BV MGMT: 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.
BV MGMT
Largest movements
- Receivables within one year +€48,895
up €48,895 (+28.5%), from €171,752 to €220,647
of which Trade receivables: +€48,900
- Cash -€5,907
down €5,907 (-23.8%), from €24,840 to €18,933
mainly Receivables within one year (-€48,895) and Contributions, distributions and other (-€45,665)
- Other debts +€58,839
up €58,839 (+165%), from €35,669 to €94,509
- Reserves -€28,752
down €28,752 (-15.0%), from €191,241 to €162,489
- Trade debts +€8,272
up €8,272 (+185%), from €4,464 to €12,736
- Debts after one year -€6,569
down €6,569 (-5.9%), from €110,911 to €104,342
- Tax, wage and social debts +€6,404
up €6,404 (+29.6%), from €21,612 to €28,016
- Taxes -€4,825
down €4,825 (-47.8%), from €10,090 to €5,265
- Gross operating margin -€1,533
down €1,533 (-4.1%), from €37,612 to €36,079
- Financial charges -€1,242
down €1,242 (-19.3%), from €6,427 to €5,185
- Other operating charges -€411
down €411 (-22.4%), from €1,835 to €1,424
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 | €372,344 | €411,626 | +€39,282 | +10.5% |
| Fixed assets | 21/28 | €174,932 | €171,505 | -€3,426 | -2.0% |
| Tangible fixed assets | 22/27 | €174,932 | €171,505 | -€3,426 | -2.0% |
| Land and buildings | 22 | €173,120 | €166,190 | -€6,930 | -4.0% |
| Plant, machinery and equipment | 23 | €1,812 | €1,297 | -€515 | -28.4% |
| Furniture and vehicles | 24 | - | €4,018 | +€4,018 | |
| Current assets | 29/58 | €197,413 | €240,121 | +€42,708 | +21.6% |
| Amounts receivable within one year | 40/41 | €171,752 | €220,647 | +€48,895 | +28.5% |
| Trade receivables | 40 | €83,080 | €131,980 | +€48,900 | +58.9% |
| Other amounts receivable | 41 | €88,672 | €88,667 | -€5 | 0.0% |
| Cash at bank and in hand | 54/58 | €24,840 | €18,933 | -€5,907 | -23.8% |
| Deferred charges and accrued income | 490/1 | €820 | €541 | -€279 | -34.1% |
| Total equity and liabilities | 10/49 | €372,344 | €411,626 | +€39,282 | +10.5% |
| Equity | 10/15 | €193,239 | €164,487 | -€28,752 | -14.9% |
| Contributions | 10/11 | €1,998 | €1,998 | = | 0.0% |
| Reserves | 13 | €191,241 | €162,489 | -€28,752 | -15.0% |
| Distributable reserves | 133 | €191,241 | €162,489 | -€28,752 | -15.0% |
| Amounts payable | 17/49 | €179,105 | €247,139 | +€68,034 | +38.0% |
| Amounts payable after more than one year | 17 | €110,911 | €104,342 | -€6,569 | -5.9% |
| Financial debts | 170/4 | €110,911 | €104,342 | -€6,569 | -5.9% |
| Amounts payable within one year | 42/48 | €68,195 | €141,829 | +€73,634 | +108% |
| Current portion of amounts payable after more than one year | 42 | €6,450 | €6,569 | +€119 | +1.8% |
| Trade debts | 44 | €4,464 | €12,736 | +€8,272 | +185% |
| Suppliers | 440/4 | €4,464 | €12,736 | +€8,272 | +185% |
| Taxes, remuneration and social security | 45 | €21,612 | €28,016 | +€6,404 | +29.6% |
| Taxes | 450/3 | €21,612 | €28,016 | +€6,404 | +29.6% |
| Other amounts payable | 47/48 | €35,669 | €94,509 | +€58,839 | +165% |
| Accrued charges and deferred income | 492/3 | - | €969 | +€969 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,445 | €7,527 | +€82 | +1.1% |
| Other operating charges | 640/8 | €1,835 | €1,424 | -€411 | -22.4% |
| Gross operating margin | 9900 | €37,612 | €36,079 | -€1,533 | -4.1% |
| Operating profit (loss) | 9901 | €28,333 | €27,128 | -€1,205 | -4.3% |
| Financial income | 75/76B | €73 | €235 | +€162 | +222% |
| Recurring financial income | 75 | €73 | €235 | +€162 | +222% |
| Financial charges | 65/66B | €6,427 | €5,185 | -€1,242 | -19.3% |
| Recurring financial charges | 65 | €6,427 | €5,185 | -€1,242 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €21,979 | €22,178 | +€200 | +0.9% |
| Income taxes | 67/77 | €10,090 | €5,265 | -€4,825 | -47.8% |
| Profit (loss) for the period | 9904 | €11,889 | €16,914 | +€5,025 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,889 | €16,914 | +€5,025 | +42.3% |
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 16 October 2026 via checked.be.