Balance sheet and income statement
Balance Sheet 2021
The balance sheet total increased by EUR 44 M (+4%) from EUR 1,062 M to EUR 1,106 M. This increase is mainly due to the new capital and capital subsidies received from BIO’s shareholder. Financial fixed assets, consisting almost exclusively of the investment portfolio, grew by 4% in 2021. Cash and investments remained stable at 44%.
Shareholder equity increased by EUR 44 M under the cumulative effect of (i) new allocations to unavailable reserves of EUR 35 M and to net capital subsidies of EUR 9.1 M, and (ii) the loss for the financial year of EUR 0.259 M. The provisions for liabilities and charges mainly include the amount set aside for a possible adjustment of VAT.
Income Statement 2021
Despite the international context remaining complicated in 2021, BIO showed resilience and closed the financial year with a loss of EUR 0.259 M. Even though we record a loss this year, BIO improves its net result by EUR 14.3 M compared to last year.
The revenues increased by 10% compared to 2020. We increased our loan revenues by 4%. The average rate of return on the loan portfolio has remained stable at 5.2% over the past years. The capital gains realised on the resale of participations increased by EUR 1.9 M compared to those sold in 2020. BIO received EUR 1.7 M more in dividends from its participations compared to last year, for a total amount of EUR 4.7 M. The capital gains realised on the resale of participations reached EUR 0.8 M and were therefore EUR 0.5 M higher than in 2020. After deducting direct costs linked to projects (various commissions, travel expenses, bank transfer costs …), the gross margin increased by 9% and is aligned with the increase of the reported revenues. Operating costs rose by EUR 0.587 M and reached EUR 10.807 M, representing a growth of 6%. As a result, the net margin is 12% higher and reaches EUR 16 M. For the first time since 2018, the net margin is sufficient to offset the cost of risk. The operating result shows a positive balance of EUR 0.6 M. Finally, we register a net foreign exchange loss of EUR 0.9 M, including EUR 0.3 M linked to the expenses/profits after the hedging instruments were unwound.
BIO has no debts with regard to taxes for the financial year thanks to the tax losses carried forward, and ends the year with a loss of EUR 0.259 M.