B. BOYDEN: 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.
B. BOYDEN
Largest movements
- Current investments +€54,417
up €54,417 (+3.7%), from €1.5m to €1.5m
- Cash +€36,997
up €36,997 (+35.2%), from €105,078 to €142,075
mainly Net result for the year (+€104,520) and Depreciation (+€12,397)
- Reserves +€104,520
up €104,520 (+10.2%), from €1.0m to €1.1m
of which Distributable reserves: +€104,520
- Gross operating margin -€35,218
down €35,218 (-30.9%), from €114,082 to €78,864
- Financial income +€16,205
up €16,205 (+25.7%), from €63,140 to €79,345
- Taxes -€8,532
down €8,532 (-22.2%), from €38,468 to €29,936
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.
Derived cash bridge
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 | €1,665,602 | €1,756,948 | +€91,346 | +5.5% |
| Fixed assets | 21/28 | €58,621 | €54,091 | -€4,529 | -7.7% |
| Tangible fixed assets | 22/27 | €58,621 | €54,091 | -€4,529 | -7.7% |
| Land and buildings | 22 | €52,573 | €42,062 | -€10,511 | -20.0% |
| Plant, machinery and equipment | 23 | €6,048 | €9,748 | +€3,700 | +61.2% |
| Furniture and vehicles | 24 | - | €2,282 | +€2,282 | |
| Current assets | 29/58 | €1,606,981 | €1,702,856 | +€95,875 | +6.0% |
| Amounts receivable within one year | 40/41 | €27,670 | €32,236 | +€4,566 | +16.5% |
| Other amounts receivable | 41 | €27,670 | €32,236 | +€4,566 | +16.5% |
| Current investments | 50/53 | €1,470,070 | €1,524,487 | +€54,417 | +3.7% |
| Cash at bank and in hand | 54/58 | €105,078 | €142,075 | +€36,997 | +35.2% |
| Deferred charges and accrued income | 490/1 | €4,163 | €4,057 | -€106 | -2.5% |
| Total equity and liabilities | 10/49 | €1,665,602 | €1,756,948 | +€91,346 | +5.5% |
| Equity | 10/15 | €1,364,329 | €1,468,849 | +€104,520 | +7.7% |
| Contributions | 10/11 | €338,317 | €338,317 | = | 0.0% |
| Capital | 10 | €338,317 | €338,317 | = | 0.0% |
| Issued capital | 100 | €338,317 | €338,317 | = | 0.0% |
| Reserves | 13 | €1,026,012 | €1,130,532 | +€104,520 | +10.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,024,153 | €1,128,673 | +€104,520 | +10.2% |
| Provisions and deferred taxes | 16 | €264,585 | €264,585 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €264,585 | €264,585 | = | 0.0% |
| Pensions and similar obligations | 160 | - | €264,585 | +€264,585 | |
| Other liabilities and charges | 164/5 | €264,585 | - | -€264,585 | |
| Amounts payable | 17/49 | €36,688 | €23,513 | -€13,174 | -35.9% |
| Amounts payable within one year | 42/48 | €36,426 | €23,513 | -€12,913 | -35.4% |
| Trade debts | 44 | €624 | €767 | +€143 | +22.9% |
| Suppliers | 440/4 | €624 | €767 | +€143 | +22.9% |
| Taxes, remuneration and social security | 45 | €13,985 | €10,452 | -€3,533 | -25.3% |
| Taxes | 450/3 | €13,985 | €10,452 | -€3,533 | -25.3% |
| Other amounts payable | 47/48 | €21,817 | €12,294 | -€9,523 | -43.6% |
| Accrued charges and deferred income | 492/3 | €262 | €0 | -€262 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,023 | €12,397 | +€374 | +3.1% |
| Other operating charges | 640/8 | €11,732 | €11,277 | -€455 | -3.9% |
| Gross operating margin | 9900 | €114,082 | €78,864 | -€35,218 | -30.9% |
| Operating profit (loss) | 9901 | €90,327 | €55,190 | -€35,137 | -38.9% |
| Financial income | 75/76B | €63,140 | €79,345 | +€16,205 | +25.7% |
| Recurring financial income | 75 | €63,140 | €79,345 | +€16,205 | +25.7% |
| Financial charges | 65/66B | €900 | €80 | -€820 | -91.2% |
| Recurring financial charges | 65 | €900 | €80 | -€820 | -91.2% |
| Profit (loss) for the period before taxes | 9903 | €152,567 | €134,456 | -€18,112 | -11.9% |
| Income taxes | 67/77 | €38,468 | €29,936 | -€8,532 | -22.2% |
| Profit (loss) for the period | 9904 | €114,100 | €104,520 | -€9,580 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €114,100 | €104,520 | -€9,580 | -8.4% |
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 14 October 2026 via checked.be.