m | +281% |
| Contributions | 10/11 | €422,000 | €422,000 | = | 0.0% |
| Capital | 10 | €422,000 | €422,000 | = | 0.0% |
| Issued capital | 100 | €422,000 | €422,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €5,040,034 | +€5.0m | |
| Reserves | 13 | €1,424,891 | €1,530,130 | +€105,239 | +7.4% |
| Non-distributable reserves | 130/1 | €92,008 | €92,008 | = | 0.0% |
| Legal reserve | 130 | €92,008 | €92,008 | = | 0.0% |
| Tax-exempt reserves | 132 | €244,707 | €234,011 | -€10,695 | -4.4% |
| Distributable reserves | 133 | €1,088,176 | €1,204,111 | +€115,935 | +10.7% |
| Profit (loss) carried forward | 14 | -€10,137 | €0 | +€10,137 | |
| Provisions and deferred taxes | 16 | €8,887 | €5,321 | -€3,565 | -40.1% |
| Deferred taxes | 168 | €8,887 | €5,321 | -€3,565 | -40.1% |
| Amounts payable | 17/49 | €2,859,791 | €3,114,942 | +€255,151 | +8.9% |
| Amounts payable after more than one year | 17 | €2,150,833 | €2,395,194 | +€244,362 | +11.4% |
| Financial debts | 170/4 | €2,150,833 | €2,395,194 | +€244,362 | +11.4% |
| Amounts payable within one year | 42/48 | €707,357 | €644,383 | -€62,974 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €449,583 | €463,249 | +€13,665 | +3.0% |
| Trade debts | 44 | €228,100 | €150,732 | -€77,368 | -33.9% |
| Suppliers | 440/4 | €228,100 | €150,732 | -€77,368 | -33.9% |
| Taxes, remuneration and social security | 45 | - | €4,617 | +€4,617 | |
| Taxes | 450/3 | - | €4,617 | +€4,617 | |
| Other amounts payable | 47/48 | €29,673 | €25,785 | -€3,888 | -13.1% |
| Accrued charges and deferred income | 492/3 | €1,602 | €75,365 | +€73,764 | +4,606% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €479,860 | €540,616 | +€60,756 | +12.7% |
| Other operating charges | 640/8 | €81,832 | €84,111 | +€2,279 | +2.8% |
| Gross operating margin | 9900 | €839,886 | €1,042,866 | +€202,980 | +24.2% |
| Operating profit (loss) | 9901 | €278,194 | €418,139 | +€139,945 | +50.3% |
| Financial income | 75/76B | €230 | €5,346 | +€5,115 | +2,223% |
| Recurring financial income | 75 | €230 | €5,346 | +€5,115 | +2,223% |
| Financial charges | 65/66B | €58,675 | €77,767 | +€19,092 | +32.5% |
| Recurring financial charges | 65 | €58,675 | €77,767 | +€19,092 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | €219,749 | €345,718 | +€125,968 | +57.3% |
| Transfer from deferred taxes | 780 | €3,565 | €3,565 | = | 0.0% |
| Income taxes | 67/77 | €27,724 | €59,568 | +€31,844 | +115% |
| Profit (loss) for the period | 9904 | €195,590 | €289,715 | +€94,125 | +48.1% |
| Transfer from tax-exempt reserves | 789 | €10,695 | €10,695 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €132,493 | €0 | -€132,493 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €73,792 | €300,410 | +€226,618 | +307% |
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 13 October 2026 via checked.be.