BOVISUD: 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.
BOVISUD
Largest movements
- Receivables within one year +€84,955
up €84,955 (+157.4%), from €53,982 to €138,937
of which Trade receivables: +€84,951
- Cash +€74,150
up €74,150 (+14.3%), from €519,079 to €593,229
mainly Net result for the year (+€201,727) and Depreciation (+€77,619)
- Tangible fixed assets -€44,664
down €44,664 (-8.1%), from €549,374 to €504,710
of which Land and buildings: -€27,446
- Stocks and contracts -€19,316
down €19,316 (-5.5%), from €349,318 to €330,003
- Reserves +€195,727
up €195,727 (+37.2%), from €525,809 to €721,535
of which Distributable reserves: +€195,727
- Debts after one year -€63,788
down €63,788 (-46.7%), from €136,573 to €72,786
- Trade debts -€16,723
down €16,723 (-43.2%), from €38,688 to €21,965
- Depreciation -€16,770
down €16,770 (-17.8%), from €94,389 to €77,619
- Gross operating margin +€10,506
up €10,506 (+3.0%), from €351,696 to €362,202
- Taxes +€9,797
up €9,797 (+13.4%), from €73,297 to €83,094
- Financial income -€3,946
down €3,946 (-35.3%), from €11,162 to €7,216
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 | €1,527,141 | €1,627,160 | +€100,019 | +6.5% |
| Fixed assets | 21/28 | €573,478 | €528,814 | -€44,664 | -7.8% |
| Tangible fixed assets | 22/27 | €549,374 | €504,710 | -€44,664 | -8.1% |
| Land and buildings | 22 | €452,455 | €425,009 | -€27,446 | -6.1% |
| Plant, machinery and equipment | 23 | €73,400 | €52,658 | -€20,742 | -28.3% |
| Furniture and vehicles | 24 | €23,519 | €27,043 | +€3,524 | +15.0% |
| Financial fixed assets | 28 | €24,104 | €24,104 | = | 0.0% |
| Current assets | 29/58 | €953,663 | €1,098,346 | +€144,683 | +15.2% |
| Stocks and contracts in progress | 3 | €349,318 | €330,003 | -€19,316 | -5.5% |
| Stocks | 30/36 | €349,318 | €330,003 | -€19,316 | -5.5% |
| Amounts receivable within one year | 40/41 | €53,982 | €138,937 | +€84,955 | +157.4% |
| Trade receivables | 40 | €53,982 | €138,933 | +€84,951 | +157.4% |
| Other amounts receivable | 41 | €0 | €4 | +€4 | |
| Current investments | 50/53 | €6 | €5 | -€0 | -7.2% |
| Cash at bank and in hand | 54/58 | €519,079 | €593,229 | +€74,150 | +14.3% |
| Deferred charges and accrued income | 490/1 | €31,278 | €36,171 | +€4,894 | +15.6% |
| Total equity and liabilities | 10/49 | €1,527,141 | €1,627,160 | +€100,019 | +6.5% |
| Equity | 10/15 | €1,147,772 | €1,336,477 | +€188,705 | +16.4% |
| Contributions | 10/11 | €167,365 | €167,365 | = | 0.0% |
| Capital | 10 | €167,365 | €167,365 | = | 0.0% |
| Issued capital | 100 | €167,365 | €167,365 | = | 0.0% |
| Reserves | 13 | €525,809 | €721,535 | +€195,727 | +37.2% |
| Non-distributable reserves | 130/1 | €16,736 | €16,736 | = | 0.0% |
| Legal reserve | 130 | €16,736 | €16,736 | = | 0.0% |
| Distributable reserves | 133 | €509,072 | €704,799 | +€195,727 | +38.4% |
| Profit (loss) carried forward | 14 | €438,005 | €438,005 | = | 0.0% |
| Investment grants | 15 | €16,594 | €9,572 | -€7,022 | -42.3% |
| Amounts payable | 17/49 | €379,369 | €290,683 | -€88,686 | -23.4% |
| Amounts payable after more than one year | 17 | €136,573 | €72,786 | -€63,788 | -46.7% |
| Financial debts | 170/4 | €136,573 | €72,786 | -€63,788 | -46.7% |
| Amounts payable within one year | 42/48 | €242,711 | €217,852 | -€24,859 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €73,544 | €63,788 | -€9,756 | -13.3% |
| Trade debts | 44 | €38,688 | €21,965 | -€16,723 | -43.2% |
| Suppliers | 440/4 | €38,688 | €21,965 | -€16,723 | -43.2% |
| Taxes, remuneration and social security | 45 | €54,891 | €51,045 | -€3,846 | -7.0% |
| Taxes | 450/3 | €44,909 | €47,575 | +€2,667 | +5.9% |
| Remuneration and social security | 454/9 | €9,982 | €3,469 | -€6,513 | -65.2% |
| Other amounts payable | 47/48 | €75,588 | €81,055 | +€5,467 | +7.2% |
| Accrued charges and deferred income | 492/3 | €85 | €45 | -€40 | -46.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,389 | €77,619 | -€16,770 | -17.8% |
| Other operating charges | 640/8 | €4,059 | €3,286 | -€773 | -19.0% |
| Gross operating margin | 9900 | €351,696 | €362,202 | +€10,506 | +3.0% |
| Operating profit (loss) | 9901 | €253,248 | €281,297 | +€28,049 | +11.1% |
| Financial income | 75/76B | €11,162 | €7,216 | -€3,946 | -35.3% |
| Recurring financial income | 75 | €11,162 | €7,216 | -€3,946 | -35.3% |
| Financial charges | 65/66B | €4,972 | €3,692 | -€1,280 | -25.7% |
| Recurring financial charges | 65 | €4,972 | €3,692 | -€1,280 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €259,438 | €284,821 | +€25,383 | +9.8% |
| Income taxes | 67/77 | €73,297 | €83,094 | +€9,797 | +13.4% |
| Profit (loss) for the period | 9904 | €186,141 | €201,727 | +€15,586 | +8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €186,141 | €201,727 | +€15,586 | +8.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.