BOVARE: 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.
BOVARE
Largest movements
- Current investments +€29,692
up €29,692 (+52.9%), from €56,095 to €85,787
- Cash -€29,539
down €29,539 (-13.6%), from €217,255 to €187,716
mainly Contributions, distributions and other (-€103,995) and Trade debts (-€47,614)
- Deferred charges and accrued income -€11,314
down €11,314 (-75.0%), from €15,086 to €3,773
- Tangible fixed assets -€10,074
down €10,074 (-30.6%), from €32,900 to €22,826
of which Furniture and vehicles: -€5,189
- Other debts +€78,827
up €78,827 (+297.1%), from €26,529 to €105,356
- Reserves -€49,384
down €49,384 (-22.1%), from €222,972 to €173,587
- Trade debts -€47,614
down €47,614 (-73.4%), from €64,883 to €17,269
- Staff costs -€108,032
down €108,032 (-53.4%), from €202,449 to €94,417
- Gross operating margin -€60,430
down €60,430 (-25.2%), from €240,241 to €179,811
- Taxes +€11,223
up €11,223 (+113.6%), from €9,877 to €21,100
- Financial income -€7,372
down €7,372 (-70.1%), from €10,513 to €3,142
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 | €334,219 | €311,935 | -€22,284 | -6.7% |
| Fixed assets | 21/28 | €33,811 | €23,737 | -€10,074 | -29.8% |
| Tangible fixed assets | 22/27 | €32,900 | €22,826 | -€10,074 | -30.6% |
| Land and buildings | 22 | €2,454 | €1,327 | -€1,127 | -45.9% |
| Plant, machinery and equipment | 23 | €11,216 | €7,458 | -€3,759 | -33.5% |
| Furniture and vehicles | 24 | €19,229 | €14,041 | -€5,189 | -27.0% |
| Financial fixed assets | 28 | €911 | €911 | = | 0.0% |
| Current assets | 29/58 | €300,408 | €288,198 | -€12,210 | -4.1% |
| Amounts receivable within one year | 40/41 | €11,971 | €10,922 | -€1,049 | -8.8% |
| Trade receivables | 40 | €6,899 | €819 | -€6,080 | -88.1% |
| Other amounts receivable | 41 | €5,072 | €10,103 | +€5,031 | +99.2% |
| Current investments | 50/53 | €56,095 | €85,787 | +€29,692 | +52.9% |
| Cash at bank and in hand | 54/58 | €217,255 | €187,716 | -€29,539 | -13.6% |
| Deferred charges and accrued income | 490/1 | €15,086 | €3,773 | -€11,314 | -75.0% |
| Total equity and liabilities | 10/49 | €334,219 | €311,935 | -€22,284 | -6.7% |
| Equity | 10/15 | €230,474 | €181,089 | -€49,384 | -21.4% |
| Contributions | 10/11 | €5,343 | €5,343 | = | 0.0% |
| Reserves | 13 | €222,972 | €173,587 | -€49,384 | -22.1% |
| Distributable reserves | 133 | €222,972 | €173,587 | -€49,384 | -22.1% |
| Profit (loss) carried forward | 14 | €2,159 | €2,159 | = | 0.0% |
| Amounts payable | 17/49 | €103,745 | €130,846 | +€27,100 | +26.1% |
| Amounts payable within one year | 42/48 | €101,618 | €130,846 | +€29,227 | +28.8% |
| Trade debts | 44 | €64,883 | €17,269 | -€47,614 | -73.4% |
| Suppliers | 440/4 | €64,883 | €17,269 | -€47,614 | -73.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €10,206 | €8,221 | -€1,985 | -19.5% |
| Taxes | 450/3 | €10,206 | €8,221 | -€1,985 | -19.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €26,529 | €105,356 | +€78,827 | +297.1% |
| Accrued charges and deferred income | 492/3 | €2,127 | €0 | -€2,127 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €202,449 | €94,417 | -€108,032 | -53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,404 | €10,074 | -€330 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €160 | +€160 | |
| Other operating charges | 640/8 | €2,180 | €2,476 | +€296 | +13.6% |
| Gross operating margin | 9900 | €240,241 | €179,811 | -€60,430 | -25.2% |
| Operating profit (loss) | 9901 | €25,208 | €72,684 | +€47,476 | +188.3% |
| Financial income | 75/76B | €10,513 | €3,142 | -€7,372 | -70.1% |
| Recurring financial income | 75 | €10,513 | €3,142 | -€7,372 | -70.1% |
| Financial charges | 65/66B | €1,998 | €116 | -€1,883 | -94.2% |
| Recurring financial charges | 65 | €1,998 | €116 | -€1,883 | -94.2% |
| Profit (loss) for the period before taxes | 9903 | €33,723 | €75,710 | +€41,987 | +124.5% |
| Income taxes | 67/77 | €9,877 | €21,100 | +€11,223 | +113.6% |
| Profit (loss) for the period | 9904 | €23,846 | €54,611 | +€30,764 | +129.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,846 | €54,611 | +€30,764 | +129.0% |
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.