BVO: 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.
BVO
Largest movements
- Stocks and contracts -€185,083
down €185,083 (-8.8%), from €2.1m to €1.9m
- Receivables within one year -€70,034
down €70,034 (-6.0%), from €1.2m to €1.1m
of which Other amounts receivable: -€74,265
- Cash -€61,422
down €61,422 (-25.0%), from €245,831 to €184,409
mainly Contributions, distributions and other (-€400,000) and Other debts (-€302,976)
- Other debts -€302,976
down €302,976 (-35.8%), from €847,123 to €544,147
- Trade debts -€86,035
down €86,035 (-19.9%), from €431,636 to €345,601
- Profit (loss) carried forward +€69,106
up €69,106 (+8.0%), from €859,489 to €928,595
- Short-term financial debts -€67,431
down €67,431 (-5.9%), from €1.1m to €1.1m
- Accrued charges and deferred income +€57,909
up €57,909 (+603.9%), from €9,589 to €67,498
- Gross operating margin -€223,579
down €223,579 (-11.7%), from €1.9m to €1.7m
- Taxes +€161,620
up €161,620 (+1066.4%), from €15,156 to €176,776
- Other operating charges -€55,933
down €55,933 (-45.8%), from €122,257 to €66,324
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 | €3,567,812 | €3,246,944 | -€320,868 | -9.0% |
| Fixed assets | 21/28 | €50,049 | €45,982 | -€4,067 | -8.1% |
| Tangible fixed assets | 22/27 | €50,049 | €45,982 | -€4,067 | -8.1% |
| Plant, machinery and equipment | 23 | €50,049 | €43,047 | -€7,002 | -14.0% |
| Furniture and vehicles | 24 | - | €2,935 | +€2,935 | |
| Current assets | 29/58 | €3,517,763 | €3,200,963 | -€316,800 | -9.0% |
| Stocks and contracts in progress | 3 | €2,112,305 | €1,927,222 | -€185,083 | -8.8% |
| Stocks | 30/36 | €2,112,305 | €1,927,222 | -€185,083 | -8.8% |
| Amounts receivable within one year | 40/41 | €1,158,631 | €1,088,597 | -€70,034 | -6.0% |
| Trade receivables | 40 | €99,197 | €103,429 | +€4,231 | +4.3% |
| Other amounts receivable | 41 | €1,059,434 | €985,169 | -€74,265 | -7.0% |
| Cash at bank and in hand | 54/58 | €245,831 | €184,409 | -€61,422 | -25.0% |
| Deferred charges and accrued income | 490/1 | €995 | €735 | -€261 | -26.2% |
| Total equity and liabilities | 10/49 | €3,567,812 | €3,246,944 | -€320,868 | -9.0% |
| Equity | 10/15 | €941,989 | €1,011,095 | +€69,106 | +7.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €859,489 | €928,595 | +€69,106 | +8.0% |
| Amounts payable | 17/49 | €2,625,823 | €2,235,849 | -€389,974 | -14.9% |
| Amounts payable within one year | 42/48 | €2,616,234 | €2,168,351 | -€447,883 | -17.1% |
| Financial debts | 43 | €1,134,267 | €1,066,836 | -€67,431 | -5.9% |
| Credit institutions | 430/8 | €1,134,267 | €1,066,836 | -€67,431 | -5.9% |
| Trade debts | 44 | €431,636 | €345,601 | -€86,035 | -19.9% |
| Suppliers | 440/4 | €431,636 | €345,601 | -€86,035 | -19.9% |
| Advances received on contracts in progress | 46 | €14,888 | €30,519 | +€15,631 | +105.0% |
| Taxes, remuneration and social security | 45 | €188,320 | €181,248 | -€7,072 | -3.8% |
| Taxes | 450/3 | €49,382 | €44,034 | -€5,348 | -10.8% |
| Remuneration and social security | 454/9 | €138,937 | €137,214 | -€1,723 | -1.2% |
| Other amounts payable | 47/48 | €847,123 | €544,147 | -€302,976 | -35.8% |
| Accrued charges and deferred income | 492/3 | €9,589 | €67,498 | +€57,909 | +603.9% |
| Non-recurring operating income | 76A | - | €6,359 | +€6,359 | |
| Remuneration, social security and pensions | 62 | €882,694 | €892,232 | +€9,537 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,910 | €13,019 | -€891 | -6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,227 | - | -€1,227 | |
| Other operating charges | 640/8 | €122,257 | €66,324 | -€55,933 | -45.8% |
| Non-recurring operating charges | 66A | - | €17,023 | +€17,023 | |
| Gross operating margin | 9900 | €1,912,572 | €1,688,993 | -€223,579 | -11.7% |
| Operating profit (loss) | 9901 | €892,483 | €700,395 | -€192,088 | -21.5% |
| Financial income | 75/76B | €322 | €10,923 | +€10,601 | +3287.3% |
| Recurring financial income | 75 | €322 | €10,923 | +€10,601 | +3287.3% |
| Financial charges | 65/66B | €80,978 | €65,437 | -€15,541 | -19.2% |
| Recurring financial charges | 65 | €80,978 | €65,437 | -€15,541 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €811,828 | €645,882 | -€165,946 | -20.4% |
| Income taxes | 67/77 | €15,156 | €176,776 | +€161,620 | +1066.4% |
| Profit (loss) for the period | 9904 | €796,672 | €469,106 | -€327,566 | -41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €796,672 | €469,106 | -€327,566 | -41.1% |
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 30 September 2026 via checked.be.