Bo: 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.
Bo
Largest movements
- Receivables within one year -€25,746
down €25,746 (-34.0%), from €75,791 to €50,045
of which Other amounts receivable: -€26,522
- Cash +€5,976
up €5,976 (+19.6%), from €30,525 to €36,501
mainly Depreciation (+€34,493) and Receivables within one year (+€25,746)
- Debts after one year -€22,044
down €22,044 (-26.4%), from €83,628 to €61,583
- Reserves +€15,576
up €15,576 (+33.7%), from €46,249 to €61,825
- Other debts -€14,799
down €14,799 (-74.0%), from €20,000 to €5,201
- Tax, wage and social debts +€2,795
up €2,795 (+15.2%), from €18,330 to €21,125
of which Remuneration and social security: +€2,671
- Gross operating margin -€17,841
down €17,841 (-10.0%), from €177,841 to €159,999
- Depreciation +€3,289
up €3,289 (+10.5%), from €31,204 to €34,493
- Staff costs -€2,446
down €2,446 (-2.6%), from €94,772 to €92,326
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 | €224,102 | €204,722 | -€19,380 | -8.6% |
| Fixed assets | 21/28 | €108,565 | €109,676 | +€1,111 | +1.0% |
| Tangible fixed assets | 22/27 | €108,315 | €109,426 | +€1,111 | +1.0% |
| Land and buildings | 22 | €55,878 | €74,891 | +€19,014 | +34.0% |
| Plant, machinery and equipment | 23 | €7,698 | €5,109 | -€2,589 | -33.6% |
| Furniture and vehicles | 24 | €2,120 | €1,013 | -€1,107 | -52.2% |
| Leasing and similar rights | 25 | €42,620 | €28,413 | -€14,207 | -33.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €115,537 | €95,046 | -€20,491 | -17.7% |
| Stocks and contracts in progress | 3 | €8,500 | €8,500 | = | 0.0% |
| Stocks | 30/36 | €8,500 | €8,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €75,791 | €50,045 | -€25,746 | -34.0% |
| Trade receivables | 40 | €1,361 | €2,137 | +€776 | +57.0% |
| Other amounts receivable | 41 | €74,430 | €47,908 | -€26,522 | -35.6% |
| Cash at bank and in hand | 54/58 | €30,525 | €36,501 | +€5,976 | +19.6% |
| Deferred charges and accrued income | 490/1 | €721 | €0 | -€721 | -100% |
| Total equity and liabilities | 10/49 | €224,102 | €204,722 | -€19,380 | -8.6% |
| Equity | 10/15 | €52,449 | €68,025 | +€15,576 | +29.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €46,249 | €61,825 | +€15,576 | +33.7% |
| Distributable reserves | 133 | €46,249 | €61,825 | +€15,576 | +33.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €171,653 | €136,697 | -€34,956 | -20.4% |
| Amounts payable after more than one year | 17 | €83,628 | €61,583 | -€22,044 | -26.4% |
| Financial debts | 170/4 | €83,628 | €61,583 | -€22,044 | -26.4% |
| Amounts payable within one year | 42/48 | €87,489 | €75,113 | -€12,376 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €21,822 | €22,044 | +€222 | +1.0% |
| Financial debts | 43 | €9,929 | €9,937 | +€8 | +0.1% |
| Credit institutions | 430/8 | €9,929 | €9,500 | -€429 | -4.3% |
| Other loans | 439 | - | €437 | +€437 | |
| Trade debts | 44 | €17,408 | €16,807 | -€601 | -3.5% |
| Suppliers | 440/4 | €17,408 | €16,807 | -€601 | -3.5% |
| Taxes, remuneration and social security | 45 | €18,330 | €21,125 | +€2,795 | +15.2% |
| Taxes | 450/3 | €13,389 | €13,513 | +€124 | +0.9% |
| Remuneration and social security | 454/9 | €4,940 | €7,612 | +€2,671 | +54.1% |
| Other amounts payable | 47/48 | €20,000 | €5,201 | -€14,799 | -74.0% |
| Accrued charges and deferred income | 492/3 | €536 | €0 | -€536 | -100% |
| Remuneration, social security and pensions | 62 | €94,772 | €92,326 | -€2,446 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,204 | €34,493 | +€3,289 | +10.5% |
| Other operating charges | 640/8 | €1,630 | €3,012 | +€1,382 | +84.8% |
| Gross operating margin | 9900 | €177,841 | €159,999 | -€17,841 | -10.0% |
| Operating profit (loss) | 9901 | €50,234 | €30,168 | -€20,066 | -39.9% |
| Financial income | 75/76B | €23 | €21 | -€2 | -9.8% |
| Recurring financial income | 75 | €23 | €21 | -€2 | -9.8% |
| Financial charges | 65/66B | €6,273 | €5,404 | -€869 | -13.9% |
| Recurring financial charges | 65 | €6,273 | €5,404 | -€869 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €43,985 | €24,786 | -€19,199 | -43.6% |
| Income taxes | 67/77 | €9,792 | €9,209 | -€582 | -5.9% |
| Profit (loss) for the period | 9904 | €34,193 | €15,576 | -€18,617 | -54.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,193 | €15,576 | -€18,617 | -54.4% |
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 27 October 2026 via checked.be.