BOCAL: what changed
Two fiscal 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.
BOCAL
Largest movements
- Stocks and contracts +€69,387
up €69,387 (+137.1%), from €50,614 to €120,001
of which Stocks: +€83,964
- Tangible fixed assets -€44,130
down €44,130 (-13.9%), from €317,629 to €273,498
- Cash +€42,105
up €42,105 (+458.4%), from €9,185 to €51,290
mainly Depreciation (+€98,441) and Net result for the year (+€69,491)
- Intangible fixed assets -€24,633
down €24,633 (-18.0%), from €136,804 to €112,171
- Reserves +€69,491
up €69,491 (+120.9%), from €57,496 to €126,987
- Debts after one year -€62,049
down €62,049 (-17.2%), from €361,686 to €299,637
- Tax, wage and social debts +€44,956
up €44,956 (+135.3%), from €33,223 to €78,179
of which Taxes: +€24,200
- Trade debts -€35,514
down €35,514 (-31.0%), from €114,420 to €78,907
- Other debts +€18,021
up €18,021 (+281.6%), from €6,400 to €24,421
- Gross operating margin +€301,612
up €301,612 (+92.9%), from €324,713 to €626,325
- Staff costs +€164,424
up €164,424 (+65.8%), from €249,695 to €414,119
- Depreciation +€37,903
up €37,903 (+62.6%), from €60,538 to €98,441
- Taxes +€23,143
up €23,143 (+8922.6%), from €259 to €23,402
- Financial income -€6,631
down €6,631 (-47.6%), from €13,933 to €7,302
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 | €721,134 | €761,170 | +€40,036 | +5.6% |
| Fixed assets | 21/28 | €454,433 | €385,669 | -€68,763 | -15.1% |
| Intangible fixed assets | 21 | €136,804 | €112,171 | -€24,633 | -18.0% |
| Tangible fixed assets | 22/27 | €317,629 | €273,498 | -€44,130 | -13.9% |
| Plant, machinery and equipment | 23 | €56,893 | €54,847 | -€2,047 | -3.6% |
| Furniture and vehicles | 24 | €90,765 | €77,494 | -€13,271 | -14.6% |
| Leasing and similar rights | 25 | €51,552 | €35,141 | -€16,412 | -31.8% |
| Other tangible fixed assets | 26 | €118,418 | €106,017 | -€12,401 | -10.5% |
| Current assets | 29/58 | €266,702 | €375,501 | +€108,799 | +40.8% |
| Stocks and contracts in progress | 3 | €50,614 | €120,001 | +€69,387 | +137.1% |
| Stocks | 30/36 | €22,437 | €106,401 | +€83,964 | +374.2% |
| Contracts in progress | 37 | €28,177 | €13,600 | -€14,577 | -51.7% |
| Amounts receivable within one year | 40/41 | €202,706 | €198,238 | -€4,467 | -2.2% |
| Trade receivables | 40 | €145,184 | €162,265 | +€17,081 | +11.8% |
| Other amounts receivable | 41 | €57,522 | €35,973 | -€21,548 | -37.5% |
| Cash at bank and in hand | 54/58 | €9,185 | €51,290 | +€42,105 | +458.4% |
| Deferred charges and accrued income | 490/1 | €4,197 | €5,971 | +€1,774 | +42.3% |
| Total equity and liabilities | 10/49 | €721,134 | €761,170 | +€40,036 | +5.6% |
| Equity | 10/15 | €62,496 | €131,987 | +€69,491 | +111.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €57,496 | €126,987 | +€69,491 | +120.9% |
| Distributable reserves | 133 | €57,496 | €126,987 | +€69,491 | +120.9% |
| Amounts payable | 17/49 | €658,638 | €629,183 | -€29,455 | -4.5% |
| Amounts payable after more than one year | 17 | €361,686 | €299,637 | -€62,049 | -17.2% |
| Financial debts | 170/4 | €361,686 | €299,637 | -€62,049 | -17.2% |
| Amounts payable within one year | 42/48 | €287,358 | €323,555 | +€36,198 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €58,315 | €62,049 | +€3,734 | +6.4% |
| Financial debts | 43 | €75,000 | €80,000 | +€5,000 | +6.7% |
| Credit institutions | 430/8 | €75,000 | €80,000 | +€5,000 | +6.7% |
| Trade debts | 44 | €114,420 | €78,907 | -€35,514 | -31.0% |
| Suppliers | 440/4 | €114,420 | €78,907 | -€35,514 | -31.0% |
| Taxes, remuneration and social security | 45 | €33,223 | €78,179 | +€44,956 | +135.3% |
| Taxes | 450/3 | €1,799 | €25,999 | +€24,200 | +1345.5% |
| Remuneration and social security | 454/9 | €31,424 | €52,180 | +€20,756 | +66.1% |
| Other amounts payable | 47/48 | €6,400 | €24,421 | +€18,021 | +281.6% |
| Accrued charges and deferred income | 492/3 | €9,595 | €5,991 | -€3,604 | -37.6% |
| Remuneration, social security and pensions | 62 | €249,695 | €414,119 | +€164,424 | +65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,538 | €98,441 | +€37,903 | +62.6% |
| Other operating charges | 640/8 | €1,013 | €982 | -€30 | -3.0% |
| Gross operating margin | 9900 | €324,713 | €626,325 | +€301,612 | +92.9% |
| Operating profit (loss) | 9901 | €13,466 | €112,782 | +€99,315 | +737.5% |
| Financial income | 75/76B | €13,933 | €7,302 | -€6,631 | -47.6% |
| Recurring financial income | 75 | €13,933 | €7,302 | -€6,631 | -47.6% |
| Financial charges | 65/66B | €21,393 | €27,191 | +€5,798 | +27.1% |
| Recurring financial charges | 65 | €21,393 | €27,191 | +€5,798 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | €6,007 | €92,893 | +€86,887 | +1446.5% |
| Income taxes | 67/77 | €259 | €23,402 | +€23,143 | +8922.6% |
| Profit (loss) for the period | 9904 | €5,747 | €69,491 | +€63,744 | +1109.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,747 | €69,491 | +€63,744 | +1109.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.