BOVARO: what changed
Two fiscal 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.
BOVARO
Largest movements
- Cash +€28,144
up €28,144 (+13.2%), from €212,895 to €241,039
mainly Net result for the year (+€22,225) and Depreciation (+€12,421)
- Tangible fixed assets -€12,421
down €12,421 (-12.6%), from €98,304 to €85,882
of which Land and buildings: -€11,707
- Receivables within one year -€4,642
no longer reported in 2025 (was €4,642)
- Reserves +€22,225
up €22,225 (+12.6%), from €176,111 to €198,336
of which Distributable reserves: +€22,225
- Other debts -€12,127
down €12,127 (-10.0%), from €121,281 to €109,154
- Gross operating margin +€23,349
up €23,349 (+92.3%), from €25,306 to €48,655
- Taxes +€9,578
new in 2025: €9,578
- Depreciation -€8,267
down €8,267 (-40.0%), from €20,688 to €12,421
- Financial income +€884
up €884 (+94.2%), from €939 to €1,823
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 | €319,804 | €328,860 | +€9,057 | +2.8% |
| Fixed assets | 21/28 | €98,304 | €85,882 | -€12,421 | -12.6% |
| Tangible fixed assets | 22/27 | €98,304 | €85,882 | -€12,421 | -12.6% |
| Land and buildings | 22 | €92,618 | €80,911 | -€11,707 | -12.6% |
| Plant, machinery and equipment | 23 | €676 | €513 | -€163 | -24.1% |
| Furniture and vehicles | 24 | €5,010 | €4,459 | -€551 | -11.0% |
| Current assets | 29/58 | €221,500 | €242,978 | +€21,478 | +9.7% |
| Amounts receivable within one year | 40/41 | €4,642 | - | -€4,642 | |
| Other amounts receivable | 41 | €4,642 | - | -€4,642 | |
| Cash at bank and in hand | 54/58 | €212,895 | €241,039 | +€28,144 | +13.2% |
| Deferred charges and accrued income | 490/1 | €3,963 | €1,939 | -€2,024 | -51.1% |
| Total equity and liabilities | 10/49 | €319,804 | €328,860 | +€9,057 | +2.8% |
| Equity | 10/15 | €194,661 | €216,886 | +€22,225 | +11.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €176,111 | €198,336 | +€22,225 | +12.6% |
| Non-distributable reserves | 130/1 | €31,482 | €31,482 | = | 0.0% |
| Reserves not available under the articles | 1311 | €31,482 | €31,482 | = | 0.0% |
| Distributable reserves | 133 | €144,629 | €166,854 | +€22,225 | +15.4% |
| Amounts payable | 17/49 | €125,143 | €111,974 | -€13,168 | -10.5% |
| Amounts payable within one year | 42/48 | €123,143 | €110,974 | -€12,168 | -9.9% |
| Trade debts | 44 | €1,862 | - | -€1,862 | |
| Suppliers | 440/4 | €1,862 | - | -€1,862 | |
| Taxes, remuneration and social security | 45 | - | €1,821 | +€1,821 | |
| Taxes | 450/3 | - | €1,821 | +€1,821 | |
| Other amounts payable | 47/48 | €121,281 | €109,154 | -€12,127 | -10.0% |
| Accrued charges and deferred income | 492/3 | €2,000 | €1,000 | -€1,000 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,688 | €12,421 | -€8,267 | -40.0% |
| Other operating charges | 640/8 | €5,791 | €6,134 | +€343 | +5.9% |
| Gross operating margin | 9900 | €25,306 | €48,655 | +€23,349 | +92.3% |
| Operating profit (loss) | 9901 | -€1,173 | €30,100 | +€31,273 | |
| Financial income | 75/76B | €939 | €1,823 | +€884 | +94.2% |
| Recurring financial income | 75 | €939 | €1,823 | +€884 | +94.2% |
| Financial charges | 65/66B | €121 | €119 | -€2 | -1.3% |
| Recurring financial charges | 65 | €121 | €119 | -€2 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€355 | €31,803 | +€32,158 | |
| Income taxes | 67/77 | - | €9,578 | +€9,578 | |
| Profit (loss) for the period | 9904 | -€355 | €22,225 | +€22,580 | |
| Profit (loss) for the period to be appropriated | 9905 | -€355 | €22,225 | +€22,580 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.