BPGM: 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.
BPGM
Largest movements
- Tangible fixed assets -€18,192
down €18,192 (-3.2%), from €565,245 to €547,053
of which Land and buildings: -€17,048
- Formation expenses -€14,444
down €14,444 (-60.5%), from €23,862 to €9,418
- Receivables within one year +€6,761
up €6,761 (+313.3%), from €2,158 to €8,919
of which Trade receivables: +€6,866
- Debts after one year -€18,483
down €18,483 (-5.5%), from €335,989 to €317,506
- Gross operating margin +€12,033
up €12,033 (+51.2%), from €23,523 to €35,557
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 | €592,986 | €565,579 | -€27,407 | -4.6% |
| Formation expenses | 20 | €23,862 | €9,418 | -€14,444 | -60.5% |
| Fixed assets | 21/28 | €565,245 | €547,053 | -€18,192 | -3.2% |
| Tangible fixed assets | 22/27 | €565,245 | €547,053 | -€18,192 | -3.2% |
| Land and buildings | 22 | €555,135 | €538,086 | -€17,048 | -3.1% |
| Plant, machinery and equipment | 23 | €10,110 | €8,967 | -€1,144 | -11.3% |
| Current assets | 29/58 | €3,879 | €9,107 | +€5,229 | +134.8% |
| Amounts receivable within one year | 40/41 | €2,158 | €8,919 | +€6,761 | +313.3% |
| Trade receivables | 40 | €2,053 | €8,919 | +€6,866 | +334.5% |
| Other amounts receivable | 41 | €105 | €0 | -€105 | -100.0% |
| Cash at bank and in hand | 54/58 | €929 | €176 | -€752 | -81.0% |
| Deferred charges and accrued income | 490/1 | €792 | €12 | -€780 | -98.4% |
| Total equity and liabilities | 10/49 | €592,986 | €565,579 | -€27,407 | -4.6% |
| Equity | 10/15 | -€88,322 | -€94,183 | -€5,861 | -6.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,322 | -€97,183 | -€5,861 | -6.4% |
| Amounts payable | 17/49 | €681,308 | €659,762 | -€21,546 | -3.2% |
| Amounts payable after more than one year | 17 | €335,989 | €317,506 | -€18,483 | -5.5% |
| Financial debts | 170/4 | €335,989 | €317,506 | -€18,483 | -5.5% |
| Amounts payable within one year | 42/48 | €345,319 | €341,856 | -€3,463 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €18,121 | €18,483 | +€362 | +2.0% |
| Trade debts | 44 | €1,919 | €1,422 | -€497 | -25.9% |
| Suppliers | 440/4 | €1,919 | €1,422 | -€497 | -25.9% |
| Taxes, remuneration and social security | 45 | €3,023 | €1,958 | -€1,066 | -35.2% |
| Taxes | 450/3 | €3,023 | €1,958 | -€1,066 | -35.2% |
| Other amounts payable | 47/48 | €322,255 | €319,993 | -€2,262 | -0.7% |
| Accrued charges and deferred income | 492/3 | €0 | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,403 | €32,636 | +€232 | +0.7% |
| Other operating charges | 640/8 | €1,532 | €1,579 | +€47 | +3.1% |
| Gross operating margin | 9900 | €23,523 | €35,557 | +€12,033 | +51.2% |
| Operating profit (loss) | 9901 | -€10,413 | €1,341 | +€11,754 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €7,528 | €7,203 | -€325 | -4.3% |
| Recurring financial charges | 65 | €7,528 | €7,203 | -€325 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€17,940 | -€5,861 | +€12,079 | +67.3% |
| Profit (loss) for the period | 9904 | -€17,940 | -€5,861 | +€12,079 | +67.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,940 | -€5,861 | +€12,079 | +67.3% |
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 10 October 2026 via checked.be.