BVinvest: 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.
BVinvest
Largest movements
- Cash +€330,449
up €330,449 (+5267.5%), from €6,273 to €336,722
mainly Net result for the year (+€1.0m) and Receivables within one year (+€53,823)
- Stocks and contracts +€173,393
up €173,393 (+35.2%), from €492,700 to €666,092
- Receivables within one year -€53,823
down €53,823 (-95.4%), from €56,400 to €2,577
- Reserves +€1.0m
up €1.0m (+1013.2%), from €103,167 to €1.1m
- Other debts -€421,424
down €421,424 (-42.5%), from €992,246 to €570,821
- Debts after one year -€114,286
down €114,286 (-19.2%), from €594,048 to €479,762
- Tax, wage and social debts -€38,296
down €38,296 (-86.5%), from €44,291 to €5,995
of which Taxes: -€38,479
- Trade debts -€27,368
down €27,368 (-95.6%), from €28,634 to €1,267
- Financial income +€824,691
up €824,691 (+1087408.8%), from €76 to €824,767
- Gross operating margin +€148,165
up €148,165 (+87.3%), from €169,646 to €317,811
- Taxes +€41,086
up €41,086 (+152.9%), from €26,879 to €67,965
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 | €1,894,448 | €2,336,973 | +€442,525 | +23.4% |
| Fixed assets | 21/28 | €1,335,614 | €1,328,374 | -€7,240 | -0.5% |
| Tangible fixed assets | 22/27 | €8,077 | €6,635 | -€1,442 | -17.8% |
| Furniture and vehicles | 24 | €8,077 | €6,635 | -€1,442 | -17.8% |
| Financial fixed assets | 28 | €1,327,537 | €1,321,739 | -€5,799 | -0.4% |
| Current assets | 29/58 | €558,834 | €1,008,599 | +€449,765 | +80.5% |
| Stocks and contracts in progress | 3 | €492,700 | €666,092 | +€173,393 | +35.2% |
| Stocks | 30/36 | €492,700 | €666,092 | +€173,393 | +35.2% |
| Amounts receivable within one year | 40/41 | €56,400 | €2,577 | -€53,823 | -95.4% |
| Trade receivables | 40 | €56,400 | €2,577 | -€53,823 | -95.4% |
| Cash at bank and in hand | 54/58 | €6,273 | €336,722 | +€330,449 | +5267.5% |
| Deferred charges and accrued income | 490/1 | €3,461 | €3,207 | -€254 | -7.3% |
| Total equity and liabilities | 10/49 | €1,894,448 | €2,336,973 | +€442,525 | +23.4% |
| Equity | 10/15 | €108,167 | €1,153,446 | +€1.0m | +966.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €103,167 | €1,148,446 | +€1.0m | +1013.2% |
| Distributable reserves | 133 | €103,167 | €1,148,446 | +€1.0m | +1013.2% |
| Amounts payable | 17/49 | €1,786,281 | €1,183,527 | -€602,754 | -33.7% |
| Amounts payable after more than one year | 17 | €594,048 | €479,762 | -€114,286 | -19.2% |
| Financial debts | 170/4 | €594,048 | €479,762 | -€114,286 | -19.2% |
| Amounts payable within one year | 42/48 | €1,190,045 | €701,893 | -€488,152 | -41.0% |
| Current portion of amounts payable after more than one year | 42 | €123,810 | €123,810 | = | 0.0% |
| Trade debts | 44 | €28,634 | €1,267 | -€27,368 | -95.6% |
| Suppliers | 440/4 | €28,634 | €1,267 | -€27,368 | -95.6% |
| Advances received on contracts in progress | 46 | €1,064 | €0 | -€1,064 | -100.0% |
| Taxes, remuneration and social security | 45 | €44,291 | €5,995 | -€38,296 | -86.5% |
| Taxes | 450/3 | €44,291 | €5,812 | -€38,479 | -86.9% |
| Remuneration and social security | 454/9 | - | €183 | +€183 | |
| Other amounts payable | 47/48 | €992,246 | €570,821 | -€421,424 | -42.5% |
| Accrued charges and deferred income | 492/3 | €2,188 | €1,872 | -€316 | -14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €559 | €1,442 | +€882 | +157.7% |
| Other operating charges | 640/8 | €2,374 | €4,232 | +€1,859 | +78.3% |
| Non-recurring operating charges | 66A | €18,573 | €0 | -€18,573 | -100.0% |
| Gross operating margin | 9900 | €169,646 | €317,811 | +€148,165 | +87.3% |
| Operating profit (loss) | 9901 | €148,140 | €312,137 | +€163,997 | +110.7% |
| Financial income | 75/76B | €76 | €824,767 | +€824,691 | +1087408.8% |
| Recurring financial income | 75 | €76 | €824,767 | +€824,691 | +1087408.8% |
| Financial charges | 65/66B | €24,134 | €23,660 | -€475 | -2.0% |
| Recurring financial charges | 65 | €24,134 | €23,660 | -€475 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €124,082 | €1,113,244 | +€989,162 | +797.2% |
| Income taxes | 67/77 | €26,879 | €67,965 | +€41,086 | +152.9% |
| Profit (loss) for the period | 9904 | €97,202 | €1,045,279 | +€948,077 | +975.4% |
| Profit (loss) for the period to be appropriated | 9905 | €97,202 | €1,045,279 | +€948,077 | +975.4% |
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 10 October 2026 via checked.be.