BVEM: 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.
BVEM
Largest movements
- Receivables within one year +€442,384
up €442,384 (+2917.7%), from €15,162 to €457,546
of which Trade receivables: +€416,694
- Tangible fixed assets +€101,390
up €101,390 (+93.8%), from €108,052 to €209,442
of which Furniture and vehicles: +€99,114
- Financial fixed assets +€14,397
up €14,397 (+1279.7%), from €1,125 to €15,522
- Deferred charges and accrued income +€9,307
up €9,307 (+99.9%), from €9,317 to €18,624
- Trade debts +€213,881
up €213,881 (+219.9%), from €97,245 to €311,127
- Reserves +€162,024
up €162,024 (+333.3%), from €48,613 to €210,637
- Debts after one year +€100,000
new in 2025: €100,000
- Tax, wage and social debts +€74,262
up €74,262 (+230.1%), from €32,269 to €106,531
of which Taxes: +€65,325
- Accrued charges and deferred income +€20,038
new in 2025: €20,038
- Gross operating margin +€204,486
up €204,486 (+148.6%), from €137,564 to €342,050
- Taxes +€41,169
up €41,169 (+306.5%), from €13,430 to €54,599
- Depreciation +€22,578
up €22,578 (+290.7%), from €7,766 to €30,344
- Staff costs +€18,578
up €18,578 (+61.4%), from €30,262 to €48,840
- Financial charges +€5,883
up €5,883 (+16.4%), from €35,970 to €41,853
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 | €183,128 | €757,588 | +€574,460 | +313.7% |
| Fixed assets | 21/28 | €109,177 | €224,964 | +€115,787 | +106.1% |
| Tangible fixed assets | 22/27 | €108,052 | €209,442 | +€101,390 | +93.8% |
| Plant, machinery and equipment | 23 | €4,833 | €7,109 | +€2,276 | +47.1% |
| Furniture and vehicles | 24 | €103,218 | €202,332 | +€99,114 | +96.0% |
| Financial fixed assets | 28 | €1,125 | €15,522 | +€14,397 | +1279.7% |
| Current assets | 29/58 | €73,951 | €532,624 | +€458,673 | +620.2% |
| Amounts receivable within one year | 40/41 | €15,162 | €457,546 | +€442,384 | +2917.7% |
| Trade receivables | 40 | €3,934 | €420,628 | +€416,694 | +10591.0% |
| Other amounts receivable | 41 | €11,228 | €36,918 | +€25,690 | +228.8% |
| Cash at bank and in hand | 54/58 | €49,472 | €56,454 | +€6,982 | +14.1% |
| Deferred charges and accrued income | 490/1 | €9,317 | €18,624 | +€9,307 | +99.9% |
| Total equity and liabilities | 10/49 | €183,128 | €757,588 | +€574,460 | +313.7% |
| Equity | 10/15 | €53,613 | €215,637 | +€162,024 | +302.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €48,613 | €210,637 | +€162,024 | +333.3% |
| Distributable reserves | 133 | €48,613 | €210,637 | +€162,024 | +333.3% |
| Amounts payable | 17/49 | €129,515 | €541,951 | +€412,436 | +318.4% |
| Amounts payable after more than one year | 17 | - | €100,000 | +€100,000 | |
| Financial debts | 170/4 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €129,515 | €421,913 | +€292,398 | +225.8% |
| Trade debts | 44 | €97,245 | €311,127 | +€213,881 | +219.9% |
| Suppliers | 440/4 | €97,245 | €311,127 | +€213,881 | +219.9% |
| Taxes, remuneration and social security | 45 | €32,269 | €106,531 | +€74,262 | +230.1% |
| Taxes | 450/3 | €27,610 | €92,935 | +€65,325 | +236.6% |
| Remuneration and social security | 454/9 | €4,660 | €13,596 | +€8,936 | +191.8% |
| Other amounts payable | 47/48 | - | €4,255 | +€4,255 | |
| Accrued charges and deferred income | 492/3 | - | €20,038 | +€20,038 | |
| Non-recurring operating income | 76A | - | €14,421 | +€14,421 | |
| Remuneration, social security and pensions | 62 | €30,262 | €48,840 | +€18,578 | +61.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,766 | €30,344 | +€22,578 | +290.7% |
| Other operating charges | 640/8 | €698 | €4,410 | +€3,712 | +531.8% |
| Non-recurring operating charges | 66A | €826 | - | -€826 | |
| Gross operating margin | 9900 | €137,564 | €342,050 | +€204,486 | +148.6% |
| Operating profit (loss) | 9901 | €98,012 | €258,456 | +€160,445 | +163.7% |
| Financial income | 75/76B | €2 | €20 | +€18 | +813.1% |
| Recurring financial income | 75 | €2 | €20 | +€18 | +813.1% |
| Financial charges | 65/66B | €35,970 | €41,853 | +€5,883 | +16.4% |
| Recurring financial charges | 65 | €35,970 | €41,853 | +€5,883 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €62,043 | €216,624 | +€154,580 | +249.1% |
| Income taxes | 67/77 | €13,430 | €54,599 | +€41,169 | +306.5% |
| Profit (loss) for the period | 9904 | €48,613 | €162,024 | +€113,412 | +233.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,613 | €162,024 | +€113,412 | +233.3% |
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 30 September 2026 via checked.be.