BODERCO: 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
BODERCO
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€84,682
2024 · -€18,264+€102,946
Equity
€2.3m
2024 · €2.2m+€83,016
Cash
€30,056
2024 · €47,096-€17,040
Balance sheet total
€5.5m
2024 · €5.2m+€367,064
Largest movements
Assets
- Tangible fixed assets +€564,006
up €564,006 (+14.3%), from €4.0m to €4.5m
of which Land and buildings: +€568,390
- Receivables within one year -€168,212
down €168,212 (-34.9%), from €482,158 to €313,946
of which Trade receivables: -€161,672
Equity and liabilities
- Debts after one year +€327,884
up €327,884 (+16.5%), from €2.0m to €2.3m
of which Financial debts: +€348,009
- Trade debts -€83,454
down €83,454 (-40.3%), from €207,237 to €123,783
- Reserves +€83,016
up €83,016 (+3.9%), from €2.2m to €2.2m
of which Distributable reserves: +€105,732
- Current portion of long-term debt +€60,457
up €60,457 (+46.4%), from €130,159 to €190,616
Income statement
- Gross operating margin +€101,226
up €101,226 (+37.8%), from €268,038 to €369,263
- Depreciation -€44,968
down €44,968 (-26.0%), from €172,813 to €127,845
- Taxes +€31,964
up €31,964, from -€3,604 to €28,360
- Financial charges -€12,045
down €12,045 (-8.8%), from €137,297 to €125,252
- Financial income -€11,723
down €11,723 (-65.9%), from €17,796 to €6,073
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
-€18,264
Gross operating margin
+€101,226
Depreciation
+€44,968
Other operating charges
-€6,134
Financial income
-€11,723
Financial charges
+€12,045
Taxes
-€31,964
Deferred taxes and other
-€5,472
Result 2025
€84,682
raises the resultlowers the resultnot broken down further in the accounts
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
+€288,136
Investment
-€691,851
Financing
+€386,675
Cash 2024
€47,096
From operations (derived)
+€288,136
Net result for the year
+€84,682
Depreciation
+€127,845
Receivables after one year
-€2,065
Stocks and contracts
+€3,063
Receivables within one year
+€168,212
Deferred charges and accrued income
+€10,691
Provisions
-€7,572
Trade debts
-€83,454
Tax, wage and social debts
-€7,887
Other debts
+€9,948
Accrued charges and deferred income
-€15,327
Investment (derived)
-€691,851
Investment in fixed assets (net)
-€691,851
Financing
+€386,675
Debts after one year
+€327,884
Current portion of long-term debt
+€60,457
Contributions, distributions and other
-€1,666
Cash 2025
€30,056
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,182,894 | €5,549,958 | +€367,064 | +7.1% |
| Fixed assets | 21/28 | €4,197,265 | €4,761,271 | +€564,006 | +13.4% |
| Tangible fixed assets | 22/27 | €3,952,265 | €4,516,271 | +€564,006 | +14.3% |
| Land and buildings | 22 | €2,438,415 | €3,006,804 | +€568,390 | +23.3% |
| Furniture and vehicles | 24 | €35,800 | €87,985 | +€52,185 | +146% |
| Leasing and similar rights | 25 | €10,567 | €0 | -€10,567 | -100% |
| Other tangible fixed assets | 26 | €1,467,484 | €1,421,482 | -€46,002 | -3.1% |
| Financial fixed assets | 28 | €245,000 | €245,000 | = | 0.0% |
| Current assets | 29/58 | €985,629 | €788,688 | -€196,941 | -20.0% |
| Amounts receivable after more than one year | 29 | €213,392 | €215,457 | +€2,065 | +1.0% |
| Other amounts receivable | 291 | €213,392 | €215,457 | +€2,065 | +1.0% |
| Stocks and contracts in progress | 3 | €208,609 | €205,546 | -€3,063 | -1.5% |
| Stocks | 30/36 | €208,609 | €205,546 | -€3,063 | -1.5% |
| Amounts receivable within one year | 40/41 | €482,158 | €313,946 | -€168,212 | -34.9% |
