BOEM: 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.
BOEM
Largest movements
- Cash -€17,086
down €17,086 (-42.6%), from €40,084 to €22,999
mainly Investment in fixed assets (net) (-€76,932) and Other debts (-€56,065)
- Intangible fixed assets +€15,177
up €15,177 (+9.4%), from €161,989 to €177,166
- Deferred charges and accrued income +€9,713
up €9,713 (+105%), from €9,232 to €18,945
- Tangible fixed assets +€3,023
up €3,023 (+84.0%), from €3,600 to €6,623
- Contributions +€70,000
up €70,000 (+700%), from €10,000 to €80,000
- Trade debts +€63,998
up €63,998 (+84.4%), from €75,783 to €139,781
- Other debts -€56,065
down €56,065 (-99.8%), from €56,199 to €133
- Debts after one year -€36,518
down €36,518 (-41.3%), from €88,449 to €51,931
- Profit (loss) carried forward -€34,454
down €34,454 (-114%), from -€30,146 to -€64,600
- Gross operating margin +€31,652
up €31,652 (+36.0%), from €87,982 to €119,634
- Staff costs +€23,714
up €23,714 (+45.8%), from €51,739 to €75,453
- Depreciation +€12,736
up €12,736 (+27.4%), from €46,429 to €59,165
- Write-downs +€3,630
up €3,630 (+180%), from €2,013 to €5,643
- Financial charges +€2,055
up €2,055 (+21.4%), from €9,597 to €11,651
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 | €263,777 | €275,316 | +€11,539 | +4.4% |
| Formation expenses | 20 | €432 | €0 | -€432 | -100% |
| Fixed assets | 21/28 | €165,589 | €183,788 | +€18,200 | +11.0% |
| Intangible fixed assets | 21 | €161,989 | €177,166 | +€15,177 | +9.4% |
| Tangible fixed assets | 22/27 | €3,600 | €6,623 | +€3,023 | +84.0% |
| Furniture and vehicles | 24 | €3,600 | €6,623 | +€3,023 | +84.0% |
| Current assets | 29/58 | €97,756 | €91,527 | -€6,229 | -6.4% |
| Stocks and contracts in progress | 3 | €5,302 | €4,867 | -€435 | -8.2% |
| Stocks | 30/36 | €4,081 | €2,817 | -€1,264 | -31.0% |
| Contracts in progress | 37 | €1,221 | €2,050 | +€829 | +67.9% |
| Amounts receivable within one year | 40/41 | €43,138 | €44,716 | +€1,578 | +3.7% |
| Trade receivables | 40 | €42,715 | €42,879 | +€164 | +0.4% |
| Other amounts receivable | 41 | €423 | €1,837 | +€1,415 | +335% |
| Cash at bank and in hand | 54/58 | €40,084 | €22,999 | -€17,086 | -42.6% |
| Deferred charges and accrued income | 490/1 | €9,232 | €18,945 | +€9,713 | +105% |
| Total equity and liabilities | 10/49 | €263,777 | €275,316 | +€11,539 | +4.4% |
| Equity | 10/15 | -€20,146 | €15,400 | +€35,546 | |
| Contributions | 10/11 | €10,000 | €80,000 | +€70,000 | +700% |
| Profit (loss) carried forward | 14 | -€30,146 | -€64,600 | -€34,454 | -114% |
| Amounts payable | 17/49 | €283,923 | €259,916 | -€24,007 | -8.5% |
| Amounts payable after more than one year | 17 | €88,449 | €51,931 | -€36,518 | -41.3% |
| Financial debts | 170/4 | €88,449 | €51,931 | -€36,518 | -41.3% |
| Amounts payable within one year | 42/48 | €179,148 | €180,894 | +€1,745 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €34,369 | €28,673 | -€5,697 | -16.6% |
| Trade debts | 44 | €75,783 | €139,781 | +€63,998 | +84.4% |
| Suppliers | 440/4 | €75,783 | €139,781 | +€63,998 | +84.4% |
| Taxes, remuneration and social security | 45 | €12,797 | €12,306 | -€491 | -3.8% |
| Taxes | 450/3 | €4,327 | €2,098 | -€2,229 | -51.5% |
| Remuneration and social security | 454/9 | €8,470 | €10,208 | +€1,738 | +20.5% |
| Other amounts payable | 47/48 | €56,199 | €133 | -€56,065 | -99.8% |
| Accrued charges and deferred income | 492/3 | €16,325 | €27,091 | +€10,765 | +65.9% |
| Remuneration, social security and pensions | 62 | €51,739 | €75,453 | +€23,714 | +45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,429 | €59,165 | +€12,736 | +27.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,013 | €5,643 | +€3,630 | +180% |
| Other operating charges | 640/8 | €449 | €2,062 | +€1,612 | +359% |
| Gross operating margin | 9900 | €87,982 | €119,634 | +€31,652 | +36.0% |
| Operating profit (loss) | 9901 | -€12,647 | -€22,688 | -€10,040 | -79.4% |
| Financial income | 75/76B | €60 | €92 | +€32 | +52.7% |
| Recurring financial income | 75 | €60 | €92 | +€32 | +52.7% |
| Financial charges | 65/66B | €9,597 | €11,651 | +€2,055 | +21.4% |
| Recurring financial charges | 65 | €9,597 | €11,651 | +€2,055 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | -€22,184 | -€34,247 | -€12,063 | -54.4% |
| Income taxes | 67/77 | €234 | €207 | -€27 | -11.6% |
| Profit (loss) for the period | 9904 | -€22,418 | -€34,454 | -€12,036 | -53.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,418 | -€34,454 | -€12,036 | -53.7% |
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.