BVGC: 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.
BVGC
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+60.2%), from €2.5m to €4.0m
of which Other amounts receivable: +€1.5m
- Intangible fixed assets +€1.3m
up €1.3m (+126.8%), from €1.0m to €2.4m
- Deferred charges and accrued income +€308,941
up €308,941 (+2376469.2%), from €13 to €308,954
- Cash +€117,525
up €117,525 (+675.4%), from €17,401 to €134,926
mainly Contributions, distributions and other (+€2.3m) and Accrued charges and deferred income (+€2.0m)
- Investment grants +€2.3m
up €2.3m (+111.4%), from €2.1m to €4.4m
- Accrued charges and deferred income +€2.0m
new in 2025: €2.0m
- Trade debts -€848,123
down €848,123 (-85.1%), from €996,703 to €148,580
- Profit (loss) carried forward -€757,958
down €757,958 (-712.9%), from -€106,325 to -€864,283
- Provisions +€575,969
up €575,969 (+111.4%), from €516,811 to €1.1m
- Financial income +€661,864
up €661,864 (+16546600.0%), from €4 to €661,868
- Depreciation +€594,166
up €594,166 (+357.4%), from €166,248 to €760,414
- Gross operating margin -€568,549
down €568,549 (-713.4%), from -€79,701 to -€648,250
- Financial charges +€9,216
up €9,216 (+3413.3%), from €270 to €9,486
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 | €3,594,818 | €6,844,441 | +€3.2m | +90.4% |
| Formation expenses | 20 | €629 | €412 | -€217 | -34.5% |
| Fixed assets | 21/28 | €1,065,219 | €2,377,502 | +€1.3m | +123.2% |
| Intangible fixed assets | 21 | €1,040,200 | €2,359,530 | +€1.3m | +126.8% |
| Tangible fixed assets | 22/27 | €25,019 | €17,972 | -€7,047 | -28.2% |
| Leasing and similar rights | 25 | €25,019 | €17,972 | -€7,047 | -28.2% |
| Current assets | 29/58 | €2,528,970 | €4,466,527 | +€1.9m | +76.6% |
| Amounts receivable within one year | 40/41 | €2,511,556 | €4,022,647 | +€1.5m | +60.2% |
| Trade receivables | 40 | - | €39,306 | +€39,306 | |
| Other amounts receivable | 41 | €2,511,556 | €3,983,341 | +€1.5m | +58.6% |
| Cash at bank and in hand | 54/58 | €17,401 | €134,926 | +€117,525 | +675.4% |
| Deferred charges and accrued income | 490/1 | €13 | €308,954 | +€308,941 | +2376469.2% |
| Total equity and liabilities | 10/49 | €3,594,818 | €6,844,441 | +€3.2m | +90.4% |
| Equity | 10/15 | €1,963,420 | €3,509,338 | +€1.5m | +78.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,325 | -€864,283 | -€757,958 | -712.9% |
| Investment grants | 15 | €2,067,245 | €4,371,121 | +€2.3m | +111.4% |
| Provisions and deferred taxes | 16 | €516,811 | €1,092,780 | +€575,969 | +111.4% |
| Deferred taxes | 168 | €516,811 | €1,092,780 | +€575,969 | +111.4% |
| Amounts payable | 17/49 | €1,114,587 | €2,242,323 | +€1.1m | +101.2% |
| Amounts payable after more than one year | 17 | €67,878 | €90,831 | +€22,953 | +33.8% |
| Financial debts | 170/4 | €67,878 | €90,831 | +€22,953 | +33.8% |
| Amounts payable within one year | 42/48 | €1,046,709 | €180,012 | -€866,697 | -82.8% |
| Current portion of amounts payable after more than one year | 42 | €6,823 | €6,823 | = | 0.0% |
| Trade debts | 44 | €996,703 | €148,580 | -€848,123 | -85.1% |
| Suppliers | 440/4 | €996,703 | €148,580 | -€848,123 | -85.1% |
| Taxes, remuneration and social security | 45 | €41,701 | €22,902 | -€18,799 | -45.1% |
| Taxes | 450/3 | €41,701 | €22,902 | -€18,799 | -45.1% |
| Other amounts payable | 47/48 | €1,482 | €1,707 | +€225 | +15.2% |
| Accrued charges and deferred income | 492/3 | - | €1,971,480 | +€2.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,248 | €760,414 | +€594,166 | +357.4% |
| Other operating charges | 640/8 | €697 | €1,478 | +€781 | +112.1% |
| Gross operating margin | 9900 | -€79,701 | -€648,250 | -€568,549 | -713.4% |
| Operating profit (loss) | 9901 | -€246,646 | -€1,410,142 | -€1.2m | -471.7% |
| Financial income | 75/76B | €4 | €661,868 | +€661,864 | +16546600.0% |
| Recurring financial income | 75 | €4 | €661,868 | +€661,864 | +16546600.0% |
| Financial charges | 65/66B | €270 | €9,486 | +€9,216 | +3413.3% |
| Recurring financial charges | 65 | €270 | €9,486 | +€9,216 | +3413.3% |
| Profit (loss) for the period before taxes | 9903 | -€246,912 | -€757,760 | -€510,848 | -206.9% |
| Income taxes | 67/77 | - | €199 | +€199 | |
| Profit (loss) for the period | 9904 | -€246,912 | -€757,959 | -€511,047 | -207.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€246,912 | -€757,959 | -€511,047 | -207.0% |
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.