BPG Project: 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 Project
Largest movements
- Tangible fixed assets +€116,228
up €116,228 (+11.9%), from €978,356 to €1.1m
of which Land and buildings: +€128,752
- Cash -€59,864
no longer reported in 2025 (was €59,864)
mainly Investment in fixed assets (net) (-€144,690) and Net result for the year (-€58,314)
- Receivables within one year +€30,393
up €30,393 (+2.3%), from €1.3m to €1.3m
of which Other amounts receivable: +€566,860
- Other debts +€189,234
up €189,234 (+21.9%), from €862,304 to €1.1m
- Profit (loss) carried forward -€58,314
down €58,314 (-70.7%), from €82,501 to €24,188
- Trade debts -€51,968
down €51,968 (-74.7%), from €69,547 to €17,580
- Short-term financial debts +€25,888
up €25,888 (+4.8%), from €543,548 to €569,437
of which Credit institutions: +€25,364
- Debts after one year -€24,586
down €24,586 (-13.8%), from €178,075 to €153,490
- Gross operating margin -€767,584
down €767,584 (-97.8%), from €784,518 to €16,934
- Financial charges -€140,239
down €140,239 (-79.3%), from €176,886 to €36,646
- Other operating charges -€43,544
down €43,544 (-86.0%), from €50,612 to €7,068
- Taxes -€33,717
down €33,717, from €33,571 to -€146
- Depreciation -€20,111
down €20,111 (-37.4%), from €53,792 to €33,681
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 | €2,356,398 | €2,438,815 | +€82,417 | +3.5% |
| Fixed assets | 21/28 | €991,001 | €1,102,010 | +€111,009 | +11.2% |
| Intangible fixed assets | 21 | €11,395 | €6,177 | -€5,219 | -45.8% |
| Tangible fixed assets | 22/27 | €978,356 | €1,094,584 | +€116,228 | +11.9% |
| Land and buildings | 22 | €934,334 | €1,063,086 | +€128,752 | +13.8% |
| Furniture and vehicles | 24 | €44,021 | €31,498 | -€12,524 | -28.4% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €1,365,397 | €1,336,805 | -€28,592 | -2.1% |
| Amounts receivable within one year | 40/41 | €1,305,533 | €1,335,926 | +€30,393 | +2.3% |
| Trade receivables | 40 | €572,374 | €35,908 | -€536,467 | -93.7% |
| Other amounts receivable | 41 | €733,158 | €1,300,019 | +€566,860 | +77.3% |
| Cash at bank and in hand | 54/58 | €59,864 | - | -€59,864 | |
| Deferred charges and accrued income | 490/1 | - | €879 | +€879 | |
| Total equity and liabilities | 10/49 | €2,356,398 | €2,438,815 | +€82,417 | +3.5% |
| Equity | 10/15 | €508,327 | €448,014 | -€60,314 | -11.9% |
| Contributions | 10/11 | €156,200 | €156,200 | = | 0.0% |
| Reserves | 13 | €265,259 | €265,259 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,909 | €14,909 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,909 | €14,909 | = | 0.0% |
| Distributable reserves | 133 | €250,350 | €250,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,501 | €24,188 | -€58,314 | -70.7% |
| Investment grants | 15 | €4,367 | €2,367 | -€2,000 | -45.8% |
| Amounts payable | 17/49 | €1,848,071 | €1,990,802 | +€142,731 | +7.7% |
| Amounts payable after more than one year | 17 | €178,075 | €153,490 | -€24,586 | -13.8% |
| Financial debts | 170/4 | €178,075 | €153,490 | -€24,586 | -13.8% |
| Amounts payable within one year | 42/48 | €1,542,933 | €1,705,555 | +€162,622 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €23,700 | €24,586 | +€886 | +3.7% |
| Financial debts | 43 | €543,548 | €569,437 | +€25,888 | +4.8% |
| Credit institutions | 430/8 | €543,500 | €568,864 | +€25,364 | +4.7% |
| Other loans | 439 | €48 | €573 | +€524 | +1083.6% |
| Trade debts | 44 | €69,547 | €17,580 | -€51,968 | -74.7% |
| Suppliers | 440/4 | €69,547 | €17,580 | -€51,968 | -74.7% |
| Taxes, remuneration and social security | 45 | €43,834 | €42,415 | -€1,418 | -3.2% |
| Taxes | 450/3 | €43,834 | €42,415 | -€1,418 | -3.2% |
| Other amounts payable | 47/48 | €862,304 | €1,051,538 | +€189,234 | +21.9% |
| Accrued charges and deferred income | 492/3 | €127,063 | €131,757 | +€4,695 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,792 | €33,681 | -€20,111 | -37.4% |
| Other operating charges | 640/8 | €50,612 | €7,068 | -€43,544 | -86.0% |
| Non-recurring operating charges | 66A | €80,000 | - | -€80,000 | |
| Gross operating margin | 9900 | €784,518 | €16,934 | -€767,584 | -97.8% |
| Operating profit (loss) | 9901 | €600,113 | -€23,815 | -€623,928 | |
| Financial income | 75/76B | €2,014 | €2,001 | -€12 | -0.6% |
| Recurring financial income | 75 | €2,014 | €2,001 | -€12 | -0.6% |
| Financial charges | 65/66B | €176,886 | €36,646 | -€140,239 | -79.3% |
| Recurring financial charges | 65 | €176,886 | €36,646 | -€140,239 | -79.3% |
| Profit (loss) for the period before taxes | 9903 | €425,241 | -€58,460 | -€483,701 | |
| Income taxes | 67/77 | €33,571 | -€146 | -€33,717 | |
| Profit (loss) for the period | 9904 | €391,670 | -€58,314 | -€449,984 | |
| Profit (loss) for the period to be appropriated | 9905 | €391,670 | -€58,314 | -€449,984 |
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 11 October 2026 via checked.be.