BvN: 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.
BvN
Largest movements
- Tangible fixed assets -€23,985
down €23,985 (-34.8%), from €68,853 to €44,868
of which Furniture and vehicles: -€14,972
- Cash +€15,910
up €15,910 (+15,128%), from €105 to €16,015
mainly Depreciation (+€23,985) and Receivables within one year (+€4,613)
- Receivables within one year -€4,613
down €4,613 (-30.7%), from €15,019 to €10,407
of which Trade receivables: -€4,935
- Stocks and contracts -€1,096
down €1,096 (-11.9%), from €9,210 to €8,113
- Current portion of long-term debt -€4,517
down €4,517 (-65.5%), from €6,897 to €2,379
- Other debts -€3,799
down €3,799 (-6.5%), from €58,792 to €54,993
- Trade debts -€2,471
down €2,471 (-27.8%), from €8,884 to €6,413
- Debts after one year -€2,379
no longer reported in 2025 (was €2,379)
- Gross operating margin +€22,874
up €22,874 (+1,007%), from €2,271 to €25,145
- Depreciation +€794
up €794 (+3.4%), from €23,192 to €23,985
- Financial charges -€567
down €567 (-50.5%), from €1,123 to €555
- Financial income -€411
down €411 (-68.9%), from €596 to €185
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 | €94,039 | €80,341 | -€13,698 | -14.6% |
| Fixed assets | 21/28 | €68,853 | €44,868 | -€23,985 | -34.8% |
| Tangible fixed assets | 22/27 | €68,853 | €44,868 | -€23,985 | -34.8% |
| Plant, machinery and equipment | 23 | €5,145 | €1,182 | -€3,964 | -77.0% |
| Furniture and vehicles | 24 | €43,519 | €28,547 | -€14,972 | -34.4% |
| Other tangible fixed assets | 26 | €20,189 | €15,139 | -€5,050 | -25.0% |
| Current assets | 29/58 | €25,186 | €35,473 | +€10,287 | +40.8% |
| Stocks and contracts in progress | 3 | €9,210 | €8,113 | -€1,096 | -11.9% |
| Stocks | 30/36 | €9,210 | €8,113 | -€1,096 | -11.9% |
| Amounts receivable within one year | 40/41 | €15,019 | €10,407 | -€4,613 | -30.7% |
| Trade receivables | 40 | €12,956 | €8,021 | -€4,935 | -38.1% |
| Other amounts receivable | 41 | €2,063 | €2,386 | +€323 | +15.6% |
| Cash at bank and in hand | 54/58 | €105 | €16,015 | +€15,910 | +15,128% |
| Deferred charges and accrued income | 490/1 | €852 | €938 | +€86 | +10.1% |
| Total equity and liabilities | 10/49 | €94,039 | €80,341 | -€13,698 | -14.6% |
| Equity | 10/15 | €11,929 | €11,220 | -€709 | -5.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €28,744 | €28,744 | = | 0.0% |
| Distributable reserves | 133 | €28,744 | €28,744 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,815 | -€23,524 | -€709 | -3.1% |
| Amounts payable | 17/49 | €82,110 | €69,121 | -€12,989 | -15.8% |
| Amounts payable after more than one year | 17 | €2,379 | - | -€2,379 | |
| Financial debts | 170/4 | €2,379 | - | -€2,379 | |
| Amounts payable within one year | 42/48 | €79,731 | €69,121 | -€10,610 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €6,897 | €2,379 | -€4,517 | -65.5% |
| Trade debts | 44 | €8,884 | €6,413 | -€2,471 | -27.8% |
| Suppliers | 440/4 | €8,884 | €6,413 | -€2,471 | -27.8% |
| Taxes, remuneration and social security | 45 | €5,159 | €5,335 | +€176 | +3.4% |
| Taxes | 450/3 | €1,124 | €1,453 | +€329 | +29.3% |
| Remuneration and social security | 454/9 | €4,035 | €3,882 | -€153 | -3.8% |
| Other amounts payable | 47/48 | €58,792 | €54,993 | -€3,799 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,192 | €23,985 | +€794 | +3.4% |
| Other operating charges | 640/8 | €1,246 | €1,384 | +€138 | +11.1% |
| Gross operating margin | 9900 | €2,271 | €25,145 | +€22,874 | +1,007% |
| Operating profit (loss) | 9901 | -€22,166 | -€225 | +€21,941 | +99.0% |
| Financial income | 75/76B | €596 | €185 | -€411 | -68.9% |
| Recurring financial income | 75 | €596 | €185 | -€411 | -68.9% |
| Financial charges | 65/66B | €1,123 | €555 | -€567 | -50.5% |
| Recurring financial charges | 65 | €1,123 | €555 | -€567 | -50.5% |
| Profit (loss) for the period before taxes | 9903 | -€22,693 | -€595 | +€22,098 | +97.4% |
| Income taxes | 67/77 | €122 | €114 | -€8 | -6.3% |
| Profit (loss) for the period | 9904 | -€22,815 | -€709 | +€22,106 | +96.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,815 | -€709 | +€22,106 | +96.9% |
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 14 October 2026 via checked.be.