BOAG: 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.
BOAG
Largest movements
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Cash -€57,315
down €57,315 (-60.7%), from €94,454 to €37,139
mainly Investment in fixed assets (net) (-€63,824) and Other debts (-€62,320)
- Receivables within one year +€32,425
up €32,425 (+96.0%), from €33,773 to €66,198
of which Other amounts receivable: +€23,279
- Stocks and contracts +€23,093
up €23,093 (+87.5%), from €26,383 to €49,476
- Tangible fixed assets +€21,440
up €21,440 (+33.4%), from €64,157 to €85,597
of which Plant, machinery and equipment: +€40,649
- Other debts -€62,320
down €62,320 (-90.6%), from €68,749 to €6,428
- Tax, wage and social debts -€30,295
down €30,295 (-91.9%), from €32,971 to €2,676
of which Taxes: -€30,211
- Debts after one year +€26,464
up €26,464 (+235.5%), from €11,237 to €37,702
- Profit (loss) carried forward -€12,769
down €12,769, from €11,466 to -€1,303
- Trade debts -€4,605
down €4,605 (-47.7%), from €9,661 to €5,055
- Gross operating margin -€21,599
down €21,599 (-25.4%), from €84,902 to €63,303
- Depreciation +€9,298
up €9,298 (+28.1%), from €33,086 to €42,384
- Taxes -€6,882
no longer reported in 2025 (was €6,882)
- Financial income -€1,506
down €1,506 (-53.2%), from €2,833 to €1,327
- Staff costs +€1,486
up €1,486 (+5.0%), from €29,728 to €31,214
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 | €319,278 | €238,846 | -€80,432 | -25.2% |
| Fixed assets | 21/28 | €64,457 | €85,897 | +€21,440 | +33.3% |
| Tangible fixed assets | 22/27 | €64,157 | €85,597 | +€21,440 | +33.4% |
| Land and buildings | 22 | €1,810 | €1,325 | -€484 | -26.8% |
| Plant, machinery and equipment | 23 | €22,799 | €63,448 | +€40,649 | +178.3% |
| Furniture and vehicles | 24 | €39,548 | €20,824 | -€18,725 | -47.3% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €254,821 | €152,949 | -€101,872 | -40.0% |
| Stocks and contracts in progress | 3 | €26,383 | €49,476 | +€23,093 | +87.5% |
| Stocks | 30/36 | €26,383 | €49,476 | +€23,093 | +87.5% |
| Amounts receivable within one year | 40/41 | €33,773 | €66,198 | +€32,425 | +96.0% |
| Trade receivables | 40 | €14,259 | €23,405 | +€9,146 | +64.1% |
| Other amounts receivable | 41 | €19,514 | €42,793 | +€23,279 | +119.3% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €94,454 | €37,139 | -€57,315 | -60.7% |
| Deferred charges and accrued income | 490/1 | €211 | €136 | -€74 | -35.3% |
| Total equity and liabilities | 10/49 | €319,278 | €238,846 | -€80,432 | -25.2% |
| Equity | 10/15 | €178,018 | €165,250 | -€12,769 | -7.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €158,492 | €158,492 | = | 0.0% |
| Tax-exempt reserves | 132 | €492 | €492 | = | 0.0% |
| Distributable reserves | 133 | €158,000 | €158,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,466 | -€1,303 | -€12,769 | |
| Amounts payable | 17/49 | €141,260 | €73,596 | -€67,664 | -47.9% |
| Amounts payable after more than one year | 17 | €11,237 | €37,702 | +€26,464 | +235.5% |
| Financial debts | 170/4 | €11,237 | €37,702 | +€26,464 | +235.5% |
| Amounts payable within one year | 42/48 | €130,022 | €35,894 | -€94,128 | -72.4% |
| Current portion of amounts payable after more than one year | 42 | €18,642 | €21,734 | +€3,092 | +16.6% |
| Trade debts | 44 | €9,661 | €5,055 | -€4,605 | -47.7% |
| Suppliers | 440/4 | €9,661 | €5,055 | -€4,605 | -47.7% |
| Taxes, remuneration and social security | 45 | €32,971 | €2,676 | -€30,295 | -91.9% |
| Taxes | 450/3 | €30,536 | €325 | -€30,211 | -98.9% |
| Remuneration and social security | 454/9 | €2,435 | €2,351 | -€83 | -3.4% |
| Other amounts payable | 47/48 | €68,749 | €6,428 | -€62,320 | -90.6% |
| Remuneration, social security and pensions | 62 | €29,728 | €31,214 | +€1,486 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,086 | €42,384 | +€9,298 | +28.1% |
| Other operating charges | 640/8 | €902 | €859 | -€43 | -4.7% |
| Gross operating margin | 9900 | €84,902 | €63,303 | -€21,599 | -25.4% |
| Operating profit (loss) | 9901 | €21,186 | -€11,154 | -€32,340 | |
| Financial income | 75/76B | €2,833 | €1,327 | -€1,506 | -53.2% |
| Recurring financial income | 75 | €2,833 | €1,327 | -€1,506 | -53.2% |
| Financial charges | 65/66B | €2,992 | €2,941 | -€51 | -1.7% |
| Recurring financial charges | 65 | €2,992 | €2,941 | -€51 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €21,027 | -€12,769 | -€33,796 | |
| Income taxes | 67/77 | €6,882 | - | -€6,882 | |
| Profit (loss) for the period | 9904 | €14,145 | -€12,769 | -€26,913 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,145 | -€12,769 | -€26,913 |
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.