BVGL: what changed
BVGL
Largest movements
- Stocks and contracts +€26,704
up €26,704 (+31.1%), from €85,758 to €112,462
- Tangible fixed assets -€19,757
down €19,757 (-15.3%), from €128,850 to €109,093
of which Leasing and similar rights: -€18,425
- Receivables within one year +€15,975
up €15,975 (+7.0%), from €226,884 to €242,859
of which Other amounts receivable: +€25,540
- Cash -€13,084
down €13,084 (-41.6%), from €31,440 to €18,357
mainly Trade debts (-€88,882) and Stocks and contracts (-€26,704)
- Trade debts -€88,882
down €88,882 (-24.6%), from €361,096 to €272,214
- Tax, wage and social debts +€53,803
up €53,803 (+245%), from €21,921 to €75,724
of which Remuneration and social security: +€42,753
- Current portion of long-term debt +€19,121
up €19,121 (+110%), from €17,422 to €36,542
- Debts after one year +€14,195
up €14,195 (+21.0%), from €67,566 to €81,761
- Reserves +€13,683
new in 2025: €13,683
- Turnover -€1.0m
no longer reported in 2025 (was €1.0m)
- Staff costs +€78,146
up €78,146 (+44.7%), from €174,971 to €253,117
- Gross operating margin +€66,911
up €66,911 (+26.2%), from €255,687 to €322,598
- Depreciation +€25,188
up €25,188 (+285%), from €8,831 to €34,020
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €477,629 | €484,924 | +€7,294 | +1.5% |
| Fixed assets | 21/28 | €131,472 | €110,531 | -€20,940 | -15.9% |
| Intangible fixed assets | 21 | €2,621 | €1,438 | -€1,183 | -45.1% |
| Tangible fixed assets | 22/27 | €128,850 | €109,093 | -€19,757 | -15.3% |
| Plant, machinery and equipment | 23 | €7,184 | €10,871 | +€3,687 | +51.3% |
| Furniture and vehicles | 24 | €30,545 | €25,527 | -€5,019 | -16.4% |
| Leasing and similar rights | 25 | €91,121 | €72,695 | -€18,425 | -20.2% |
| Current assets | 29/58 | €346,158 | €374,393 | +€28,235 | +8.2% |
| Stocks and contracts in progress | 3 | €85,758 | €112,462 | +€26,704 | +31.1% |
| Stocks | 30/36 | €85,758 | €112,462 | +€26,704 | +31.1% |
| Amounts receivable within one year | 40/41 | €226,884 | €242,859 | +€15,975 | +7.0% |
| Trade receivables | 40 | €192,459 | €182,894 | -€9,565 | -5.0% |
| Other amounts receivable | 41 | €34,425 | €59,965 | +€25,540 | +74.2% |
| Cash at bank and in hand | 54/58 | €31,440 | €18,357 | -€13,084 | -41.6% |
| Deferred charges and accrued income | 490/1 | €2,076 | €715 | -€1,361 | -65.6% |
| Total equity and liabilities | 10/49 | €477,629 | €484,924 | +€7,294 | +1.5% |
| Equity | 10/15 | €9,568 | €18,683 | +€9,115 | +95.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €13,683 | +€13,683 | |
| Distributable reserves | 133 | - | €13,683 | +€13,683 | |
| Profit (loss) carried forward | 14 | €4,568 | - | -€4,568 | |
| Amounts payable | 17/49 | €468,062 | €466,241 | -€1,821 | -0.4% |
| Amounts payable after more than one year | 17 | €67,566 | €81,761 | +€14,195 | +21.0% |
| Financial debts | 170/4 | €67,566 | €81,761 | +€14,195 | +21.0% |
| Amounts payable within one year | 42/48 | €400,438 | €384,480 | -€15,959 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €17,422 | €36,542 | +€19,121 | +110% |
| Trade debts | 44 | €361,096 | €272,214 | -€88,882 | -24.6% |
| Suppliers | 440/4 | €361,096 | €272,214 | -€88,882 | -24.6% |
| Taxes, remuneration and social security | 45 | €21,921 | €75,724 | +€53,803 | +245% |
| Taxes | 450/3 | €867 | €11,917 | +€11,050 | +1,274% |
| Remuneration and social security | 454/9 | €21,054 | €63,807 | +€42,753 | +203% |
| Accrued charges and deferred income | 492/3 | €58 | - | -€58 | |
| Turnover | 70 | €1,028,766 | - | -€1.0m | |
| Remuneration, social security and pensions | 62 | €174,971 | €253,117 | +€78,146 | +44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,831 | €34,020 | +€25,188 | +285% |
| Other operating charges | 640/8 | €8,947 | €10,437 | +€1,491 | +16.7% |
| Non-recurring operating charges | 66A | €312 | - | -€312 | |
| Gross operating margin | 9900 | €255,687 | €322,598 | +€66,911 | +26.2% |
| Operating profit (loss) | 9901 | €62,627 | €25,025 | -€37,602 | -60.0% |
| Financial income | 75/76B | €908 | €1,388 | +€480 | +52.9% |
| Recurring financial income | 75 | €908 | €1,388 | +€480 | +52.9% |
| Financial charges | 65/66B | €4,097 | €8,671 | +€4,574 | +112% |
| Recurring financial charges | 65 | €4,097 | €8,671 | +€4,574 | +112% |
| Profit (loss) for the period before taxes | 9903 | €59,437 | €17,742 | -€41,695 | -70.2% |
| Income taxes | 67/77 | €10,565 | €8,626 | -€1,939 | -18.3% |
| Profit (loss) for the period | 9904 | €48,872 | €9,115 | -€39,757 | -81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,872 | €9,115 | -€39,757 | -81.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.