BVZ Associés: 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.
BVZ Associés
Largest movements
- Tangible fixed assets -€12,078
down €12,078 (-33.3%), from €36,235 to €24,157
- Receivables within one year +€5,752
up €5,752 (+8.0%), from €72,286 to €78,039
of which Other amounts receivable: +€16,827
- Reserves +€28,741
up €28,741 (+35.7%), from €80,428 to €109,168
of which Distributable reserves: +€28,741
- Other debts -€20,457
down €20,457 (-57.3%), from €35,706 to €15,248
- Debts after one year -€15,990
down €15,990 (-21.6%), from €74,055 to €58,065
- Tax, wage and social debts +€10,820
up €10,820 (+16.0%), from €67,732 to €78,552
of which Remuneration and social security: +€6,442
- Trade debts -€5,266
down €5,266 (-20.2%), from €26,061 to €20,795
- Turnover +€399,301
new in 2025: €399,301
- Purchases and services +€276,480
new in 2025: €276,480
- Staff costs +€18,739
up €18,739 (+31.1%), from €60,334 to €79,074
- Gross operating margin +€18,698
up €18,698 (+13.5%), from €138,703 to €157,402
- Depreciation -€13,820
down €13,820 (-53.4%), from €25,898 to €12,078
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 | €501,342 | €492,915 | -€8,427 | -1.7% |
| Fixed assets | 21/28 | €356,035 | €343,957 | -€12,078 | -3.4% |
| Tangible fixed assets | 22/27 | €36,235 | €24,157 | -€12,078 | -33.3% |
| Furniture and vehicles | 24 | €36,235 | €24,157 | -€12,078 | -33.3% |
| Financial fixed assets | 28 | €319,800 | €319,800 | = | 0.0% |
| Current assets | 29/58 | €145,307 | €148,958 | +€3,651 | +2.5% |
| Amounts receivable within one year | 40/41 | €72,286 | €78,039 | +€5,752 | +8.0% |
| Trade receivables | 40 | €51,293 | €40,218 | -€11,075 | -21.6% |
| Other amounts receivable | 41 | €20,994 | €37,821 | +€16,827 | +80.2% |
| Cash at bank and in hand | 54/58 | €73,021 | €70,919 | -€2,101 | -2.9% |
| Total equity and liabilities | 10/49 | €501,342 | €492,915 | -€8,427 | -1.7% |
| Equity | 10/15 | €252,308 | €281,049 | +€28,741 | +11.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,428 | €109,168 | +€28,741 | +35.7% |
| Non-distributable reserves | 130/1 | €9,138 | €9,138 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,278 | €7,278 | = | 0.0% |
| Distributable reserves | 133 | €71,289 | €100,030 | +€28,741 | +40.3% |
| Profit (loss) carried forward | 14 | €153,280 | €153,280 | = | 0.0% |
| Amounts payable | 17/49 | €249,034 | €211,866 | -€37,168 | -14.9% |
| Amounts payable after more than one year | 17 | €74,055 | €58,065 | -€15,990 | -21.6% |
| Financial debts | 170/4 | €74,055 | €58,065 | -€15,990 | -21.6% |
| Amounts payable within one year | 42/48 | €169,979 | €153,801 | -€16,178 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €40,480 | €39,205 | -€1,275 | -3.1% |
| Trade debts | 44 | €26,061 | €20,795 | -€5,266 | -20.2% |
| Suppliers | 440/4 | €26,061 | €20,795 | -€5,266 | -20.2% |
| Taxes, remuneration and social security | 45 | €67,732 | €78,552 | +€10,820 | +16.0% |
| Taxes | 450/3 | €67,732 | €72,110 | +€4,378 | +6.5% |
| Remuneration and social security | 454/9 | - | €6,442 | +€6,442 | |
| Other amounts payable | 47/48 | €35,706 | €15,248 | -€20,457 | -57.3% |
| Accrued charges and deferred income | 492/3 | €5,000 | - | -€5,000 | |
| Turnover | 70 | - | €399,301 | +€399,301 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €276,480 | +€276,480 | |
| Remuneration, social security and pensions | 62 | €60,334 | €79,074 | +€18,739 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,898 | €12,078 | -€13,820 | -53.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,592 | +€5,592 | |
| Other operating charges | 640/8 | €1,780 | €1,624 | -€156 | -8.8% |
| Non-recurring operating charges | 66A | €5,510 | - | -€5,510 | |
| Gross operating margin | 9900 | €138,703 | €157,402 | +€18,698 | +13.5% |
| Operating profit (loss) | 9901 | €45,180 | €59,033 | +€13,853 | +30.7% |
| Financial income | 75/76B | €186 | €434 | +€248 | +134% |
| Recurring financial income | 75 | €186 | €434 | +€248 | +134% |
| Financial charges | 65/66B | €6,383 | €5,658 | -€725 | -11.4% |
| Recurring financial charges | 65 | €6,383 | €5,658 | -€725 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €38,983 | €53,809 | +€14,826 | +38.0% |
| Income taxes | 67/77 | €12,616 | €25,068 | +€12,452 | +98.7% |
| Profit (loss) for the period | 9904 | €26,367 | €28,741 | +€2,374 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,367 | €28,741 | +€2,374 | +9.0% |
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 28 October 2026 via checked.be.