BVH PROJECTS: 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.
BVH PROJECTS
Largest movements
- Receivables within one year +€31,674
up €31,674 (+172.0%), from €18,411 to €50,085
of which Trade receivables: +€27,087
- Tangible fixed assets -€7,546
down €7,546 (-8.0%), from €94,070 to €86,524
of which Furniture and vehicles: -€9,306
- Cash +€4,715
up €4,715 (+12.9%), from €36,582 to €41,297
mainly Net result for the year (+€23,421) and Trade debts (+€23,346)
- Reserves +€23,421
up €23,421 (+26.2%), from €89,530 to €112,951
- Trade debts +€23,346
up €23,346 (+545.3%), from €4,281 to €27,628
of which Suppliers: +€25,626
- Debts after one year -€12,091
down €12,091 (-41.8%), from €28,908 to €16,817
- Current portion of long-term debt -€7,273
down €7,273 (-44.4%), from €16,370 to €9,097
- Gross operating margin -€11,961
down €11,961 (-17.3%), from €69,260 to €57,299
- Taxes -€3,906
down €3,906 (-29.0%), from €13,462 to €9,556
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 | €150,597 | €178,971 | +€28,374 | +18.8% |
| Fixed assets | 21/28 | €94,070 | €86,524 | -€7,546 | -8.0% |
| Tangible fixed assets | 22/27 | €94,070 | €86,524 | -€7,546 | -8.0% |
| Plant, machinery and equipment | 23 | €33,525 | €35,285 | +€1,760 | +5.2% |
| Furniture and vehicles | 24 | €60,545 | €51,239 | -€9,306 | -15.4% |
| Current assets | 29/58 | €56,527 | €92,447 | +€35,920 | +63.5% |
| Amounts receivable within one year | 40/41 | €18,411 | €50,085 | +€31,674 | +172.0% |
| Trade receivables | 40 | €16,934 | €44,021 | +€27,087 | +160.0% |
| Other amounts receivable | 41 | €1,477 | €6,064 | +€4,587 | +310.5% |
| Cash at bank and in hand | 54/58 | €36,582 | €41,297 | +€4,715 | +12.9% |
| Deferred charges and accrued income | 490/1 | €1,533 | €1,064 | -€469 | -30.6% |
| Total equity and liabilities | 10/49 | €150,597 | €178,971 | +€28,374 | +18.8% |
| Equity | 10/15 | €94,530 | €117,951 | +€23,421 | +24.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €89,530 | €112,951 | +€23,421 | +26.2% |
| Distributable reserves | 133 | €89,530 | €112,951 | +€23,421 | +26.2% |
| Amounts payable | 17/49 | €56,067 | €61,020 | +€4,954 | +8.8% |
| Amounts payable after more than one year | 17 | €28,908 | €16,817 | -€12,091 | -41.8% |
| Financial debts | 170/4 | €28,908 | €16,817 | -€12,091 | -41.8% |
| Amounts payable within one year | 42/48 | €27,159 | €43,997 | +€16,838 | +62.0% |
| Current portion of amounts payable after more than one year | 42 | €16,370 | €9,097 | -€7,273 | -44.4% |
| Financial debts | 43 | €4,071 | €4,052 | -€19 | -0.5% |
| Credit institutions | 430/8 | €4,071 | €4,052 | -€19 | -0.5% |
| Trade debts | 44 | €4,281 | €27,628 | +€23,346 | +545.3% |
| Suppliers | 440/4 | €2,001 | €27,628 | +€25,626 | +1280.5% |
| Bills of exchange payable | 441 | €2,280 | - | -€2,280 | |
| Taxes, remuneration and social security | 45 | €2,436 | €3,220 | +€784 | +32.2% |
| Taxes | 450/3 | €2,436 | - | -€2,436 | |
| Remuneration and social security | 454/9 | - | €3,220 | +€3,220 | |
| Accrued charges and deferred income | 492/3 | - | €206 | +€206 | |
| Non-recurring operating income | 76A | - | €9,204 | +€9,204 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,378 | €21,034 | +€656 | +3.2% |
| Other operating charges | 640/8 | €710 | €1,369 | +€659 | +92.8% |
| Gross operating margin | 9900 | €69,260 | €57,299 | -€11,961 | -17.3% |
| Operating profit (loss) | 9901 | €48,172 | €34,896 | -€13,276 | -27.6% |
| Financial income | 75/76B | €248 | €230 | -€17 | -6.9% |
| Recurring financial income | 75 | €248 | €230 | -€17 | -6.9% |
| Financial charges | 65/66B | €1,915 | €2,150 | +€235 | +12.3% |
| Recurring financial charges | 65 | €1,915 | €2,150 | +€235 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €46,505 | €32,977 | -€13,528 | -29.1% |
| Income taxes | 67/77 | €13,462 | €9,556 | -€3,906 | -29.0% |
| Profit (loss) for the period | 9904 | €33,043 | €23,421 | -€9,622 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,043 | €23,421 | -€9,622 | -29.1% |
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 29 September 2026 via checked.be.