| Trade receivables | 40 | €272,563 | €110,891 | -€161,672 | -59.3% |
| Other amounts receivable | 41 | €209,595 | €203,055 | -€6,540 | -3.1% |
| Cash at bank and in hand | 54/58 | €47,096 | €30,056 | -€17,040 | -36.2% |
| Deferred charges and accrued income | 490/1 | €34,373 | €23,682 | -€10,691 | -31.1% |
| Total equity and liabilities | 10/49 | €5,182,894 | €5,549,958 | +€367,064 | +7.1% |
| Equity | 10/15 | €2,218,772 | €2,301,787 | +€83,016 | +3.7% |
| Contributions | 10/11 | €64,882 | €64,882 | = | 0.0% |
| Reserves | 13 | €2,153,479 | €2,236,495 | +€83,016 | +3.9% |
| Non-distributable reserves | 130/1 | €6,860 | €6,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,860 | €6,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €612,728 | €590,013 | -€22,716 | -3.7% |
| Distributable reserves | 133 | €1,533,891 | €1,639,622 | +€105,732 | +6.9% |
| Profit (loss) carried forward | 14 | €411 | €411 | = | 0.0% |
| Provisions and deferred taxes | 16 | €197,666 | €190,094 | -€7,572 | -3.8% |
| Deferred taxes | 168 | €197,666 | €190,094 | -€7,572 | -3.8% |
| Amounts payable | 17/49 | €2,766,457 | €3,058,077 | +€291,621 | +10.5% |
| Amounts payable after more than one year | 17 | €1,991,717 | €2,319,601 | +€327,884 | +16.5% |
| Financial debts | 170/4 | €832,450 | €1,180,459 | +€348,009 | +41.8% |
| Other amounts payable | 178/9 | €1,159,267 | €1,139,142 | -€20,125 | -1.7% |
| Amounts payable within one year | 42/48 | €685,831 | €664,895 | -€20,936 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €130,159 | €190,616 | +€60,457 | +46.4% |
| Financial debts | 43 | €317,000 | €317,000 | = | 0.0% |
| Credit institutions | 430/8 | €317,000 | €317,000 | = | 0.0% |
| Trade debts | 44 | €207,237 | €123,783 | -€83,454 | -40.3% |
| Suppliers | 440/4 | €207,237 | €123,783 | -€83,454 | -40.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €29,717 | €21,830 | -€7,887 | -26.5% |
| Taxes | 450/3 | €22,863 | €13,009 | -€9,854 | -43.1% |
| Remuneration and social security | 454/9 | €6,854 | €8,821 | +€1,967 | +28.7% |
| Other amounts payable | 47/48 | €1,718 | €11,666 | +€9,948 | +579% |
| Accrued charges and deferred income | 492/3 | €88,909 | €73,582 | -€15,327 | -17.2% |
| Non-recurring operating income | 76A | €5,239 | €0 | -€5,239 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,813 | €127,845 | -€44,968 | -26.0% |
| Other operating charges | 640/8 | €10,636 | €16,770 | +€6,134 | +57.7% |
| Gross operating margin | 9900 | €268,038 | €369,263 | +€101,226 | +37.8% |
| Operating profit (loss) | 9901 | €84,589 | €224,648 | +€140,059 | +166% |
| Financial income | 75/76B | €17,796 | €6,073 | -€11,723 | -65.9% |
| Recurring financial income | 75 | €17,796 | €6,073 | -€11,723 | -65.9% |
| Financial charges | 65/66B | €137,297 | €125,252 | -€12,045 | -8.8% |
| Recurring financial charges | 65 | €137,297 | €125,252 | -€12,045 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | -€34,912 | €105,470 | +€140,381 | |
| Transfer from deferred taxes | 780 | €13,044 | €7,572 | -€5,472 | -41.9% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | -€3,604 | €28,360 | +€31,964 | |
| Profit (loss) for the period | 9904 | -€18,264 | €84,682 | +€102,946 | |
| Transfer from tax-exempt reserves | 789 | €39,132 | €22,716 | -€16,416 | -41.9% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €20,868 | €107,398 | +€86,530 | +415% |
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 29 October 2026 via checked.be.