BOCAR: 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.
BOCAR
Largest movements
- Intangible fixed assets -€111,914
down €111,914 (-19.9%), from €562,003 to €450,089
- Cash -€98,136
down €98,136 (-46.4%), from €211,590 to €113,453
mainly Investment in fixed assets (net) (-€421,992) and Debts after one year (-€369,057)
- Receivables within one year +€53,776
up €53,776 (+132%), from €40,607 to €94,383
of which Trade receivables: +€27,507
- Debts after one year -€369,057
down €369,057 (-19.4%), from €1.9m to €1.5m
- Reserves +€156,729
up €156,729 (+40.3%), from €388,648 to €545,377
of which Distributable reserves: +€156,729
- Gross operating margin +€227,551
up €227,551 (+17.9%), from €1.3m to €1.5m
- Staff costs +€102,580
up €102,580 (+21.9%), from €468,846 to €571,426
- Depreciation +€53,436
up €53,436 (+11.4%), from €467,777 to €521,213
- Other operating charges +€24,966
up €24,966 (+59.7%), from €41,807 to €66,773
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 | €4,836,553 | €4,701,725 | -€134,828 | -2.8% |
| Fixed assets | 21/28 | €4,556,516 | €4,457,295 | -€99,221 | -2.2% |
| Intangible fixed assets | 21 | €562,003 | €450,089 | -€111,914 | -19.9% |
| Tangible fixed assets | 22/27 | €3,988,801 | €4,001,494 | +€12,693 | +0.3% |
| Land and buildings | 22 | €2,604,171 | €2,635,995 | +€31,824 | +1.2% |
| Plant, machinery and equipment | 23 | €1,354,771 | €1,337,448 | -€17,323 | -1.3% |
| Furniture and vehicles | 24 | €25,223 | €23,920 | -€1,303 | -5.2% |
| Other tangible fixed assets | 26 | €4,636 | €4,131 | -€505 | -10.9% |
| Financial fixed assets | 28 | €5,712 | €5,712 | = | 0.0% |
| Current assets | 29/58 | €280,037 | €244,431 | -€35,607 | -12.7% |
| Stocks and contracts in progress | 3 | €4,000 | €12,939 | +€8,939 | +223% |
| Stocks | 30/36 | €4,000 | €12,939 | +€8,939 | +223% |
| Amounts receivable within one year | 40/41 | €40,607 | €94,383 | +€53,776 | +132% |
| Trade receivables | 40 | €21,395 | €48,902 | +€27,507 | +129% |
| Other amounts receivable | 41 | €19,212 | €45,481 | +€26,269 | +137% |
| Cash at bank and in hand | 54/58 | €211,590 | €113,453 | -€98,136 | -46.4% |
| Deferred charges and accrued income | 490/1 | €23,841 | €23,655 | -€186 | -0.8% |
| Total equity and liabilities | 10/49 | €4,836,553 | €4,701,725 | -€134,828 | -2.8% |
| Equity | 10/15 | €2,039,764 | €2,196,493 | +€156,729 | +7.7% |
| Contributions | 10/11 | €1,651,117 | €1,651,117 | = | 0.0% |
| Capital | 10 | €1,651,117 | €1,651,117 | = | 0.0% |
| Issued capital | 100 | €1,651,117 | €1,651,117 | = | 0.0% |
| Reserves | 13 | €388,648 | €545,377 | +€156,729 | +40.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €363,648 | €520,377 | +€156,729 | +43.1% |
| Amounts payable | 17/49 | €2,796,789 | €2,505,232 | -€291,557 | -10.4% |
| Amounts payable after more than one year | 17 | €1,903,362 | €1,534,305 | -€369,057 | -19.4% |
| Financial debts | 170/4 | €1,903,362 | €1,534,305 | -€369,057 | -19.4% |
| Amounts payable within one year | 42/48 | €893,427 | €960,845 | +€67,418 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €598,383 | €619,283 | +€20,901 | +3.5% |
| Trade debts | 44 | €200,580 | €217,971 | +€17,391 | +8.7% |
| Suppliers | 440/4 | €200,580 | €217,971 | +€17,391 | +8.7% |
| Taxes, remuneration and social security | 45 | €94,199 | €121,510 | +€27,311 | +29.0% |
| Taxes | 450/3 | €35,281 | €58,977 | +€23,696 | +67.2% |
| Remuneration and social security | 454/9 | €58,918 | €62,532 | +€3,615 | +6.1% |
| Other amounts payable | 47/48 | €266 | €2,081 | +€1,815 | +683% |
| Accrued charges and deferred income | 492/3 | €0 | €10,082 | +€10,082 | |
| Remuneration, social security and pensions | 62 | €468,846 | €571,426 | +€102,580 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €467,777 | €521,213 | +€53,436 | +11.4% |
| Other operating charges | 640/8 | €41,807 | €66,773 | +€24,966 | +59.7% |
| Non-recurring operating charges | 66A | -€376 | €3,003 | +€3,379 | |
| Gross operating margin | 9900 | €1,274,719 | €1,502,271 | +€227,551 | +17.9% |
| Operating profit (loss) | 9901 | €296,665 | €339,856 | +€43,190 | +14.6% |
| Financial income | 75/76B | €3,820 | €67 | -€3,752 | -98.2% |
| Recurring financial income | 75 | €3,820 | €67 | -€3,752 | -98.2% |
| Financial charges | 65/66B | €104,543 | €119,259 | +€14,716 | +14.1% |
| Recurring financial charges | 65 | €104,543 | €119,259 | +€14,716 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €195,942 | €220,664 | +€24,722 | +12.6% |
| Income taxes | 67/77 | €53,623 | €63,935 | +€10,312 | +19.2% |
| Profit (loss) for the period | 9904 | €142,319 | €156,729 | +€14,410 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €142,319 | €156,729 | +€14,410 | +10.1% |
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 20 October 2026 via checked.be.