BVDW: 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.
BVDW
Largest movements
- Receivables within one year +€98,981
up €98,981 (+124.0%), from €79,845 to €178,826
of which Trade receivables: +€76,835
- Tangible fixed assets +€93,696
up €93,696 (+44.6%), from €210,255 to €303,950
of which Land and buildings: +€143,946
- Cash +€27,601
up €27,601 (+190.4%), from €14,497 to €42,099
mainly Trade debts (+€133,789) and Debts after one year (+€94,102)
- Trade debts +€133,789
up €133,789 (+177.4%), from €75,428 to €209,217
- Debts after one year +€94,102
up €94,102 (+87.2%), from €107,951 to €202,054
- Accrued charges and deferred income -€66,547
down €66,547 (-97.9%), from €68,000 to €1,453
- Reserves +€28,552
new in 2025: €28,552
- Other debts +€15,594
up €15,594 (+149.6%), from €10,423 to €26,017
- Taxes +€10,144
up €10,144 (+1780.4%), from €570 to €10,714
- Gross operating margin +€8,824
up €8,824 (+23.6%), from €37,324 to €46,148
- Financial charges +€834
up €834 (+299.7%), from €278 to €1,112
- Depreciation +€736
up €736 (+18.4%), from €3,996 to €4,732
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 | €305,566 | €525,605 | +€220,039 | +72.0% |
| Formation expenses | 20 | €809 | €514 | -€295 | -36.5% |
| Fixed assets | 21/28 | €210,255 | €303,950 | +€93,696 | +44.6% |
| Tangible fixed assets | 22/27 | €210,255 | €303,950 | +€93,696 | +44.6% |
| Land and buildings | 22 | €134,680 | €278,625 | +€143,946 | +106.9% |
| Other tangible fixed assets | 26 | €75,575 | €25,325 | -€50,250 | -66.5% |
| Current assets | 29/58 | €94,503 | €221,141 | +€126,638 | +134.0% |
| Amounts receivable within one year | 40/41 | €79,845 | €178,826 | +€98,981 | +124.0% |
| Trade receivables | 40 | €79,629 | €156,464 | +€76,835 | +96.5% |
| Other amounts receivable | 41 | €216 | €22,362 | +€22,146 | +10258.4% |
| Cash at bank and in hand | 54/58 | €14,497 | €42,099 | +€27,601 | +190.4% |
| Deferred charges and accrued income | 490/1 | €160 | €216 | +€56 | +35.0% |
| Total equity and liabilities | 10/49 | €305,566 | €525,605 | +€220,039 | +72.0% |
| Equity | 10/15 | €35,826 | €64,378 | +€28,552 | +79.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €28,552 | +€28,552 | |
| Distributable reserves | 133 | - | €28,552 | +€28,552 | |
| Profit (loss) carried forward | 14 | €33,326 | €33,326 | = | 0.0% |
| Amounts payable | 17/49 | €269,740 | €461,226 | +€191,487 | +71.0% |
| Amounts payable after more than one year | 17 | €107,951 | €202,054 | +€94,102 | +87.2% |
| Financial debts | 170/4 | €107,951 | €202,054 | +€94,102 | +87.2% |
| Amounts payable within one year | 42/48 | €93,788 | €257,720 | +€163,931 | +174.8% |
| Current portion of amounts payable after more than one year | 42 | €7,937 | €8,073 | +€136 | +1.7% |
| Trade debts | 44 | €75,428 | €209,217 | +€133,789 | +177.4% |
| Suppliers | 440/4 | €75,428 | €209,217 | +€133,789 | +177.4% |
| Taxes, remuneration and social security | 45 | - | €14,413 | +€14,413 | |
| Taxes | 450/3 | - | €14,413 | +€14,413 | |
| Other amounts payable | 47/48 | €10,423 | €26,017 | +€15,594 | +149.6% |
| Accrued charges and deferred income | 492/3 | €68,000 | €1,453 | -€66,547 | -97.9% |
| Non-recurring operating income | 76A | €500 | €57,917 | +€57,417 | +11483.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,996 | €4,732 | +€736 | +18.4% |
| Other operating charges | 640/8 | €1,085 | €1,057 | -€28 | -2.5% |
| Gross operating margin | 9900 | €37,324 | €46,148 | +€8,824 | +23.6% |
| Operating profit (loss) | 9901 | €32,243 | €40,359 | +€8,116 | +25.2% |
| Financial income | 75/76B | €0 | €19 | +€19 | |
| Recurring financial income | 75 | €0 | €19 | +€19 | |
| Financial charges | 65/66B | €278 | €1,112 | +€834 | +299.7% |
| Recurring financial charges | 65 | €278 | €1,112 | +€834 | +299.7% |
| Profit (loss) for the period before taxes | 9903 | €31,965 | €39,266 | +€7,301 | +22.8% |
| Income taxes | 67/77 | €570 | €10,714 | +€10,144 | +1780.4% |
| Profit (loss) for the period | 9904 | €31,395 | €28,552 | -€2,843 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,395 | €28,552 | -€2,843 | -9.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.