BPO: what changed
Two fiscal 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.
What changed
BPO
NACE 68.122, Development of non-residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.5m
2024 · €67,193+€3.5m
Equity
€7.7m
2024 · €4.2m+€3.5m
Cash
€3.4m
2024 · €3.6m-€134,783
Balance sheet total
€29.4m
2024 · €18.7m+€10.7m
Largest movements
Assets
- Tangible fixed assets +€10.4m
up €10.4m (+99.6%), from €10.4m to €20.8m
of which Land and buildings: +€8.6m
- Receivables within one year +€501,595
up €501,595 (+10.7%), from €4.7m to €5.2m
of which Other amounts receivable: +€461,663
Equity and liabilities
- Trade debts +€11.2m
up €11.2m (+18664.4%), from €60,101 to €11.3m
- Debts after one year -€5.2m
no longer reported in 2025 (was €5.2m)
- Current portion of long-term debt +€5.0m
up €5.0m (+2824.8%), from €177,200 to €5.2m
- Provisions -€4.1m
down €4.1m (-77.7%), from €5.3m to €1.2m
of which Provisions for liabilities and charges: -€4.1m
- Profit (loss) carried forward +€3.6m
up €3.6m (+626.2%), from €577,637 to €4.2m
Income statement
- Provisions -€4.1m
new in 2025: -€4.1m
- Gross operating margin -€266,755
down €266,755 (-31.7%), from €841,887 to €575,133
- Taxes +€251,758
up €251,758 (+931.3%), from €27,034 to €278,792
- Write-downs +€201,754
new in 2025: €201,754
- Financial charges -€164,045
down €164,045 (-31.6%), from €518,326 to €354,281
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.
Result 2024
€67,193
Gross operating margin
-€266,755
Depreciation
-€15,848
Write-downs
-€201,754
Provisions
+€4.1m
Other operating charges
+€11,124
Financial income
-€55,553
Financial charges
+€164,045
Taxes
-€251,758
Deferred taxes and other
+€10,210
Result 2025
€3.5m
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.
From operations
+€10.8m
Investment
-€10.6m
Financing
-€327,200
Cash 2024
€3.6m
From operations (derived)
+€10.8m
Net result for the year
+€3.5m
Depreciation
+€238,784
Receivables within one year
-€501,595
Provisions
-€4.1m
Trade debts
+€11.2m
Tax, wage and social debts
+€218,023
Advances received
+€98,010
Other debts
-€16,250
Accrued charges and deferred income
+€126,061
Investment (derived)
-€10.6m
Investment in fixed assets (net)
-€10.6m
Financing
-€327,200
Debts after one year
-€5.2m
Current portion of long-term debt
+€5.0m
Short-term financial debts
-€150,000
Cash 2025
€3.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,658,421 | €29,404,090 | +€10.7m | +57.6% |
| Fixed assets | 21/28 | €10,421,106 | €20,799,962 | +€10.4m | +99.6% |
| Tangible fixed assets | 22/27 | €10,421,106 | €20,799,962 | +€10.4m | +99.6% |
| Land and buildings | 22 | €10,126,649 | €18,718,044 | +€8.6m | +84.8% |
| Plant, machinery and equipment | 23 | - | €1,787,461 | +€1.8m | |
| Assets under construction and advance payments | 27 | €294,457 | €294,457 | = | 0.0% |
| Current assets | 29/58 | €8,237,315 | €8,604,128 | +€366,812 | +4.5% |
| Amounts receivable within one year | 40/41 | €4,671,366 | €5,172,961 | +€501,595 | +10.7% |
| Trade receivables | 40 | €258,694 | €298,626 | +€39,932 | +15.4% |
| Other amounts receivable | 41 | €4,412,673 | €4,874,336 | +€461,663 | +10.5% |
| Cash at bank and in hand | 54/58 | €3,565,949 | €3,431,167 | -€134,783 | -3.8% |
