BO-TWO: what changed
Two fiscal 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-TWO
Largest movements
- Receivables within one year -€149,745
down €149,745 (-62.4%), from €239,917 to €90,173
of which Trade receivables: -€162,408
- Tangible fixed assets -€59,435
down €59,435 (-7.1%), from €839,629 to €780,195
of which Other tangible fixed assets: -€50,115
- Cash -€20,994
down €20,994 (-4.6%), from €458,213 to €437,219
mainly Contributions, distributions and other (-€134,772) and Debts after one year (-€51,913)
- Reserves -€117,790
down €117,790 (-16.4%), from €719,113 to €601,323
of which Tax-exempt reserves: -€71,570
- Other debts +€92,033
up €92,033 (+33.3%), from €276,429 to €368,463
- Debts after one year -€51,913
down €51,913 (-8.8%), from €591,242 to €539,330
of which Financial debts: -€53,333
- Accrued charges and deferred income -€46,576
down €46,576 (-63.8%), from €72,988 to €26,413
- Trade debts -€34,971
down €34,971 (-47.7%), from €73,275 to €38,304
- Gross operating margin +€71,913
up €71,913 (+156.8%), from €45,857 to €117,770
- Taxes +€16,898
up €16,898 (+11858.8%), from €142 to €17,040
- Depreciation +€4,021
up €4,021 (+5.9%), from €67,709 to €71,731
- Financial income +€3,610
up €3,610 (+34.9%), from €10,354 to €13,964
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 | €1,890,551 | €1,666,859 | -€223,692 | -11.8% |
| Fixed assets | 21/28 | €839,679 | €780,245 | -€59,435 | -7.1% |
| Tangible fixed assets | 22/27 | €839,629 | €780,195 | -€59,435 | -7.1% |
| Plant, machinery and equipment | 23 | €1,462 | €7,926 | +€6,465 | +442.3% |
| Furniture and vehicles | 24 | €46,571 | €30,786 | -€15,784 | -33.9% |
| Other tangible fixed assets | 26 | €791,597 | €741,482 | -€50,115 | -6.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,050,872 | €886,614 | -€164,257 | -15.6% |
| Amounts receivable within one year | 40/41 | €239,917 | €90,173 | -€149,745 | -62.4% |
| Trade receivables | 40 | €220,921 | €58,514 | -€162,408 | -73.5% |
| Other amounts receivable | 41 | €18,996 | €31,659 | +€12,663 | +66.7% |
| Current investments | 50/53 | €352,277 | €356,433 | +€4,156 | +1.2% |
| Cash at bank and in hand | 54/58 | €458,213 | €437,219 | -€20,994 | -4.6% |
| Deferred charges and accrued income | 490/1 | €464 | €2,789 | +€2,325 | +501.6% |
| Total equity and liabilities | 10/49 | €1,890,551 | €1,666,859 | -€223,692 | -11.8% |
| Equity | 10/15 | €722,194 | €619,923 | -€102,270 | -14.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €719,113 | €601,323 | -€117,790 | -16.4% |
| Tax-exempt reserves | 132 | €152,825 | €81,255 | -€71,570 | -46.8% |
| Distributable reserves | 133 | €566,288 | €520,068 | -€46,220 | -8.2% |
| Profit (loss) carried forward | 14 | -€15,520 | €0 | +€15,520 | |
| Amounts payable | 17/49 | €1,168,357 | €1,046,936 | -€121,422 | -10.4% |
| Amounts payable after more than one year | 17 | €591,242 | €539,330 | -€51,913 | -8.8% |
| Financial debts | 170/4 | €560,000 | €506,667 | -€53,333 | -9.5% |
| Other amounts payable | 178/9 | €31,242 | €32,663 | +€1,421 | +4.5% |
| Amounts payable within one year | 42/48 | €504,127 | €481,193 | -€22,933 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €74,766 | €53,333 | -€21,433 | -28.7% |
| Trade debts | 44 | €73,275 | €38,304 | -€34,971 | -47.7% |
| Suppliers | 440/4 | €73,275 | €38,304 | -€34,971 | -47.7% |
| Advances received on contracts in progress | 46 | €33,578 | €0 | -€33,578 | -100.0% |
| Taxes, remuneration and social security | 45 | €46,079 | €21,093 | -€24,986 | -54.2% |
| Taxes | 450/3 | €46,079 | €21,093 | -€24,986 | -54.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €276,429 | €368,463 | +€92,033 | +33.3% |
| Accrued charges and deferred income | 492/3 | €72,988 | €26,413 | -€46,576 | -63.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,709 | €71,731 | +€4,021 | +5.9% |
| Other operating charges | 640/8 | €5,671 | €5,828 | +€156 | +2.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €45,857 | €117,770 | +€71,913 | +156.8% |
| Operating profit (loss) | 9901 | -€27,524 | €40,211 | +€67,736 | |
| Financial income | 75/76B | €10,354 | €13,964 | +€3,610 | +34.9% |
| Recurring financial income | 75 | €10,354 | €13,964 | +€3,610 | +34.9% |
| Financial charges | 65/66B | €5,418 | €4,634 | -€784 | -14.5% |
| Recurring financial charges | 65 | €5,418 | €4,634 | -€784 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | -€22,588 | €49,542 | +€72,129 | |
| Income taxes | 67/77 | €142 | €17,040 | +€16,898 | +11858.8% |
| Profit (loss) for the period | 9904 | -€22,730 | €32,502 | +€55,232 | |
| Transfer from tax-exempt reserves | 789 | - | €71,570 | +€71,570 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,730 | €104,072 | +€126,802 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.