BVM Stables: 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.
BVM Stables
Largest movements
- Stocks and contracts +€319,297
up €319,297 (+68.0%), from €469,252 to €788,549
- Receivables within one year +€200,672
up €200,672 (+301.6%), from €66,534 to €267,206
of which Trade receivables: +€246,774
- Tangible fixed assets -€33,841
down €33,841 (-19.8%), from €170,931 to €137,090
of which Furniture and vehicles: -€18,990
- Other debts +€376,654
up €376,654 (+64.3%), from €585,819 to €962,473
- Advances received +€235,000
new in 2025: €235,000
- Trade debts -€149,187
down €149,187 (-75.7%), from €197,089 to €47,903
- Tax, wage and social debts +€14,007
up €14,007 (+226.2%), from €6,192 to €20,198
of which Taxes: +€7,976
- Gross operating margin +€53,124
up €53,124 (+111.2%), from €47,767 to €100,891
- Staff costs +€47,157
up €47,157 (+564.2%), from €8,357 to €55,514
- Depreciation +€7,344
up €7,344 (+21.4%), from €34,290 to €41,634
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 | €794,454 | €1,273,779 | +€479,325 | +60.3% |
| Formation expenses | 20 | €135 | €0 | -€135 | -100.0% |
| Fixed assets | 21/28 | €170,931 | €137,090 | -€33,841 | -19.8% |
| Tangible fixed assets | 22/27 | €170,931 | €137,090 | -€33,841 | -19.8% |
| Plant, machinery and equipment | 23 | €59,421 | €48,867 | -€10,554 | -17.8% |
| Furniture and vehicles | 24 | €42,740 | €23,750 | -€18,990 | -44.4% |
| Other tangible fixed assets | 26 | €68,770 | €64,473 | -€4,297 | -6.2% |
| Current assets | 29/58 | €623,388 | €1,136,689 | +€513,301 | +82.3% |
| Stocks and contracts in progress | 3 | €469,252 | €788,549 | +€319,297 | +68.0% |
| Stocks | 30/36 | €469,252 | €788,549 | +€319,297 | +68.0% |
| Amounts receivable within one year | 40/41 | €66,534 | €267,206 | +€200,672 | +301.6% |
| Trade receivables | 40 | €15,363 | €262,137 | +€246,774 | +1606.2% |
| Other amounts receivable | 41 | €51,170 | €5,069 | -€46,101 | -90.1% |
| Cash at bank and in hand | 54/58 | €82,597 | €75,150 | -€7,448 | -9.0% |
| Deferred charges and accrued income | 490/1 | €5,005 | €5,783 | +€779 | +15.6% |
| Total equity and liabilities | 10/49 | €794,454 | €1,273,779 | +€479,325 | +60.3% |
| Equity | 10/15 | €5,354 | €6,205 | +€851 | +15.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,354 | €3,205 | +€851 | +36.2% |
| Amounts payable | 17/49 | €789,100 | €1,267,574 | +€478,474 | +60.6% |
| Amounts payable within one year | 42/48 | €789,100 | €1,265,574 | +€476,474 | +60.4% |
| Trade debts | 44 | €197,089 | €47,903 | -€149,187 | -75.7% |
| Suppliers | 440/4 | €197,089 | €47,903 | -€149,187 | -75.7% |
| Advances received on contracts in progress | 46 | - | €235,000 | +€235,000 | |
| Taxes, remuneration and social security | 45 | €6,192 | €20,198 | +€14,007 | +226.2% |
| Taxes | 450/3 | €468 | €8,444 | +€7,976 | +1705.2% |
| Remuneration and social security | 454/9 | €5,724 | €11,754 | +€6,030 | +105.4% |
| Other amounts payable | 47/48 | €585,819 | €962,473 | +€376,654 | +64.3% |
| Accrued charges and deferred income | 492/3 | - | €2,000 | +€2,000 | |
| Non-recurring operating income | 76A | €1,206 | €0 | -€1,206 | -100.0% |
| Remuneration, social security and pensions | 62 | €8,357 | €55,514 | +€47,157 | +564.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,290 | €41,634 | +€7,344 | +21.4% |
| Other operating charges | 640/8 | €1,505 | €1,822 | +€317 | +21.1% |
| Gross operating margin | 9900 | €47,767 | €100,891 | +€53,124 | +111.2% |
| Operating profit (loss) | 9901 | €3,614 | €1,921 | -€1,694 | -46.9% |
| Financial income | 75/76B | €1 | €586 | +€585 | +57955.4% |
| Recurring financial income | 75 | €1 | €586 | +€585 | +57955.4% |
| Financial charges | 65/66B | €16 | €545 | +€529 | +3240.9% |
| Recurring financial charges | 65 | €16 | €545 | +€529 | +3240.9% |
| Profit (loss) for the period before taxes | 9903 | €3,599 | €1,962 | -€1,637 | -45.5% |
| Income taxes | 67/77 | €135 | €0 | -€135 | -100.0% |
| Profit (loss) for the period | 9904 | €3,464 | €1,962 | -€1,503 | -43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,464 | €1,962 | -€1,503 | -43.4% |
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 7 October 2026 via checked.be.