BOVO: 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.
BOVO
Largest movements
- Receivables within one year +€368,268
up €368,268 (+30.9%), from €1.2m to €1.6m
of which Trade receivables: +€195,892
- Cash +€51,508
new in 2025: €51,508
mainly Net result for the year (+€195,655) and Trade debts (+€158,626)
- Stocks and contracts -€24,993
down €24,993 (-55.6%), from €44,926 to €19,933
- Profit (loss) carried forward +€195,655
up €195,655 (+35.6%), from €549,914 to €745,569
- Trade debts +€158,626
up €158,626 (+44.9%), from €353,246 to €511,873
- Tax, wage and social debts +€38,562
up €38,562 (+42.7%), from €90,319 to €128,881
- Gross operating margin +€249,488
up €249,488 (+65,556%), from €381 to €249,868
- Taxes +€64,701
up €64,701 (+1,712%), from €3,778 to €68,479
- Financial income +€7,452
up €7,452 (+36.0%), from €20,700 to €28,151
- Write-downs +€7,182
up €7,182 (+334%), from €2,153 to €9,335
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 | €1,239,537 | €1,632,612 | +€393,075 | +31.7% |
| Fixed assets | 21/28 | €3,414 | €1,707 | -€1,707 | -50.0% |
| Tangible fixed assets | 22/27 | €3,414 | €1,707 | -€1,707 | -50.0% |
| Plant, machinery and equipment | 23 | €3,414 | €1,707 | -€1,707 | -50.0% |
| Current assets | 29/58 | €1,236,123 | €1,630,905 | +€394,782 | +31.9% |
| Stocks and contracts in progress | 3 | €44,926 | €19,933 | -€24,993 | -55.6% |
| Stocks | 30/36 | €44,926 | €19,933 | -€24,993 | -55.6% |
| Amounts receivable within one year | 40/41 | €1,191,197 | €1,559,465 | +€368,268 | +30.9% |
| Trade receivables | 40 | €663,948 | €859,840 | +€195,892 | +29.5% |
| Other amounts receivable | 41 | €527,249 | €699,625 | +€172,376 | +32.7% |
| Cash at bank and in hand | 54/58 | - | €51,508 | +€51,508 | |
| Total equity and liabilities | 10/49 | €1,239,537 | €1,632,612 | +€393,075 | +31.7% |
| Equity | 10/15 | €790,999 | €986,654 | +€195,655 | +24.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €178,584 | €178,584 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €172,334 | €172,334 | = | 0.0% |
| Profit (loss) carried forward | 14 | €549,914 | €745,569 | +€195,655 | +35.6% |
| Amounts payable | 17/49 | €448,538 | €645,959 | +€197,420 | +44.0% |
| Amounts payable within one year | 42/48 | €443,565 | €640,754 | +€197,188 | +44.5% |
| Trade debts | 44 | €353,246 | €511,873 | +€158,626 | +44.9% |
| Suppliers | 440/4 | €353,246 | €511,873 | +€158,626 | +44.9% |
| Taxes, remuneration and social security | 45 | €90,319 | €128,881 | +€38,562 | +42.7% |
| Taxes | 450/3 | €90,319 | €128,881 | +€38,562 | +42.7% |
| Accrued charges and deferred income | 492/3 | €4,973 | €5,205 | +€232 | +4.7% |
| Non-recurring operating income | 76A | €1,776 | €2,781 | +€1,005 | +56.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,707 | €1,707 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,153 | €9,335 | +€7,182 | +334% |
| Other operating charges | 640/8 | €3,133 | €1,722 | -€1,411 | -45.0% |
| Gross operating margin | 9900 | €381 | €249,868 | +€249,488 | +65,556% |
| Operating profit (loss) | 9901 | -€6,612 | €237,105 | +€243,717 | |
| Financial income | 75/76B | €20,700 | €28,151 | +€7,452 | +36.0% |
| Recurring financial income | 75 | €20,700 | €28,151 | +€7,452 | +36.0% |
| Financial charges | 65/66B | €1,079 | €1,122 | +€44 | +4.1% |
| Recurring financial charges | 65 | €1,079 | €1,122 | +€44 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €13,009 | €264,134 | +€251,124 | +1,930% |
| Income taxes | 67/77 | €3,778 | €68,479 | +€64,701 | +1,712% |
| Profit (loss) for the period | 9904 | €9,231 | €195,655 | +€186,424 | +2,020% |
| Profit (loss) for the period to be appropriated | 9905 | €9,231 | €195,655 | +€186,424 | +2,020% |
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 26 October 2026 via checked.be.