BVH: 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.
BVH
Largest movements
- Stocks and contracts -€278,393
down €278,393 (-51.3%), from €542,337 to €263,944
- Cash +€184,945
up €184,945 (+50.5%), from €365,910 to €550,855
mainly Stocks and contracts (+€278,393) and Net result for the year (+€116,735)
- Deferred charges and accrued income +€84,334
new in 2025: €84,334
- Receivables within one year -€48,559
down €48,559 (-26.6%), from €182,335 to €133,776
of which Trade receivables: -€48,559
- Trade debts -€159,996
down €159,996 (-35.0%), from €457,292 to €297,295
- Profit (loss) carried forward +€116,735
up €116,735 (+14.2%), from €824,147 to €940,882
- Tax, wage and social debts +€76,824
up €76,824 (+236%), from €32,529 to €109,353
of which Taxes: +€40,580
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Other debts -€26,046
down €26,046 (-6.9%), from €377,804 to €351,758
- Staff costs +€83,254
up €83,254 (+33.2%), from €251,128 to €334,382
- Gross operating margin +€68,508
up €68,508 (+13.0%), from €528,293 to €596,800
- Other operating charges -€60,439
down €60,439 (-75.2%), from €80,328 to €19,889
- Depreciation +€8,681
up €8,681 (+13.3%), from €65,333 to €74,014
- Taxes +€7,400
up €7,400 (+22.0%), from €33,649 to €41,049
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.
Derived cash bridge
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 | €2,065,524 | €2,007,580 | -€57,944 | -2.8% |
| Fixed assets | 21/28 | €974,942 | €974,671 | -€271 | 0.0% |
| Tangible fixed assets | 22/27 | €974,892 | €974,621 | -€271 | 0.0% |
| Land and buildings | 22 | €921,521 | €867,092 | -€54,429 | -5.9% |
| Plant, machinery and equipment | 23 | €18,160 | €7,350 | -€10,810 | -59.5% |
| Furniture and vehicles | 24 | €3,930 | €1,216 | -€2,714 | -69.0% |
| Other tangible fixed assets | 26 | €31,280 | €98,962 | +€67,682 | +216% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,090,582 | €1,032,909 | -€57,673 | -5.3% |
| Stocks and contracts in progress | 3 | €542,337 | €263,944 | -€278,393 | -51.3% |
| Stocks | 30/36 | €542,337 | €263,944 | -€278,393 | -51.3% |
| Amounts receivable within one year | 40/41 | €182,335 | €133,776 | -€48,559 | -26.6% |
| Trade receivables | 40 | €149,607 | €101,048 | -€48,559 | -32.5% |
| Other amounts receivable | 41 | €32,728 | €32,728 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €365,910 | €550,855 | +€184,945 | +50.5% |
| Deferred charges and accrued income | 490/1 | - | €84,334 | +€84,334 | |
| Total equity and liabilities | 10/49 | €2,065,524 | €2,007,580 | -€57,944 | -2.8% |
| Equity | 10/15 | €862,747 | €979,482 | +€116,735 | +13.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €824,147 | €940,882 | +€116,735 | +14.2% |
| Amounts payable | 17/49 | €1,202,777 | €1,028,098 | -€174,678 | -14.5% |
| Amounts payable after more than one year | 17 | €269,692 | €253,596 | -€16,097 | -6.0% |
| Financial debts | 170/4 | €269,692 | €253,596 | -€16,097 | -6.0% |
| Amounts payable within one year | 42/48 | €933,084 | €774,503 | -€158,581 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €15,460 | €16,097 | +€637 | +4.1% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €457,292 | €297,295 | -€159,996 | -35.0% |
| Suppliers | 440/4 | €457,292 | €297,295 | -€159,996 | -35.0% |
| Taxes, remuneration and social security | 45 | €32,529 | €109,353 | +€76,824 | +236% |
| Taxes | 450/3 | €17,648 | €58,228 | +€40,580 | +230% |
| Remuneration and social security | 454/9 | €14,881 | €51,125 | +€36,244 | +244% |
| Other amounts payable | 47/48 | €377,804 | €351,758 | -€26,046 | -6.9% |
| Remuneration, social security and pensions | 62 | €251,128 | €334,382 | +€83,254 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,333 | €74,014 | +€8,681 | +13.3% |
| Other operating charges | 640/8 | €80,328 | €19,889 | -€60,439 | -75.2% |
| Gross operating margin | 9900 | €528,293 | €596,800 | +€68,508 | +13.0% |
| Operating profit (loss) | 9901 | €131,504 | €168,515 | +€37,012 | +28.1% |
| Financial income | 75/76B | €270 | €3,566 | +€3,296 | +1,223% |
| Recurring financial income | 75 | €270 | €3,566 | +€3,296 | +1,223% |
| Financial charges | 65/66B | €16,057 | €14,297 | -€1,760 | -11.0% |
| Recurring financial charges | 65 | €16,057 | €14,297 | -€1,760 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €115,716 | €157,784 | +€42,068 | +36.4% |
| Income taxes | 67/77 | €33,649 | €41,049 | +€7,400 | +22.0% |
| Profit (loss) for the period | 9904 | €82,067 | €116,735 | +€34,667 | +42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,067 | €116,735 | +€34,667 | +42.2% |
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 17 October 2026 via checked.be.