BVL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments -€3.2m
down €3.2m (-82.0%), from €3.9m to €707,769
- Receivables within one year +€654,350
up €654,350 (+457%), from €143,169 to €797,519
of which Other amounts receivable: +€587,563
- Receivables after one year +€650,000
new in 2025: €650,000
- Cash -€481,753
down €481,753 (-66.7%), from €721,774 to €240,020
mainly Contributions, distributions and other (-€1.4m) and Debts after one year (-€825,718)
- Tangible fixed assets +€422,225
up €422,225 (+10.8%), from €3.9m to €4.3m
of which Land and buildings: +€462,726
- Reserves -€1.4m
down €1.4m (-42.6%), from €3.2m to €1.9m
of which Distributable reserves: -€1.4m
- Debts after one year -€825,718
down €825,718 (-34.2%), from €2.4m to €1.6m
of which Other amounts payable: -€765,000
- Other debts +€509,462
up €509,462 (+30.3%), from €1.7m to €2.2m
- Trade debts -€166,720
down €166,720 (-92.4%), from €180,358 to €13,638
- Gross operating margin -€208,795
down €208,795 (-43.1%), from €484,453 to €275,658
- Taxes -€61,646
down €61,646 (-63.5%), from €97,136 to €35,490
- Provisions -€20,562
new in 2025: -€20,562
- Financial income -€7,988
down €7,988 (-4.8%), from €165,496 to €157,508
of which Non-recurring financial income: -€19,625
- Financial charges +€7,216
up €7,216 (+11.1%), from €64,787 to €72,003
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 | €10,264,520 | €8,364,932 | -€1.9m | -18.5% |
| Fixed assets | 21/28 | €5,437,213 | €5,859,438 | +€422,225 | +7.8% |
| Tangible fixed assets | 22/27 | €3,906,272 | €4,328,497 | +€422,225 | +10.8% |
| Land and buildings | 22 | €2,564,994 | €3,027,720 | +€462,726 | +18.0% |
| Plant, machinery and equipment | 23 | €1,246,850 | €1,227,784 | -€19,065 | -1.5% |
| Furniture and vehicles | 24 | €94,428 | €72,992 | -€21,435 | -22.7% |
| Financial fixed assets | 28 | €1,530,941 | €1,530,941 | = | 0.0% |
| Current assets | 29/58 | €4,827,307 | €2,505,494 | -€2.3m | -48.1% |
| Amounts receivable after more than one year | 29 | - | €650,000 | +€650,000 | |
| Other amounts receivable | 291 | - | €650,000 | +€650,000 | |
| Amounts receivable within one year | 40/41 | €143,169 | €797,519 | +€654,350 | +457% |
| Trade receivables | 40 | €8,699 | €75,485 | +€66,787 | +768% |
| Other amounts receivable | 41 | €134,470 | €722,033 | +€587,563 | +437% |
| Current investments | 50/53 | €3,924,782 | €707,769 | -€3.2m | -82.0% |
| Cash at bank and in hand | 54/58 | €721,774 | €240,020 | -€481,753 | -66.7% |
| Deferred charges and accrued income | 490/1 | €37,583 | €110,186 | +€72,603 | +193% |
| Total equity and liabilities | 10/49 | €10,264,520 | €8,364,932 | -€1.9m | -18.5% |
| Equity | 10/15 | €5,654,355 | €4,278,758 | -€1.4m | -24.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,233,890 | €1,857,453 | -€1.4m | -42.6% |
| Non-distributable reserves | 130/1 | €712,452 | €712,452 | = | 0.0% |
| Legal reserve | 130 | €6,202 | €6,202 | = | 0.0% |
| Own shares acquired | 1312 | €706,250 | €706,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €292,688 | €267,251 | -€25,437 | -8.7% |
| Distributable reserves | 133 | €2,228,750 | €877,750 | -€1.4m | -60.6% |
| Profit (loss) carried forward | 14 | €2,358,466 | €2,359,305 | +€839 | 0.0% |
| Provisions and deferred taxes | 16 | €215,327 | €179,199 | -€36,128 | -16.8% |
| Provisions for liabilities and charges | 160/5 | €59,598 | €36,132 | -€23,466 | -39.4% |
| Other liabilities and charges | 164/5 | €59,598 | €36,132 | -€23,466 | -39.4% |
| Deferred taxes | 168 | €155,729 | €143,067 | -€12,662 | -8.1% |
| Amounts payable | 17/49 | €4,394,837 | €3,906,975 | -€487,862 | -11.1% |
| Amounts payable after more than one year | 17 | €2,416,260 | €1,590,541 | -€825,718 | -34.2% |
| Financial debts | 170/4 | €251,260 | €190,541 | -€60,718 | -24.2% |
| Other amounts payable | 178/9 | €2,165,000 | €1,400,000 | -€765,000 | -35.3% |
| Amounts payable within one year | 42/48 | €1,924,320 | €2,285,470 | +€361,150 | +18.8% |
| Current portion of amounts payable after more than one year | 42 | €60,197 | €60,718 | +€521 | +0.9% |
| Trade debts | 44 | €180,358 | €13,638 | -€166,720 | -92.4% |
| Suppliers | 440/4 | €180,358 | €13,638 | -€166,720 | -92.4% |
| Taxes, remuneration and social security | 45 | €815 | €18,702 | +€17,887 | +2,195% |
| Taxes | 450/3 | €815 | €18,702 | +€17,887 | +2,195% |
| Other amounts payable | 47/48 | €1,682,950 | €2,192,412 | +€509,462 | +30.3% |
| Accrued charges and deferred income | 492/3 | €54,258 | €30,964 | -€23,294 | -42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €330,559 | €327,226 | -€3,333 | -1.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€20,562 | -€20,562 | |
| Other operating charges | 640/8 | €29,302 | €27,269 | -€2,033 | -6.9% |
| Gross operating margin | 9900 | €484,453 | €275,658 | -€208,795 | -43.1% |
| Operating profit (loss) | 9901 | €124,592 | -€58,275 | -€182,867 | |
| Financial income | 75/76B | €165,496 | €157,508 | -€7,988 | -4.8% |
| Recurring financial income | 75 | €131,576 | €143,213 | +€11,637 | +8.8% |
| Non-recurring financial income | 76B | €33,921 | €14,295 | -€19,625 | -57.9% |
| Financial charges | 65/66B | €64,787 | €72,003 | +€7,216 | +11.1% |
| Recurring financial charges | 65 | €64,787 | €72,003 | +€7,216 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €225,301 | €27,230 | -€198,071 | -87.9% |
| Transfer from deferred taxes | 780 | €12,626 | €12,662 | +€36 | +0.3% |
| Income taxes | 67/77 | €97,136 | €35,490 | -€61,646 | -63.5% |
| Profit (loss) for the period | 9904 | €140,791 | €4,402 | -€136,389 | -96.9% |
| Transfer from tax-exempt reserves | 789 | €25,329 | €25,437 | +€108 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €166,120 | €29,839 | -€136,281 | -82.0% |
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 19 October 2026 via checked.be.