| Total equity and liabilities | 10/49 | €18,658,421 | €29,404,090 | +€10.7m | +57.6% |
| Equity | 10/15 | €4,221,887 | €7,745,207 | +€3.5m | +83.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,625,650 | €3,531,528 | -€94,122 | -2.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,621,377 | €3,527,255 | -€94,122 | -2.6% |
| Distributable reserves | 133 | €2,413 | €2,413 | = | 0.0% |
| Profit (loss) carried forward | 14 | €577,637 | €4,195,080 | +€3.6m | +626.2% |
| Provisions and deferred taxes | 16 | €5,269,542 | €1,175,752 | -€4.1m | -77.7% |
| Provisions for liabilities and charges | 160/5 | €4,062,416 | - | -€4.1m | |
| Other liabilities and charges | 164/5 | €4,062,416 | - | -€4.1m | |
| Deferred taxes | 168 | €1,207,126 | €1,175,752 | -€31,374 | -2.6% |
| Amounts payable | 17/49 | €9,166,992 | €20,483,131 | +€11.3m | +123.4% |
| Amounts payable after more than one year | 17 | €5,182,700 | - | -€5.2m | |
| Financial debts | 170/4 | €5,182,700 | - | -€5.2m | |
| Amounts payable within one year | 42/48 | €3,983,152 | €20,355,930 | +€16.4m | +411.1% |
| Current portion of amounts payable after more than one year | 42 | €177,200 | €5,182,700 | +€5.0m | +2824.8% |
| Financial debts | 43 | €3,563,120 | €3,413,120 | -€150,000 | -4.2% |
| Credit institutions | 430/8 | €3,563,120 | €3,413,120 | -€150,000 | -4.2% |
| Trade debts | 44 | €60,101 | €11,277,596 | +€11.2m | +18664.4% |
| Suppliers | 440/4 | €60,101 | €11,277,596 | +€11.2m | +18664.4% |
| Advances received on contracts in progress | 46 | - | €98,010 | +€98,010 | |
| Taxes, remuneration and social security | 45 | €133,852 | €351,875 | +€218,023 | +162.9% |
| Taxes | 450/3 | €6,553 | €268,949 | +€262,396 | +4004.4% |
| Remuneration and social security | 454/9 | €127,300 | €82,926 | -€44,374 | -34.9% |
| Other amounts payable | 47/48 | €48,879 | €32,629 | -€16,250 | -33.2% |
| Accrued charges and deferred income | 492/3 | €1,140 | €127,201 | +€126,061 | +11053.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,936 | €238,784 | +€15,848 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €201,754 | +€201,754 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€4,062,416 | -€4.1m | |
| Other operating charges | 640/8 | €204,212 | €193,088 | -€11,124 | -5.4% |
| Gross operating margin | 9900 | €841,887 | €575,133 | -€266,755 | -31.7% |
| Operating profit (loss) | 9901 | €414,740 | €4,003,923 | +€3.6m | +865.4% |
| Financial income | 75/76B | €176,649 | €121,097 | -€55,553 | -31.4% |
| Recurring financial income | 75 | €176,649 | €121,097 | -€55,553 | -31.4% |
| Financial charges | 65/66B | €518,326 | €354,281 | -€164,045 | -31.6% |
| Recurring financial charges | 65 | €518,326 | €354,281 | -€164,045 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €73,063 | €3,770,738 | +€3.7m | +5061.0% |
| Transfer from deferred taxes | 780 | €21,164 | €31,374 | +€10,210 | +48.2% |
| Income taxes | 67/77 | €27,034 | €278,792 | +€251,758 | +931.3% |
| Profit (loss) for the period | 9904 | €67,193 | €3,523,320 | +€3.5m | +5143.6% |
| Transfer from tax-exempt reserves | 789 | €63,493 | €94,122 | +€30,630 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €130,686 | €3,617,443 | +€3.5m | +2668.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.