BVC BELGIUM: 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.
BVC BELGIUM
Largest movements
- Stocks and contracts -€48,788
down €48,788 (-36.8%), from €132,635 to €83,847
- Deferred charges and accrued income +€11,293
up €11,293 (+1,110%), from €1,017 to €12,311
- Receivables within one year -€5,809
down €5,809 (-37.2%), from €15,635 to €9,827
- Tangible fixed assets -€5,400
down €5,400 (-70.4%), from €7,665 to €2,265
- Cash +€2,275
up €2,275 (+23.0%), from €9,897 to €12,171
mainly Stocks and contracts (+€48,788) and Receivables within one year (+€5,809)
- Other debts -€31,163
no longer reported in 2025 (was €31,163)
- Reserves -€14,641
down €14,641 (-13.9%), from €105,633 to €90,992
- Gross operating margin -€17,317
down €17,317, from €9,207 to -€8,110
- Depreciation +€2,265
up €2,265 (+72.3%), from €3,135 to €5,400
- Financial income -€1,858
down €1,858 (-58.8%), from €3,161 to €1,303
- Write-downs -€1,575
no longer reported in 2025 (was €1,575)
- Financial charges -€348
down €348 (-28.9%), from €1,202 to €855
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 | €166,850 | €120,421 | -€46,428 | -27.8% |
| Fixed assets | 21/28 | €7,665 | €2,265 | -€5,400 | -70.4% |
| Tangible fixed assets | 22/27 | €7,665 | €2,265 | -€5,400 | -70.4% |
| Furniture and vehicles | 24 | €7,665 | €2,265 | -€5,400 | -70.4% |
| Current assets | 29/58 | €159,184 | €118,156 | -€41,028 | -25.8% |
| Stocks and contracts in progress | 3 | €132,635 | €83,847 | -€48,788 | -36.8% |
| Stocks | 30/36 | €132,635 | €83,847 | -€48,788 | -36.8% |
| Amounts receivable within one year | 40/41 | €15,635 | €9,827 | -€5,809 | -37.2% |
| Trade receivables | 40 | €15,635 | €9,827 | -€5,809 | -37.2% |
| Cash at bank and in hand | 54/58 | €9,897 | €12,171 | +€2,275 | +23.0% |
| Deferred charges and accrued income | 490/1 | €1,017 | €12,311 | +€11,293 | +1,110% |
| Total equity and liabilities | 10/49 | €166,850 | €120,421 | -€46,428 | -27.8% |
| Equity | 10/15 | €124,233 | €109,592 | -€14,641 | -11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,633 | €90,992 | -€14,641 | -13.9% |
| Distributable reserves | 133 | €105,633 | €90,992 | -€14,641 | -13.9% |
| Amounts payable | 17/49 | €42,617 | €10,829 | -€31,788 | -74.6% |
| Amounts payable within one year | 42/48 | €42,584 | €10,659 | -€31,926 | -75.0% |
| Trade debts | 44 | €9,551 | €9,603 | +€52 | +0.5% |
| Suppliers | 440/4 | €9,551 | €9,603 | +€52 | +0.5% |
| Taxes, remuneration and social security | 45 | €1,871 | €1,056 | -€815 | -43.6% |
| Taxes | 450/3 | €1,871 | €1,056 | -€815 | -43.6% |
| Other amounts payable | 47/48 | €31,163 | - | -€31,163 | |
| Accrued charges and deferred income | 492/3 | €32 | €170 | +€138 | +428% |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,135 | €5,400 | +€2,265 | +72.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,575 | - | -€1,575 | |
| Other operating charges | 640/8 | €1,579 | €1,579 | +€1 | 0.0% |
| Gross operating margin | 9900 | €9,207 | -€8,110 | -€17,317 | |
| Operating profit (loss) | 9901 | €2,918 | -€15,089 | -€18,008 | |
| Financial income | 75/76B | €3,161 | €1,303 | -€1,858 | -58.8% |
| Recurring financial income | 75 | €3,161 | €1,303 | -€1,858 | -58.8% |
| Financial charges | 65/66B | €1,202 | €855 | -€348 | -28.9% |
| Recurring financial charges | 65 | €1,202 | €855 | -€348 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €4,877 | -€14,641 | -€19,518 | |
| Income taxes | 67/77 | €15 | - | -€15 | |
| Profit (loss) for the period | 9904 | €4,862 | -€14,641 | -€19,503 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,862 | -€14,641 | -€19,503 |
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 31 October 2026 via checked.be.