BENOIT BOGAERTS: 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.
BENOIT BOGAERTS
Largest movements
- Cash +€281,661
up €281,661 (+172.1%), from €163,625 to €445,285
mainly Net result for the year (+€253,949) and Current investments (+€80,000)
- Current investments -€80,000
no longer reported in 2025 (was €80,000)
- Receivables within one year +€73,184
up €73,184 (+165.6%), from €44,197 to €117,381
of which Other amounts receivable: +€44,528
- Financial fixed assets -€33,382
down €33,382 (-20.9%), from €160,000 to €126,618
- Reserves +€253,949
up €253,949 (+106.7%), from €238,105 to €492,053
- Debts after one year -€27,025
down €27,025 (-16.3%), from €166,248 to €139,223
- Financial income +€94,238
up €94,238 (+4951.0%), from €1,903 to €96,141
- Gross operating margin +€13,962
up €13,962 (+6.2%), from €224,230 to €238,192
- Taxes +€4,059
up €4,059 (+7.8%), from €52,251 to €56,310
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 | €508,281 | €740,789 | +€232,507 | +45.7% |
| Fixed assets | 21/28 | €211,553 | €175,770 | -€35,783 | -16.9% |
| Tangible fixed assets | 22/27 | €51,553 | €49,152 | -€2,401 | -4.7% |
| Plant, machinery and equipment | 23 | €578 | €178 | -€400 | -69.2% |
| Furniture and vehicles | 24 | €50,055 | €35,733 | -€14,323 | -28.6% |
| Other tangible fixed assets | 26 | €919 | €13,242 | +€12,322 | +1340.1% |
| Financial fixed assets | 28 | €160,000 | €126,618 | -€33,382 | -20.9% |
| Current assets | 29/58 | €296,728 | €565,018 | +€268,290 | +90.4% |
| Amounts receivable within one year | 40/41 | €44,197 | €117,381 | +€73,184 | +165.6% |
| Trade receivables | 40 | €5,200 | €33,856 | +€28,656 | +551.1% |
| Other amounts receivable | 41 | €38,997 | €83,525 | +€44,528 | +114.2% |
| Current investments | 50/53 | €80,000 | - | -€80,000 | |
| Cash at bank and in hand | 54/58 | €163,625 | €445,285 | +€281,661 | +172.1% |
| Deferred charges and accrued income | 490/1 | €8,906 | €2,352 | -€6,554 | -73.6% |
| Total equity and liabilities | 10/49 | €508,281 | €740,789 | +€232,507 | +45.7% |
| Equity | 10/15 | €240,605 | €494,553 | +€253,949 | +105.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €238,105 | €492,053 | +€253,949 | +106.7% |
| Distributable reserves | 133 | €238,105 | €492,053 | +€253,949 | +106.7% |
| Amounts payable | 17/49 | €267,677 | €246,235 | -€21,441 | -8.0% |
| Amounts payable after more than one year | 17 | €166,248 | €139,223 | -€27,025 | -16.3% |
| Financial debts | 170/4 | €166,248 | €139,223 | -€27,025 | -16.3% |
| Amounts payable within one year | 42/48 | €101,428 | €107,012 | +€5,584 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €30,168 | €32,358 | +€2,190 | +7.3% |
| Trade debts | 44 | €550 | €1,077 | +€527 | +95.9% |
| Suppliers | 440/4 | €550 | €1,077 | +€527 | +95.9% |
| Taxes, remuneration and social security | 45 | €70,711 | €73,578 | +€2,867 | +4.1% |
| Taxes | 450/3 | €66,136 | €71,328 | +€5,192 | +7.9% |
| Remuneration and social security | 454/9 | €4,575 | €2,250 | -€2,325 | -50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,057 | €15,411 | +€353 | +2.3% |
| Other operating charges | 640/8 | €75 | €20 | -€55 | -73.3% |
| Gross operating margin | 9900 | €224,230 | €238,192 | +€13,962 | +6.2% |
| Operating profit (loss) | 9901 | €209,098 | €222,761 | +€13,664 | +6.5% |
| Financial income | 75/76B | €1,903 | €96,141 | +€94,238 | +4951.0% |
| Recurring financial income | 75 | €1,903 | €96,141 | +€94,238 | +4951.0% |
| Financial charges | 65/66B | €6,610 | €8,644 | +€2,034 | +30.8% |
| Recurring financial charges | 65 | €6,610 | €8,644 | +€2,034 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €204,391 | €310,259 | +€105,868 | +51.8% |
| Income taxes | 67/77 | €52,251 | €56,310 | +€4,059 | +7.8% |
| Profit (loss) for the period | 9904 | €152,139 | €253,949 | +€101,809 | +66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €152,139 | €253,949 | +€101,809 | +66.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.