BVD Invest: 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 Invest
Largest movements
- Tangible fixed assets -€755,143
down €755,143 (-38.0%), from €2.0m to €1.2m
- Current investments +€200,000
new in 2025: €200,000
- Cash -€87,008
down €87,008 (-92.9%), from €93,639 to €6,631
mainly Short-term financial debts (-€1.0m) and Current investments (-€200,000)
- Short-term financial debts -€1.0m
down €1.0m (-99.5%), from €1.0m to €5,104
- Reserves +€277,505
up €277,505 (+49.4%), from €562,047 to €839,552
of which Tax-exempt reserves: +€232,462
- Provisions +€77,487
up €77,487 (+158%), from €49,028 to €126,515
- Financial income -€477,593
down €477,593 (-96.3%), from €495,944 to €18,351
- Gross operating margin +€350,240
up €350,240 (+731%), from €47,944 to €398,184
- Depreciation -€61,618
down €61,618 (-100%), from €61,618 to €0
- Financial charges -€37,963
down €37,963 (-40.6%), from €93,479 to €55,516
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 | €2,137,789 | €1,468,676 | -€669,113 | -31.3% |
| Fixed assets | 21/28 | €1,988,372 | €1,233,229 | -€755,143 | -38.0% |
| Tangible fixed assets | 22/27 | €1,988,372 | €1,233,229 | -€755,143 | -38.0% |
| Land and buildings | 22 | €1,988,372 | €1,233,229 | -€755,143 | -38.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €149,418 | €235,447 | +€86,030 | +57.6% |
| Stocks and contracts in progress | 3 | €11,501 | €0 | -€11,501 | -100% |
| Stocks | 30/36 | €11,501 | €0 | -€11,501 | -100% |
| Amounts receivable within one year | 40/41 | €44,278 | €28,816 | -€15,462 | -34.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €44,278 | €28,816 | -€15,462 | -34.9% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €93,639 | €6,631 | -€87,008 | -92.9% |
| Total equity and liabilities | 10/49 | €2,137,789 | €1,468,676 | -€669,113 | -31.3% |
| Equity | 10/15 | €655,286 | €932,791 | +€277,505 | +42.3% |
| Contributions | 10/11 | €93,239 | €93,239 | = | 0.0% |
| Capital | 10 | €93,239 | €93,239 | = | 0.0% |
| Issued capital | 100 | €93,239 | €93,239 | = | 0.0% |
| Reserves | 13 | €562,047 | €839,552 | +€277,505 | +49.4% |
| Non-distributable reserves | 130/1 | €10,953 | €10,953 | = | 0.0% |
| Legal reserve | 130 | €10,953 | €10,953 | = | 0.0% |
| Tax-exempt reserves | 132 | €147,084 | €379,546 | +€232,462 | +158% |
| Distributable reserves | 133 | €404,011 | €449,054 | +€45,043 | +11.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €49,028 | €126,515 | +€77,487 | +158% |
| Deferred taxes | 168 | €49,028 | €126,515 | +€77,487 | +158% |
| Amounts payable | 17/49 | €1,433,475 | €409,370 | -€1.0m | -71.4% |
| Amounts payable within one year | 42/48 | €1,433,025 | €409,370 | -€1.0m | -71.4% |
| Current portion of amounts payable after more than one year | 42 | €405,794 | €395,608 | -€10,186 | -2.5% |
| Financial debts | 43 | €1,005,129 | €5,104 | -€1.0m | -99.5% |
| Credit institutions | 430/8 | €1,005,129 | €5,104 | -€1.0m | -99.5% |
| Trade debts | 44 | €14,750 | €1,359 | -€13,390 | -90.8% |
| Suppliers | 440/4 | €14,750 | €1,359 | -€13,390 | -90.8% |
| Taxes, remuneration and social security | 45 | €5,116 | €5,675 | +€559 | +10.9% |
| Taxes | 450/3 | €5,116 | €5,675 | +€559 | +10.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,237 | €1,624 | -€613 | -27.4% |
| Accrued charges and deferred income | 492/3 | €450 | €0 | -€450 | -100% |
| Non-recurring operating income | 76A | €0 | €453,503 | +€453,503 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,618 | €0 | -€61,618 | -100% |
| Other operating charges | 640/8 | €7,504 | €3,688 | -€3,816 | -50.9% |
| Gross operating margin | 9900 | €47,944 | €398,184 | +€350,240 | +731% |
| Operating profit (loss) | 9901 | -€21,177 | €394,496 | +€415,673 | |
| Financial income | 75/76B | €495,944 | €18,351 | -€477,593 | -96.3% |
| Recurring financial income | 75 | €495,944 | €18,351 | -€477,593 | -96.3% |
| Financial charges | 65/66B | €93,479 | €55,516 | -€37,963 | -40.6% |
| Recurring financial charges | 65 | €93,479 | €55,516 | -€37,963 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €381,288 | €357,331 | -€23,957 | -6.3% |
| Transfer to deferred taxes | 680 | €0 | €77,487 | +€77,487 | |
| Income taxes | 67/77 | €474 | €2,339 | +€1,865 | +393% |
| Profit (loss) for the period | 9904 | €380,814 | €277,505 | -€103,308 | -27.1% |
| Transfer to tax-exempt reserves | 689 | €0 | €232,462 | +€232,462 | |
| Profit (loss) for the period to be appropriated | 9905 | €380,814 | €45,043 | -€335,770 | -88.2% |
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 30 October 2026 via checked.be.