BPG: 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.
BPG
Largest movements
- Receivables within one year +€664,893
up €664,893 (+64.6%), from €1.0m to €1.7m
of which Trade receivables: +€618,687
- Cash -€406,684
down €406,684 (-100.0%), from €406,684 to €0
mainly Receivables within one year (-€664,893) and Investment in fixed assets (net) (-€177,736)
- Stocks and contracts -€94,640
down €94,640 (-15.2%), from €620,783 to €526,143
- Other debts +€590,998
up €590,998 (+84.6%), from €698,237 to €1.3m
- Debts after one year -€139,473
down €139,473 (-13.5%), from €1.0m to €890,071
of which Other amounts payable: -€95,500
- Trade debts -€133,143
down €133,143 (-12.4%), from €1.1m to €937,396
- Profit (loss) carried forward -€131,578
down €131,578, from €199 to -€131,379
- Gross operating margin -€277,763
down €277,763 (-80.7%), from €344,062 to €66,299
- Taxes -€39,964
down €39,964, from €38,008 to -€1,956
- Depreciation -€3,487
down €3,487 (-1.8%), from €198,121 to €194,635
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 | €3,326,948 | €3,491,928 | +€164,980 | +5.0% |
| Fixed assets | 21/28 | €1,258,744 | €1,241,845 | -€16,899 | -1.3% |
| Intangible fixed assets | 21 | €34 | €0 | -€34 | -100.0% |
| Tangible fixed assets | 22/27 | €1,258,710 | €1,241,845 | -€16,865 | -1.3% |
| Land and buildings | 22 | €1,170,224 | €1,034,902 | -€135,322 | -11.6% |
| Plant, machinery and equipment | 23 | €80,778 | €202,018 | +€121,240 | +150.1% |
| Furniture and vehicles | 24 | €7,708 | €4,925 | -€2,783 | -36.1% |
| Current assets | 29/58 | €2,068,204 | €2,250,083 | +€181,878 | +8.8% |
| Stocks and contracts in progress | 3 | €620,783 | €526,143 | -€94,640 | -15.2% |
| Stocks | 30/36 | €620,783 | €526,143 | -€94,640 | -15.2% |
| Amounts receivable within one year | 40/41 | €1,029,224 | €1,694,116 | +€664,893 | +64.6% |
| Trade receivables | 40 | €1,016,014 | €1,634,702 | +€618,687 | +60.9% |
| Other amounts receivable | 41 | €13,210 | €59,415 | +€46,205 | +349.8% |
| Cash at bank and in hand | 54/58 | €406,684 | €0 | -€406,684 | -100.0% |
| Deferred charges and accrued income | 490/1 | €11,514 | €29,824 | +€18,309 | +159.0% |
| Total equity and liabilities | 10/49 | €3,326,948 | €3,491,928 | +€164,980 | +5.0% |
| Equity | 10/15 | €473,273 | €329,952 | -€143,322 | -30.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €414,100 | €412,100 | -€2,000 | -0.5% |
| Distributable reserves | 133 | €414,100 | €412,100 | -€2,000 | -0.5% |
| Profit (loss) carried forward | 14 | €199 | -€131,379 | -€131,578 | |
| Investment grants | 15 | €38,974 | €29,231 | -€9,744 | -25.0% |
| Amounts payable | 17/49 | €2,853,675 | €3,161,976 | +€308,302 | +10.8% |
| Amounts payable after more than one year | 17 | €1,029,545 | €890,071 | -€139,473 | -13.5% |
| Financial debts | 170/4 | €201,545 | €157,571 | -€43,973 | -21.8% |
| Other amounts payable | 178/9 | €828,000 | €732,500 | -€95,500 | -11.5% |
| Amounts payable within one year | 42/48 | €1,824,130 | €2,271,905 | +€447,775 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €43,973 | €43,973 | = | 0.0% |
| Trade debts | 44 | €1,070,539 | €937,396 | -€133,143 | -12.4% |
| Suppliers | 440/4 | €1,070,539 | €937,396 | -€133,143 | -12.4% |
| Taxes, remuneration and social security | 45 | €11,380 | €1,300 | -€10,080 | -88.6% |
| Taxes | 450/3 | €11,380 | €1,300 | -€10,080 | -88.6% |
| Other amounts payable | 47/48 | €698,237 | €1,289,235 | +€590,998 | +84.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,121 | €194,635 | -€3,487 | -1.8% |
| Other operating charges | 640/8 | €12,036 | €13,040 | +€1,004 | +8.3% |
| Gross operating margin | 9900 | €344,062 | €66,299 | -€277,763 | -80.7% |
| Operating profit (loss) | 9901 | €133,904 | -€141,376 | -€275,280 | |
| Financial income | 75/76B | €9,744 | €9,758 | +€13 | +0.1% |
| Recurring financial income | 75 | €9,744 | €9,758 | +€13 | +0.1% |
| Financial charges | 65/66B | €4,750 | €3,915 | -€834 | -17.6% |
| Recurring financial charges | 65 | €4,750 | €3,915 | -€834 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €138,898 | -€135,534 | -€274,432 | |
| Income taxes | 67/77 | €38,008 | -€1,956 | -€39,964 | |
| Profit (loss) for the period | 9904 | €100,890 | -€133,578 | -€234,469 | |
| Profit (loss) for the period to be appropriated | 9905 | €100,890 | -€133,578 | -€234,469 |
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 10 October 2026 via checked.be.