BSF: 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.
BSF
Largest movements
- Deferred charges and accrued income -€12,875
down €12,875 (-82.6%), from €15,578 to €2,703
- Tangible fixed assets -€6,480
down €6,480 (-13.4%), from €48,250 to €41,771
of which Furniture and vehicles: -€4,622
- Receivables within one year +€2,330
up €2,330 (+19.1%), from €12,232 to €14,562
of which Trade receivables: +€2,334
- Cash -€1,115
down €1,115 (-9.9%), from €11,277 to €10,162
mainly Investment in fixed assets (net) (-€15,511) and Other debts (-€10,342)
- Other debts -€10,342
down €10,342 (-60.9%), from €16,974 to €6,632
- Tax, wage and social debts -€6,035
down €6,035 (-97.2%), from €6,208 to €173
- Reserves -€3,868
down €3,868 (-6.2%), from €62,064 to €58,196
- Trade debts +€3,006
up €3,006 (+1566.2%), from €192 to €3,197
- Accrued charges and deferred income -€900
down €900 (-100.0%), from €900 to €0
- Gross operating margin -€11,460
down €11,460 (-37.5%), from €30,592 to €19,132
- Depreciation -€2,948
down €2,948 (-11.8%), from €24,938 to €21,990
- Taxes -€783
down €783 (-100.0%), from €783 to €0
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 | €87,337 | €69,198 | -€18,139 | -20.8% |
| Fixed assets | 21/28 | €48,250 | €41,771 | -€6,480 | -13.4% |
| Tangible fixed assets | 22/27 | €48,250 | €41,771 | -€6,480 | -13.4% |
| Plant, machinery and equipment | 23 | €13,552 | €14,147 | +€596 | +4.4% |
| Furniture and vehicles | 24 | €21,344 | €16,722 | -€4,622 | -21.7% |
| Other tangible fixed assets | 26 | €13,354 | €10,901 | -€2,453 | -18.4% |
| Current assets | 29/58 | €39,087 | €27,428 | -€11,659 | -29.8% |
| Amounts receivable within one year | 40/41 | €12,232 | €14,562 | +€2,330 | +19.1% |
| Trade receivables | 40 | €12,204 | €14,538 | +€2,334 | +19.1% |
| Other amounts receivable | 41 | €28 | €24 | -€4 | -13.2% |
| Cash at bank and in hand | 54/58 | €11,277 | €10,162 | -€1,115 | -9.9% |
| Deferred charges and accrued income | 490/1 | €15,578 | €2,703 | -€12,875 | -82.6% |
| Total equity and liabilities | 10/49 | €87,337 | €69,198 | -€18,139 | -20.8% |
| Equity | 10/15 | €63,064 | €59,196 | -€3,868 | -6.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €62,064 | €58,196 | -€3,868 | -6.2% |
| Distributable reserves | 133 | €62,064 | €58,196 | -€3,868 | -6.2% |
| Amounts payable | 17/49 | €24,274 | €10,002 | -€14,271 | -58.8% |
| Amounts payable within one year | 42/48 | €23,374 | €10,002 | -€13,371 | -57.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €192 | €3,197 | +€3,006 | +1566.2% |
| Suppliers | 440/4 | €192 | €3,197 | +€3,006 | +1566.2% |
| Taxes, remuneration and social security | 45 | €6,208 | €173 | -€6,035 | -97.2% |
| Taxes | 450/3 | €6,208 | €173 | -€6,035 | -97.2% |
| Other amounts payable | 47/48 | €16,974 | €6,632 | -€10,342 | -60.9% |
| Accrued charges and deferred income | 492/3 | €900 | €0 | -€900 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,938 | €21,990 | -€2,948 | -11.8% |
| Other operating charges | 640/8 | €760 | €856 | +€96 | +12.7% |
| Gross operating margin | 9900 | €30,592 | €19,132 | -€11,460 | -37.5% |
| Operating profit (loss) | 9901 | €4,893 | -€3,714 | -€8,608 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -26.8% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -26.8% |
| Financial charges | 65/66B | €63 | €154 | +€91 | +143.7% |
| Recurring financial charges | 65 | €63 | €154 | +€91 | +143.7% |
| Profit (loss) for the period before taxes | 9903 | €4,831 | -€3,868 | -€8,698 | |
| Income taxes | 67/77 | €783 | €0 | -€783 | -100.0% |
| Profit (loss) for the period | 9904 | €4,048 | -€3,868 | -€7,916 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,048 | -€3,868 | -€7,916 |
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.