BVG Beheer: 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.
BVG Beheer
Largest movements
- Cash +€26,509
up €26,509 (+106.9%), from €24,804 to €51,313
mainly Net result for the year (+€38,778) and Depreciation (+€20,397)
- Tangible fixed assets -€20,397
down €20,397 (-27.8%), from €73,304 to €52,907
- Receivables within one year -€6,480
down €6,480 (-18.1%), from €35,713 to €29,233
of which Other amounts receivable: -€8,295
- Debts after one year -€41,300
down €41,300 (-22.2%), from €186,432 to €145,132
- Reserves +€38,778
up €38,778 (+26.4%), from €146,663 to €185,441
- Gross operating margin +€14,484
up €14,484 (+21.0%), from €68,975 to €83,458
- Taxes +€5,114
up €5,114 (+35.4%), from €14,438 to €19,552
- Financial charges -€911
down €911 (-17.5%), from €5,204 to €4,294
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 | €601,046 | €604,664 | +€3,618 | +0.6% |
| Fixed assets | 21/28 | €523,304 | €502,907 | -€20,397 | -3.9% |
| Tangible fixed assets | 22/27 | €73,304 | €52,907 | -€20,397 | -27.8% |
| Furniture and vehicles | 24 | €73,304 | €52,907 | -€20,397 | -27.8% |
| Financial fixed assets | 28 | €450,000 | €450,000 | = | 0.0% |
| Current assets | 29/58 | €77,742 | €101,757 | +€24,015 | +30.9% |
| Amounts receivable within one year | 40/41 | €35,713 | €29,233 | -€6,480 | -18.1% |
| Trade receivables | 40 | €13,310 | €15,125 | +€1,815 | +13.6% |
| Other amounts receivable | 41 | €22,403 | €14,108 | -€8,295 | -37.0% |
| Current investments | 50/53 | €16,500 | €20,100 | +€3,600 | +21.8% |
| Cash at bank and in hand | 54/58 | €24,804 | €51,313 | +€26,509 | +106.9% |
| Deferred charges and accrued income | 490/1 | €724 | €1,111 | +€386 | +53.3% |
| Total equity and liabilities | 10/49 | €601,046 | €604,664 | +€3,618 | +0.6% |
| Equity | 10/15 | €360,413 | €399,191 | +€38,778 | +10.8% |
| Contributions | 10/11 | €213,750 | €213,750 | = | 0.0% |
| Reserves | 13 | €146,663 | €185,441 | +€38,778 | +26.4% |
| Distributable reserves | 133 | €146,663 | €185,441 | +€38,778 | +26.4% |
| Amounts payable | 17/49 | €240,632 | €205,473 | -€35,160 | -14.6% |
| Amounts payable after more than one year | 17 | €186,432 | €145,132 | -€41,300 | -22.2% |
| Financial debts | 170/4 | €186,432 | €145,132 | -€41,300 | -22.2% |
| Amounts payable within one year | 42/48 | €54,201 | €60,341 | +€6,140 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €40,346 | €41,300 | +€954 | +2.4% |
| Trade debts | 44 | €1,096 | €971 | -€125 | -11.4% |
| Suppliers | 440/4 | €1,096 | €971 | -€125 | -11.4% |
| Taxes, remuneration and social security | 45 | €12,758 | €18,070 | +€5,312 | +41.6% |
| Taxes | 450/3 | €12,758 | €18,070 | +€5,312 | +41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,867 | €20,397 | -€470 | -2.3% |
| Other operating charges | 640/8 | €1,117 | €1,082 | -€35 | -3.1% |
| Gross operating margin | 9900 | €68,975 | €83,458 | +€14,484 | +21.0% |
| Operating profit (loss) | 9901 | €46,991 | €61,980 | +€14,988 | +31.9% |
| Financial income | 75/76B | €246 | €644 | +€398 | +162.2% |
| Recurring financial income | 75 | €246 | €644 | +€398 | +162.2% |
| Financial charges | 65/66B | €5,204 | €4,294 | -€911 | -17.5% |
| Recurring financial charges | 65 | €5,204 | €4,294 | -€911 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €42,032 | €58,330 | +€16,298 | +38.8% |
| Income taxes | 67/77 | €14,438 | €19,552 | +€5,114 | +35.4% |
| Profit (loss) for the period | 9904 | €27,594 | €38,778 | +€11,184 | +40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,594 | €38,778 | +€11,184 | +40.5% |
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 9 October 2026 via checked.be.