ADRIEN BOLETTE: what changed
Two fiscal 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.
ADRIEN BOLETTE
Largest movements
- Cash -€268,731
down €268,731 (-54.6%), from €491,871 to €223,140
mainly Contributions, distributions and other (-€289,765) and Other debts (-€250,753)
- Intangible fixed assets -€28,450
down €28,450 (-16.9%), from €168,485 to €140,035
- Other debts -€250,753
down €250,753 (-50.1%), from €500,861 to €250,108
- Debts after one year -€40,554
down €40,554 (-57.0%), from €71,180 to €30,627
of which Financial debts: -€40,554
- Gross operating margin +€38,743
up €38,743 (+10.2%), from €380,588 to €419,330
- Taxes +€11,580
up €11,580 (+13.5%), from €85,970 to €97,550
- Financial charges -€4,732
down €4,732 (-51.1%), from €9,259 to €4,527
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 | €1,038,341 | €741,975 | -€296,366 | -28.5% |
| Fixed assets | 21/28 | €490,053 | €461,887 | -€28,166 | -5.7% |
| Intangible fixed assets | 21 | €168,485 | €140,035 | -€28,450 | -16.9% |
| Tangible fixed assets | 22/27 | €1,568 | €1,852 | +€284 | +18.1% |
| Furniture and vehicles | 24 | €366 | €1,015 | +€649 | +177.3% |
| Other tangible fixed assets | 26 | €1,202 | €837 | -€365 | -30.4% |
| Financial fixed assets | 28 | €320,000 | €320,000 | = | 0.0% |
| Current assets | 29/58 | €548,288 | €280,089 | -€268,200 | -48.9% |
| Amounts receivable within one year | 40/41 | €54,010 | €52,971 | -€1,039 | -1.9% |
| Trade receivables | 40 | €41,988 | €41,011 | -€978 | -2.3% |
| Other amounts receivable | 41 | €12,022 | €11,961 | -€61 | -0.5% |
| Cash at bank and in hand | 54/58 | €491,871 | €223,140 | -€268,731 | -54.6% |
| Deferred charges and accrued income | 490/1 | €2,407 | €3,978 | +€1,571 | +65.3% |
| Total equity and liabilities | 10/49 | €1,038,341 | €741,975 | -€296,366 | -28.5% |
| Equity | 10/15 | €414,403 | €410,567 | -€3,836 | -0.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €411,403 | €407,567 | -€3,836 | -0.9% |
| Amounts payable | 17/49 | €623,938 | €331,409 | -€292,530 | -46.9% |
| Amounts payable after more than one year | 17 | €71,180 | €30,627 | -€40,554 | -57.0% |
| Financial debts | 170/4 | €71,180 | €30,627 | -€40,554 | -57.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €544,674 | €298,406 | -€246,268 | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €40,235 | €40,554 | +€319 | +0.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,578 | €4,255 | +€676 | +18.9% |
| Suppliers | 440/4 | €3,578 | €4,255 | +€676 | +18.9% |
| Taxes, remuneration and social security | 45 | €0 | €3,490 | +€3,490 | |
| Taxes | 450/3 | €0 | €3,490 | +€3,490 | |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €500,861 | €250,108 | -€250,753 | -50.1% |
| Accrued charges and deferred income | 492/3 | €8,084 | €2,376 | -€5,708 | -70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,764 | €29,242 | -€522 | -1.8% |
| Other operating charges | 640/8 | €1,979 | €2,082 | +€104 | +5.2% |
| Gross operating margin | 9900 | €380,588 | €419,330 | +€38,743 | +10.2% |
| Operating profit (loss) | 9901 | €348,845 | €388,006 | +€39,161 | +11.2% |
| Financial income | 75/76B | €4 | €0 | -€4 | -99.0% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -99.0% |
| Financial charges | 65/66B | €9,259 | €4,527 | -€4,732 | -51.1% |
| Recurring financial charges | 65 | €9,259 | €4,527 | -€4,732 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | €339,590 | €383,479 | +€43,889 | +12.9% |
| Income taxes | 67/77 | €85,970 | €97,550 | +€11,580 | +13.5% |
| Profit (loss) for the period | 9904 | €253,620 | €285,928 | +€32,309 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €253,620 | €285,928 | +€32,309 | +12.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.