BOCARS: 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.
BOCARS
Largest movements
- Stocks and contracts +€819,819
up €819,819 (+61.2%), from €1.3m to €2.2m
- Cash -€72,301
down €72,301 (-20.0%), from €361,921 to €289,621
mainly Stocks and contracts (-€819,819) and Receivables within one year (-€22,139)
- Tangible fixed assets -€63,837
down €63,837 (-5.1%), from €1.3m to €1.2m
of which Other tangible fixed assets: -€111,283
- Debts after one year +€339,725
up €339,725 (+34.6%), from €980,983 to €1.3m
- Reserves +€172,964
up €172,964 (+42.2%), from €409,735 to €582,699
of which Distributable reserves: +€172,964
- Other debts +€60,372
up €60,372 (+14.7%), from €411,364 to €471,735
- Current portion of long-term debt +€39,572
up €39,572 (+28.3%), from €140,045 to €179,617
- Gross operating margin +€145,380
up €145,380 (+40.2%), from €361,593 to €506,973
- Taxes +€37,404
up €37,404 (+198.9%), from €18,809 to €56,214
- Financial charges -€29,070
down €29,070 (-22.3%), from €130,380 to €101,309
- Staff costs +€26,803
up €26,803 (+43.9%), from €61,058 to €87,861
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 | €3,008,287 | €3,705,772 | +€697,485 | +23.2% |
| Fixed assets | 21/28 | €1,267,763 | €1,203,872 | -€63,892 | -5.0% |
| Intangible fixed assets | 21 | €5,280 | €5,225 | -€55 | -1.0% |
| Tangible fixed assets | 22/27 | €1,261,053 | €1,197,215 | -€63,837 | -5.1% |
| Land and buildings | 22 | €920,148 | €976,452 | +€56,303 | +6.1% |
| Plant, machinery and equipment | 23 | €23,764 | €13,271 | -€10,493 | -44.2% |
| Furniture and vehicles | 24 | €1,253 | €2,888 | +€1,635 | +130.5% |
| Other tangible fixed assets | 26 | €315,887 | €204,605 | -€111,283 | -35.2% |
| Financial fixed assets | 28 | €1,431 | €1,431 | = | 0.0% |
| Current assets | 29/58 | €1,740,524 | €2,501,901 | +€761,377 | +43.7% |
| Stocks and contracts in progress | 3 | €1,340,148 | €2,159,967 | +€819,819 | +61.2% |
| Stocks | 30/36 | €1,340,148 | €2,159,967 | +€819,819 | +61.2% |
| Amounts receivable within one year | 40/41 | €20,091 | €42,230 | +€22,139 | +110.2% |
| Trade receivables | 40 | €4,999 | €41,851 | +€36,852 | +737.2% |
| Other amounts receivable | 41 | €15,092 | €379 | -€14,713 | -97.5% |
| Cash at bank and in hand | 54/58 | €361,921 | €289,621 | -€72,301 | -20.0% |
| Deferred charges and accrued income | 490/1 | €18,363 | €10,083 | -€8,280 | -45.1% |
| Total equity and liabilities | 10/49 | €3,008,287 | €3,705,772 | +€697,485 | +23.2% |
| Equity | 10/15 | €471,735 | €644,699 | +€172,964 | +36.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €409,735 | €582,699 | +€172,964 | +42.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €403,535 | €576,499 | +€172,964 | +42.9% |
| Amounts payable | 17/49 | €2,536,552 | €3,061,073 | +€524,522 | +20.7% |
| Amounts payable after more than one year | 17 | €980,983 | €1,320,708 | +€339,725 | +34.6% |
| Financial debts | 170/4 | €980,983 | €1,320,708 | +€339,725 | +34.6% |
| Amounts payable within one year | 42/48 | €1,522,699 | €1,687,332 | +€164,633 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €140,045 | €179,617 | +€39,572 | +28.3% |
| Financial debts | 43 | €820,125 | €833,406 | +€13,281 | +1.6% |
| Credit institutions | 430/8 | €820,125 | €833,406 | +€13,281 | +1.6% |
| Trade debts | 44 | €23,398 | €37,976 | +€14,578 | +62.3% |
| Suppliers | 440/4 | €23,398 | €37,976 | +€14,578 | +62.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €127,767 | €164,597 | +€36,830 | +28.8% |
| Taxes | 450/3 | €122,950 | €156,341 | +€33,391 | +27.2% |
| Remuneration and social security | 454/9 | €4,817 | €8,256 | +€3,439 | +71.4% |
| Other amounts payable | 47/48 | €411,364 | €471,735 | +€60,372 | +14.7% |
| Accrued charges and deferred income | 492/3 | €32,870 | €53,033 | +€20,163 | +61.3% |
| Non-recurring operating income | 76A | €495 | €0 | -€495 | -100.0% |
| Remuneration, social security and pensions | 62 | €61,058 | €87,861 | +€26,803 | +43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,841 | €79,783 | -€3,059 | -3.7% |
| Other operating charges | 640/8 | €9,322 | €11,491 | +€2,169 | +23.3% |
| Gross operating margin | 9900 | €361,593 | €506,973 | +€145,380 | +40.2% |
| Operating profit (loss) | 9901 | €208,372 | €327,838 | +€119,466 | +57.3% |
| Financial income | 75/76B | €1,189 | €2,648 | +€1,460 | +122.8% |
| Recurring financial income | 75 | €1,189 | €2,648 | +€1,460 | +122.8% |
| Financial charges | 65/66B | €130,380 | €101,309 | -€29,070 | -22.3% |
| Recurring financial charges | 65 | €130,380 | €101,309 | -€29,070 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €79,181 | €229,177 | +€149,996 | +189.4% |
| Income taxes | 67/77 | €18,809 | €56,214 | +€37,404 | +198.9% |
| Profit (loss) for the period | 9904 | €60,372 | €172,964 | +€112,592 | +186.5% |
| Profit (loss) for the period to be appropriated | 9905 | €60,372 | €172,964 | +€112,592 | +186.5% |
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 12 October 2026 via checked.be.