BOELENS: 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.
BOELENS
Largest movements
- Tangible fixed assets -€19,525
down €19,525 (-10.1%), from €194,136 to €174,611
of which Land and buildings: -€11,814
- Receivables within one year -€5,217
down €5,217 (-13.6%), from €38,411 to €33,194
of which Other amounts receivable: -€13,145
- Debts after one year -€18,337
down €18,337 (-21.4%), from €85,497 to €67,160
- Profit (loss) carried forward -€8,847
down €8,847 (-7.8%), from €113,657 to €104,810
- Contributions +€5,620
up €5,620 (+10.0%), from €56,200 to €61,820
- Reserves -€5,620
no longer reported in 2025 (was €5,620)
- Trade debts +€3,353
up €3,353 (+186%), from €1,803 to €5,156
- Gross operating margin +€8,862
up €8,862 (+230%), from €3,851 to €12,713
- Taxes -€2,558
new in 2025: -€2,558
- Financial charges +€736
up €736 (+23.1%), from €3,188 to €3,924
- Depreciation +€681
up €681 (+3.6%), from €19,027 to €19,708
- Financial income -€367
down €367 (-13.8%), from €2,656 to €2,289
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 | €284,681 | €260,371 | -€24,310 | -8.5% |
| Formation expenses | 20 | €463 | €277 | -€186 | -40.2% |
| Fixed assets | 21/28 | €242,001 | €222,476 | -€19,525 | -8.1% |
| Tangible fixed assets | 22/27 | €194,136 | €174,611 | -€19,525 | -10.1% |
| Land and buildings | 22 | €173,661 | €161,847 | -€11,814 | -6.8% |
| Plant, machinery and equipment | 23 | €917 | €611 | -€306 | -33.4% |
| Furniture and vehicles | 24 | €11,528 | €4,940 | -€6,588 | -57.1% |
| Other tangible fixed assets | 26 | €8,030 | €7,213 | -€817 | -10.2% |
| Financial fixed assets | 28 | €47,865 | €47,865 | = | 0.0% |
| Current assets | 29/58 | €42,217 | €37,618 | -€4,599 | -10.9% |
| Amounts receivable within one year | 40/41 | €38,411 | €33,194 | -€5,217 | -13.6% |
| Trade receivables | 40 | €2,148 | €10,076 | +€7,928 | +369% |
| Other amounts receivable | 41 | €36,263 | €23,118 | -€13,145 | -36.2% |
| Cash at bank and in hand | 54/58 | €3,806 | €3,060 | -€746 | -19.6% |
| Deferred charges and accrued income | 490/1 | - | €1,364 | +€1,364 | |
| Total equity and liabilities | 10/49 | €284,681 | €260,371 | -€24,310 | -8.5% |
| Equity | 10/15 | €175,477 | €166,630 | -€8,847 | -5.0% |
| Contributions | 10/11 | €56,200 | €61,820 | +€5,620 | +10.0% |
| Capital | 10 | €56,200 | - | -€56,200 | |
| Issued capital | 100 | €56,200 | - | -€56,200 | |
| Reserves | 13 | €5,620 | - | -€5,620 | |
| Non-distributable reserves | 130/1 | €5,620 | - | -€5,620 | |
| Legal reserve | 130 | €5,620 | - | -€5,620 | |
| Profit (loss) carried forward | 14 | €113,657 | €104,810 | -€8,847 | -7.8% |
| Amounts payable | 17/49 | €109,204 | €93,741 | -€15,463 | -14.2% |
| Amounts payable after more than one year | 17 | €85,497 | €67,160 | -€18,337 | -21.4% |
| Financial debts | 170/4 | €85,497 | €67,160 | -€18,337 | -21.4% |
| Amounts payable within one year | 42/48 | €23,707 | €26,581 | +€2,874 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €19,693 | €19,409 | -€284 | -1.4% |
| Trade debts | 44 | €1,803 | €5,156 | +€3,353 | +186% |
| Suppliers | 440/4 | €1,803 | €5,156 | +€3,353 | +186% |
| Taxes, remuneration and social security | 45 | €2,211 | €2,016 | -€195 | -8.8% |
| Taxes | 450/3 | €2,211 | €2,016 | -€195 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,027 | €19,708 | +€681 | +3.6% |
| Other operating charges | 640/8 | €2,553 | €2,775 | +€222 | +8.7% |
| Gross operating margin | 9900 | €3,851 | €12,713 | +€8,862 | +230% |
| Operating profit (loss) | 9901 | -€17,729 | -€9,770 | +€7,959 | +44.9% |
| Financial income | 75/76B | €2,656 | €2,289 | -€367 | -13.8% |
| Recurring financial income | 75 | €2,656 | €2,289 | -€367 | -13.8% |
| Financial charges | 65/66B | €3,188 | €3,924 | +€736 | +23.1% |
| Recurring financial charges | 65 | €3,188 | €3,924 | +€736 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | -€18,261 | -€11,405 | +€6,856 | +37.5% |
| Income taxes | 67/77 | - | -€2,558 | -€2,558 | |
| Profit (loss) for the period | 9904 | -€18,261 | -€8,847 | +€9,414 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,261 | -€8,847 | +€9,414 | +51.6% |
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 21 October 2026 via checked.be.