BSG VISION: 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.
BSG VISION
Largest movements
- Receivables within one year +€68,436
up €68,436 (+86.6%), from €79,006 to €147,442
of which Trade receivables: +€102,011
- Cash +€46,666
up €46,666 (+109.1%), from €42,757 to €89,423
mainly Trade debts (+€91,411) and Net result for the year (+€35,398)
- Stocks and contracts -€25,031
down €25,031 (-26.5%), from €94,490 to €69,460
- Tangible fixed assets +€6,766
up €6,766 (+11.5%), from €58,675 to €65,442
of which Plant, machinery and equipment: +€21,569
- Trade debts +€91,411
up €91,411 (+293.3%), from €31,169 to €122,580
- Profit (loss) carried forward +€35,398
up €35,398 (+39.2%), from €90,189 to €125,586
- Debts after one year -€28,247
down €28,247 (-48.9%), from €57,713 to €29,466
of which Other amounts payable: -€28,200
- Other debts -€14,218
down €14,218 (-52.2%), from €27,231 to €13,013
- Tax, wage and social debts +€8,396
up €8,396 (+39.5%), from €21,280 to €29,676
of which Taxes: +€9,893
- Staff costs -€48,360
down €48,360 (-33.8%), from €142,880 to €94,520
- Taxes +€12,202
up €12,202 (+5297.7%), from €230 to €12,432
- Gross operating margin +€7,860
up €7,860 (+4.8%), from €162,821 to €170,681
- Other operating charges -€1,747
down €1,747 (-29.3%), from €5,953 to €4,207
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 | €277,681 | €372,644 | +€94,962 | +34.2% |
| Fixed assets | 21/28 | €58,675 | €65,442 | +€6,766 | +11.5% |
| Tangible fixed assets | 22/27 | €58,675 | €65,442 | +€6,766 | +11.5% |
| Plant, machinery and equipment | 23 | €3,930 | €25,498 | +€21,569 | +548.9% |
| Furniture and vehicles | 24 | €54,746 | €39,943 | -€14,802 | -27.0% |
| Current assets | 29/58 | €219,006 | €307,202 | +€88,196 | +40.3% |
| Stocks and contracts in progress | 3 | €94,490 | €69,460 | -€25,031 | -26.5% |
| Stocks | 30/36 | €94,490 | €69,460 | -€25,031 | -26.5% |
| Amounts receivable within one year | 40/41 | €79,006 | €147,442 | +€68,436 | +86.6% |
| Trade receivables | 40 | €12,981 | €114,992 | +€102,011 | +785.8% |
| Other amounts receivable | 41 | €66,025 | €32,450 | -€33,575 | -50.9% |
| Cash at bank and in hand | 54/58 | €42,757 | €89,423 | +€46,666 | +109.1% |
| Deferred charges and accrued income | 490/1 | €2,752 | €877 | -€1,875 | -68.1% |
| Total equity and liabilities | 10/49 | €277,681 | €372,644 | +€94,962 | +34.2% |
| Equity | 10/15 | €123,214 | €158,611 | +€35,398 | +28.7% |
| Contributions | 10/11 | €30,025 | €30,025 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,189 | €125,586 | +€35,398 | +39.2% |
| Amounts payable | 17/49 | €154,468 | €214,032 | +€59,565 | +38.6% |
| Amounts payable after more than one year | 17 | €57,713 | €29,466 | -€28,247 | -48.9% |
| Financial debts | 170/4 | €29,513 | €29,466 | -€47 | -0.2% |
| Other amounts payable | 178/9 | €28,200 | - | -€28,200 | |
| Amounts payable within one year | 42/48 | €96,754 | €184,536 | +€87,782 | +90.7% |
| Current portion of amounts payable after more than one year | 42 | €17,075 | €19,267 | +€2,192 | +12.8% |
| Trade debts | 44 | €31,169 | €122,580 | +€91,411 | +293.3% |
| Suppliers | 440/4 | €31,169 | €122,580 | +€91,411 | +293.3% |
| Taxes, remuneration and social security | 45 | €21,280 | €29,676 | +€8,396 | +39.5% |
| Taxes | 450/3 | €9,440 | €19,333 | +€9,893 | +104.8% |
| Remuneration and social security | 454/9 | €11,840 | €10,343 | -€1,497 | -12.6% |
| Other amounts payable | 47/48 | €27,231 | €13,013 | -€14,218 | -52.2% |
| Accrued charges and deferred income | 492/3 | €0 | €30 | +€30 | |
| Remuneration, social security and pensions | 62 | €142,880 | €94,520 | -€48,360 | -33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,768 | €21,579 | -€188 | -0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €366 | - | -€366 | |
| Other operating charges | 640/8 | €5,953 | €4,207 | -€1,747 | -29.3% |
| Non-recurring operating charges | 66A | €3,042 | €1,660 | -€1,382 | -45.4% |
| Gross operating margin | 9900 | €162,821 | €170,681 | +€7,860 | +4.8% |
| Operating profit (loss) | 9901 | -€11,188 | €48,715 | +€59,902 | |
| Financial income | 75/76B | €2,284 | €2,159 | -€126 | -5.5% |
| Recurring financial income | 75 | €2,284 | €2,159 | -€126 | -5.5% |
| Financial charges | 65/66B | €3,890 | €3,043 | -€847 | -21.8% |
| Recurring financial charges | 65 | €3,890 | €3,043 | -€847 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,793 | €47,830 | +€60,623 | |
| Income taxes | 67/77 | €230 | €12,432 | +€12,202 | +5297.7% |
| Profit (loss) for the period | 9904 | -€13,024 | €35,398 | +€48,421 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,024 | €35,398 | +€48,421 |
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.