BIO’s balance sheet remained broadly stable in 2025, with total assets increasing slightly to €1.196 billion (+1%). The investment portfolio continued to grow, contributing to a €10 million rise in financial fixed assets, while higher provisioning partially offsets this increase. Cash and cash investments also remained at comparable levels to last year, supported by balanced operational cash flows and additional capital means provided by the State.
Equity strengthened by €16.7 million, reflecting new capital grants, the allocation of capital subsidy results, and retained earnings after dividend distribution.
Overall, the balance sheet structure shows continuity and supports BIO’s ability to sustain its investment activities over the long term.
Income statement
In 2025, BIO delivered a solid financial performance in a year characterised by strong Foreign Exchange rate (FX) volatility and increased risk materialisation in several segments. Total income reached €55.3 million, driven by higher loan revenues and sustained capital gains on Equity investments, while treasury income declined compared to 2024. After project charges, the gross margin rose to €54.5 million, reflecting stable underlying portfolio performance.
Operating costs increased by €2.8 million, mainly due to lower management fees, higher staff costs, and continued investments in BIO’s digital infrastructure. The resulting net margin amounted to €40.2 million, broadly in line with 2024. It was partly reduced by a higher cost of risk (€20.1 million) and by a negative FX result of €5.9 million, mainly driven by valuation effects and the appreciation of the euro.
BIO closes the year with a positive operating result of €20.1 million and a net profit of €9.0 million after taxes. Retained earnings increased to €34.9 million, further strengthening BIO’s financial position and long‑term sustainability.
For the second consecutive year, BIO will propose a dividend to its shareholder, the Belgian state. The amount for 2025 is €4.5 million.
