BVD-con: 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.
BVD-con
Largest movements
- Tangible fixed assets +€504,956
up €504,956 (+788.2%), from €64,068 to €569,024
of which Land and buildings: +€490,048
- Cash -€115,138
down €115,138 (-65.0%), from €177,039 to €61,901
mainly Investment in fixed assets (net) (-€582,384) and Contributions, distributions and other (-€147,591)
- Receivables after one year -€100,000
no longer reported in 2025 (was €100,000)
- Debts after one year +€359,464
new in 2025: €359,464
- Reserves -€85,645
down €85,645 (-19.6%), from €437,794 to €352,149
of which Non-distributable reserves: -€85,645
- Current portion of long-term debt +€35,906
new in 2025: €35,906
- Other debts -€28,924
no longer reported in 2025 (was €28,924)
- Short-term financial debts +€12,083
new in 2025: €12,083
- Depreciation +€72,693
up €72,693 (+1535.5%), from €4,734 to €77,428
- Gross operating margin +€37,183
up €37,183 (+27.0%), from €137,782 to €174,965
- Taxes -€12,237
down €12,237 (-33.4%), from €36,588 to €24,351
- Financial charges +€6,894
up €6,894 (+689.4%), from €1,000 to €7,894
- Financial income +€2,080
up €2,080 (+25.4%), from €8,181 to €10,261
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 | €483,545 | €783,865 | +€300,320 | +62.1% |
| Fixed assets | 21/28 | €64,068 | €569,024 | +€504,956 | +788.2% |
| Tangible fixed assets | 22/27 | €64,068 | €569,024 | +€504,956 | +788.2% |
| Land and buildings | 22 | - | €490,048 | +€490,048 | |
| Plant, machinery and equipment | 23 | €764 | €18,646 | +€17,883 | +2341.9% |
| Furniture and vehicles | 24 | €63,304 | €60,330 | -€2,974 | -4.7% |
| Current assets | 29/58 | €419,477 | €214,841 | -€204,636 | -48.8% |
| Amounts receivable after more than one year | 29 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 291 | €100,000 | - | -€100,000 | |
| Amounts receivable within one year | 40/41 | €132,709 | €140,541 | +€7,833 | +5.9% |
| Trade receivables | 40 | €22,218 | €38,057 | +€15,839 | +71.3% |
| Other amounts receivable | 41 | €110,490 | €102,484 | -€8,006 | -7.2% |
| Cash at bank and in hand | 54/58 | €177,039 | €61,901 | -€115,138 | -65.0% |
| Deferred charges and accrued income | 490/1 | €9,730 | €12,399 | +€2,670 | +27.4% |
| Total equity and liabilities | 10/49 | €483,545 | €783,865 | +€300,320 | +62.1% |
| Equity | 10/15 | €443,994 | €358,349 | -€85,645 | -19.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €437,794 | €352,149 | -€85,645 | -19.6% |
| Non-distributable reserves | 130/1 | €415,024 | €329,379 | -€85,645 | -20.6% |
| Other | 1319 | €415,024 | €329,379 | -€85,645 | -20.6% |
| Distributable reserves | 133 | €22,770 | €22,770 | = | 0.0% |
| Amounts payable | 17/49 | €39,552 | €425,516 | +€385,965 | +975.9% |
| Amounts payable after more than one year | 17 | - | €359,464 | +€359,464 | |
| Financial debts | 170/4 | - | €359,464 | +€359,464 | |
| Amounts payable within one year | 42/48 | €39,135 | €65,963 | +€26,829 | +68.6% |
| Current portion of amounts payable after more than one year | 42 | - | €35,906 | +€35,906 | |
| Financial debts | 43 | - | €12,083 | +€12,083 | |
| Credit institutions | 430/8 | - | €12,083 | +€12,083 | |
| Trade debts | 44 | €2,011 | €9,106 | +€7,095 | +352.8% |
| Suppliers | 440/4 | €2,011 | €9,106 | +€7,095 | +352.8% |
| Taxes, remuneration and social security | 45 | €8,199 | €8,869 | +€669 | +8.2% |
| Taxes | 450/3 | €8,199 | €8,869 | +€669 | +8.2% |
| Other amounts payable | 47/48 | €28,924 | - | -€28,924 | |
| Accrued charges and deferred income | 492/3 | €417 | €89 | -€328 | -78.7% |
| Non-recurring operating income | 76A | - | €3,011 | +€3,011 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,734 | €77,428 | +€72,693 | +1535.5% |
| Other operating charges | 640/8 | €987 | €610 | -€376 | -38.2% |
| Non-recurring operating charges | 66A | €15,366 | €12,997 | -€2,370 | -15.4% |
| Gross operating margin | 9900 | €137,782 | €174,965 | +€37,183 | +27.0% |
| Operating profit (loss) | 9901 | €116,695 | €83,930 | -€32,765 | -28.1% |
| Financial income | 75/76B | €8,181 | €10,261 | +€2,080 | +25.4% |
| Recurring financial income | 75 | €8,181 | €10,261 | +€2,080 | +25.4% |
| Financial charges | 65/66B | €1,000 | €7,894 | +€6,894 | +689.4% |
| Recurring financial charges | 65 | €1,000 | €7,894 | +€6,894 | +689.4% |
| Profit (loss) for the period before taxes | 9903 | €123,876 | €86,298 | -€37,579 | -30.3% |
| Income taxes | 67/77 | €36,588 | €24,351 | -€12,237 | -33.4% |
| Profit (loss) for the period | 9904 | €87,288 | €61,947 | -€25,341 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €87,288 | €61,947 | -€25,341 | -29.0% |
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 11 October 2026 via checked.be.