A. BOUCKAERT: 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.
A. BOUCKAERT
Largest movements
- Tangible fixed assets -€106,806
down €106,806 (-26.8%), from €398,606 to €291,800
of which Furniture and vehicles: -€106,410
- Cash +€53,706
up €53,706 (+15.5%), from €346,578 to €400,284
mainly Net result for the year (+€192,875) and Depreciation (+€106,806)
- Receivables within one year -€46,909
down €46,909 (-4.4%), from €1.1m to €1.0m
of which Trade receivables: -€53,124
- Stocks and contracts +€23,402
up €23,402 (+5.9%), from €398,756 to €422,158
- Trade debts -€80,490
down €80,490 (-23.3%), from €345,930 to €265,440
- Other debts +€79,783
up €79,783 (+6.8%), from €1.2m to €1.3m
- Debts after one year -€67,543
down €67,543 (-25.0%), from €269,957 to €202,414
- Gross operating margin +€87,027
up €87,027 (+10.3%), from €843,723 to €930,750
- Other operating charges +€41,856
up €41,856 (+103.5%), from €40,454 to €82,310
- Depreciation +€21,939
up €21,939 (+25.9%), from €84,867 to €106,806
- Staff costs +€9,499
up €9,499 (+2.0%), from €469,938 to €479,436
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.
Cash bridge derived
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 | €2,218,667 | €2,152,596 | -€66,071 | -3.0% |
| Fixed assets | 21/28 | €406,492 | €299,686 | -€106,806 | -26.3% |
| Tangible fixed assets | 22/27 | €398,606 | €291,800 | -€106,806 | -26.8% |
| Plant, machinery and equipment | 23 | €660 | €264 | -€396 | -60.0% |
| Furniture and vehicles | 24 | €397,946 | €291,536 | -€106,410 | -26.7% |
| Financial fixed assets | 28 | €7,886 | €7,886 | = | 0.0% |
| Current assets | 29/58 | €1,812,175 | €1,852,910 | +€40,736 | +2.2% |
| Stocks and contracts in progress | 3 | €398,756 | €422,158 | +€23,402 | +5.9% |
| Stocks | 30/36 | €398,756 | €422,158 | +€23,402 | +5.9% |
| Amounts receivable within one year | 40/41 | €1,061,880 | €1,014,971 | -€46,909 | -4.4% |
| Trade receivables | 40 | €420,087 | €366,963 | -€53,124 | -12.6% |
| Other amounts receivable | 41 | €641,793 | €648,008 | +€6,215 | +1.0% |
| Cash at bank and in hand | 54/58 | €346,578 | €400,284 | +€53,706 | +15.5% |
| Deferred charges and accrued income | 490/1 | €4,960 | €15,497 | +€10,537 | +212.4% |
| Total equity and liabilities | 10/49 | €2,218,667 | €2,152,596 | -€66,071 | -3.0% |
| Equity | 10/15 | €313,958 | €313,958 | = | 0.0% |
| Contributions | 10/11 | €76,847 | €76,847 | = | 0.0% |
| Capital | 10 | €76,847 | €76,847 | = | 0.0% |
| Issued capital | 100 | €76,847 | €76,847 | = | 0.0% |
| Reserves | 13 | €237,111 | €237,111 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,037 | €25,037 | = | 0.0% |
| Legal reserve | 130 | €25,037 | €25,037 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,963 | €3,963 | = | 0.0% |
| Distributable reserves | 133 | €208,111 | €208,111 | = | 0.0% |
| Amounts payable | 17/49 | €1,904,709 | €1,838,638 | -€66,071 | -3.5% |
| Amounts payable after more than one year | 17 | €269,957 | €202,414 | -€67,543 | -25.0% |
| Financial debts | 170/4 | €269,957 | €202,414 | -€67,543 | -25.0% |
| Amounts payable within one year | 42/48 | €1,634,751 | €1,636,224 | +€1,472 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €66,040 | €67,543 | +€1,503 | +2.3% |
| Trade debts | 44 | €345,930 | €265,440 | -€80,490 | -23.3% |
| Suppliers | 440/4 | €345,930 | €265,440 | -€80,490 | -23.3% |
| Taxes, remuneration and social security | 45 | €43,145 | €43,821 | +€676 | +1.6% |
| Taxes | 450/3 | €19,571 | €13,545 | -€6,026 | -30.8% |
| Remuneration and social security | 454/9 | €23,573 | €30,275 | +€6,702 | +28.4% |
| Other amounts payable | 47/48 | €1,179,637 | €1,259,420 | +€79,783 | +6.8% |
| Remuneration, social security and pensions | 62 | €469,938 | €479,436 | +€9,499 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,867 | €106,806 | +€21,939 | +25.9% |
| Other operating charges | 640/8 | €40,454 | €82,310 | +€41,856 | +103.5% |
| Gross operating margin | 9900 | €843,723 | €930,750 | +€87,027 | +10.3% |
| Operating profit (loss) | 9901 | €248,464 | €262,197 | +€13,733 | +5.5% |
| Financial income | 75/76B | €11,976 | €10,923 | -€1,053 | -8.8% |
| Recurring financial income | 75 | €11,976 | €10,923 | -€1,053 | -8.8% |
| Financial charges | 65/66B | €12,171 | €13,196 | +€1,025 | +8.4% |
| Recurring financial charges | 65 | €12,171 | €13,196 | +€1,025 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €248,270 | €259,925 | +€11,655 | +4.7% |
| Income taxes | 67/77 | €59,292 | €67,050 | +€7,759 | +13.1% |
| Profit (loss) for the period | 9904 | €188,978 | €192,875 | +€3,896 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €188,978 | €192,875 | +€3,896 | +2.1% |
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 11 October 2026 via checked.be.