BPh: 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.
BPh
Largest movements
- Receivables within one year +€58,539
up €58,539 (+146%), from €40,071 to €98,610
of which Trade receivables: +€39,082
- Tangible fixed assets +€45,411
up €45,411 (+168%), from €27,024 to €72,435
of which Plant, machinery and equipment: +€31,442
- Cash -€22,290
down €22,290 (-46.6%), from €47,867 to €25,578
mainly Receivables within one year (-€58,539) and Investment in fixed assets (net) (-€57,997)
- Stocks and contracts -€5,079
down €5,079 (-63.1%), from €8,049 to €2,970
- Other debts +€45,695
up €45,695 (+74.2%), from €61,558 to €107,252
- Trade debts +€41,551
up €41,551 (+260%), from €16,006 to €57,557
- Profit (loss) carried forward -€10,060
down €10,060, from €3,920 to -€6,140
- Gross operating margin -€45,634
down €45,634 (-88.6%), from €51,486 to €5,852
- Taxes -€15,900
no longer reported in 2025 (was €15,900)
- Depreciation +€8,986
up €8,986 (+250%), from €3,600 to €12,586
- Other operating charges +€2,034
up €2,034 (+233%), from €874 to €2,908
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 | €123,884 | €201,368 | +€77,484 | +62.5% |
| Fixed assets | 21/28 | €27,024 | €72,435 | +€45,411 | +168% |
| Tangible fixed assets | 22/27 | €27,024 | €72,435 | +€45,411 | +168% |
| Plant, machinery and equipment | 23 | - | €31,442 | +€31,442 | |
| Furniture and vehicles | 24 | €27,024 | €20,205 | -€6,819 | -25.2% |
| Assets under construction and advance payments | 27 | - | €20,787 | +€20,787 | |
| Current assets | 29/58 | €96,860 | €128,933 | +€32,073 | +33.1% |
| Stocks and contracts in progress | 3 | €8,049 | €2,970 | -€5,079 | -63.1% |
| Stocks | 30/36 | €8,049 | €2,970 | -€5,079 | -63.1% |
| Amounts receivable within one year | 40/41 | €40,071 | €98,610 | +€58,539 | +146% |
| Trade receivables | 40 | €22,509 | €61,590 | +€39,082 | +174% |
| Other amounts receivable | 41 | €17,562 | €37,019 | +€19,457 | +111% |
| Cash at bank and in hand | 54/58 | €47,867 | €25,578 | -€22,290 | -46.6% |
| Deferred charges and accrued income | 490/1 | €873 | €1,775 | +€902 | +103% |
| Total equity and liabilities | 10/49 | €123,884 | €201,368 | +€77,484 | +62.5% |
| Equity | 10/15 | €35,920 | €25,860 | -€10,060 | -28.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,000 | €27,000 | = | 0.0% |
| Distributable reserves | 133 | €27,000 | €27,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,920 | -€6,140 | -€10,060 | |
| Amounts payable | 17/49 | €87,964 | €175,508 | +€87,544 | +99.5% |
| Amounts payable within one year | 42/48 | €87,964 | €175,508 | +€87,544 | +99.5% |
| Current portion of amounts payable after more than one year | 42 | €3,333 | €3,333 | = | 0.0% |
| Trade debts | 44 | €16,006 | €57,557 | +€41,551 | +260% |
| Suppliers | 440/4 | €16,006 | €57,557 | +€41,551 | +260% |
| Taxes, remuneration and social security | 45 | €7,067 | €7,365 | +€298 | +4.2% |
| Taxes | 450/3 | €4,795 | €7,121 | +€2,326 | +48.5% |
| Remuneration and social security | 454/9 | €2,272 | €245 | -€2,028 | -89.2% |
| Other amounts payable | 47/48 | €61,558 | €107,252 | +€45,695 | +74.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,600 | €12,586 | +€8,986 | +250% |
| Other operating charges | 640/8 | €874 | €2,908 | +€2,034 | +233% |
| Gross operating margin | 9900 | €51,486 | €5,852 | -€45,634 | -88.6% |
| Operating profit (loss) | 9901 | €47,012 | -€9,642 | -€56,654 | |
| Financial charges | 65/66B | €192 | €418 | +€226 | +117% |
| Recurring financial charges | 65 | €192 | €418 | +€226 | +117% |
| Profit (loss) for the period before taxes | 9903 | €46,820 | -€10,060 | -€56,880 | |
| Income taxes | 67/77 | €15,900 | - | -€15,900 | |
| Profit (loss) for the period | 9904 | €30,920 | -€10,060 | -€40,980 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,920 | -€10,060 | -€40,980 |
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 17 October 2026 via checked.be.