Boatry: 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.
What changed
Boatry
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€54,677
2024 · €44,133+€10,544
Equity
€421,851
2024 · €427,174-€5,323
Cash
€10,556
2024 · €1,692+€8,864
Balance sheet total
€799,104
2024 · €789,121+€9,982
Largest movements
Assets
- Cash +€8,864
up €8,864 (+524%), from €1,692 to €10,556
mainly Other debts (+€62,826) and Net result for the year (+€54,677)
Equity and liabilities
- Other debts +€62,826
up €62,826 (+70.6%), from €88,941 to €151,766
- Debts after one year -€62,200
down €62,200 (-32.3%), from €192,739 to €130,539
- Accrued charges and deferred income +€11,774
up €11,774 (+89.1%), from €13,212 to €24,986
Income statement
- Gross operating margin +€10,902
up €10,902 (+9.4%), from €116,578 to €127,480
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.
Result 2024
€44,133
Gross operating margin
+€10,902
Depreciation
+€317
Other operating charges
-€14
Financial income
-€121
Financial charges
-€741
Taxes
+€202
Result 2025
€54,677
raises the resultlowers the result
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.
From operations
+€139,183
Investment
-€8,000
Financing
-€122,319
Cash 2024
€1,692
From operations (derived)
+€139,183
Net result for the year
+€54,677
Depreciation
+€3,822
Stocks and contracts
+€6,500
Receivables within one year
-€3,440
Trade debts
+€2,089
Tax, wage and social debts
+€936
Other debts
+€62,826
Accrued charges and deferred income
+€11,774
Investment (derived)
-€8,000
Investment in fixed assets (net)
-€8,000
Financing
-€122,319
Debts after one year
-€62,200
Current portion of long-term debt
-€116
Short-term financial debts
-€2
Contributions, distributions and other
-€60,000
Cash 2025
€10,556
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €789,121 | €799,104 | +€9,982 | +1.3% |
| Fixed assets | 21/28 | €527,288 | €531,466 | +€4,178 | +0.8% |
| Tangible fixed assets | 22/27 | €15,354 | €19,532 | +€4,178 | +27.2% |
| Plant, machinery and equipment | 23 | €6,781 | €4,731 | -€2,050 | -30.2% |
| Furniture and vehicles | 24 | €194 | €43 | -€151 | -77.8% |
| Other tangible fixed assets | 26 | €8,379 | €14,758 | +€6,379 | +76.1% |
| Financial fixed assets | 28 | €511,934 | €511,934 | = | 0.0% |
| Current assets | 29/58 | €261,833 | €267,637 | +€5,804 | +2.2% |
| Amounts receivable after more than one year | 29 | €211,388 | €211,388 | = | 0.0% |
| Trade receivables | 290 | €211,388 | - | -€211,388 | |
| Other amounts receivable | 291 | - | €211,388 | +€211,388 | |
| Stocks and contracts in progress | 3 | €6,500 | €0 | -€6,500 | -100% |
| Stocks | 30/36 | €6,500 | €0 | -€6,500 | -100% |
| Amounts receivable within one year | 40/41 | €42,253 | €45,693 | +€3,440 | +8.1% |
| Trade receivables | 40 | €42,253 | €45,693 | +€3,440 | +8.1% |
| Cash at bank and in hand | 54/58 | €1,692 | €10,556 | +€8,864 | +524% |
| Total equity and liabilities | 10/49 | €789,121 | €799,104 | +€9,982 | +1.3% |
| Equity | 10/15 | €427,174 | €421,851 | -€5,323 | -1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €408,574 | €403,251 | -€5,323 | -1.3% |
| Distributable reserves | 133 | €408,574 | €403,251 | -€5,323 | -1.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €361,947 | €377,253 | +€15,306 | +4.2% |
| Amounts payable after more than one year | 17 | €192,739 | €130,539 | -€62,200 | -32.3% |
| Financial debts | 170/4 | €192,739 | €130,539 | -€62,200 | -32.3% |
| Amounts payable within one year | 42/48 | €155,996 | €221,728 | +€65,732 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €50,317 | €50,200 | -€116 | -0.2% |
| Financial debts | 43 | €3,167 | €3,165 | -€2 | -0.1% |
| Credit institutions | 430/8 | €3,167 | €3,165 | -€2 | -0.1% |
| Trade debts | 44 | €9,255 | €11,344 | +€2,089 | +22.6% |
| Suppliers | 440/4 | €9,255 | €11,344 | +€2,089 | +22.6% |
| Taxes, remuneration and social security | 45 | €4,316 | €5,252 | +€936 | +21.7% |
| Taxes | 450/3 | €4,316 | €5,252 | +€936 | +21.7% |
| Other amounts payable | 47/48 | €88,941 | €151,766 | +€62,826 | +70.6% |
| Accrued charges and deferred income | 492/3 | €13,212 | €24,986 | +€11,774 | +89.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,139 | €3,822 | -€317 | -7.6% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €116,578 | €127,480 | +€10,902 | +9.4% |
| Operating profit (loss) | 9901 | €111,935 | €123,138 | +€11,204 | +10.0% |
| Financial income | 75/76B | €121 | €0 | -€121 | -100% |
| Recurring financial income | 75 | €121 | €0 | -€121 | -100% |
| Financial charges | 65/66B | €52,802 | €53,543 | +€741 | +1.4% |
| Recurring financial charges | 65 | €52,802 | €53,543 | +€741 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €59,253 | €69,595 | +€10,342 | +17.5% |
| Income taxes | 67/77 | €15,120 | €14,919 | -€202 | -1.3% |
| Profit (loss) for the period | 9904 | €44,133 | €54,677 | +€10,544 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,133 | €54,677 | +€10,544 | +23.9% |
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 24 October 2026 via checked.be.