BSGP: 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.
BSGP
Largest movements
- Receivables within one year +€160,374
up €160,374 (+110.3%), from €145,430 to €305,804
of which Trade receivables: +€130,153
- Current investments +€52,195
up €52,195 (+246.9%), from €21,139 to €73,334
- Cash +€43,772
up €43,772 (+179.6%), from €24,377 to €68,149
mainly Other debts (+€179,167) and Net result for the year (+€132,615)
- Tangible fixed assets -€10,520
down €10,520 (-3.6%), from €289,484 to €278,964
of which Land and buildings: -€9,323
- Other debts +€179,167
up €179,167 (+1064.4%), from €16,833 to €196,000
- Trade debts +€118,758
up €118,758 (+220.5%), from €53,864 to €172,622
- Reserves -€63,000
down €63,000 (-29.9%), from €211,000 to €148,000
- Tax, wage and social debts +€24,379
up €24,379 (+509.0%), from €4,789 to €29,168
of which Taxes: +€23,346
- Debts after one year -€15,749
down €15,749 (-8.3%), from €189,748 to €173,999
- Gross operating margin +€120,151
up €120,151 (+136.8%), from €87,808 to €207,959
- Taxes +€23,691
up €23,691 (+170.7%), from €13,877 to €37,568
- Write-downs +€20,630
up €20,630, from -€20,630 to €0
- Staff costs +€3,522
up €3,522 (+125.9%), from €2,798 to €6,320
- Financial charges -€2,974
down €2,974 (-26.5%), from €11,234 to €8,260
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 | €529,504 | €773,811 | +€244,307 | +46.1% |
| Fixed assets | 21/28 | €289,484 | €278,964 | -€10,520 | -3.6% |
| Tangible fixed assets | 22/27 | €289,484 | €278,964 | -€10,520 | -3.6% |
| Land and buildings | 22 | €254,739 | €245,417 | -€9,323 | -3.7% |
| Plant, machinery and equipment | 23 | €20,764 | €18,933 | -€1,831 | -8.8% |
| Furniture and vehicles | 24 | €13,981 | €14,614 | +€633 | +4.5% |
| Current assets | 29/58 | €240,020 | €494,848 | +€254,828 | +106.2% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Trade receivables | 290 | €35,000 | €35,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €9,000 | €9,000 | = | 0.0% |
| Stocks | 30/36 | €9,000 | €9,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €145,430 | €305,804 | +€160,374 | +110.3% |
| Trade receivables | 40 | €94,443 | €224,596 | +€130,153 | +137.8% |
| Other amounts receivable | 41 | €50,988 | €81,208 | +€30,221 | +59.3% |
| Current investments | 50/53 | €21,139 | €73,334 | +€52,195 | +246.9% |
| Cash at bank and in hand | 54/58 | €24,377 | €68,149 | +€43,772 | +179.6% |
| Deferred charges and accrued income | 490/1 | €5,074 | €3,560 | -€1,514 | -29.8% |
| Total equity and liabilities | 10/49 | €529,504 | €773,811 | +€244,307 | +46.1% |
| Equity | 10/15 | €248,800 | €185,416 | -€63,385 | -25.5% |
| Contributions | 10/11 | €37,000 | €37,000 | = | 0.0% |
| Reserves | 13 | €211,000 | €148,000 | -€63,000 | -29.9% |
| Distributable reserves | 133 | €211,000 | €148,000 | -€63,000 | -29.9% |
| Profit (loss) carried forward | 14 | €800 | €416 | -€385 | -48.1% |
| Amounts payable | 17/49 | €280,704 | €588,396 | +€307,692 | +109.6% |
| Amounts payable after more than one year | 17 | €189,748 | €173,999 | -€15,749 | -8.3% |
| Financial debts | 170/4 | €189,748 | €173,999 | -€15,749 | -8.3% |
| Amounts payable within one year | 42/48 | €90,956 | €414,397 | +€323,441 | +355.6% |
| Current portion of amounts payable after more than one year | 42 | €15,470 | €15,749 | +€279 | +1.8% |
| Financial debts | 43 | €0 | €858 | +€858 | |
| Credit institutions | 430/8 | €0 | €858 | +€858 | |
| Trade debts | 44 | €53,864 | €172,622 | +€118,758 | +220.5% |
| Suppliers | 440/4 | €53,864 | €172,622 | +€118,758 | +220.5% |
| Taxes, remuneration and social security | 45 | €4,789 | €29,168 | +€24,379 | +509.0% |
| Taxes | 450/3 | €4,789 | €28,135 | +€23,346 | +487.5% |
| Remuneration and social security | 454/9 | - | €1,033 | +€1,033 | |
| Other amounts payable | 47/48 | €16,833 | €196,000 | +€179,167 | +1064.4% |
| Remuneration, social security and pensions | 62 | €2,798 | €6,320 | +€3,522 | +125.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,343 | €23,541 | +€2,197 | +10.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€20,630 | €0 | +€20,630 | |
| Other operating charges | 640/8 | €3,104 | €2,847 | -€257 | -8.3% |
| Gross operating margin | 9900 | €87,808 | €207,959 | +€120,151 | +136.8% |
| Operating profit (loss) | 9901 | €81,194 | €175,251 | +€94,058 | +115.8% |
| Financial income | 75/76B | €3,854 | €3,192 | -€662 | -17.2% |
| Recurring financial income | 75 | €3,854 | €3,192 | -€662 | -17.2% |
| Financial charges | 65/66B | €11,234 | €8,260 | -€2,974 | -26.5% |
| Recurring financial charges | 65 | €11,234 | €8,260 | -€2,974 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €73,814 | €170,183 | +€96,370 | +130.6% |
| Income taxes | 67/77 | €13,877 | €37,568 | +€23,691 | +170.7% |
| Profit (loss) for the period | 9904 | €59,936 | €132,615 | +€72,679 | +121.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,936 | €132,615 | +€72,679 | +121.3% |
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 2 October 2026 via checked.be.