BVV ASSOCIATES: 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.
BVV ASSOCIATES
Largest movements
- Receivables within one year -€2.0m
down €2.0m (-44.4%), from €4.5m to €2.5m
of which Trade receivables: -€1.1m
- Cash -€281,317
down €281,317 (-31.3%), from €897,620 to €616,303
mainly Contributions, distributions and other (-€1.7m) and Debts after one year (-€1.3m)
- Debts after one year -€1.3m
down €1.3m (-13.2%), from €9.4m to €8.2m
- Trade debts -€647,361
down €647,361 (-46.2%), from €1.4m to €753,341
- Tax, wage and social debts -€234,444
down €234,444 (-83.8%), from €279,629 to €45,186
of which Taxes: -€240,464
- Reserves -€170,499
down €170,499 (-18.9%), from €902,100 to €731,601
- Financial income +€351,235
up €351,235 (+39.0%), from €900,001 to €1.3m
- Gross operating margin +€88,070
up €88,070 (+9.4%), from €931,985 to €1.0m
- Staff costs +€66,978
up €66,978 (+28.6%), from €234,139 to €301,117
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 | €14,138,915 | €11,849,089 | -€2.3m | -16.2% |
| Fixed assets | 21/28 | €8,733,106 | €8,727,458 | -€5,648 | -0.1% |
| Intangible fixed assets | 21 | €6,482 | €1,448 | -€5,034 | -77.7% |
| Tangible fixed assets | 22/27 | €614 | - | -€614 | |
| Furniture and vehicles | 24 | €614 | - | -€614 | |
| Financial fixed assets | 28 | €8,726,010 | €8,726,010 | = | 0.0% |
| Current assets | 29/58 | €5,405,810 | €3,121,632 | -€2.3m | -42.3% |
| Amounts receivable within one year | 40/41 | €4,508,026 | €2,505,161 | -€2.0m | -44.4% |
| Trade receivables | 40 | €1,858,026 | €805,161 | -€1.1m | -56.7% |
| Other amounts receivable | 41 | €2,650,000 | €1,700,000 | -€950,000 | -35.8% |
| Cash at bank and in hand | 54/58 | €897,620 | €616,303 | -€281,317 | -31.3% |
| Deferred charges and accrued income | 490/1 | €163 | €168 | +€4 | +2.6% |
| Total equity and liabilities | 10/49 | €14,138,915 | €11,849,089 | -€2.3m | -16.2% |
| Equity | 10/15 | €922,100 | €751,601 | -€170,499 | -18.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €902,100 | €731,601 | -€170,499 | -18.9% |
| Distributable reserves | 133 | €902,100 | €731,601 | -€170,499 | -18.9% |
| Amounts payable | 17/49 | €13,216,815 | €11,097,488 | -€2.1m | -16.0% |
| Amounts payable after more than one year | 17 | €9,444,000 | €8,194,000 | -€1.3m | -13.2% |
| Other amounts payable | 178/9 | €9,444,000 | €8,194,000 | -€1.3m | -13.2% |
| Amounts payable within one year | 42/48 | €3,330,331 | €2,473,807 | -€856,524 | -25.7% |
| Financial debts | 43 | - | €25,281 | +€25,281 | |
| Credit institutions | 430/8 | - | €25,281 | +€25,281 | |
| Trade debts | 44 | €1,400,701 | €753,341 | -€647,361 | -46.2% |
| Suppliers | 440/4 | €1,400,701 | €753,341 | -€647,361 | -46.2% |
| Taxes, remuneration and social security | 45 | €279,629 | €45,186 | -€234,444 | -83.8% |
| Taxes | 450/3 | €251,641 | €11,177 | -€240,464 | -95.6% |
| Remuneration and social security | 454/9 | €27,989 | €34,009 | +€6,020 | +21.5% |
| Other amounts payable | 47/48 | €1,650,000 | €1,650,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €442,484 | €429,680 | -€12,804 | -2.9% |
| Remuneration, social security and pensions | 62 | €234,139 | €301,117 | +€66,978 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,648 | €5,648 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,741 | €1,488 | -€253 | -14.6% |
| Gross operating margin | 9900 | €931,985 | €1,020,055 | +€88,070 | +9.4% |
| Operating profit (loss) | 9901 | €690,458 | €711,803 | +€21,345 | +3.1% |
| Financial income | 75/76B | €900,001 | €1,251,236 | +€351,235 | +39.0% |
| Recurring financial income | 75 | €900,001 | €1,251,236 | +€351,235 | +39.0% |
| Financial charges | 65/66B | €397,669 | €404,839 | +€7,170 | +1.8% |
| Recurring financial charges | 65 | €397,669 | €404,839 | +€7,170 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €1,192,790 | €1,558,200 | +€365,410 | +30.6% |
| Income taxes | 67/77 | €81,006 | €78,699 | -€2,307 | -2.8% |
| Profit (loss) for the period | 9904 | €1,111,784 | €1,479,501 | +€367,717 | +33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,111,784 | €1,479,501 | +€367,717 | +33.1% |
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 27 October 2026 via checked.be.