BOEST: 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.
BOEST
Largest movements
- Stocks and contracts +€130,000
up €130,000 (+27.1%), from €479,434 to €609,434
- Tangible fixed assets -€37,651
down €37,651 (-5.8%), from €653,738 to €616,087
of which Land and buildings: -€30,120
- Other debts -€88,176
down €88,176 (-61.8%), from €142,743 to €54,567
- Reserves +€71,389
up €71,389 (+50.5%), from €141,380 to €212,769
of which Distributable reserves: +€71,389
- Debts after one year +€63,349
up €63,349 (+12.3%), from €515,469 to €578,818
- Current portion of long-term debt +€34,514
up €34,514 (+59.2%), from €58,337 to €92,851
- Trade debts +€20,535
up €20,535 (+23.2%), from €88,500 to €109,035
- Gross operating margin +€50,533
up €50,533 (+30.0%), from €168,200 to €218,732
- Taxes +€18,124
up €18,124 (+136.1%), from €13,317 to €31,441
- Staff costs +€7,514
up €7,514 (+19.3%), from €38,832 to €46,346
- Other operating charges +€5,147
up €5,147 (+475.0%), from €1,084 to €6,231
- Financial income +€4,348
up €4,348 (+29906.2%), from €15 to €4,363
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 | €1,179,998 | €1,260,453 | +€80,456 | +6.8% |
| Fixed assets | 21/28 | €653,738 | €616,087 | -€37,651 | -5.8% |
| Tangible fixed assets | 22/27 | €653,738 | €616,087 | -€37,651 | -5.8% |
| Land and buildings | 22 | €614,265 | €584,144 | -€30,120 | -4.9% |
| Plant, machinery and equipment | 23 | €3,772 | €3,419 | -€354 | -9.4% |
| Furniture and vehicles | 24 | €35,701 | €28,524 | -€7,177 | -20.1% |
| Current assets | 29/58 | €526,260 | €644,366 | +€118,106 | +22.4% |
| Stocks and contracts in progress | 3 | €479,434 | €609,434 | +€130,000 | +27.1% |
| Stocks | 30/36 | €479,434 | €609,434 | +€130,000 | +27.1% |
| Amounts receivable within one year | 40/41 | €29,472 | €21,076 | -€8,397 | -28.5% |
| Trade receivables | 40 | €29,472 | €20,938 | -€8,535 | -29.0% |
| Other amounts receivable | 41 | - | €138 | +€138 | |
| Cash at bank and in hand | 54/58 | €15,795 | €11,492 | -€4,303 | -27.2% |
| Deferred charges and accrued income | 490/1 | €1,558 | €2,364 | +€806 | +51.7% |
| Total equity and liabilities | 10/49 | €1,179,998 | €1,260,453 | +€80,456 | +6.8% |
| Equity | 10/15 | €159,980 | €231,369 | +€71,389 | +44.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €141,380 | €212,769 | +€71,389 | +50.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €139,520 | €210,909 | +€71,389 | +51.2% |
| Amounts payable | 17/49 | €1,020,018 | €1,029,085 | +€9,066 | +0.9% |
| Amounts payable after more than one year | 17 | €515,469 | €578,818 | +€63,349 | +12.3% |
| Financial debts | 170/4 | €515,469 | €578,818 | +€63,349 | +12.3% |
| Amounts payable within one year | 42/48 | €504,549 | €450,267 | -€54,282 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €58,337 | €92,851 | +€34,514 | +59.2% |
| Financial debts | 43 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Credit institutions | 430/8 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Trade debts | 44 | €88,500 | €109,035 | +€20,535 | +23.2% |
| Suppliers | 440/4 | €88,500 | €109,035 | +€20,535 | +23.2% |
| Taxes, remuneration and social security | 45 | €164,970 | €153,814 | -€11,156 | -6.8% |
| Taxes | 450/3 | €153,335 | €139,340 | -€13,995 | -9.1% |
| Remuneration and social security | 454/9 | €11,635 | €14,474 | +€2,839 | +24.4% |
| Other amounts payable | 47/48 | €142,743 | €54,567 | -€88,176 | -61.8% |
| Non-recurring operating income | 76A | €10,066 | - | -€10,066 | |
| Remuneration, social security and pensions | 62 | €38,832 | €46,346 | +€7,514 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,303 | €44,925 | +€2,622 | +6.2% |
| Other operating charges | 640/8 | €1,084 | €6,231 | +€5,147 | +475.0% |
| Gross operating margin | 9900 | €168,200 | €218,732 | +€50,533 | +30.0% |
| Operating profit (loss) | 9901 | €85,981 | €121,230 | +€35,250 | +41.0% |
| Financial income | 75/76B | €15 | €4,363 | +€4,348 | +29906.2% |
| Recurring financial income | 75 | €15 | €4,363 | +€4,348 | +29906.2% |
| Financial charges | 65/66B | €19,290 | €22,763 | +€3,473 | +18.0% |
| Recurring financial charges | 65 | €19,290 | €22,763 | +€3,473 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €66,705 | €102,830 | +€36,125 | +54.2% |
| Income taxes | 67/77 | €13,317 | €31,441 | +€18,124 | +136.1% |
| Profit (loss) for the period | 9904 | €53,388 | €71,389 | +€18,002 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,388 | €71,389 | +€18,002 | +33.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.