BOVYN DAVID: 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.
BOVYN DAVID
Largest movements
- Current investments +€625,000
new in 2025: €625,000
- Cash -€583,464
down €583,464 (-71.0%), from €822,018 to €238,554
mainly Current investments (-€625,000) and Investment in fixed assets (net) (-€60,802)
- Receivables within one year -€78,771
down €78,771 (-40.7%), from €193,663 to €114,892
of which Trade receivables: -€110,074
- Tangible fixed assets +€36,193
up €36,193 (+65.4%), from €55,353 to €91,546
of which Furniture and vehicles: +€38,602
- Reserves +€65,582
up €65,582 (+7.8%), from €844,726 to €910,307
of which Distributable reserves: +€66,596
- Trade debts -€35,495
down €35,495 (-48.7%), from €72,954 to €37,459
- Advances received +€19,815
up €19,815 (+20.4%), from €96,902 to €116,717
- Other debts -€14,400
down €14,400 (-32.0%), from €45,000 to €30,600
- Gross operating margin -€68,550
down €68,550 (-20.8%), from €330,223 to €261,672
- Taxes -€27,070
down €27,070 (-52.2%), from €51,822 to €24,751
- Staff costs +€6,669
up €6,669 (+3.9%), from €172,735 to €179,404
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 | €1,135,127 | €1,144,691 | +€9,565 | +0.8% |
| Fixed assets | 21/28 | €56,691 | €92,129 | +€35,438 | +62.5% |
| Intangible fixed assets | 21 | €1,057 | €302 | -€755 | -71.5% |
| Tangible fixed assets | 22/27 | €55,353 | €91,546 | +€36,193 | +65.4% |
| Plant, machinery and equipment | 23 | €734 | €601 | -€133 | -18.2% |
| Furniture and vehicles | 24 | €31,717 | €70,319 | +€38,602 | +122% |
| Leasing and similar rights | 25 | €9,123 | €4,363 | -€4,760 | -52.2% |
| Other tangible fixed assets | 26 | €13,778 | €16,263 | +€2,485 | +18.0% |
| Financial fixed assets | 28 | €282 | €282 | = | 0.0% |
| Current assets | 29/58 | €1,078,435 | €1,052,562 | -€25,873 | -2.4% |
| Stocks and contracts in progress | 3 | €57,420 | €64,758 | +€7,338 | +12.8% |
| Stocks | 30/36 | €57,420 | €64,758 | +€7,338 | +12.8% |
| Amounts receivable within one year | 40/41 | €193,663 | €114,892 | -€78,771 | -40.7% |
| Trade receivables | 40 | €178,719 | €68,645 | -€110,074 | -61.6% |
| Other amounts receivable | 41 | €14,944 | €46,247 | +€31,303 | +209% |
| Current investments | 50/53 | - | €625,000 | +€625,000 | |
| Cash at bank and in hand | 54/58 | €822,018 | €238,554 | -€583,464 | -71.0% |
| Deferred charges and accrued income | 490/1 | €5,335 | €9,359 | +€4,024 | +75.4% |
| Total equity and liabilities | 10/49 | €1,135,127 | €1,144,691 | +€9,565 | +0.8% |
| Equity | 10/15 | €860,839 | €926,421 | +€65,582 | +7.6% |
| Contributions | 10/11 | €16,113 | €16,113 | = | 0.0% |
| Reserves | 13 | €844,726 | €910,307 | +€65,582 | +7.8% |
| Tax-exempt reserves | 132 | €1,014 | - | -€1,014 | |
| Distributable reserves | 133 | €843,712 | €910,307 | +€66,596 | +7.9% |
| Provisions and deferred taxes | 16 | €522 | - | -€522 | |
| Deferred taxes | 168 | €522 | - | -€522 | |
| Amounts payable | 17/49 | €273,765 | €218,271 | -€55,495 | -20.3% |
| Amounts payable after more than one year | 17 | €20,080 | €13,201 | -€6,879 | -34.3% |
| Financial debts | 170/4 | €2,879 | - | -€2,879 | |
| Other amounts payable | 178/9 | €17,201 | €13,201 | -€4,000 | -23.3% |
| Amounts payable within one year | 42/48 | €248,945 | €200,510 | -€48,435 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €11,427 | €2,879 | -€8,548 | -74.8% |
| Trade debts | 44 | €72,954 | €37,459 | -€35,495 | -48.7% |
| Suppliers | 440/4 | €72,954 | €37,459 | -€35,495 | -48.7% |
| Advances received on contracts in progress | 46 | €96,902 | €116,717 | +€19,815 | +20.4% |
| Taxes, remuneration and social security | 45 | €22,663 | €12,855 | -€9,808 | -43.3% |
| Taxes | 450/3 | €10,704 | - | -€10,704 | |
| Remuneration and social security | 454/9 | €11,959 | €12,855 | +€896 | +7.5% |
| Other amounts payable | 47/48 | €45,000 | €30,600 | -€14,400 | -32.0% |
| Accrued charges and deferred income | 492/3 | €4,740 | €4,559 | -€180 | -3.8% |
| Non-recurring operating income | 76A | - | €11,934 | +€11,934 | |
| Remuneration, social security and pensions | 62 | €172,735 | €179,404 | +€6,669 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,690 | €25,364 | +€2,674 | +11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,140 | - | +€1,140 | |
| Other operating charges | 640/8 | €2,673 | €4,200 | +€1,527 | +57.1% |
| Gross operating margin | 9900 | €330,223 | €261,672 | -€68,550 | -20.8% |
| Operating profit (loss) | 9901 | €133,264 | €52,704 | -€80,560 | -60.5% |
| Financial income | 75/76B | €38,506 | €41,380 | +€2,874 | +7.5% |
| Recurring financial income | 75 | €38,506 | €31,064 | -€7,442 | -19.3% |
| Non-recurring financial income | 76B | - | €10,316 | +€10,316 | |
| Financial charges | 65/66B | €4,176 | €4,273 | +€98 | +2.3% |
| Recurring financial charges | 65 | €4,176 | €4,273 | +€98 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €167,594 | €89,811 | -€77,784 | -46.4% |
| Transfer from deferred taxes | 780 | €522 | €522 | +€0 | 0.0% |
| Income taxes | 67/77 | €51,822 | €24,751 | -€27,070 | -52.2% |
| Profit (loss) for the period | 9904 | €116,295 | €65,582 | -€50,714 | -43.6% |
| Transfer from tax-exempt reserves | 789 | €1,014 | €1,014 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,309 | €66,596 | -€50,714 | -43.2% |
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 15 October 2026 via checked.be.