BOVEKO: 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.
BOVEKO
Largest movements
- Current investments -€60,313
down €60,313 (-60.3%), from €100,026 to €39,713
- Tangible fixed assets -€19,318
down €19,318 (-3.1%), from €623,733 to €604,414
- Cash -€11,323
down €11,323 (-89.6%), from €12,631 to €1,308
mainly Current portion of long-term debt (-€59,287) and Net result for the year (-€13,688)
- Current portion of long-term debt -€59,287
down €59,287 (-51.9%), from €114,157 to €54,870
- Debts after one year -€10,070
down €10,070 (-14.4%), from €69,855 to €59,785
- Reserves -€9,553
down €9,553 (-2.7%), from €349,736 to €340,183
of which Tax-exempt reserves: -€9,553
- Gross operating margin +€5,592
up €5,592 (+76.3%), from €7,324 to €12,916
- Financial charges -€3,570
down €3,570 (-37.0%), from €9,650 to €6,081
- Other operating charges -€816
down €816 (-30.8%), from €2,648 to €1,832
- Financial income +€658
up €658 (+1785.0%), from €37 to €695
- Depreciation +€590
up €590 (+2.5%), from €23,715 to €24,305
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 | €736,540 | €646,207 | -€90,333 | -12.3% |
| Fixed assets | 21/28 | €623,733 | €604,414 | -€19,318 | -3.1% |
| Tangible fixed assets | 22/27 | €623,733 | €604,414 | -€19,318 | -3.1% |
| Land and buildings | 22 | €623,733 | €604,414 | -€19,318 | -3.1% |
| Current assets | 29/58 | €112,808 | €41,793 | -€71,015 | -63.0% |
| Amounts receivable within one year | 40/41 | €11 | €209 | +€198 | +1784.4% |
| Other amounts receivable | 41 | €11 | €209 | +€198 | +1784.4% |
| Current investments | 50/53 | €100,026 | €39,713 | -€60,313 | -60.3% |
| Cash at bank and in hand | 54/58 | €12,631 | €1,308 | -€11,323 | -89.6% |
| Deferred charges and accrued income | 490/1 | €139 | €564 | +€424 | +304.3% |
| Total equity and liabilities | 10/49 | €736,540 | €646,207 | -€90,333 | -12.3% |
| Equity | 10/15 | €402,092 | €388,403 | -€13,688 | -3.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €349,736 | €340,183 | -€9,553 | -2.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €245,358 | €235,805 | -€9,553 | -3.9% |
| Distributable reserves | 133 | €98,178 | €98,178 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,644 | -€13,780 | -€4,136 | -42.9% |
| Provisions and deferred taxes | 16 | €119,702 | €114,784 | -€4,919 | -4.1% |
| Deferred taxes | 168 | €119,702 | €114,784 | -€4,919 | -4.1% |
| Amounts payable | 17/49 | €214,746 | €143,020 | -€71,726 | -33.4% |
| Amounts payable after more than one year | 17 | €69,855 | €59,785 | -€10,070 | -14.4% |
| Financial debts | 170/4 | €69,855 | €59,785 | -€10,070 | -14.4% |
| Amounts payable within one year | 42/48 | €137,157 | €78,554 | -€58,603 | -42.7% |
| Current portion of amounts payable after more than one year | 42 | €114,157 | €54,870 | -€59,287 | -51.9% |
| Trade debts | 44 | €247 | €1,123 | +€876 | +355.4% |
| Suppliers | 440/4 | €247 | €1,123 | +€876 | +355.4% |
| Taxes, remuneration and social security | 45 | €2,216 | €1,351 | -€865 | -39.0% |
| Taxes | 450/3 | €2,216 | €1,351 | -€865 | -39.0% |
| Other amounts payable | 47/48 | €20,538 | €21,209 | +€672 | +3.3% |
| Accrued charges and deferred income | 492/3 | €7,734 | €4,682 | -€3,053 | -39.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,715 | €24,305 | +€590 | +2.5% |
| Other operating charges | 640/8 | €2,648 | €1,832 | -€816 | -30.8% |
| Gross operating margin | 9900 | €7,324 | €12,916 | +€5,592 | +76.3% |
| Operating profit (loss) | 9901 | -€19,039 | -€13,222 | +€5,818 | +30.6% |
| Financial income | 75/76B | €37 | €695 | +€658 | +1785.0% |
| Recurring financial income | 75 | €37 | €695 | +€658 | +1785.0% |
| Financial charges | 65/66B | €9,650 | €6,081 | -€3,570 | -37.0% |
| Recurring financial charges | 65 | €9,650 | €6,081 | -€3,570 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | -€28,653 | -€18,607 | +€10,046 | +35.1% |
| Transfer from deferred taxes | 780 | €4,919 | €4,919 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€23,734 | -€13,688 | +€10,046 | +42.3% |
| Transfer from tax-exempt reserves | 789 | €9,553 | €9,553 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,182 | -€4,136 | +€10,046 | +70.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.