BVL: 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.
BVL
Largest movements
- Cash -€185,091
down €185,091 (-69.6%), from €266,081 to €80,990
mainly Short-term financial debts (-€221,569) and Debts after one year (-€142,079)
- Tangible fixed assets -€136,762
down €136,762 (-13.3%), from €1.0m to €889,850
of which Leasing and similar rights: -€108,141
- Receivables within one year +€57,703
up €57,703 (+18.8%), from €307,404 to €365,108
of which Trade receivables: +€52,608
- Stocks and contracts +€21,821
up €21,821 (+11.6%), from €187,863 to €209,683
- Short-term financial debts -€221,569
down €221,569 (-79.9%), from €277,301 to €55,732
- Debts after one year -€142,079
down €142,079 (-22.5%), from €630,596 to €488,517
- Trade debts +€118,363
up €118,363 (+66.0%), from €179,204 to €297,567
- Tax, wage and social debts -€51,949
down €51,949 (-32.6%), from €159,276 to €107,327
of which Remuneration and social security: -€30,131
- Profit (loss) carried forward +€50,511
up €50,511 (+25.5%), from €198,287 to €248,799
- Gross operating margin +€117,307
up €117,307 (+6.2%), from €1.9m to €2.0m
- Staff costs -€103,589
down €103,589 (-5.9%), from €1.7m to €1.6m
- Taxes +€52,568
up €52,568 (+3,208%), from €1,639 to €54,207
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 | €1,844,242 | €1,602,825 | -€241,416 | -13.1% |
| Fixed assets | 21/28 | €1,027,135 | €890,182 | -€136,953 | -13.3% |
| Intangible fixed assets | 21 | €239 | €72 | -€167 | -69.9% |
| Tangible fixed assets | 22/27 | €1,026,611 | €889,850 | -€136,762 | -13.3% |
| Land and buildings | 22 | €127,451 | €100,502 | -€26,949 | -21.1% |
| Plant, machinery and equipment | 23 | €78,360 | €67,002 | -€11,358 | -14.5% |
| Furniture and vehicles | 24 | €2,791 | €1,713 | -€1,078 | -38.6% |
| Leasing and similar rights | 25 | €570,977 | €462,836 | -€108,141 | -18.9% |
| Other tangible fixed assets | 26 | €247,033 | €257,797 | +€10,764 | +4.4% |
| Financial fixed assets | 28 | €285 | €260 | -€25 | -8.8% |
| Current assets | 29/58 | €817,106 | €712,644 | -€104,463 | -12.8% |
| Stocks and contracts in progress | 3 | €187,863 | €209,683 | +€21,821 | +11.6% |
| Stocks | 30/36 | €187,863 | €209,683 | +€21,821 | +11.6% |
| Amounts receivable within one year | 40/41 | €307,404 | €365,108 | +€57,703 | +18.8% |
| Trade receivables | 40 | €293,012 | €345,619 | +€52,608 | +18.0% |
| Other amounts receivable | 41 | €14,393 | €19,488 | +€5,096 | +35.4% |
| Cash at bank and in hand | 54/58 | €266,081 | €80,990 | -€185,091 | -69.6% |
| Deferred charges and accrued income | 490/1 | €55,758 | €56,863 | +€1,105 | +2.0% |
| Total equity and liabilities | 10/49 | €1,844,242 | €1,602,825 | -€241,416 | -13.1% |
| Equity | 10/15 | €368,606 | €446,838 | +€78,233 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €151,718 | €179,440 | +€27,721 | +18.3% |
| Tax-exempt reserves | 132 | €8,325 | €6,046 | -€2,279 | -27.4% |
| Distributable reserves | 133 | €143,394 | €173,394 | +€30,000 | +20.9% |
| Profit (loss) carried forward | 14 | €198,287 | €248,799 | +€50,511 | +25.5% |
| Provisions and deferred taxes | 16 | €2,775 | €2,015 | -€760 | -27.4% |
| Deferred taxes | 168 | €2,775 | €2,015 | -€760 | -27.4% |
| Amounts payable | 17/49 | €1,472,861 | €1,153,972 | -€318,889 | -21.7% |
| Amounts payable after more than one year | 17 | €630,596 | €488,517 | -€142,079 | -22.5% |
| Financial debts | 170/4 | €630,596 | €488,517 | -€142,079 | -22.5% |
| Amounts payable within one year | 42/48 | €842,265 | €661,904 | -€180,361 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €157,754 | €140,593 | -€17,161 | -10.9% |
| Financial debts | 43 | €277,301 | €55,732 | -€221,569 | -79.9% |
| Credit institutions | 430/8 | €277,301 | €55,732 | -€221,569 | -79.9% |
| Trade debts | 44 | €179,204 | €297,567 | +€118,363 | +66.0% |
| Suppliers | 440/4 | €179,204 | €297,567 | +€118,363 | +66.0% |
| Advances received on contracts in progress | 46 | €57,441 | €43,496 | -€13,946 | -24.3% |
| Taxes, remuneration and social security | 45 | €159,276 | €107,327 | -€51,949 | -32.6% |
| Taxes | 450/3 | €36,123 | €14,306 | -€21,818 | -60.4% |
| Remuneration and social security | 454/9 | €123,153 | €93,022 | -€30,131 | -24.5% |
| Other amounts payable | 47/48 | €11,288 | €17,188 | +€5,900 | +52.3% |
| Accrued charges and deferred income | 492/3 | - | €3,551 | +€3,551 | |
| Non-recurring operating income | 76A | €331 | €26,178 | +€25,847 | +7,819% |
| Remuneration, social security and pensions | 62 | €1,748,383 | €1,644,794 | -€103,589 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,151 | €151,602 | -€2,549 | -1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,346 | +€4,346 | |
| Other operating charges | 640/8 | €27,764 | €30,409 | +€2,645 | +9.5% |
| Gross operating margin | 9900 | €1,892,936 | €2,010,244 | +€117,307 | +6.2% |
| Operating profit (loss) | 9901 | -€37,361 | €179,093 | +€216,454 | |
| Financial income | 75/76B | €4,744 | €7,378 | +€2,634 | +55.5% |
| Recurring financial income | 75 | €4,744 | €7,378 | +€2,634 | +55.5% |
| Financial charges | 65/66B | €29,046 | €34,791 | +€5,745 | +19.8% |
| Recurring financial charges | 65 | €29,046 | €34,791 | +€5,745 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | -€61,664 | €151,680 | +€213,344 | |
| Transfer from deferred taxes | 780 | €760 | €760 | = | 0.0% |
| Income taxes | 67/77 | €1,639 | €54,207 | +€52,568 | +3,208% |
| Profit (loss) for the period | 9904 | -€62,543 | €98,233 | +€160,775 | |
| Transfer from tax-exempt reserves | 789 | €2,279 | €2,279 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,264 | €100,511 | +€160,775 |
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 13 October 2026 via checked.be.