BOVORE: 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.
BOVORE
Largest movements
- Financial fixed assets +€359,500
up €359,500 (+36,872%), from €975 to €360,475
- Receivables within one year -€114,022
down €114,022 (-48.2%), from €236,528 to €122,506
of which Other amounts receivable: -€65,849
- Stocks and contracts +€52,100
up €52,100 (+18.4%), from €282,900 to €335,000
- Cash -€27,941
down €27,941 (-40.3%), from €69,366 to €41,425
mainly Investment in fixed assets (net) (-€362,101) and Stocks and contracts (-€52,100)
- Other debts +€243,505
up €243,505 (+3,055%), from €7,970 to €251,476
- Reserves +€27,670
up €27,670 (+5.2%), from €533,289 to €560,959
of which Distributable reserves: +€27,670
- Gross operating margin +€6,904
up €6,904 (+21.4%), from €32,335 to €39,239
- Taxes +€3,184
up €3,184 (+52.7%), from €6,040 to €9,223
- Depreciation -€463
down €463 (-33.1%), from €1,397 to €934
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 | €603,851 | €877,832 | +€273,981 | +45.4% |
| Fixed assets | 21/28 | €14,418 | €375,585 | +€361,167 | +2,505% |
| Tangible fixed assets | 22/27 | €13,443 | €15,110 | +€1,667 | +12.4% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €2,186 | €2,994 | +€809 | +37.0% |
| Furniture and vehicles | 24 | €608 | €1,466 | +€858 | +141% |
| Other tangible fixed assets | 26 | €10,649 | €10,649 | = | 0.0% |
| Financial fixed assets | 28 | €975 | €360,475 | +€359,500 | +36,872% |
| Current assets | 29/58 | €589,433 | €502,247 | -€87,186 | -14.8% |
| Stocks and contracts in progress | 3 | €282,900 | €335,000 | +€52,100 | +18.4% |
| Contracts in progress | 37 | €282,900 | €335,000 | +€52,100 | +18.4% |
| Amounts receivable within one year | 40/41 | €236,528 | €122,506 | -€114,022 | -48.2% |
| Trade receivables | 40 | €110,958 | €62,785 | -€48,173 | -43.4% |
| Other amounts receivable | 41 | €125,570 | €59,721 | -€65,849 | -52.4% |
| Cash at bank and in hand | 54/58 | €69,366 | €41,425 | -€27,941 | -40.3% |
| Deferred charges and accrued income | 490/1 | €639 | €3,316 | +€2,677 | +419% |
| Total equity and liabilities | 10/49 | €603,851 | €877,832 | +€273,981 | +45.4% |
| Equity | 10/15 | €551,881 | €579,551 | +€27,670 | +5.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €533,289 | €560,959 | +€27,670 | +5.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €531,429 | €559,100 | +€27,670 | +5.2% |
| Amounts payable | 17/49 | €51,970 | €298,281 | +€246,310 | +474% |
| Amounts payable within one year | 42/48 | €51,970 | €298,281 | +€246,310 | +474% |
| Trade debts | 44 | €41,945 | €42,981 | +€1,036 | +2.5% |
| Suppliers | 440/4 | €41,945 | €42,981 | +€1,036 | +2.5% |
| Taxes, remuneration and social security | 45 | €2,055 | €3,824 | +€1,769 | +86.1% |
| Taxes | 450/3 | €2,055 | €3,824 | +€1,769 | +86.1% |
| Other amounts payable | 47/48 | €7,970 | €251,476 | +€243,505 | +3,055% |
| Non-recurring operating income | 76A | €637 | - | -€637 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,397 | €934 | -€463 | -33.1% |
| Other operating charges | 640/8 | €668 | €687 | +€19 | +2.9% |
| Gross operating margin | 9900 | €32,335 | €39,239 | +€6,904 | +21.4% |
| Operating profit (loss) | 9901 | €30,270 | €37,618 | +€7,348 | +24.3% |
| Financial income | 75/76B | €386 | €6 | -€380 | -98.6% |
| Recurring financial income | 75 | €386 | €6 | -€380 | -98.6% |
| Financial charges | 65/66B | €830 | €730 | -€100 | -12.0% |
| Recurring financial charges | 65 | €830 | €730 | -€100 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €29,827 | €36,894 | +€7,067 | +23.7% |
| Income taxes | 67/77 | €6,040 | €9,223 | +€3,184 | +52.7% |
| Profit (loss) for the period | 9904 | €23,787 | €27,670 | +€3,884 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,787 | €27,670 | +€3,884 | +16.3% |
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 24 October 2026 via checked.be.