BOA: 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.
BOA
Largest movements
- Tangible fixed assets +€201,570
up €201,570 (+158.7%), from €126,993 to €328,563
of which Assets under construction and advance payments: +€203,084
- Receivables within one year -€34,100
down €34,100 (-6.5%), from €522,842 to €488,742
of which Trade receivables: -€33,649
- Other debts +€154,000
up €154,000 (+120.0%), from €128,375 to €282,375
- Gross operating margin -€17,477
down €17,477, from €6,174 to -€11,303
- Taxes -€4,577
no longer reported in 2025 (was €4,577)
- Other operating charges -€238
down €238 (-8.3%), from €2,866 to €2,627
- Financial charges -€197
down €197 (-69.4%), from €283 to €87
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 | €663,102 | €824,181 | +€161,079 | +24.3% |
| Fixed assets | 21/28 | €126,993 | €328,563 | +€201,570 | +158.7% |
| Tangible fixed assets | 22/27 | €126,993 | €328,563 | +€201,570 | +158.7% |
| Land and buildings | 22 | €126,993 | €125,479 | -€1,514 | -1.2% |
| Assets under construction and advance payments | 27 | - | €203,084 | +€203,084 | |
| Current assets | 29/58 | €536,109 | €495,618 | -€40,491 | -7.6% |
| Amounts receivable within one year | 40/41 | €522,842 | €488,742 | -€34,100 | -6.5% |
| Trade receivables | 40 | €196,468 | €162,819 | -€33,649 | -17.1% |
| Other amounts receivable | 41 | €326,374 | €325,923 | -€451 | -0.1% |
| Cash at bank and in hand | 54/58 | €13,267 | €6,876 | -€6,391 | -48.2% |
| Total equity and liabilities | 10/49 | €663,102 | €824,181 | +€161,079 | +24.3% |
| Equity | 10/15 | €524,931 | €522,421 | -€2,510 | -0.5% |
| Contributions | 10/11 | €71,500 | €71,500 | = | 0.0% |
| Outside capital | 11 | €71,500 | €71,500 | = | 0.0% |
| Other | 1109/19 | €71,500 | €71,500 | = | 0.0% |
| Reserves | 13 | €314,793 | €314,793 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,397 | €2,397 | = | 0.0% |
| Distributable reserves | 133 | €312,396 | €312,396 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,639 | €136,129 | -€2,510 | -1.8% |
| Amounts payable | 17/49 | €138,170 | €301,759 | +€163,589 | +118.4% |
| Amounts payable within one year | 42/48 | €138,170 | €301,759 | +€163,589 | +118.4% |
| Trade debts | 44 | €6,128 | €10,513 | +€4,385 | +71.6% |
| Suppliers | 440/4 | €6,128 | €10,513 | +€4,385 | +71.6% |
| Taxes, remuneration and social security | 45 | €3,667 | €8,871 | +€5,204 | +141.9% |
| Taxes | 450/3 | €3,667 | €8,871 | +€5,204 | +141.9% |
| Other amounts payable | 47/48 | €128,375 | €282,375 | +€154,000 | +120.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,563 | €1,514 | -€49 | -3.1% |
| Other operating charges | 640/8 | €2,866 | €2,627 | -€238 | -8.3% |
| Gross operating margin | 9900 | €6,174 | -€11,303 | -€17,477 | |
| Operating profit (loss) | 9901 | €1,745 | -€15,444 | -€17,190 | |
| Financial income | 75/76B | €13,020 | €13,021 | +€1 | 0.0% |
| Recurring financial income | 75 | €13,020 | €13,021 | +€1 | 0.0% |
| Financial charges | 65/66B | €283 | €87 | -€197 | -69.4% |
| Recurring financial charges | 65 | €283 | €87 | -€197 | -69.4% |
| Profit (loss) for the period before taxes | 9903 | €14,482 | -€2,510 | -€16,992 | |
| Income taxes | 67/77 | €4,577 | - | -€4,577 | |
| Profit (loss) for the period | 9904 | €9,905 | -€2,510 | -€12,415 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,905 | -€2,510 | -€12,415 |
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 28 September 2026 via checked.be.