BOVEL: 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.
BOVEL
Largest movements
- Tangible fixed assets +€206,517
up €206,517 (+10.9%), from €1.9m to €2.1m
of which Land and buildings: +€252,159
- Cash -€87,037
down €87,037 (-68.4%), from €127,289 to €40,252
mainly Investment in fixed assets (net) (-€301,455) and Contributions, distributions and other (-€250,815)
- Reserves -€174,405
down €174,405 (-3.6%), from €4.8m to €4.6m
of which Distributable reserves: -€216,505
- Other debts +€158,920
up €158,920 (+740%), from €21,479 to €180,399
- Depreciation +€13,502
up €13,502 (+16.6%), from €81,436 to €94,938
- Gross operating margin -€10,082
down €10,082 (-3.9%), from €257,904 to €247,822
- Taxes -€7,985
down €7,985 (-19.4%), from €41,055 to €33,070
- Financial income +€5,380
up €5,380 (+69.5%), from €7,740 to €13,120
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 | €5,993,932 | €6,100,544 | +€106,612 | +1.8% |
| Fixed assets | 21/28 | €5,497,250 | €5,703,767 | +€206,517 | +3.8% |
| Tangible fixed assets | 22/27 | €1,893,316 | €2,099,833 | +€206,517 | +10.9% |
| Land and buildings | 22 | €1,759,668 | €2,011,827 | +€252,159 | +14.3% |
| Plant, machinery and equipment | 23 | €3,763 | €2,606 | -€1,156 | -30.7% |
| Furniture and vehicles | 24 | €129,885 | €85,400 | -€44,485 | -34.2% |
| Financial fixed assets | 28 | €3,603,934 | €3,603,934 | = | 0.0% |
| Current assets | 29/58 | €496,682 | €396,777 | -€99,906 | -20.1% |
| Amounts receivable within one year | 40/41 | €8,105 | €3,725 | -€4,380 | -54.0% |
| Other amounts receivable | 41 | €8,105 | €3,725 | -€4,380 | -54.0% |
| Current investments | 50/53 | €360,000 | €350,000 | -€10,000 | -2.8% |
| Cash at bank and in hand | 54/58 | €127,289 | €40,252 | -€87,037 | -68.4% |
| Deferred charges and accrued income | 490/1 | €1,288 | €2,800 | +€1,512 | +117% |
| Total equity and liabilities | 10/49 | €5,993,932 | €6,100,544 | +€106,612 | +1.8% |
| Equity | 10/15 | €5,199,578 | €5,025,172 | -€174,405 | -3.4% |
| Contributions | 10/11 | €386,701 | €386,701 | = | 0.0% |
| Reserves | 13 | €4,812,877 | €4,638,471 | -€174,405 | -3.6% |
| Tax-exempt reserves | 132 | €73,066 | €115,166 | +€42,100 | +57.6% |
| Distributable reserves | 133 | €4,739,811 | €4,523,306 | -€216,505 | -4.6% |
| Amounts payable | 17/49 | €794,354 | €1,075,371 | +€281,017 | +35.4% |
| Amounts payable after more than one year | 17 | €694,128 | €750,009 | +€55,882 | +8.1% |
| Financial debts | 170/4 | €694,128 | €750,009 | +€55,882 | +8.1% |
| Amounts payable within one year | 42/48 | €82,796 | €305,010 | +€222,214 | +268% |
| Current portion of amounts payable after more than one year | 42 | €43,560 | €72,883 | +€29,323 | +67.3% |
| Trade debts | 44 | €3,133 | €1,673 | -€1,460 | -46.6% |
| Suppliers | 440/4 | €3,133 | €1,673 | -€1,460 | -46.6% |
| Advances received on contracts in progress | 46 | - | €38,720 | +€38,720 | |
| Taxes, remuneration and social security | 45 | €14,623 | €11,335 | -€3,288 | -22.5% |
| Taxes | 450/3 | €7,112 | €3,813 | -€3,299 | -46.4% |
| Remuneration and social security | 454/9 | €7,511 | €7,522 | +€11 | +0.1% |
| Other amounts payable | 47/48 | €21,479 | €180,399 | +€158,920 | +740% |
| Accrued charges and deferred income | 492/3 | €17,430 | €20,352 | +€2,922 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,436 | €94,938 | +€13,502 | +16.6% |
| Other operating charges | 640/8 | €13,606 | €14,296 | +€690 | +5.1% |
| Non-recurring operating charges | 66A | - | €148 | +€148 | |
| Gross operating margin | 9900 | €257,904 | €247,822 | -€10,082 | -3.9% |
| Operating profit (loss) | 9901 | €162,862 | €138,440 | -€24,422 | -15.0% |
| Financial income | 75/76B | €7,740 | €13,120 | +€5,380 | +69.5% |
| Recurring financial income | 75 | €7,740 | €13,120 | +€5,380 | +69.5% |
| Financial charges | 65/66B | €40,118 | €42,080 | +€1,963 | +4.9% |
| Recurring financial charges | 65 | €40,118 | €42,080 | +€1,963 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €130,485 | €109,479 | -€21,006 | -16.1% |
| Income taxes | 67/77 | €41,055 | €33,070 | -€7,985 | -19.4% |
| Profit (loss) for the period | 9904 | €89,430 | €76,410 | -€13,021 | -14.6% |
| Transfer to tax-exempt reserves | 689 | €21,050 | €42,100 | +€21,050 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €68,380 | €34,310 | -€34,071 | -49.8% |
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 19 October 2026 via checked.be.