BVDC: 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.
BVDC
Largest movements
- Tangible fixed assets +€73,228
up €73,228 (+4.5%), from €1.6m to €1.7m
of which Land and buildings: +€88,535
- Cash -€55,061
down €55,061 (-63.6%), from €86,590 to €31,529
mainly Investment in fixed assets (net) (-€160,337) and Debts after one year (-€33,444)
- Receivables within one year +€29,611
up €29,611 (+183%), from €16,194 to €45,805
of which Trade receivables: +€31,992
- Other debts +€74,481
up €74,481 (+15.4%), from €482,130 to €556,611
- Reserves +€40,061
up €40,061 (+4.2%), from €942,812 to €982,873
- Debts after one year -€33,444
down €33,444 (-24.6%), from €136,111 to €102,667
- Gross operating margin -€19,220
down €19,220 (-9.1%), from €210,678 to €191,458
- Depreciation +€18,118
up €18,118 (+26.3%), from €68,991 to €87,109
- Financial charges -€8,984
down €8,984 (-17.9%), from €50,309 to €41,325
- Taxes -€8,062
down €8,062 (-29.7%), from €27,178 to €19,115
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 | €1,717,999 | €1,765,381 | +€47,382 | +2.8% |
| Fixed assets | 21/28 | €1,609,999 | €1,683,227 | +€73,228 | +4.5% |
| Tangible fixed assets | 22/27 | €1,609,999 | €1,683,227 | +€73,228 | +4.5% |
| Land and buildings | 22 | €1,594,692 | €1,683,227 | +€88,535 | +5.6% |
| Furniture and vehicles | 24 | €15,307 | €0 | -€15,307 | -100% |
| Current assets | 29/58 | €108,000 | €82,155 | -€25,846 | -23.9% |
| Amounts receivable within one year | 40/41 | €16,194 | €45,805 | +€29,611 | +183% |
| Trade receivables | 40 | - | €31,992 | +€31,992 | |
| Other amounts receivable | 41 | €16,194 | €13,814 | -€2,380 | -14.7% |
| Cash at bank and in hand | 54/58 | €86,590 | €31,529 | -€55,061 | -63.6% |
| Deferred charges and accrued income | 490/1 | €5,216 | €4,820 | -€396 | -7.6% |
| Total equity and liabilities | 10/49 | €1,717,999 | €1,765,381 | +€47,382 | +2.8% |
| Equity | 10/15 | €961,412 | €1,001,473 | +€40,061 | +4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €942,812 | €982,873 | +€40,061 | +4.2% |
| Distributable reserves | 133 | €942,812 | €982,873 | +€40,061 | +4.2% |
| Amounts payable | 17/49 | €756,587 | €763,908 | +€7,321 | +1.0% |
| Amounts payable after more than one year | 17 | €136,111 | €102,667 | -€33,444 | -24.6% |
| Financial debts | 170/4 | €136,111 | €102,667 | -€33,444 | -24.6% |
| Amounts payable within one year | 42/48 | €620,476 | €661,223 | +€40,747 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €49,000 | €33,444 | -€15,556 | -31.7% |
| Trade debts | 44 | €12,778 | €1,272 | -€11,507 | -90.0% |
| Suppliers | 440/4 | €12,778 | €1,272 | -€11,507 | -90.0% |
| Taxes, remuneration and social security | 45 | €76,567 | €69,896 | -€6,671 | -8.7% |
| Taxes | 450/3 | €73,620 | €69,896 | -€3,724 | -5.1% |
| Remuneration and social security | 454/9 | €2,947 | €0 | -€2,947 | -100% |
| Other amounts payable | 47/48 | €482,130 | €556,611 | +€74,481 | +15.4% |
| Accrued charges and deferred income | 492/3 | - | €18 | +€18 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,991 | €87,109 | +€18,118 | +26.3% |
| Other operating charges | 640/8 | €5,711 | €3,850 | -€1,861 | -32.6% |
| Gross operating margin | 9900 | €210,678 | €191,458 | -€19,220 | -9.1% |
| Operating profit (loss) | 9901 | €135,976 | €100,499 | -€35,477 | -26.1% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €50,309 | €41,325 | -€8,984 | -17.9% |
| Recurring financial charges | 65 | €50,309 | €41,325 | -€8,984 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €85,667 | €59,177 | -€26,490 | -30.9% |
| Income taxes | 67/77 | €27,178 | €19,115 | -€8,062 | -29.7% |
| Profit (loss) for the period | 9904 | €58,489 | €40,061 | -€18,428 | -31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,489 | €40,061 | -€18,428 | -31.5% |
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 25 October 2026 via checked.be.