If it's a wheel figure, then allowing for transmission losses, your horsepower at the fly will be higher. It's not unreasonable to expect 15%+ transmission losses, meaning your flywheel horsepower figure should be near enough 265bhp.....
Also, as has already been said, temperatures have a significant effect on power figures. Bear in mind during an engine dyno session which I'm sure BMW would use to provide the official figures for their engines, the dyno rig will have a consistent flow of temperature controlled air, and proper cooling for the coolant too, ensuring the most stable results are obtained. When you take a car to a dyno, and they're trying to replicate airflow during driving with what in some cases can be quite a small fan blowing a bit of air at the front of the car whilst the operator is ragging it through the gears to get the figures, it's a far cry from the average driving temperatures/conditions, let alone the BMW engine dyno rigs!!
Also, silly things like how tightly strapped down the car is can have a significant effect on the results.
End of the day, dynos should never never be taken as gospel imo - they're a useful tool for obtaining a ballpark figure but that's about it!!