BV WORKS: 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 WORKS
Largest movements
- Tangible fixed assets +€73,194
up €73,194 (+206%), from €35,464 to €108,658
of which Leasing and similar rights: +€78,873
- Receivables within one year +€36,579
up €36,579 (+54.0%), from €67,711 to €104,290
of which Trade receivables: +€26,283
- Stocks and contracts +€16,622
up €16,622 (+55.0%), from €30,220 to €46,842
of which Contracts in progress: +€19,000
- Cash -€5,480
down €5,480 (-9.9%), from €55,134 to €49,654
mainly Investment in fixed assets (net) (-€91,770) and Receivables within one year (-€36,579)
- Debts after one year +€67,000
up €67,000 (+3,022%), from €2,217 to €69,217
- Tax, wage and social debts +€19,325
up €19,325 (+183%), from €10,542 to €29,867
- Reserves +€18,503
up €18,503 (+22.1%), from €83,886 to €102,389
- Current portion of long-term debt +€7,992
up €7,992 (+156%), from €5,117 to €13,109
- Trade debts +€6,055
up €6,055 (+40.3%), from €15,006 to €21,061
- Gross operating margin +€13,707
up €13,707 (+43.3%), from €31,623 to €45,330
- Depreciation +€10,779
up €10,779 (+138%), from €7,797 to €18,576
- Financial charges +€2,941
up €2,941 (+187%), from €1,569 to €4,510
- Taxes +€2,560
up €2,560 (+127%), from €2,019 to €4,579
- Financial income +€1,145
up €1,145 (+411%), from €278 to €1,423
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 | €188,529 | €309,444 | +€120,915 | +64.1% |
| Fixed assets | 21/28 | €35,464 | €108,658 | +€73,194 | +206% |
| Tangible fixed assets | 22/27 | €35,464 | €108,658 | +€73,194 | +206% |
| Land and buildings | 22 | €3,504 | €3,316 | -€188 | -5.4% |
| Plant, machinery and equipment | 23 | €11,209 | €9,219 | -€1,990 | -17.8% |
| Furniture and vehicles | 24 | €8,477 | €6,730 | -€1,747 | -20.6% |
| Leasing and similar rights | 25 | - | €78,873 | +€78,873 | |
| Other tangible fixed assets | 26 | €12,274 | €10,520 | -€1,754 | -14.3% |
| Current assets | 29/58 | €153,065 | €200,786 | +€47,721 | +31.2% |
| Stocks and contracts in progress | 3 | €30,220 | €46,842 | +€16,622 | +55.0% |
| Stocks | 30/36 | €11,220 | €8,842 | -€2,378 | -21.2% |
| Contracts in progress | 37 | €19,000 | €38,000 | +€19,000 | +100% |
| Amounts receivable within one year | 40/41 | €67,711 | €104,290 | +€36,579 | +54.0% |
| Trade receivables | 40 | €61,378 | €87,661 | +€26,283 | +42.8% |
| Other amounts receivable | 41 | €6,333 | €16,629 | +€10,296 | +163% |
| Cash at bank and in hand | 54/58 | €55,134 | €49,654 | -€5,480 | -9.9% |
| Total equity and liabilities | 10/49 | €188,529 | €309,444 | +€120,915 | +64.1% |
| Equity | 10/15 | €93,886 | €112,389 | +€18,503 | +19.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €83,886 | €102,389 | +€18,503 | +22.1% |
| Distributable reserves | 133 | €83,886 | €102,389 | +€18,503 | +22.1% |
| Amounts payable | 17/49 | €94,644 | €197,055 | +€102,411 | +108% |
| Amounts payable after more than one year | 17 | €2,217 | €69,217 | +€67,000 | +3,022% |
| Financial debts | 170/4 | €2,217 | €69,217 | +€67,000 | +3,022% |
| Amounts payable within one year | 42/48 | €92,426 | €127,838 | +€35,412 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €5,117 | €13,109 | +€7,992 | +156% |
| Trade debts | 44 | €15,006 | €21,061 | +€6,055 | +40.3% |
| Suppliers | 440/4 | €15,006 | €21,061 | +€6,055 | +40.3% |
| Taxes, remuneration and social security | 45 | €10,542 | €29,867 | +€19,325 | +183% |
| Taxes | 450/3 | €10,542 | €29,867 | +€19,325 | +183% |
| Other amounts payable | 47/48 | €61,761 | €63,801 | +€2,040 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,797 | €18,576 | +€10,779 | +138% |
| Other operating charges | 640/8 | €912 | €585 | -€327 | -35.8% |
| Gross operating margin | 9900 | €31,623 | €45,330 | +€13,707 | +43.3% |
| Operating profit (loss) | 9901 | €22,913 | €26,169 | +€3,255 | +14.2% |
| Financial income | 75/76B | €278 | €1,423 | +€1,145 | +411% |
| Recurring financial income | 75 | €278 | €1,423 | +€1,145 | +411% |
| Financial charges | 65/66B | €1,569 | €4,510 | +€2,941 | +187% |
| Recurring financial charges | 65 | €1,569 | €4,510 | +€2,941 | +187% |
| Profit (loss) for the period before taxes | 9903 | €21,623 | €23,082 | +€1,460 | +6.7% |
| Income taxes | 67/77 | €2,019 | €4,579 | +€2,560 | +127% |
| Profit (loss) for the period | 9904 | €19,604 | €18,503 | -€1,101 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,604 | €18,503 | -€1,101 | -5.6% |
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 15 October 2026 via checked.be.