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
- Receivables within one year +€1.2m
up €1.2m (+45.8%), from €2.6m to €3.8m
of which Trade receivables: +€920,127
- Cash -€237,978
down €237,978 (-85.8%), from €277,356 to €39,378
mainly Receivables within one year (-€1.2m) and Investment in fixed assets (net) (-€128,616)
- Intangible fixed assets -€72,499
down €72,499 (-38.1%), from €190,128 to €117,629
- Reserves +€603,878
up €603,878 (+39.9%), from €1.5m to €2.1m
- Short-term financial debts +€327,613
up €327,613 (+46.8%), from €700,000 to €1.0m
of which Credit institutions: +€433,758
- Tax, wage and social debts +€152,950
up €152,950 (+24.0%), from €638,052 to €791,001
of which Taxes: +€175,097
- Debts after one year -€104,304
down €104,304 (-65.9%), from €158,176 to €53,871
- Current portion of long-term debt -€65,250
down €65,250 (-38.5%), from €169,565 to €104,314
- Gross operating margin -€238,117
down €238,117 (-5.6%), from €4.2m to €4.0m
- Staff costs -€218,869
down €218,869 (-7.0%), from €3.1m to €2.9m
- Depreciation +€55,088
up €55,088 (+36.0%), from €153,110 to €208,199
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 | €3,543,615 | €4,410,703 | +€867,088 | +24.5% |
| Fixed assets | 21/28 | €613,803 | €534,220 | -€79,583 | -13.0% |
| Intangible fixed assets | 21 | €190,128 | €117,629 | -€72,499 | -38.1% |
| Tangible fixed assets | 22/27 | €423,053 | €415,969 | -€7,084 | -1.7% |
| Plant, machinery and equipment | 23 | €21,321 | €33,536 | +€12,214 | +57.3% |
| Furniture and vehicles | 24 | €234,028 | €200,762 | -€33,266 | -14.2% |
| Other tangible fixed assets | 26 | €167,703 | €181,671 | +€13,968 | +8.3% |
| Financial fixed assets | 28 | €623 | €623 | = | 0.0% |
| Current assets | 29/58 | €2,929,812 | €3,876,483 | +€946,670 | +32.3% |
| Amounts receivable within one year | 40/41 | €2,581,135 | €3,764,510 | +€1.2m | +45.8% |
| Trade receivables | 40 | €968,866 | €1,888,993 | +€920,127 | +95.0% |
| Other amounts receivable | 41 | €1,612,269 | €1,875,517 | +€263,248 | +16.3% |
| Cash at bank and in hand | 54/58 | €277,356 | €39,378 | -€237,978 | -85.8% |
| Deferred charges and accrued income | 490/1 | €71,321 | €72,595 | +€1,273 | +1.8% |
| Total equity and liabilities | 10/49 | €3,543,615 | €4,410,703 | +€867,088 | +24.5% |
| Equity | 10/15 | €1,535,160 | €2,139,038 | +€603,878 | +39.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,515,160 | €2,119,038 | +€603,878 | +39.9% |
| Distributable reserves | 133 | €1,515,160 | €2,119,038 | +€603,878 | +39.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,008,455 | €2,271,665 | +€263,209 | +13.1% |
| Amounts payable after more than one year | 17 | €158,176 | €53,871 | -€104,304 | -65.9% |
| Financial debts | 170/4 | €158,176 | €53,871 | -€104,304 | -65.9% |
| Amounts payable within one year | 42/48 | €1,842,676 | €2,214,588 | +€371,912 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €169,565 | €104,314 | -€65,250 | -38.5% |
| Financial debts | 43 | €700,000 | €1,027,613 | +€327,613 | +46.8% |
| Credit institutions | 430/8 | €500,000 | €933,758 | +€433,758 | +86.8% |
| Other loans | 439 | €200,000 | €93,855 | -€106,145 | -53.1% |
| Trade debts | 44 | €307,759 | €291,660 | -€16,099 | -5.2% |
| Suppliers | 440/4 | €307,759 | €291,660 | -€16,099 | -5.2% |
| Taxes, remuneration and social security | 45 | €638,052 | €791,001 | +€152,950 | +24.0% |
| Taxes | 450/3 | €346,601 | €521,698 | +€175,097 | +50.5% |
| Remuneration and social security | 454/9 | €291,450 | €269,303 | -€22,147 | -7.6% |
| Other amounts payable | 47/48 | €27,301 | €0 | -€27,301 | -100.0% |
| Accrued charges and deferred income | 492/3 | €7,604 | €3,205 | -€4,398 | -57.8% |
| Remuneration, social security and pensions | 62 | €3,110,692 | €2,891,823 | -€218,869 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,110 | €208,199 | +€55,088 | +36.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,868 | €21,082 | +€12,214 | +137.7% |
| Other operating charges | 640/8 | €18,201 | €12,460 | -€5,741 | -31.5% |
| Gross operating margin | 9900 | €4,249,505 | €4,011,389 | -€238,117 | -5.6% |
| Operating profit (loss) | 9901 | €958,634 | €877,825 | -€80,809 | -8.4% |
| Financial income | 75/76B | €19,295 | €38,233 | +€18,938 | +98.2% |
| Recurring financial income | 75 | €19,295 | €38,233 | +€18,938 | +98.2% |
| Financial charges | 65/66B | €90,586 | €72,937 | -€17,650 | -19.5% |
| Recurring financial charges | 65 | €90,586 | €72,937 | -€17,650 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €887,342 | €843,121 | -€44,221 | -5.0% |
| Income taxes | 67/77 | €240,726 | €239,243 | -€1,483 | -0.6% |
| Profit (loss) for the period | 9904 | €646,616 | €603,878 | -€42,738 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €646,616 | €603,878 | -€42,738 | -6.6% |
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.