BO PROJETS: 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.
What changed
BO PROJETS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€186,047
2024 · €191,663-€5,616
Equity
€1.3m
2024 · €1.1m+€186,047
Cash
€56,866
2024 · €79,925-€23,059
Balance sheet total
€2.6m
2024 · €2.7m-€56,801
Largest movements
Assets
- Tangible fixed assets -€114,433
down €114,433 (-11.4%), from €1.0m to €886,927
of which Plant, machinery and equipment: -€74,659
- Current investments +€80,000
up €80,000 (+80.0%), from €100,000 to €180,000
Equity and liabilities
- Debts after one year -€237,139
down €237,139 (-19.5%), from €1.2m to €977,518
- Profit (loss) carried forward +€204,614
up €204,614 (+26.8%), from €763,621 to €968,235
Income statement
- Gross operating margin -€12,411
down €12,411 (-3.0%), from €415,152 to €402,742
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.
Result 2024
€191,663
Gross operating margin
-€12,411
Depreciation
-€511
Other operating charges
-€374
Financial income
+€2,299
Financial charges
+€2,826
Taxes
+€2,555
Result 2025
€186,047
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.
From operations
+€311,712
Investment
-€100,459
Financing
-€234,312
Cash 2024
€79,925
From operations (derived)
+€311,712
Net result for the year
+€186,047
Depreciation
+€137,206
Receivables within one year
-€7,639
Deferred charges and accrued income
+€4,634
Provisions
-€6,189
Trade debts
+€971
Tax, wage and social debts
+€2,508
Other debts
-€5,826
Investment (derived)
-€100,459
Investment in fixed assets (net)
-€20,459
Current investments
-€80,000
Financing
-€234,312
Debts after one year
-€237,139
Current portion of long-term debt
+€2,827
Cash 2025
€56,866
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,706,111 | €2,649,310 | -€56,801 | -2.1% |
| Fixed assets | 21/28 | €2,461,157 | €2,344,410 | -€116,747 | -4.7% |
| Intangible fixed assets | 21 | €5,534 | €3,220 | -€2,314 | -41.8% |
| Tangible fixed assets | 22/27 | €1,001,360 | €886,927 | -€114,433 | -11.4% |
| Land and buildings | 22 | €559,637 | €523,241 | -€36,396 | -6.5% |
| Plant, machinery and equipment | 23 | €378,374 | €303,715 | -€74,659 | -19.7% |
| Furniture and vehicles | 24 | €7,815 | €13,812 | +€5,996 | +76.7% |
| Other tangible fixed assets | 26 | €55,534 | €46,159 | -€9,375 | -16.9% |
| Financial fixed assets | 28 | €1,454,264 | €1,454,264 | = | 0.0% |
| Current assets | 29/58 | €244,954 | €304,900 | +€59,946 | +24.5% |
| Amounts receivable within one year | 40/41 | €59,704 | €67,342 | +€7,639 | +12.8% |
| Trade receivables | 40 | €59,096 | €64,550 | +€5,454 | +9.2% |
| Other amounts receivable | 41 | €608 | €2,792 | +€2,185 | +359.6% |
| Current investments | 50/53 | €100,000 | €180,000 | +€80,000 | +80.0% |
| Cash at bank and in hand | 54/58 | €79,925 | €56,866 | -€23,059 | -28.9% |
| Deferred charges and accrued income | 490/1 | €5,325 | €691 | -€4,634 | -87.0% |
| Total equity and liabilities | 10/49 | €2,706,111 | €2,649,310 | -€56,801 | -2.1% |
| Equity | 10/15 | €1,115,744 | €1,301,791 | +€186,047 | +16.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €333,531 | €314,964 | -€18,567 | -5.6% |
| Tax-exempt reserves | 132 | €314,868 | €296,302 | -€18,567 | -5.9% |
| Distributable reserves | 133 | €18,662 | €18,662 | = | 0.0% |
| Profit (loss) carried forward | 14 | €763,621 | €968,235 | +€204,614 | +26.8% |
| Provisions and deferred taxes | 16 | €104,956 | €98,767 | -€6,189 | -5.9% |
| Deferred taxes | 168 | €104,956 | €98,767 | -€6,189 | -5.9% |
| Amounts payable | 17/49 | €1,485,411 | €1,248,751 | -€236,660 | -15.9% |
| Amounts payable after more than one year | 17 | €1,214,657 | €977,518 | -€237,139 | -19.5% |
| Other amounts payable | 178/9 | €1,214,657 | €977,518 | -€237,139 | -19.5% |
| Amounts payable within one year | 42/48 | €270,754 | €271,233 | +€480 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €234,312 | €237,139 | +€2,827 | +1.2% |
| Trade debts | 44 | €622 | €1,593 | +€971 | +156.0% |
| Suppliers | 440/4 | €622 | €1,593 | +€971 | +156.0% |
| Taxes, remuneration and social security | 45 | €29,993 | €32,501 | +€2,508 | +8.4% |
| Taxes | 450/3 | €29,993 | €32,501 | +€2,508 | +8.4% |
| Other amounts payable | 47/48 | €5,826 | - | -€5,826 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,695 | €137,206 | +€511 | +0.4% |
| Other operating charges | 640/8 | €3,138 | €3,512 | +€374 | +11.9% |
| Gross operating margin | 9900 | €415,152 | €402,742 | -€12,411 | -3.0% |
| Operating profit (loss) | 9901 | €275,319 | €262,023 | -€13,295 | -4.8% |
| Financial income | 75/76B | €216 | €2,515 | +€2,299 | +1062.6% |
| Recurring financial income | 75 | €216 | €2,515 | +€2,299 | +1062.6% |
| Financial charges | 65/66B | €19,544 | €16,718 | -€2,826 | -14.5% |
| Recurring financial charges | 65 | €19,544 | €16,718 | -€2,826 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €255,991 | €247,821 | -€8,170 | -3.2% |
| Transfer from deferred taxes | 780 | €6,189 | €6,189 | = | 0.0% |
| Income taxes | 67/77 | €70,517 | €67,962 | -€2,555 | -3.6% |
| Profit (loss) for the period | 9904 | €191,663 | €186,047 | -€5,616 | -2.9% |
| Transfer from tax-exempt reserves | 789 | €18,567 | €18,567 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €210,229 | €204,614 | -€5,616 | -2.7% |
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 11 October 2026 via checked.be.