BOARDING CONCEPT: what changed
Two financial 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.
BOARDING CONCEPT
Largest movements
- Cash -€81,149
down €81,149 (-67.8%), from €119,686 to €38,537
mainly Net result for the year (-€33,607) and Investment in fixed assets (net) (-€30,536)
- Receivables within one year +€24,585
up €24,585 (+26.8%), from €91,805 to €116,390
- Tangible fixed assets +€11,541
up €11,541 (+22.6%), from €51,063 to €62,604
of which Plant, machinery and equipment: +€28,025
- Reserves -€33,607
down €33,607 (-45.7%), from €73,614 to €40,007
- Debts after one year -€18,616
down €18,616 (-39.9%), from €46,611 to €27,995
- Tax, wage and social debts +€16,084
up €16,084 (+53.1%), from €30,318 to €46,402
of which Taxes: +€8,337
- Trade debts -€11,268
down €11,268 (-17.1%), from €65,987 to €54,719
- Staff costs -€27,901
down €27,901 (-14.5%), from €192,429 to €164,528
- Gross operating margin -€13,183
down €13,183 (-7.7%), from €170,595 to €157,412
- Financial income -€6,608
down €6,608 (-97.2%), from €6,799 to €191
- Depreciation +€6,530
up €6,530 (+47.5%), from €13,745 to €20,276
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 | €269,768 | €223,031 | -€46,737 | -17.3% |
| Fixed assets | 21/28 | €53,015 | €63,275 | +€10,260 | +19.4% |
| Intangible fixed assets | 21 | €1,952 | €671 | -€1,281 | -65.6% |
| Tangible fixed assets | 22/27 | €51,063 | €62,604 | +€11,541 | +22.6% |
| Land and buildings | 22 | €2,229 | €997 | -€1,232 | -55.3% |
| Plant, machinery and equipment | 23 | €2,243 | €30,268 | +€28,025 | +1249.2% |
| Furniture and vehicles | 24 | €43,953 | €29,348 | -€14,605 | -33.2% |
| Other tangible fixed assets | 26 | €2,637 | €1,991 | -€646 | -24.5% |
| Current assets | 29/58 | €216,753 | €159,756 | -€56,997 | -26.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €91,805 | €116,390 | +€24,585 | +26.8% |
| Trade receivables | 40 | €91,805 | €116,390 | +€24,585 | +26.8% |
| Cash at bank and in hand | 54/58 | €119,686 | €38,537 | -€81,149 | -67.8% |
| Deferred charges and accrued income | 490/1 | €5,262 | €4,829 | -€433 | -8.2% |
| Total equity and liabilities | 10/49 | €269,768 | €223,031 | -€46,737 | -17.3% |
| Equity | 10/15 | €86,414 | €52,807 | -€33,607 | -38.9% |
| Contributions | 10/11 | €12,800 | €12,800 | = | 0.0% |
| Reserves | 13 | €73,614 | €40,007 | -€33,607 | -45.7% |
| Distributable reserves | 133 | €73,614 | €40,007 | -€33,607 | -45.7% |
| Amounts payable | 17/49 | €183,354 | €170,224 | -€13,130 | -7.2% |
| Amounts payable after more than one year | 17 | €46,611 | €27,995 | -€18,616 | -39.9% |
| Financial debts | 170/4 | €46,611 | €27,995 | -€18,616 | -39.9% |
| Amounts payable within one year | 42/48 | €134,493 | €139,979 | +€5,485 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €26,841 | €27,543 | +€701 | +2.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €65,987 | €54,719 | -€11,268 | -17.1% |
| Suppliers | 440/4 | €65,987 | €54,719 | -€11,268 | -17.1% |
| Taxes, remuneration and social security | 45 | €30,318 | €46,402 | +€16,084 | +53.1% |
| Taxes | 450/3 | €17,961 | €26,298 | +€8,337 | +46.4% |
| Remuneration and social security | 454/9 | €12,357 | €20,104 | +€7,746 | +62.7% |
| Other amounts payable | 47/48 | €11,347 | €11,315 | -€32 | -0.3% |
| Accrued charges and deferred income | 492/3 | €2,250 | €2,250 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €192,429 | €164,528 | -€27,901 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,745 | €20,276 | +€6,530 | +47.5% |
| Other operating charges | 640/8 | €1,116 | €1,364 | +€248 | +22.2% |
| Gross operating margin | 9900 | €170,595 | €157,412 | -€13,183 | -7.7% |
| Operating profit (loss) | 9901 | -€36,695 | -€28,755 | +€7,939 | +21.6% |
| Financial income | 75/76B | €6,799 | €191 | -€6,608 | -97.2% |
| Recurring financial income | 75 | €6,799 | €191 | -€6,608 | -97.2% |
| Financial charges | 65/66B | €3,846 | €4,718 | +€871 | +22.6% |
| Recurring financial charges | 65 | €3,846 | €4,718 | +€871 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | -€33,742 | -€33,282 | +€460 | +1.4% |
| Income taxes | 67/77 | €435 | €324 | -€111 | -25.5% |
| Profit (loss) for the period | 9904 | -€34,177 | -€33,607 | +€571 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,177 | -€33,607 | +€571 | +1.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.