BOELEAU: 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.
BOELEAU
Largest movements
- Receivables within one year -€86,213
down €86,213 (-39.9%), from €215,833 to €129,620
of which Trade receivables: -€85,826
- Cash +€79,605
up €79,605 (+312.8%), from €25,449 to €105,054
mainly Receivables within one year (+€86,213) and Depreciation (+€42,456)
- Tangible fixed assets -€40,860
down €40,860 (-26.9%), from €151,802 to €110,943
of which Furniture and vehicles: -€39,120
- Reserves -€44,751
down €44,751 (-23.4%), from €191,527 to €146,776
- Other debts +€25,154
up €25,154 (+22.4%), from €112,340 to €137,494
- Tax, wage and social debts -€18,962
down €18,962 (-44.0%), from €43,074 to €24,112
- Trade debts -€17,917
down €17,917 (-70.5%), from €25,405 to €7,488
- Accrued charges and deferred income +€9,127
up €9,127 (+202.6%), from €4,505 to €13,632
- Gross operating margin -€65,097
down €65,097 (-42.7%), from €152,492 to €87,396
- Taxes -€11,400
down €11,400 (-52.0%), from €21,941 to €10,542
- Other operating charges -€9,359
down €9,359 (-78.2%), from €11,971 to €2,612
- Depreciation +€7,769
up €7,769 (+22.4%), from €34,687 to €42,456
- Financial charges +€4,109
up €4,109 (+79.7%), from €5,157 to €9,267
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 | €395,401 | €348,053 | -€47,349 | -12.0% |
| Fixed assets | 21/28 | €151,802 | €110,943 | -€40,860 | -26.9% |
| Tangible fixed assets | 22/27 | €151,802 | €110,943 | -€40,860 | -26.9% |
| Plant, machinery and equipment | 23 | €3,824 | €2,084 | -€1,740 | -45.5% |
| Furniture and vehicles | 24 | €147,978 | €108,859 | -€39,120 | -26.4% |
| Current assets | 29/58 | €243,599 | €237,110 | -€6,489 | -2.7% |
| Amounts receivable within one year | 40/41 | €215,833 | €129,620 | -€86,213 | -39.9% |
| Trade receivables | 40 | €213,570 | €127,744 | -€85,826 | -40.2% |
| Other amounts receivable | 41 | €2,262 | €1,876 | -€387 | -17.1% |
| Cash at bank and in hand | 54/58 | €25,449 | €105,054 | +€79,605 | +312.8% |
| Deferred charges and accrued income | 490/1 | €2,318 | €2,437 | +€119 | +5.1% |
| Total equity and liabilities | 10/49 | €395,401 | €348,053 | -€47,349 | -12.0% |
| Equity | 10/15 | €210,077 | €165,326 | -€44,751 | -21.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €191,527 | €146,776 | -€44,751 | -23.4% |
| Distributable reserves | 133 | €191,527 | €146,776 | -€44,751 | -23.4% |
| Amounts payable | 17/49 | €185,324 | €182,727 | -€2,598 | -1.4% |
| Amounts payable within one year | 42/48 | €180,819 | €169,094 | -€11,725 | -6.5% |
| Trade debts | 44 | €25,405 | €7,488 | -€17,917 | -70.5% |
| Suppliers | 440/4 | €25,405 | €7,488 | -€17,917 | -70.5% |
| Taxes, remuneration and social security | 45 | €43,074 | €24,112 | -€18,962 | -44.0% |
| Taxes | 450/3 | €43,074 | €24,112 | -€18,962 | -44.0% |
| Other amounts payable | 47/48 | €112,340 | €137,494 | +€25,154 | +22.4% |
| Accrued charges and deferred income | 492/3 | €4,505 | €13,632 | +€9,127 | +202.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,687 | €42,456 | +€7,769 | +22.4% |
| Other operating charges | 640/8 | €11,971 | €2,612 | -€9,359 | -78.2% |
| Gross operating margin | 9900 | €152,492 | €87,396 | -€65,097 | -42.7% |
| Operating profit (loss) | 9901 | €105,834 | €42,328 | -€63,506 | -60.0% |
| Financial income | 75/76B | €0 | €14 | +€14 | +72150.0% |
| Recurring financial income | 75 | €0 | €14 | +€14 | +72150.0% |
| Financial charges | 65/66B | €5,157 | €9,267 | +€4,109 | +79.7% |
| Recurring financial charges | 65 | €5,157 | €9,267 | +€4,109 | +79.7% |
| Profit (loss) for the period before taxes | 9903 | €100,677 | €33,076 | -€67,601 | -67.1% |
| Income taxes | 67/77 | €21,941 | €10,542 | -€11,400 | -52.0% |
| Profit (loss) for the period | 9904 | €78,735 | €22,534 | -€56,201 | -71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78,735 | €22,534 | -€56,201 | -71.4% |
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 10 October 2026 via checked.be.