Board Belgium: what changed
Board Belgium
Largest movements
- Receivables within one year +€433,202
up €433,202 (+255%), from €169,620 to €602,823
of which Trade receivables: +€433,202
- Cash -€227,845
down €227,845 (-37.8%), from €602,949 to €375,104
mainly Debts after one year (-€500,000) and Receivables within one year (-€433,202)
- Deferred charges and accrued income +€23,700
up €23,700 (+51.5%), from €46,056 to €69,756
- Trade debts +€668,644
up €668,644 (+65.6%), from €1.0m to €1.7m
- Debts after one year -€500,000
down €500,000 (-48.1%), from €1.0m to €540,000
- Other debts +€46,774
up €46,774 (+76.6%), from €61,053 to €107,827
- Profit (loss) carried forward +€23,745
up €23,745 (+1.1%), from -€2.1m to -€2.0m
- Accrued charges and deferred income -€13,111
down €13,111 (-2.6%), from €499,124 to €486,013
- Gross operating margin -€37,576
down €37,576 (-5.5%), from €685,448 to €647,873
- Staff costs -€35,329
down €35,329 (-5.8%), from €607,715 to €572,385
- Financial charges -€13,533
down €13,533 (-20.7%), from €65,285 to €51,752
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €822,540 | €1,051,162 | +€228,623 | +27.8% |
| Fixed assets | 21/28 | €3,915 | €3,480 | -€435 | -11.1% |
| Tangible fixed assets | 22/27 | €435 | €0 | -€435 | -100% |
| Furniture and vehicles | 24 | €435 | €0 | -€435 | -100% |
| Financial fixed assets | 28 | €3,480 | €3,480 | = | 0.0% |
| Current assets | 29/58 | €818,625 | €1,047,682 | +€229,057 | +28.0% |
| Amounts receivable within one year | 40/41 | €169,620 | €602,823 | +€433,202 | +255% |
| Trade receivables | 40 | €169,514 | €602,717 | +€433,202 | +256% |
| Other amounts receivable | 41 | €106 | €106 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €602,949 | €375,104 | -€227,845 | -37.8% |
| Deferred charges and accrued income | 490/1 | €46,056 | €69,756 | +€23,700 | +51.5% |
| Total equity and liabilities | 10/49 | €822,540 | €1,051,162 | +€228,623 | +27.8% |
| Equity | 10/15 | -€2,049,513 | -€2,025,767 | +€23,745 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,068,113 | -€2,044,367 | +€23,745 | +1.1% |
| Amounts payable | 17/49 | €2,872,052 | €3,076,930 | +€204,877 | +7.1% |
| Amounts payable after more than one year | 17 | €1,040,000 | €540,000 | -€500,000 | -48.1% |
| Financial debts | 170/4 | €1,040,000 | €540,000 | -€500,000 | -48.1% |
| Amounts payable within one year | 42/48 | €1,332,928 | €2,050,917 | +€717,988 | +53.9% |
| Trade debts | 44 | €1,018,556 | €1,687,199 | +€668,644 | +65.6% |
| Suppliers | 440/4 | €1,018,556 | €1,687,199 | +€668,644 | +65.6% |
| Advances received on contracts in progress | 46 | €8,960 | €591 | -€8,369 | -93.4% |
| Taxes, remuneration and social security | 45 | €244,359 | €255,299 | +€10,940 | +4.5% |
| Taxes | 450/3 | €96,408 | €78,326 | -€18,082 | -18.8% |
| Remuneration and social security | 454/9 | €147,951 | €176,973 | +€29,022 | +19.6% |
| Other amounts payable | 47/48 | €61,053 | €107,827 | +€46,774 | +76.6% |
| Accrued charges and deferred income | 492/3 | €499,124 | €486,013 | -€13,111 | -2.6% |
| Remuneration, social security and pensions | 62 | €607,715 | €572,385 | -€35,329 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,832 | €435 | -€1,397 | -76.3% |
| Other operating charges | 640/8 | €408 | €0 | -€408 | -100% |
| Gross operating margin | 9900 | €685,448 | €647,873 | -€37,576 | -5.5% |
| Operating profit (loss) | 9901 | €75,494 | €75,052 | -€442 | -0.6% |
| Financial income | 75/76B | €324 | €654 | +€330 | +102% |
| Recurring financial income | 75 | €324 | €654 | +€330 | +102% |
| Financial charges | 65/66B | €65,285 | €51,752 | -€13,533 | -20.7% |
| Recurring financial charges | 65 | €65,285 | €51,752 | -€13,533 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €10,532 | €23,954 | +€13,422 | +127% |
| Income taxes | 67/77 | €194 | €209 | +€15 | +7.6% |
| Profit (loss) for the period | 9904 | €10,338 | €23,745 | +€13,407 | +130% |
| Profit (loss) for the period to be appropriated | 9905 | €10,338 | €23,745 | +€13,407 | +130% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.