BOAS: 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.
BOAS
Largest movements
- Tangible fixed assets +€350,322
up €350,322 (+1,285%), from €27,271 to €377,593
of which Land and buildings: +€346,666
- Cash -€81,701
down €81,701 (-93.8%), from €87,104 to €5,403
mainly Investment in fixed assets (net) (-€370,924) and Trade debts (-€74,153)
- Receivables within one year +€7,928
up €7,928 (+8.2%), from €96,657 to €104,585
of which Other amounts receivable: +€49,008
- Debts after one year +€364,988
up €364,988 (+2,071%), from €17,621 to €382,609
- Trade debts -€74,153
down €74,153 (-68.0%), from €109,027 to €34,874
- Tax, wage and social debts -€32,263
down €32,263 (-91.8%), from €35,153 to €2,890
- Reserves -€22,878
down €22,878 (-54.4%), from €42,091 to €19,213
- Current portion of long-term debt +€17,108
up €17,108 (+282%), from €6,071 to €23,179
- Other operating charges +€21,784
up €21,784 (+3,536%), from €616 to €22,400
- Depreciation +€15,667
up €15,667 (+200%), from €7,827 to €23,494
- Gross operating margin +€8,782
up €8,782 (+43.4%), from €20,230 to €29,012
- Financial charges +€6,095
up €6,095 (+390%), from €1,564 to €7,659
- Taxes -€2,910
no longer reported in 2025 (was €2,910)
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.
Derived cash bridge
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 | €217,962 | €488,302 | +€270,340 | +124% |
| Fixed assets | 21/28 | €30,525 | €377,955 | +€347,430 | +1,138% |
| Intangible fixed assets | 21 | €553 | €361 | -€192 | -34.7% |
| Tangible fixed assets | 22/27 | €27,271 | €377,593 | +€350,322 | +1,285% |
| Land and buildings | 22 | - | €346,666 | +€346,666 | |
| Plant, machinery and equipment | 23 | €828 | €1,050 | +€222 | +26.8% |
| Furniture and vehicles | 24 | €26,443 | €29,877 | +€3,434 | +13.0% |
| Financial fixed assets | 28 | €2,700 | - | -€2,700 | |
| Current assets | 29/58 | €187,438 | €110,348 | -€77,090 | -41.1% |
| Amounts receivable within one year | 40/41 | €96,657 | €104,585 | +€7,928 | +8.2% |
| Trade receivables | 40 | €96,584 | €55,504 | -€41,081 | -42.5% |
| Other amounts receivable | 41 | €73 | €49,081 | +€49,008 | +67,273% |
| Cash at bank and in hand | 54/58 | €87,104 | €5,403 | -€81,701 | -93.8% |
| Deferred charges and accrued income | 490/1 | €3,677 | €361 | -€3,316 | -90.2% |
| Total equity and liabilities | 10/49 | €217,962 | €488,302 | +€270,340 | +124% |
| Equity | 10/15 | €50,091 | €27,213 | -€22,878 | -45.7% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €42,091 | €19,213 | -€22,878 | -54.4% |
| Distributable reserves | 133 | €42,091 | €19,213 | -€22,878 | -54.4% |
| Amounts payable | 17/49 | €167,871 | €461,090 | +€293,218 | +175% |
| Amounts payable after more than one year | 17 | €17,621 | €382,609 | +€364,988 | +2,071% |
| Financial debts | 170/4 | €17,621 | €382,609 | +€364,988 | +2,071% |
| Amounts payable within one year | 42/48 | €150,251 | €76,192 | -€74,058 | -49.3% |
| Current portion of amounts payable after more than one year | 42 | €6,071 | €23,179 | +€17,108 | +282% |
| Trade debts | 44 | €109,027 | €34,874 | -€74,153 | -68.0% |
| Suppliers | 440/4 | €109,027 | €34,874 | -€74,153 | -68.0% |
| Advances received on contracts in progress | 46 | - | €15,250 | +€15,250 | |
| Taxes, remuneration and social security | 45 | €35,153 | €2,890 | -€32,263 | -91.8% |
| Taxes | 450/3 | €35,153 | €2,890 | -€32,263 | -91.8% |
| Accrued charges and deferred income | 492/3 | - | €2,289 | +€2,289 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,827 | €23,494 | +€15,667 | +200% |
| Other operating charges | 640/8 | €616 | €22,400 | +€21,784 | +3,536% |
| Gross operating margin | 9900 | €20,230 | €29,012 | +€8,782 | +43.4% |
| Operating profit (loss) | 9901 | €11,787 | -€16,883 | -€28,670 | |
| Financial income | 75/76B | €95 | €1,663 | +€1,569 | +1,658% |
| Recurring financial income | 75 | €95 | €1,663 | +€1,569 | +1,658% |
| Financial charges | 65/66B | €1,564 | €7,659 | +€6,095 | +390% |
| Recurring financial charges | 65 | €1,564 | €7,659 | +€6,095 | +390% |
| Profit (loss) for the period before taxes | 9903 | €10,318 | -€22,878 | -€33,196 | |
| Income taxes | 67/77 | €2,910 | - | -€2,910 | |
| Profit (loss) for the period | 9904 | €7,407 | -€22,878 | -€30,285 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,407 | -€22,878 | -€30,285 |
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 14 October 2026 via checked.be.