BP-VA MANAGEMENT: 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.
BP-VA MANAGEMENT
Largest movements
- Stocks and contracts +€599,001
up €599,001 (+222%), from €269,960 to €868,962
- Cash +€242,758
up €242,758 (+52.8%), from €459,932 to €702,690
mainly Net result for the year (+€871,970) and Trade debts (+€236,406)
- Tangible fixed assets -€76,950
down €76,950 (-3.9%), from €2.0m to €1.9m
of which Land and buildings: -€56,005
- Receivables within one year +€73,942
up €73,942 (+4.1%), from €1.8m to €1.9m
of which Other amounts receivable: +€74,600
- Reserves +€868,140
up €868,140 (+23.1%), from €3.8m to €4.6m
- Trade debts +€236,406
new in 2025: €236,406
- Tax, wage and social debts -€236,084
down €236,084 (-91.9%), from €256,937 to €20,853
- Gross operating margin -€512,147
down €512,147 (-30.0%), from €1.7m to €1.2m
- Taxes -€129,465
down €129,465 (-30.4%), from €426,535 to €297,069
- Financial income +€21,502
up €21,502 (+38.0%), from €56,595 to €78,098
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 | €4,496,802 | €5,335,553 | +€838,751 | +18.7% |
| Fixed assets | 21/28 | €1,966,252 | €1,889,302 | -€76,950 | -3.9% |
| Tangible fixed assets | 22/27 | €1,963,402 | €1,886,452 | -€76,950 | -3.9% |
| Land and buildings | 22 | €1,878,748 | €1,822,743 | -€56,005 | -3.0% |
| Furniture and vehicles | 24 | €84,654 | €63,709 | -€20,945 | -24.7% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €2,530,550 | €3,446,251 | +€915,701 | +36.2% |
| Stocks and contracts in progress | 3 | €269,960 | €868,962 | +€599,001 | +222% |
| Stocks | 30/36 | €269,960 | €868,962 | +€599,001 | +222% |
| Amounts receivable within one year | 40/41 | €1,800,658 | €1,874,600 | +€73,942 | +4.1% |
| Trade receivables | 40 | €658 | €0 | -€658 | -100% |
| Other amounts receivable | 41 | €1,800,000 | €1,874,600 | +€74,600 | +4.1% |
| Cash at bank and in hand | 54/58 | €459,932 | €702,690 | +€242,758 | +52.8% |
| Total equity and liabilities | 10/49 | €4,496,802 | €5,335,553 | +€838,751 | +18.7% |
| Equity | 10/15 | €3,935,759 | €4,807,729 | +€871,970 | +22.2% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €3,761,860 | €4,630,000 | +€868,140 | +23.1% |
| Distributable reserves | 133 | €3,761,860 | €4,630,000 | +€868,140 | +23.1% |
| Profit (loss) carried forward | 14 | €55,299 | €59,129 | +€3,830 | +6.9% |
| Amounts payable | 17/49 | €561,043 | €527,824 | -€33,219 | -5.9% |
| Amounts payable within one year | 42/48 | €558,657 | €527,824 | -€30,833 | -5.5% |
| Trade debts | 44 | - | €236,406 | +€236,406 | |
| Suppliers | 440/4 | - | €236,406 | +€236,406 | |
| Taxes, remuneration and social security | 45 | €256,937 | €20,853 | -€236,084 | -91.9% |
| Taxes | 450/3 | €256,937 | €20,853 | -€236,084 | -91.9% |
| Other amounts payable | 47/48 | €301,720 | €270,565 | -€31,155 | -10.3% |
| Accrued charges and deferred income | 492/3 | €2,386 | €0 | -€2,386 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,407 | €76,950 | -€457 | -0.6% |
| Other operating charges | 640/8 | €9,315 | €8,634 | -€681 | -7.3% |
| Gross operating margin | 9900 | €1,706,430 | €1,194,283 | -€512,147 | -30.0% |
| Operating profit (loss) | 9901 | €1,619,708 | €1,108,699 | -€511,009 | -31.5% |
| Financial income | 75/76B | €56,595 | €78,098 | +€21,502 | +38.0% |
| Recurring financial income | 75 | €56,595 | €78,098 | +€21,502 | +38.0% |
| Financial charges | 65/66B | €21,680 | €17,757 | -€3,923 | -18.1% |
| Recurring financial charges | 65 | €21,680 | €17,757 | -€3,923 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €1,654,624 | €1,169,040 | -€485,584 | -29.3% |
| Income taxes | 67/77 | €426,535 | €297,069 | -€129,465 | -30.4% |
| Profit (loss) for the period | 9904 | €1,228,089 | €871,970 | -€356,119 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,228,089 | €871,970 | -€356,119 | -29.0% |
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 27 October 2026 via checked.be.