BVAR: 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.
BVAR
Largest movements
- Cash +€20,292
up €20,292 (+18.1%), from €112,071 to €132,364
mainly Net result for the year (+€63,062) and Depreciation (+€10,111)
- Tangible fixed assets +€5,435
up €5,435 (+59.0%), from €9,211 to €14,647
of which Furniture and vehicles: +€12,585
- Receivables within one year +€2,416
up €2,416 (+10.5%), from €22,932 to €25,348
of which Other amounts receivable: +€2,453
- Reserves +€63,062
up €63,062 (+67.3%), from €93,697 to €156,759
- Other debts -€32,539
down €32,539 (-82.0%), from €39,668 to €7,129
- Tax, wage and social debts -€3,859
down €3,859 (-31.0%), from €12,443 to €8,585
of which Taxes: -€1,946
- Short-term financial debts +€1,963
new in 2025: €1,963
- Gross operating margin -€11,905
down €11,905 (-11.4%), from €104,743 to €92,839
- Taxes -€3,207
down €3,207 (-15.7%), from €20,412 to €17,206
- Depreciation +€2,889
up €2,889 (+40.0%), from €7,222 to €10,111
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 | €149,183 | €177,034 | +€27,851 | +18.7% |
| Fixed assets | 21/28 | €13,298 | €18,233 | +€4,935 | +37.1% |
| Intangible fixed assets | 21 | €4,086 | €3,586 | -€500 | -12.2% |
| Tangible fixed assets | 22/27 | €9,211 | €14,647 | +€5,435 | +59.0% |
| Plant, machinery and equipment | 23 | €9,211 | €2,062 | -€7,150 | -77.6% |
| Furniture and vehicles | 24 | - | €12,585 | +€12,585 | |
| Current assets | 29/58 | €135,885 | €158,800 | +€22,916 | +16.9% |
| Amounts receivable within one year | 40/41 | €22,932 | €25,348 | +€2,416 | +10.5% |
| Trade receivables | 40 | €22,591 | €22,554 | -€37 | -0.2% |
| Other amounts receivable | 41 | €341 | €2,794 | +€2,453 | +719% |
| Cash at bank and in hand | 54/58 | €112,071 | €132,364 | +€20,292 | +18.1% |
| Deferred charges and accrued income | 490/1 | €881 | €1,089 | +€207 | +23.5% |
| Total equity and liabilities | 10/49 | €149,183 | €177,034 | +€27,851 | +18.7% |
| Equity | 10/15 | €95,697 | €158,759 | +€63,062 | +65.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €93,697 | €156,759 | +€63,062 | +67.3% |
| Distributable reserves | 133 | €93,697 | €156,759 | +€63,062 | +67.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €53,486 | €18,275 | -€35,211 | -65.8% |
| Amounts payable within one year | 42/48 | €53,486 | €18,275 | -€35,211 | -65.8% |
| Financial debts | 43 | - | €1,963 | +€1,963 | |
| Credit institutions | 430/8 | - | €1,963 | +€1,963 | |
| Trade debts | 44 | €1,375 | €598 | -€776 | -56.5% |
| Suppliers | 440/4 | €1,375 | €598 | -€776 | -56.5% |
| Taxes, remuneration and social security | 45 | €12,443 | €8,585 | -€3,859 | -31.0% |
| Taxes | 450/3 | €10,531 | €8,585 | -€1,946 | -18.5% |
| Remuneration and social security | 454/9 | €1,913 | €0 | -€1,913 | -100% |
| Other amounts payable | 47/48 | €39,668 | €7,129 | -€32,539 | -82.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,222 | €10,111 | +€2,889 | +40.0% |
| Other operating charges | 640/8 | €2,276 | €2,031 | -€244 | -10.7% |
| Gross operating margin | 9900 | €104,743 | €92,839 | -€11,905 | -11.4% |
| Operating profit (loss) | 9901 | €95,246 | €80,696 | -€14,550 | -15.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €677 | €428 | -€249 | -36.7% |
| Recurring financial charges | 65 | €677 | €428 | -€249 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €94,568 | €80,268 | -€14,301 | -15.1% |
| Income taxes | 67/77 | €20,412 | €17,206 | -€3,207 | -15.7% |
| Profit (loss) for the period | 9904 | €74,156 | €63,062 | -€11,094 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,156 | €63,062 | -€11,094 | -15.0% |
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 14 October 2026 via checked.be.