BVDH: 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.
BVDH
Largest movements
- Receivables within one year -€31,160
down €31,160 (-78.6%), from €39,622 to €8,462
of which Trade receivables: -€32,828
- Financial fixed assets +€15,000
new in 2025: €15,000
- Cash -€13,212
down €13,212 (-36.0%), from €36,733 to €23,521
mainly Investment in fixed assets (net) (-€55,423) and Trade debts (-€35,292)
- Tangible fixed assets -€6,322
down €6,322 (-1.9%), from €329,009 to €322,688
of which Plant, machinery and equipment: -€9,343
- Trade debts -€35,292
down €35,292 (-76.9%), from €45,906 to €10,614
- Reserves +€7,998
up €7,998 (+10.1%), from €79,545 to €87,543
- Debts after one year -€6,256
down €6,256 (-2.7%), from €230,607 to €224,351
- Staff costs +€7,437
up €7,437 (+9.7%), from €76,521 to €83,958
- Financial charges +€7,107
up €7,107 (+118%), from €6,032 to €13,140
- Gross operating margin +€2,689
up €2,689 (+1.8%), from €152,951 to €155,640
- Depreciation -€2,093
down €2,093 (-4.3%), from €48,838 to €46,745
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 | €420,192 | €386,117 | -€34,075 | -8.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €329,009 | €337,688 | +€8,678 | +2.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €329,009 | €322,688 | -€6,322 | -1.9% |
| Land and buildings | 22 | €293,128 | €286,067 | -€7,062 | -2.4% |
| Plant, machinery and equipment | 23 | €31,596 | €22,253 | -€9,343 | -29.6% |
| Furniture and vehicles | 24 | €4,285 | €14,368 | +€10,083 | +235% |
| Financial fixed assets | 28 | - | €15,000 | +€15,000 | |
| Current assets | 29/58 | €91,183 | €48,430 | -€42,753 | -46.9% |
| Stocks and contracts in progress | 3 | €12,110 | €11,973 | -€137 | -1.1% |
| Stocks | 30/36 | €12,110 | €11,973 | -€137 | -1.1% |
| Amounts receivable within one year | 40/41 | €39,622 | €8,462 | -€31,160 | -78.6% |
| Trade receivables | 40 | €33,047 | €220 | -€32,828 | -99.3% |
| Other amounts receivable | 41 | €6,575 | €8,243 | +€1,668 | +25.4% |
| Cash at bank and in hand | 54/58 | €36,733 | €23,521 | -€13,212 | -36.0% |
| Deferred charges and accrued income | 490/1 | €2,717 | €4,473 | +€1,756 | +64.6% |
| Total equity and liabilities | 10/49 | €420,192 | €386,117 | -€34,075 | -8.1% |
| Equity | 10/15 | €99,545 | €107,543 | +€7,998 | +8.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €79,545 | €87,543 | +€7,998 | +10.1% |
| Distributable reserves | 133 | €79,545 | €87,543 | +€7,998 | +10.1% |
| Amounts payable | 17/49 | €320,647 | €278,574 | -€42,073 | -13.1% |
| Amounts payable after more than one year | 17 | €230,607 | €224,351 | -€6,256 | -2.7% |
| Financial debts | 170/4 | €230,607 | €224,351 | -€6,256 | -2.7% |
| Amounts payable within one year | 42/48 | €88,905 | €53,729 | -€35,176 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €30,273 | €26,322 | -€3,951 | -13.1% |
| Trade debts | 44 | €45,906 | €10,614 | -€35,292 | -76.9% |
| Suppliers | 440/4 | €45,906 | €10,614 | -€35,292 | -76.9% |
| Taxes, remuneration and social security | 45 | €11,161 | €12,474 | +€1,313 | +11.8% |
| Taxes | 450/3 | €1,732 | €1,800 | +€68 | +3.9% |
| Remuneration and social security | 454/9 | €9,429 | €10,674 | +€1,245 | +13.2% |
| Other amounts payable | 47/48 | €1,565 | €4,320 | +€2,755 | +176% |
| Accrued charges and deferred income | 492/3 | €1,135 | €494 | -€641 | -56.5% |
| Remuneration, social security and pensions | 62 | €76,521 | €83,958 | +€7,437 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,838 | €46,745 | -€2,093 | -4.3% |
| Other operating charges | 640/8 | €1,635 | €1,622 | -€13 | -0.8% |
| Gross operating margin | 9900 | €152,951 | €155,640 | +€2,689 | +1.8% |
| Operating profit (loss) | 9901 | €25,957 | €23,316 | -€2,641 | -10.2% |
| Financial income | 75/76B | €780 | €121 | -€659 | -84.5% |
| Recurring financial income | 75 | €780 | €121 | -€659 | -84.5% |
| Financial charges | 65/66B | €6,032 | €13,140 | +€7,107 | +118% |
| Recurring financial charges | 65 | €6,032 | €13,140 | +€7,107 | +118% |
| Profit (loss) for the period before taxes | 9903 | €20,705 | €10,297 | -€10,408 | -50.3% |
| Income taxes | 67/77 | €2,013 | €2,299 | +€286 | +14.2% |
| Profit (loss) for the period | 9904 | €18,692 | €7,998 | -€10,694 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,692 | €7,998 | -€10,694 | -57.2% |
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 18 October 2026 via checked.be.