BOERJAN LOTHAR: 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.
BOERJAN LOTHAR
Largest movements
- Receivables within one year -€22,683
down €22,683 (-22.1%), from €102,477 to €79,794
of which Other amounts receivable: -€22,014
- Stocks and contracts +€10,000
up €10,000 (+200%), from €5,000 to €15,000
- Reserves -€10,417
down €10,417 (-9.3%), from €111,872 to €101,455
of which Distributable reserves: -€10,417
- Trade debts -€5,314
no longer reported in 2025 (was €5,314)
- Accrued charges and deferred income +€1,338
new in 2025: €1,338
- Gross operating margin -€29,754
down €29,754 (-56.0%), from €53,136 to €23,382
- Financial charges -€1,314
down €1,314 (-93.8%), from €1,401 to €87
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 | €125,041 | €110,633 | -€14,408 | -11.5% |
| Fixed assets | 21/28 | €13,908 | €13,163 | -€745 | -5.4% |
| Tangible fixed assets | 22/27 | €13,908 | €13,163 | -€745 | -5.4% |
| Plant, machinery and equipment | 23 | €10,161 | €6,664 | -€3,497 | -34.4% |
| Furniture and vehicles | 24 | €3,747 | €6,499 | +€2,752 | +73.4% |
| Current assets | 29/58 | €111,133 | €97,470 | -€13,663 | -12.3% |
| Stocks and contracts in progress | 3 | €5,000 | €15,000 | +€10,000 | +200% |
| Contracts in progress | 37 | €5,000 | €15,000 | +€10,000 | +200% |
| Amounts receivable within one year | 40/41 | €102,477 | €79,794 | -€22,683 | -22.1% |
| Trade receivables | 40 | €8,059 | €7,390 | -€669 | -8.3% |
| Other amounts receivable | 41 | €94,418 | €72,404 | -€22,014 | -23.3% |
| Cash at bank and in hand | 54/58 | €966 | €452 | -€514 | -53.2% |
| Deferred charges and accrued income | 490/1 | €2,690 | €2,224 | -€466 | -17.3% |
| Total equity and liabilities | 10/49 | €125,041 | €110,633 | -€14,408 | -11.5% |
| Equity | 10/15 | €118,072 | €107,655 | -€10,417 | -8.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €111,872 | €101,455 | -€10,417 | -9.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €110,012 | €99,595 | -€10,417 | -9.5% |
| Amounts payable | 17/49 | €6,969 | €2,978 | -€3,991 | -57.3% |
| Amounts payable within one year | 42/48 | €6,969 | €1,640 | -€5,329 | -76.5% |
| Trade debts | 44 | €5,314 | - | -€5,314 | |
| Suppliers | 440/4 | €5,314 | - | -€5,314 | |
| Other amounts payable | 47/48 | €1,655 | €1,640 | -€15 | -0.9% |
| Accrued charges and deferred income | 492/3 | - | €1,338 | +€1,338 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,073 | €6,181 | +€108 | +1.8% |
| Other operating charges | 640/8 | €1,490 | €1,531 | +€41 | +2.8% |
| Gross operating margin | 9900 | €53,136 | €23,382 | -€29,754 | -56.0% |
| Operating profit (loss) | 9901 | €45,573 | €15,670 | -€29,903 | -65.6% |
| Financial income | 75/76B | €4,200 | €4,000 | -€200 | -4.8% |
| Recurring financial income | 75 | €4,200 | €4,000 | -€200 | -4.8% |
| Financial charges | 65/66B | €1,401 | €87 | -€1,314 | -93.8% |
| Recurring financial charges | 65 | €1,401 | €87 | -€1,314 | -93.8% |
| Profit (loss) for the period before taxes | 9903 | €48,372 | €19,583 | -€28,789 | -59.5% |
| Profit (loss) for the period | 9904 | €48,372 | €19,583 | -€28,789 | -59.5% |
| Profit (loss) for the period to be appropriated | 9905 | €48,372 | €19,583 | -€28,789 | -59.5% |
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 1 November 2026 via checked.be.