BVD Projects: what changed
Two fiscal 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 Projects
Largest movements
- Financial fixed assets +€22,746
up €22,746 (+2773.9%), from €820 to €23,566
- Receivables within one year +€6,661
up €6,661 (+35.3%), from €18,854 to €25,515
- Tangible fixed assets +€6,264
up €6,264 (+427.1%), from €1,466 to €7,730
of which Furniture and vehicles: +€5,976
- Cash +€2,182
up €2,182 (+30.1%), from €7,238 to €9,421
mainly Net result for the year (+€25,254) and Tax, wage and social debts (+€12,555)
- Profit (loss) carried forward +€25,254
up €25,254 (+153.8%), from €16,421 to €41,675
- Tax, wage and social debts +€12,555
up €12,555 (+132.9%), from €9,449 to €22,004
- Gross operating margin +€13,780
up €13,780 (+63.9%), from €21,561 to €35,341
- Taxes +€2,727
up €2,727 (+55.3%), from €4,934 to €7,661
- Depreciation +€2,022
up €2,022 (+9925.4%), from €20 to €2,042
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 | €28,379 | €66,232 | +€37,853 | +133.4% |
| Fixed assets | 21/28 | €2,286 | €31,296 | +€29,010 | +1268.8% |
| Tangible fixed assets | 22/27 | €1,466 | €7,730 | +€6,264 | +427.1% |
| Plant, machinery and equipment | 23 | €1,466 | €1,754 | +€287 | +19.6% |
| Furniture and vehicles | 24 | - | €5,976 | +€5,976 | |
| Financial fixed assets | 28 | €820 | €23,566 | +€22,746 | +2773.9% |
| Current assets | 29/58 | €26,093 | €34,936 | +€8,843 | +33.9% |
| Amounts receivable within one year | 40/41 | €18,854 | €25,515 | +€6,661 | +35.3% |
| Trade receivables | 40 | €18,854 | €25,515 | +€6,661 | +35.3% |
| Cash at bank and in hand | 54/58 | €7,238 | €9,421 | +€2,182 | +30.1% |
| Total equity and liabilities | 10/49 | €28,379 | €66,232 | +€37,853 | +133.4% |
| Equity | 10/15 | €18,421 | €43,675 | +€25,254 | +137.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,421 | €41,675 | +€25,254 | +153.8% |
| Amounts payable | 17/49 | €9,958 | €22,557 | +€12,599 | +126.5% |
| Amounts payable within one year | 42/48 | €9,958 | €22,557 | +€12,599 | +126.5% |
| Trade debts | 44 | €433 | €554 | +€121 | +27.9% |
| Suppliers | 440/4 | €433 | €554 | +€121 | +27.9% |
| Taxes, remuneration and social security | 45 | €9,449 | €22,004 | +€12,555 | +132.9% |
| Taxes | 450/3 | €9,449 | €22,004 | +€12,555 | +132.9% |
| Other amounts payable | 47/48 | €76 | €0 | -€76 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20 | €2,042 | +€2,022 | +9925.4% |
| Other operating charges | 640/8 | €183 | €237 | +€54 | +29.5% |
| Gross operating margin | 9900 | €21,561 | €35,341 | +€13,780 | +63.9% |
| Operating profit (loss) | 9901 | €21,358 | €33,061 | +€11,704 | +54.8% |
| Financial charges | 65/66B | €3 | €146 | +€144 | +5727.1% |
| Recurring financial charges | 65 | €3 | €146 | +€144 | +5727.1% |
| Profit (loss) for the period before taxes | 9903 | €21,355 | €32,915 | +€11,560 | +54.1% |
| Income taxes | 67/77 | €4,934 | €7,661 | +€2,727 | +55.3% |
| Profit (loss) for the period | 9904 | €16,421 | €25,254 | +€8,833 | +53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,421 | €25,254 | +€8,833 | +53.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.