BLVD. BOULEVARD: 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.
BLVD. BOULEVARD
Largest movements
- Tangible fixed assets +€72,833
up €72,833 (+120%), from €60,667 to €133,500
of which Furniture and vehicles: +€41,315
- Cash +€55,508
up €55,508 (+36.5%), from €151,901 to €207,409
mainly Net result for the year (+€120,618) and Trade debts (+€50,319)
- Stocks and contracts +€44,932
up €44,932 (+44.1%), from €101,979 to €146,911
- Profit (loss) carried forward +€120,618
up €120,618 (+80.8%), from -€149,242 to -€28,623
- Trade debts +€50,319
up €50,319 (+57.5%), from €87,559 to €137,878
- Tax, wage and social debts -€8,195
down €8,195 (-12.6%), from €64,992 to €56,797
of which Remuneration and social security: -€8,861
- Debts after one year +€7,951
up €7,951 (+8.1%), from €98,598 to €106,549
- Staff costs -€36,621
down €36,621 (-11.5%), from €317,521 to €280,900
- Depreciation -€20,135
down €20,135 (-42.8%), from €47,091 to €26,956
- Gross operating margin -€18,059
down €18,059 (-3.9%), from €460,511 to €442,452
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 | €382,197 | €550,368 | +€168,171 | +44.0% |
| Fixed assets | 21/28 | €64,667 | €133,500 | +€68,832 | +106% |
| Intangible fixed assets | 21 | €4,000 | €0 | -€4,000 | -100% |
| Tangible fixed assets | 22/27 | €60,667 | €133,500 | +€72,833 | +120% |
| Plant, machinery and equipment | 23 | €24,480 | €59,252 | +€34,772 | +142% |
| Furniture and vehicles | 24 | €4,695 | €46,010 | +€41,315 | +880% |
| Other tangible fixed assets | 26 | €31,493 | €28,238 | -€3,254 | -10.3% |
| Current assets | 29/58 | €317,530 | €416,869 | +€99,339 | +31.3% |
| Stocks and contracts in progress | 3 | €101,979 | €146,911 | +€44,932 | +44.1% |
| Stocks | 30/36 | €101,979 | €146,911 | +€44,932 | +44.1% |
| Amounts receivable within one year | 40/41 | €54,069 | €53,417 | -€652 | -1.2% |
| Trade receivables | 40 | €10,446 | €8,091 | -€2,355 | -22.5% |
| Other amounts receivable | 41 | €43,624 | €45,326 | +€1,703 | +3.9% |
| Cash at bank and in hand | 54/58 | €151,901 | €207,409 | +€55,508 | +36.5% |
| Deferred charges and accrued income | 490/1 | €9,580 | €9,132 | -€448 | -4.7% |
| Total equity and liabilities | 10/49 | €382,197 | €550,368 | +€168,171 | +44.0% |
| Equity | 10/15 | €58,258 | €178,877 | +€120,618 | +207% |
| Contributions | 10/11 | €207,500 | €207,500 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€149,242 | -€28,623 | +€120,618 | +80.8% |
| Amounts payable | 17/49 | €323,939 | €371,492 | +€47,553 | +14.7% |
| Amounts payable after more than one year | 17 | €98,598 | €106,549 | +€7,951 | +8.1% |
| Financial debts | 170/4 | €98,598 | €106,549 | +€7,951 | +8.1% |
| Amounts payable within one year | 42/48 | €225,341 | €264,943 | +€39,602 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €71,481 | €70,255 | -€1,225 | -1.7% |
| Financial debts | 43 | €686 | €12 | -€674 | -98.3% |
| Credit institutions | 430/8 | €686 | €12 | -€674 | -98.3% |
| Trade debts | 44 | €87,559 | €137,878 | +€50,319 | +57.5% |
| Suppliers | 440/4 | €87,559 | €137,878 | +€50,319 | +57.5% |
| Taxes, remuneration and social security | 45 | €64,992 | €56,797 | -€8,195 | -12.6% |
| Taxes | 450/3 | €27,678 | €28,345 | +€666 | +2.4% |
| Remuneration and social security | 454/9 | €37,313 | €28,452 | -€8,861 | -23.7% |
| Other amounts payable | 47/48 | €624 | €0 | -€624 | -100% |
| Remuneration, social security and pensions | 62 | €317,521 | €280,900 | -€36,621 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,091 | €26,956 | -€20,135 | -42.8% |
| Other operating charges | 640/8 | €3,365 | €3,633 | +€269 | +8.0% |
| Gross operating margin | 9900 | €460,511 | €442,452 | -€18,059 | -3.9% |
| Operating profit (loss) | 9901 | €92,535 | €130,962 | +€38,428 | +41.5% |
| Financial income | 75/76B | €588 | €1,263 | +€675 | +115% |
| Recurring financial income | 75 | €588 | €1,263 | +€675 | +115% |
| Financial charges | 65/66B | €11,980 | €11,369 | -€611 | -5.1% |
| Recurring financial charges | 65 | €11,980 | €11,369 | -€611 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €81,143 | €120,857 | +€39,714 | +48.9% |
| Income taxes | 67/77 | -€4 | €238 | +€242 | |
| Profit (loss) for the period | 9904 | €81,147 | €120,618 | +€39,472 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €81,147 | €120,618 | +€39,472 | +48.6% |
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 15 October 2026 via checked.be.