BOVARPO: 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.
BOVARPO
Largest movements
- Cash -€293,549
no longer reported in 2025 (was €293,549)
mainly Other debts (-€437,000) and Debts after one year (-€317,316)
- Tangible fixed assets -€203,286
down €203,286 (-5.2%), from €3.9m to €3.7m
of which Land and buildings: -€195,185
- Stocks and contracts -€103,014
down €103,014 (-23.6%), from €437,026 to €334,012
- Deferred charges and accrued income +€69,464
up €69,464 (+511%), from €13,595 to €83,059
- Other debts -€437,000
no longer reported in 2025 (was €437,000)
- Debts after one year -€317,316
down €317,316 (-12.1%), from €2.6m to €2.3m
- Short-term financial debts +€167,083
new in 2025: €167,083
- Depreciation +€50,548
up €50,548 (+14.0%), from €362,007 to €412,555
- Gross operating margin +€50,290
up €50,290 (+11.1%), from €453,655 to €503,944
- Financial charges -€13,745
down €13,745 (-17.8%), from €77,152 to €63,408
- Other operating charges -€7,047
down €7,047 (-21.5%), from €32,773 to €25,725
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,739,983 | €4,179,163 | -€560,820 | -11.8% |
| Fixed assets | 21/28 | €3,989,896 | €3,759,027 | -€230,869 | -5.8% |
| Intangible fixed assets | 21 | €61,339 | €33,757 | -€27,582 | -45.0% |
| Tangible fixed assets | 22/27 | €3,928,556 | €3,725,271 | -€203,286 | -5.2% |
| Land and buildings | 22 | €3,203,672 | €3,008,488 | -€195,185 | -6.1% |
| Plant, machinery and equipment | 23 | €724,884 | €716,783 | -€8,101 | -1.1% |
| Financial fixed assets | 28 | €1 | - | -€1 | |
| Current assets | 29/58 | €750,086 | €420,136 | -€329,951 | -44.0% |
| Stocks and contracts in progress | 3 | €437,026 | €334,012 | -€103,014 | -23.6% |
| Stocks | 30/36 | €437,026 | €334,012 | -€103,014 | -23.6% |
| Amounts receivable within one year | 40/41 | €5,916 | €3,065 | -€2,851 | -48.2% |
| Trade receivables | 40 | €5,916 | €3,064 | -€2,852 | -48.2% |
| Other amounts receivable | 41 | - | €1 | +€1 | |
| Cash at bank and in hand | 54/58 | €293,549 | - | -€293,549 | |
| Deferred charges and accrued income | 490/1 | €13,595 | €83,059 | +€69,464 | +511% |
| Total equity and liabilities | 10/49 | €4,739,983 | €4,179,163 | -€560,820 | -11.8% |
| Equity | 10/15 | €1,142,007 | €1,149,465 | +€7,457 | +0.7% |
| Revaluation surpluses | 12 | €962,267 | €962,267 | = | 0.0% |
| Reserves | 13 | €170,977 | €155,533 | -€15,444 | -9.0% |
| Tax-exempt reserves | 132 | €170,977 | €155,533 | -€15,444 | -9.0% |
| Profit (loss) carried forward | 14 | €8,764 | €31,665 | +€22,901 | +261% |
| Provisions and deferred taxes | 16 | €56,628 | €51,480 | -€5,148 | -9.1% |
| Deferred taxes | 168 | €56,628 | €51,480 | -€5,148 | -9.1% |
| Amounts payable | 17/49 | €3,541,347 | €2,978,218 | -€563,129 | -15.9% |
| Amounts payable after more than one year | 17 | €2,616,038 | €2,298,722 | -€317,316 | -12.1% |
| Financial debts | 170/4 | €2,616,038 | €2,298,722 | -€317,316 | -12.1% |
| Amounts payable within one year | 42/48 | €843,734 | €552,501 | -€291,233 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €317,316 | €317,316 | = | 0.0% |
| Financial debts | 43 | - | €167,083 | +€167,083 | |
| Credit institutions | 430/8 | - | €167,083 | +€167,083 | |
| Trade debts | 44 | €56,977 | €68,053 | +€11,076 | +19.4% |
| Suppliers | 440/4 | €56,977 | €68,053 | +€11,076 | +19.4% |
| Taxes, remuneration and social security | 45 | €32,441 | €49 | -€32,392 | -99.8% |
| Taxes | 450/3 | €32,441 | €49 | -€32,392 | -99.8% |
| Other amounts payable | 47/48 | €437,000 | - | -€437,000 | |
| Accrued charges and deferred income | 492/3 | €81,575 | €126,995 | +€45,420 | +55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €362,007 | €412,555 | +€50,548 | +14.0% |
| Other operating charges | 640/8 | €32,773 | €25,725 | -€7,047 | -21.5% |
| Gross operating margin | 9900 | €453,655 | €503,944 | +€50,290 | +11.1% |
| Operating profit (loss) | 9901 | €58,875 | €65,664 | +€6,789 | +11.5% |
| Financial income | 75/76B | €0 | €53 | +€52 | +43,708% |
| Recurring financial income | 75 | €0 | €53 | +€52 | +43,708% |
| Financial charges | 65/66B | €77,152 | €63,408 | -€13,745 | -17.8% |
| Recurring financial charges | 65 | €77,152 | €63,408 | -€13,745 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | -€18,277 | €2,309 | +€20,586 | |
| Transfer from deferred taxes | 780 | €5,148 | €5,148 | = | 0.0% |
| Income taxes | 67/77 | -€328 | - | +€328 | |
| Profit (loss) for the period | 9904 | -€12,801 | €7,457 | +€20,258 | |
| Transfer from tax-exempt reserves | 789 | €15,444 | €15,444 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,643 | €22,901 | +€20,258 | +766% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.