BOERMAN: what changed
Two fiscal 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.
BOERMAN
Largest movements
- Receivables within one year +€96,756
up €96,756 (+17.1%), from €566,977 to €663,734
of which Trade receivables: +€100,264
- Cash +€27,162
up €27,162 (+25.9%), from €104,895 to €132,057
mainly Trade debts (+€138,858) and Depreciation (+€132,766)
- Trade debts +€138,858
up €138,858 (+30.3%), from €457,677 to €596,535
- Profit (loss) carried forward -€63,789
down €63,789 (-11.0%), from -€579,413 to -€643,202
- Debts after one year +€36,418
up €36,418 (+3.8%), from €959,442 to €995,860
of which Financial debts: +€37,149
- Current portion of long-term debt +€26,967
up €26,967 (+64.1%), from €42,097 to €69,063
- Tax, wage and social debts -€12,875
down €12,875 (-8.3%), from €154,619 to €141,744
of which Taxes: -€36,166
- Depreciation +€55,564
up €55,564 (+72.0%), from €77,202 to €132,766
- Staff costs +€50,554
up €50,554 (+5.6%), from €895,620 to €946,174
- Gross operating margin -€21,962
down €21,962 (-2.0%), from €1.1m to €1.1m
- Write-downs +€19,089
new in 2025: €19,089
- Financial charges +€16,031
up €16,031 (+60.3%), from €26,598 to €42,630
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 | €1,098,138 | €1,222,654 | +€124,517 | +11.3% |
| Fixed assets | 21/28 | €401,789 | €400,820 | -€969 | -0.2% |
| Tangible fixed assets | 22/27 | €394,292 | €393,323 | -€969 | -0.2% |
| Plant, machinery and equipment | 23 | €9,283 | €8,714 | -€569 | -6.1% |
| Furniture and vehicles | 24 | €203,455 | €133,896 | -€69,560 | -34.2% |
| Leasing and similar rights | 25 | €181,554 | €250,714 | +€69,160 | +38.1% |
| Financial fixed assets | 28 | €7,497 | €7,497 | = | 0.0% |
| Current assets | 29/58 | €696,348 | €821,834 | +€125,486 | +18.0% |
| Amounts receivable within one year | 40/41 | €566,977 | €663,734 | +€96,756 | +17.1% |
| Trade receivables | 40 | €562,874 | €663,137 | +€100,264 | +17.8% |
| Other amounts receivable | 41 | €4,104 | €596 | -€3,507 | -85.5% |
| Cash at bank and in hand | 54/58 | €104,895 | €132,057 | +€27,162 | +25.9% |
| Deferred charges and accrued income | 490/1 | €24,476 | €26,043 | +€1,568 | +6.4% |
| Total equity and liabilities | 10/49 | €1,098,138 | €1,222,654 | +€124,517 | +11.3% |
| Equity | 10/15 | -€517,913 | -€581,702 | -€63,789 | -12.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€579,413 | -€643,202 | -€63,789 | -11.0% |
| Amounts payable | 17/49 | €1,616,050 | €1,804,356 | +€188,306 | +11.7% |
| Amounts payable after more than one year | 17 | €959,442 | €995,860 | +€36,418 | +3.8% |
| Financial debts | 170/4 | €137,970 | €175,119 | +€37,149 | +26.9% |
| Other amounts payable | 178/9 | €821,472 | €820,741 | -€731 | -0.1% |
| Amounts payable within one year | 42/48 | €655,121 | €807,647 | +€152,526 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €42,097 | €69,063 | +€26,967 | +64.1% |
| Financial debts | 43 | €584 | €280 | -€305 | -52.1% |
| Credit institutions | 430/8 | €584 | €280 | -€305 | -52.1% |
| Trade debts | 44 | €457,677 | €596,535 | +€138,858 | +30.3% |
| Suppliers | 440/4 | €457,677 | €596,535 | +€138,858 | +30.3% |
| Taxes, remuneration and social security | 45 | €154,619 | €141,744 | -€12,875 | -8.3% |
| Taxes | 450/3 | €70,704 | €34,538 | -€36,166 | -51.2% |
| Remuneration and social security | 454/9 | €83,915 | €107,206 | +€23,291 | +27.8% |
| Other amounts payable | 47/48 | €144 | €26 | -€119 | -82.3% |
| Accrued charges and deferred income | 492/3 | €1,487 | €849 | -€638 | -42.9% |
| Non-recurring operating income | 76A | €2,596 | €39,631 | +€37,035 | +1426.6% |
| Remuneration, social security and pensions | 62 | €895,620 | €946,174 | +€50,554 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,202 | €132,766 | +€55,564 | +72.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,089 | +€19,089 | |
| Other operating charges | 640/8 | €8,686 | €7,357 | -€1,329 | -15.3% |
| Non-recurring operating charges | 66A | €13,398 | €6,832 | -€6,566 | -49.0% |
| Gross operating margin | 9900 | €1,113,263 | €1,091,302 | -€21,962 | -2.0% |
| Operating profit (loss) | 9901 | €118,358 | -€20,916 | -€139,274 | |
| Financial income | 75/76B | €9 | €8 | -€0 | -4.3% |
| Recurring financial income | 75 | €9 | €8 | -€0 | -4.3% |
| Financial charges | 65/66B | €26,598 | €42,630 | +€16,031 | +60.3% |
| Recurring financial charges | 65 | €26,598 | €42,630 | +€16,031 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | €91,768 | -€63,537 | -€155,305 | |
| Income taxes | 67/77 | €280 | €252 | -€28 | -10.1% |
| Profit (loss) for the period | 9904 | €91,488 | -€63,789 | -€155,277 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,488 | -€63,789 | -€155,277 |
Source: filed annual accounts (NBB), fiscal 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 October 2026 via checked.be.