Financials
The balance sheet total increased by EUR 46 M (+4%) from EUR 1,133 M to EUR 1,179 M.
Our net financial investments increased by EUR 50 M (+8 %) and our current assets decreased by EUR 4 M (-1%).
The increase in net financial investments is due to the following factors:
- An increase in the gross portfolio by EUR 66.6 million
- An increase in the stock of risk provision by EUR 16.18 million
Treasury and treasury investments remained stable in 2024 compared to the previous year. The disbursement/repayment balance of the investment portfolio, totalling EUR -66.2 million, was offset by the net cash flows from BIO's activities and the resources received from the State in 2024.
Financial fixed assets, consisting almost exclusively of the investment portfolio, increased by 8% in 2024.
Shareholder equity increased by EUR 38.8 million, driven by the following factors:
- A net new allocation of capital grants totalling EUR 22.5 million and an allocation of EUR 1.9 million from the appropriation of the Code 5 results, and
- EUR 14.4 million in income brought forward for the year after the distribution of dividends.
For the second consecutive year, BIO has posted a strong financial performance, ending 2024 with a net profit of EUR 19.2 million, an increase of EUR 1.8 million compared to the previous year. This positive result is mainly due to a significant rise in revenue from our investment portfolio (EUR 19.4 million), driven largely by the equity investment income, which increased by EUR 15.8 million.
The retained profit enables BIO to propose a dividend of EUR 4.8 million (25% of the net result after tax) to its shareholder. After the dividend, the profit carried forward will be EUR 30.4 million.
Although net income from BIO’s treasury decreased by EUR 3.7 million compared to last year, it remains a significant revenue source on its income statement.
After deducting direct costs related to projects (such as commissions, travel expenses, bank transfer fees, etc.), the gross margin increased by 43%, in line with the rise in reported revenues.
Operating costs, after deducting management fees, fell by EUR 1.8 million to EUR 11.5 million. This reduction is due to an increase in management fees received in 2024 and a release of a provision of EUR 0.6 million related to BIO’s old buildings.
The net margin is sufficient to cover the cost of risk of EUR 17.2 million, and the operating result shows a positive balance of EUR 23.7 million.
However, a net foreign exchange loss of EUR 2.9 million was also recorded.
