BOEL: 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.
BOEL
Largest movements
- Receivables within one year -€9,896
down €9,896 (-20.2%), from €48,919 to €39,023
of which Other amounts receivable: -€12,909
- Tangible fixed assets -€9,740
down €9,740 (-26.6%), from €36,635 to €26,895
of which Furniture and vehicles: -€6,644
- Intangible fixed assets -€2,500
down €2,500 (-40.1%), from €6,240 to €3,740
- Stocks and contracts -€2,431
down €2,431 (-62.4%), from €3,896 to €1,465
- Cash +€2,317
up €2,317 (+73.0%), from €3,172 to €5,489
mainly Other debts (+€167,629) and Trade debts (+€69,633)
- Profit (loss) carried forward -€281,698
down €281,698 (-28.5%), from -€986,824 to -€1.3m
- Other debts +€167,629
up €167,629 (+44.1%), from €380,464 to €548,093
- Tax, wage and social debts -€74,606
down €74,606 (-49.2%), from €151,648 to €77,042
of which Remuneration and social security: -€50,095
- Trade debts +€69,633
up €69,633 (+64.4%), from €108,088 to €177,721
- Debts after one year +€67,168
up €67,168 (+42.9%), from €156,500 to €223,668
- Gross operating margin -€99,733
down €99,733 (-32.1%), from €310,462 to €210,729
- Taxes +€21,737
up €21,737 (+12,464%), from €174 to €21,911
- Depreciation -€18,350
down €18,350 (-60.0%), from €30,590 to €12,240
- Financial charges +€12,104
up €12,104 (+99.8%), from €12,133 to €24,237
- Financial income +€9,663
up €9,663 (+1,485%), from €651 to €10,314
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 | €107,469 | €86,831 | -€20,638 | -19.2% |
| Fixed assets | 21/28 | €47,162 | €36,122 | -€11,040 | -23.4% |
| Intangible fixed assets | 21 | €6,240 | €3,740 | -€2,500 | -40.1% |
| Tangible fixed assets | 22/27 | €36,635 | €26,895 | -€9,740 | -26.6% |
| Furniture and vehicles | 24 | €15,507 | €8,863 | -€6,644 | -42.8% |
| Other tangible fixed assets | 26 | €21,128 | €18,031 | -€3,096 | -14.7% |
| Financial fixed assets | 28 | €4,288 | €5,488 | +€1,200 | +28.0% |
| Current assets | 29/58 | €60,307 | €50,709 | -€9,598 | -15.9% |
| Stocks and contracts in progress | 3 | €3,896 | €1,465 | -€2,431 | -62.4% |
| Stocks | 30/36 | €3,896 | €1,465 | -€2,431 | -62.4% |
| Amounts receivable within one year | 40/41 | €48,919 | €39,023 | -€9,896 | -20.2% |
| Trade receivables | 40 | €27,613 | €30,626 | +€3,013 | +10.9% |
| Other amounts receivable | 41 | €21,306 | €8,397 | -€12,909 | -60.6% |
| Cash at bank and in hand | 54/58 | €3,172 | €5,489 | +€2,317 | +73.0% |
| Deferred charges and accrued income | 490/1 | €4,320 | €4,732 | +€411 | +9.5% |
| Total equity and liabilities | 10/49 | €107,469 | €86,831 | -€20,638 | -19.2% |
| Equity | 10/15 | -€702,745 | -€984,443 | -€281,698 | -40.1% |
| Contributions | 10/11 | €27,268 | €27,268 | = | 0.0% |
| Reserves | 13 | €256,811 | €256,811 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,065 | €27,065 | = | 0.0% |
| Distributable reserves | 133 | €229,747 | €229,747 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€986,824 | -€1,268,522 | -€281,698 | -28.5% |
| Amounts payable | 17/49 | €810,214 | €1,071,274 | +€261,060 | +32.2% |
| Amounts payable after more than one year | 17 | €156,500 | €223,668 | +€67,168 | +42.9% |
| Financial debts | 170/4 | €156,500 | €223,668 | +€67,168 | +42.9% |
| Amounts payable within one year | 42/48 | €653,714 | €840,619 | +€186,905 | +28.6% |
| Financial debts | 43 | €13,515 | €37,764 | +€24,248 | +179% |
| Credit institutions | 430/8 | €13,515 | €37,764 | +€24,248 | +179% |
| Trade debts | 44 | €108,088 | €177,721 | +€69,633 | +64.4% |
| Suppliers | 440/4 | €108,088 | €177,721 | +€69,633 | +64.4% |
| Taxes, remuneration and social security | 45 | €151,648 | €77,042 | -€74,606 | -49.2% |
| Taxes | 450/3 | €30,088 | €5,577 | -€24,511 | -81.5% |
| Remuneration and social security | 454/9 | €121,560 | €71,464 | -€50,095 | -41.2% |
| Other amounts payable | 47/48 | €380,464 | €548,093 | +€167,629 | +44.1% |
| Accrued charges and deferred income | 492/3 | €0 | €6,986 | +€6,986 | |
| Non-recurring operating income | 76A | €61,863 | €0 | -€61,863 | -100% |
| Remuneration, social security and pensions | 62 | €420,878 | €427,925 | +€7,047 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,590 | €12,240 | -€18,350 | -60.0% |
| Other operating charges | 640/8 | €9,297 | €16,428 | +€7,131 | +76.7% |
| Gross operating margin | 9900 | €310,462 | €210,729 | -€99,733 | -32.1% |
| Operating profit (loss) | 9901 | -€150,303 | -€245,864 | -€95,560 | -63.6% |
| Financial income | 75/76B | €651 | €10,314 | +€9,663 | +1,485% |
| Recurring financial income | 75 | €651 | €10,314 | +€9,663 | +1,485% |
| Financial charges | 65/66B | €12,133 | €24,237 | +€12,104 | +99.8% |
| Recurring financial charges | 65 | €12,133 | €24,237 | +€12,104 | +99.8% |
| Profit (loss) for the period before taxes | 9903 | -€161,785 | -€259,787 | -€98,002 | -60.6% |
| Income taxes | 67/77 | €174 | €21,911 | +€21,737 | +12,464% |
| Profit (loss) for the period | 9904 | -€161,959 | -€281,698 | -€119,738 | -73.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€161,959 | -€281,698 | -€119,738 | -73.9% |
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 14 October 2026 via checked.be.