BOCADO-HOLDING: 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
BOCADO-HOLDING
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.5m
2024 · €1.9m+€653,640
Equity
€107.9m
2024 · €105.8m+€2.0m
Cash
€919,894
2024 · €571,823+€348,071
Balance sheet total
€114.4m
2024 · €113.1m+€1.3m
Largest movements
Assets
- Financial fixed assets +€1.3m
up €1.3m (+1.2%), from €106.6m to €107.9m
Equity and liabilities
- Reserves +€2.0m
up €2.0m (+2.1%), from €95.4m to €97.5m
of which Distributable reserves: +€2.0m
Income statement
- Financial income +€715,046
up €715,046 (+31.2%), from €2.3m to €3.0m
- Gross operating margin +€139,648
up €139,648 (+34.6%), from €403,262 to €542,910
- Taxes +€110,343
up €110,343 (+58.9%), from €187,402 to €297,745
- Financial charges +€84,557
up €84,557 (+17.5%), from €482,573 to €567,130
- Other operating charges +€5,494
up €5,494 (+10.7%), from €51,440 to €56,934
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
€1.9m
Gross operating margin
+€139,648
Depreciation
-€660
Other operating charges
-€5,494
Financial income
+€715,046
Financial charges
-€84,557
Taxes
-€110,343
Result 2025
€2.5m
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
+€2.4m
Investment
-€818,792
Financing
-€1.3m
Cash 2024
€571,823
From operations (derived)
+€2.4m
Net result for the year
+€2.5m
Depreciation
+€104,977
Receivables within one year
-€239,555
Deferred charges and accrued income
+€1,264
Trade debts
-€33,604
Tax, wage and social debts
+€44,564
Accrued charges and deferred income
+€20,291
Investment (derived)
-€818,792
Investment in fixed assets (net)
-€1.3m
Current investments
+€450,000
Financing
-€1.3m
Debts after one year
-€785,986
Current portion of long-term debt
+€16,230
Short-term financial debts
-€1,422
Contributions, distributions and other
-€485,000
Cash 2025
€919,894
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €113,084,390 | €114,384,567 | +€1.3m | +1.1% |
| Fixed assets | 21/28 | €109,882,492 | €111,046,307 | +€1.2m | +1.1% |
| Tangible fixed assets | 22/27 | €3,239,704 | €3,103,371 | -€136,333 | -4.2% |
| Land and buildings | 22 | €3,031,995 | €2,942,094 | -€89,901 | -3.0% |
| Furniture and vehicles | 24 | €207,709 | €158,310 | -€49,399 | -23.8% |
| Other tangible fixed assets | 26 | - | €2,967 | +€2,967 | |
| Financial fixed assets | 28 | €106,642,788 | €107,942,936 | +€1.3m | +1.2% |
| Current assets | 29/58 | €3,201,898 | €3,338,260 | +€136,362 | +4.3% |
| Amounts receivable within one year | 40/41 | €1,574,738 | €1,814,293 | +€239,555 | +15.2% |
| Trade receivables | 40 | €45,674 | €43,000 | -€2,674 | -5.9% |
| Other amounts receivable | 41 | €1,529,064 | €1,771,293 | +€242,229 | +15.8% |
| Current investments | 50/53 | €1,050,000 | €600,000 | -€450,000 | -42.9% |
| Cash at bank and in hand | 54/58 | €571,823 | €919,894 | +€348,071 | +60.9% |
| Deferred charges and accrued income | 490/1 | €5,337 | €4,073 | -€1,264 | -23.7% |
| Total equity and liabilities | 10/49 | €113,084,390 | €114,384,567 | +€1.3m | +1.1% |
| Equity | 10/15 | €105,823,395 | €107,863,499 | +€2.0m | +1.9% |
| Contributions | 10/11 | €10,390,000 | €10,390,000 | = | 0.0% |
| Reserves | 13 | €95,418,277 | €97,458,381 | +€2.0m | +2.1% |
| Tax-exempt reserves | 132 | €216 | €216 | = | 0.0% |
| Distributable reserves | 133 | €95,418,061 | €97,458,165 | +€2.0m | +2.1% |
| Profit (loss) carried forward | 14 | €15,118 | €15,118 | = | 0.0% |
| Amounts payable | 17/49 | €7,260,995 | €6,521,068 | -€739,927 | -10.2% |
| Amounts payable after more than one year | 17 | €6,455,601 | €5,669,615 | -€785,986 | -12.2% |
| Financial debts | 170/4 | €6,455,601 | €5,669,615 | -€785,986 | -12.2% |
| Amounts payable within one year | 42/48 | €805,394 | €831,162 | +€25,768 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €769,756 | €785,986 | +€16,230 | +2.1% |
| Financial debts | 43 | €1,422 | - | -€1,422 | |
| Credit institutions | 430/8 | €1,422 | - | -€1,422 | |
| Trade debts | 44 | €33,801 | €197 | -€33,604 | -99.4% |
| Suppliers | 440/4 | €33,801 | €197 | -€33,604 | -99.4% |
| Taxes, remuneration and social security | 45 | €415 | €44,979 | +€44,564 | +10,738% |
| Taxes | 450/3 | €415 | €44,979 | +€44,564 | +10,738% |
| Accrued charges and deferred income | 492/3 | - | €20,291 | +€20,291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,317 | €104,977 | +€660 | +0.6% |
| Other operating charges | 640/8 | €51,440 | €56,934 | +€5,494 | +10.7% |
| Gross operating margin | 9900 | €403,262 | €542,910 | +€139,648 | +34.6% |
| Operating profit (loss) | 9901 | €247,505 | €380,999 | +€133,494 | +53.9% |
| Financial income | 75/76B | €2,293,934 | €3,008,980 | +€715,046 | +31.2% |
| Recurring financial income | 75 | €2,293,934 | €3,008,980 | +€715,046 | +31.2% |
| Financial charges | 65/66B | €482,573 | €567,130 | +€84,557 | +17.5% |
| Recurring financial charges | 65 | €482,573 | €567,130 | +€84,557 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €2,058,866 | €2,822,849 | +€763,983 | +37.1% |
| Income taxes | 67/77 | €187,402 | €297,745 | +€110,343 | +58.9% |
| Profit (loss) for the period | 9904 | €1,871,464 | €2,525,104 | +€653,640 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,871,464 | €2,525,104 | +€653,640 | +34.9% |
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 26 October 2026 via checked.be.