BOVAR: 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.
BOVAR
Largest movements
- Stocks and contracts -€113,307
no longer reported in 2025 (was €113,307)
- Cash +€34,975
up €34,975 (+454.0%), from €7,704 to €42,679
mainly Stocks and contracts (+€113,307) and Net result for the year (+€83,654)
- Tangible fixed assets -€15,621
down €15,621 (-8.2%), from €189,492 to €173,871
- Receivables within one year +€9,439
up €9,439 (+33.2%), from €28,415 to €37,854
of which Trade receivables: +€10,746
- Debts after one year -€179,828
down €179,828 (-66.3%), from €271,048 to €91,221
of which Other amounts payable: -€170,141
- Reserves +€83,654
up €83,654 (+401.5%), from €20,834 to €104,488
- Tax, wage and social debts +€25,946
up €25,946 (+667.8%), from €3,886 to €29,832
- Other debts -€22,000
no longer reported in 2025 (was €22,000)
- Trade debts +€9,970
up €9,970 (+218.8%), from €4,558 to €14,528
- Gross operating margin +€95,441
up €95,441 (+193.1%), from €49,414 to €144,856
- Taxes +€32,317
up €32,317 (+390.2%), from €8,282 to €40,599
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 | €340,412 | €256,020 | -€84,392 | -24.8% |
| Fixed assets | 21/28 | €190,182 | €174,561 | -€15,621 | -8.2% |
| Tangible fixed assets | 22/27 | €189,492 | €173,871 | -€15,621 | -8.2% |
| Land and buildings | 22 | €124,973 | €120,806 | -€4,167 | -3.3% |
| Furniture and vehicles | 24 | €28,025 | €20,919 | -€7,107 | -25.4% |
| Other tangible fixed assets | 26 | €36,494 | €32,146 | -€4,348 | -11.9% |
| Financial fixed assets | 28 | €690 | €690 | = | 0.0% |
| Current assets | 29/58 | €150,231 | €81,459 | -€68,771 | -45.8% |
| Stocks and contracts in progress | 3 | €113,307 | - | -€113,307 | |
| Stocks | 30/36 | €113,307 | - | -€113,307 | |
| Amounts receivable within one year | 40/41 | €28,415 | €37,854 | +€9,439 | +33.2% |
| Trade receivables | 40 | €27,108 | €37,854 | +€10,746 | +39.6% |
| Other amounts receivable | 41 | €1,307 | - | -€1,307 | |
| Cash at bank and in hand | 54/58 | €7,704 | €42,679 | +€34,975 | +454.0% |
| Deferred charges and accrued income | 490/1 | €805 | €927 | +€122 | +15.1% |
| Total equity and liabilities | 10/49 | €340,412 | €256,020 | -€84,392 | -24.8% |
| Equity | 10/15 | €24,834 | €108,488 | +€83,654 | +336.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €20,834 | €104,488 | +€83,654 | +401.5% |
| Distributable reserves | 133 | €20,834 | €104,488 | +€83,654 | +401.5% |
| Amounts payable | 17/49 | €315,578 | €147,532 | -€168,046 | -53.3% |
| Amounts payable after more than one year | 17 | €271,048 | €91,221 | -€179,828 | -66.3% |
| Financial debts | 170/4 | €9,687 | - | -€9,687 | |
| Other amounts payable | 178/9 | €261,362 | €91,221 | -€170,141 | -65.1% |
| Amounts payable within one year | 42/48 | €44,503 | €56,311 | +€11,808 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €10,036 | €9,687 | -€349 | -3.5% |
| Trade debts | 44 | €4,558 | €14,528 | +€9,970 | +218.8% |
| Suppliers | 440/4 | €4,558 | €14,528 | +€9,970 | +218.8% |
| Advances received on contracts in progress | 46 | €4,024 | €2,264 | -€1,759 | -43.7% |
| Taxes, remuneration and social security | 45 | €3,886 | €29,832 | +€25,946 | +667.8% |
| Taxes | 450/3 | €3,886 | €29,832 | +€25,946 | +667.8% |
| Other amounts payable | 47/48 | €22,000 | - | -€22,000 | |
| Accrued charges and deferred income | 492/3 | €27 | - | -€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,093 | €15,621 | +€528 | +3.5% |
| Other operating charges | 640/8 | €2,780 | €3,487 | +€707 | +25.4% |
| Gross operating margin | 9900 | €49,414 | €144,856 | +€95,441 | +193.1% |
| Operating profit (loss) | 9901 | €31,541 | €125,748 | +€94,206 | +298.7% |
| Financial income | 75/76B | €83 | €12 | -€71 | -85.3% |
| Recurring financial income | 75 | €8 | €12 | +€4 | +50.7% |
| Non-recurring financial income | 76B | €75 | - | -€75 | |
| Financial charges | 65/66B | €1,651 | €1,507 | -€145 | -8.8% |
| Recurring financial charges | 65 | €1,612 | €1,085 | -€527 | -32.7% |
| Non-recurring financial charges | 66B | €39 | €421 | +€382 | +974.7% |
| Profit (loss) for the period before taxes | 9903 | €29,973 | €124,253 | +€94,280 | +314.5% |
| Income taxes | 67/77 | €8,282 | €40,599 | +€32,317 | +390.2% |
| Profit (loss) for the period | 9904 | €21,691 | €83,654 | +€61,963 | +285.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,691 | €83,654 | +€61,963 | +285.7% |
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 11 October 2026 via checked.be.