BVDK Management: 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.
BVDK Management
Largest movements
- Tangible fixed assets +€2.4m
up €2.4m (+43.2%), from €5.5m to €7.8m
of which Land and buildings: +€2.3m
- Financial fixed assets +€2.0m
up €2.0m (+22.9%), from €8.9m to €11.0m
- Receivables within one year -€919,664
down €919,664 (-72.2%), from €1.3m to €353,456
of which Other amounts receivable: -€946,993
- Current investments +€900,000
up €900,000 (+163.6%), from €550,000 to €1.5m
- Debts after one year +€3.9m
up €3.9m (+81.1%), from €4.9m to €8.8m
of which Other amounts payable: +€3.7m
- Short-term financial debts +€650,000
new in 2025: €650,000
- Other debts -€350,438
down €350,438 (-94.6%), from €370,617 to €20,179
- Financial income -€4.3m
down €4.3m (-98.8%), from €4.4m to €52,657
of which Non-recurring financial income: -€4.3m
- Gross operating margin +€279,854
up €279,854 (+67.4%), from €415,324 to €695,179
- Financial charges +€196,418
up €196,418 (+144.0%), from €136,443 to €332,862
of which Non-recurring financial charges: +€105,953
- Depreciation +€52,046
up €52,046 (+18.7%), from €278,180 to €330,226
- Other operating charges -€15,432
down €15,432 (-25.1%), from €61,437 to €46,005
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 | €17,464,536 | €21,836,794 | +€4.4m | +25.0% |
| Fixed assets | 21/28 | €14,373,579 | €18,773,249 | +€4.4m | +30.6% |
| Tangible fixed assets | 22/27 | €5,455,364 | €7,809,794 | +€2.4m | +43.2% |
| Land and buildings | 22 | €5,151,541 | €7,494,746 | +€2.3m | +45.5% |
| Plant, machinery and equipment | 23 | €15,273 | €15,337 | +€64 | +0.4% |
| Furniture and vehicles | 24 | €280,617 | €293,359 | +€12,742 | +4.5% |
| Other tangible fixed assets | 26 | €7,933 | €6,352 | -€1,581 | -19.9% |
| Financial fixed assets | 28 | €8,918,214 | €10,963,455 | +€2.0m | +22.9% |
| Current assets | 29/58 | €3,090,957 | €3,063,545 | -€27,412 | -0.9% |
| Amounts receivable after more than one year | 29 | €820,608 | €1,000,000 | +€179,392 | +21.9% |
| Other amounts receivable | 291 | €820,608 | €1,000,000 | +€179,392 | +21.9% |
| Amounts receivable within one year | 40/41 | €1,273,121 | €353,456 | -€919,664 | -72.2% |
| Trade receivables | 40 | €31,666 | €58,994 | +€27,328 | +86.3% |
| Other amounts receivable | 41 | €1,241,455 | €294,462 | -€946,993 | -76.3% |
| Current investments | 50/53 | €550,000 | €1,450,000 | +€900,000 | +163.6% |
| Cash at bank and in hand | 54/58 | €399,979 | €211,212 | -€188,767 | -47.2% |
| Deferred charges and accrued income | 490/1 | €47,249 | €48,877 | +€1,628 | +3.4% |
| Total equity and liabilities | 10/49 | €17,464,536 | €21,836,794 | +€4.4m | +25.0% |
| Equity | 10/15 | €11,617,475 | €11,617,553 | +€78 | 0.0% |
| Contributions | 10/11 | €3,207,000 | €3,207,000 | = | 0.0% |
| Reserves | 13 | €8,410,475 | €8,410,553 | +€78 | 0.0% |
| Tax-exempt reserves | 132 | €186,809 | €186,809 | = | 0.0% |
| Distributable reserves | 133 | €8,223,666 | €8,223,744 | +€78 | 0.0% |
| Amounts payable | 17/49 | €5,847,061 | €10,219,241 | +€4.4m | +74.8% |
| Amounts payable after more than one year | 17 | €4,859,021 | €8,797,563 | +€3.9m | +81.1% |
| Financial debts | 170/4 | €4,108,021 | €4,327,563 | +€219,542 | +5.3% |
| Other amounts payable | 178/9 | €751,000 | €4,470,000 | +€3.7m | +495.2% |
| Amounts payable within one year | 42/48 | €986,975 | €1,410,520 | +€423,544 | +42.9% |
| Current portion of amounts payable after more than one year | 42 | €552,741 | €682,756 | +€130,015 | +23.5% |
| Financial debts | 43 | - | €650,000 | +€650,000 | |
| Credit institutions | 430/8 | - | €650,000 | +€650,000 | |
| Trade debts | 44 | €19,374 | €11,249 | -€8,126 | -41.9% |
| Suppliers | 440/4 | €19,374 | €11,249 | -€8,126 | -41.9% |
| Taxes, remuneration and social security | 45 | €44,242 | €46,336 | +€2,093 | +4.7% |
| Taxes | 450/3 | €40,242 | €46,336 | +€6,093 | +15.1% |
| Remuneration and social security | 454/9 | €4,000 | €0 | -€4,000 | -100.0% |
| Other amounts payable | 47/48 | €370,617 | €20,179 | -€350,438 | -94.6% |
| Accrued charges and deferred income | 492/3 | €1,064 | €11,159 | +€10,095 | +948.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €278,180 | €330,226 | +€52,046 | +18.7% |
| Other operating charges | 640/8 | €61,437 | €46,005 | -€15,432 | -25.1% |
| Gross operating margin | 9900 | €415,324 | €695,179 | +€279,854 | +67.4% |
| Operating profit (loss) | 9901 | €75,707 | €318,948 | +€243,240 | +321.3% |
| Financial income | 75/76B | €4,358,764 | €52,657 | -€4.3m | -98.8% |
| Recurring financial income | 75 | €71,855 | €52,657 | -€19,198 | -26.7% |
| Non-recurring financial income | 76B | €4,286,909 | €0 | -€4.3m | -100.0% |
| Financial charges | 65/66B | €136,443 | €332,862 | +€196,418 | +144.0% |
| Recurring financial charges | 65 | €136,443 | €226,909 | +€90,465 | +66.3% |
| Non-recurring financial charges | 66B | - | €105,953 | +€105,953 | |
| Profit (loss) for the period before taxes | 9903 | €4,298,028 | €38,742 | -€4.3m | -99.1% |
| Income taxes | 67/77 | €32,525 | €38,664 | +€6,139 | +18.9% |
| Profit (loss) for the period | 9904 | €4,265,503 | €78 | -€4.3m | -100.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €4,265,503 | €78 | -€4.3m | -100.0% |
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 12 October 2026 via checked.be.