B.O.N.D.: 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.O.N.D.
Largest movements
- Current investments -€1.3m
down €1.3m (-100%), from €1.3m to €0
- Cash -€633,299
down €633,299 (-70.8%), from €894,966 to €261,667
mainly Contributions, distributions and other (-€3.7m) and Short-term financial debts (-€731,770)
- Tangible fixed assets -€574,060
down €574,060 (-99.9%), from €574,490 to €430
of which Land and buildings: -€508,828
- Receivables within one year -€423,362
down €423,362 (-69.7%), from €607,798 to €184,436
of which Other amounts receivable: -€413,527
- Stocks and contracts +€237,402
up €237,402 (+5.0%), from €4.7m to €5.0m
of which Contracts in progress: +€237,402
- Profit (loss) carried forward -€3.5m
down €3.5m (-100%), from €3.5m to €0
- Other debts +€2.1m
up €2.1m (+42,020%), from €4,950 to €2.1m
- Short-term financial debts -€731,770
down €731,770 (-24.1%), from €3.0m to €2.3m
- Trade debts -€503,499
down €503,499 (-88.7%), from €567,817 to €64,319
- Debts after one year -€331,597
down €331,597 (-46.8%), from €708,105 to €376,508
of which Financial debts: -€331,597
- Gross operating margin -€2.8m
down €2.8m (-83.4%), from €3.3m to €555,730
- Financial income -€1.2m
down €1.2m (-99.8%), from €1.2m to €2,157
- Taxes -€719,460
down €719,460 (-90.5%), from €794,720 to €75,260
- Financial charges +€81,142
up €81,142 (+47.7%), from €170,070 to €251,212
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 | €8,195,712 | €5,443,646 | -€2.8m | -33.6% |
| Fixed assets | 21/28 | €597,915 | €23,855 | -€574,060 | -96.0% |
| Tangible fixed assets | 22/27 | €574,490 | €430 | -€574,060 | -99.9% |
| Land and buildings | 22 | €508,828 | €0 | -€508,828 | -100% |
| Plant, machinery and equipment | 23 | €34,527 | €0 | -€34,527 | -100% |
| Furniture and vehicles | 24 | €31,135 | €430 | -€30,705 | -98.6% |
| Financial fixed assets | 28 | €23,425 | €23,425 | = | 0.0% |
| Current assets | 29/58 | €7,597,797 | €5,419,791 | -€2.2m | -28.7% |
| Amounts receivable after more than one year | 29 | €45,000 | €0 | -€45,000 | -100% |
| Other amounts receivable | 291 | €45,000 | €0 | -€45,000 | -100% |
| Stocks and contracts in progress | 3 | €4,735,698 | €4,973,100 | +€237,402 | +5.0% |
| Stocks | 30/36 | €4,537,528 | €4,537,528 | = | 0.0% |
| Contracts in progress | 37 | €198,170 | €435,573 | +€237,402 | +120% |
| Amounts receivable within one year | 40/41 | €607,798 | €184,436 | -€423,362 | -69.7% |
| Trade receivables | 40 | €17,037 | €7,202 | -€9,835 | -57.7% |
| Other amounts receivable | 41 | €590,761 | €177,234 | -€413,527 | -70.0% |
| Current investments | 50/53 | €1,300,000 | €0 | -€1.3m | -100% |
| Cash at bank and in hand | 54/58 | €894,966 | €261,667 | -€633,299 | -70.8% |
| Deferred charges and accrued income | 490/1 | €14,335 | €587 | -€13,748 | -95.9% |
| Total equity and liabilities | 10/49 | €8,195,712 | €5,443,646 | -€2.8m | -33.6% |
| Equity | 10/15 | €3,761,308 | €284,246 | -€3.5m | -92.4% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €34,697 | €74,246 | +€39,549 | +114% |
| Distributable reserves | 133 | €34,697 | €74,246 | +€39,549 | +114% |
| Profit (loss) carried forward | 14 | €3,516,611 | €0 | -€3.5m | -100% |
| Amounts payable | 17/49 | €4,434,405 | €5,159,400 | +€724,995 | +16.3% |
| Amounts payable after more than one year | 17 | €708,105 | €376,508 | -€331,597 | -46.8% |
| Financial debts | 170/4 | €708,105 | €376,508 | -€331,597 | -46.8% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,651,799 | €4,684,247 | +€1.0m | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €43,790 | €45,365 | +€1,575 | +3.6% |
| Financial debts | 43 | €3,035,241 | €2,303,470 | -€731,770 | -24.1% |
| Credit institutions | 430/8 | €3,035,241 | €2,303,470 | -€731,770 | -24.1% |
| Trade debts | 44 | €567,817 | €64,319 | -€503,499 | -88.7% |
| Suppliers | 440/4 | €567,817 | €64,319 | -€503,499 | -88.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €186,143 | +€186,143 | |
| Taxes | 450/3 | €0 | €186,143 | +€186,143 | |
| Other amounts payable | 47/48 | €4,950 | €2,084,950 | +€2.1m | +42,020% |
| Accrued charges and deferred income | 492/3 | €74,501 | €98,645 | +€24,143 | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,987 | €1,092 | -€29,895 | -96.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €3,527 | €7,384 | +€3,858 | +109% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €3,345,773 | €555,730 | -€2.8m | -83.4% |
| Operating profit (loss) | 9901 | €3,311,259 | €547,253 | -€2.8m | -83.5% |
| Financial income | 75/76B | €1,170,142 | €2,157 | -€1.2m | -99.8% |
| Recurring financial income | 75 | €1,170,142 | €2,157 | -€1.2m | -99.8% |
| Financial charges | 65/66B | €170,070 | €251,212 | +€81,142 | +47.7% |
| Recurring financial charges | 65 | €170,070 | €251,212 | +€81,142 | +47.7% |
| Profit (loss) for the period before taxes | 9903 | €4,311,331 | €298,198 | -€4.0m | -93.1% |
| Income taxes | 67/77 | €794,720 | €75,260 | -€719,460 | -90.5% |
| Profit (loss) for the period | 9904 | €3,516,611 | €222,938 | -€3.3m | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,516,611 | €222,938 | -€3.3m | -93.7% |
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 29 October 2026 via checked.be.