BoEx: 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.
BoEx
Largest movements
- Cash +€60,699
up €60,699 (+309%), from €19,672 to €80,371
mainly Other debts (+€251,413) and Net result for the year (+€125,707)
- Tangible fixed assets -€15,067
down €15,067 (-2.4%), from €634,599 to €619,532
of which Furniture and vehicles: -€17,197
- Current investments +€14,418
up €14,418 (+12.8%), from €113,000 to €127,418
- Other debts +€251,413
up €251,413 (+1,069%), from €23,529 to €274,942
- Reserves -€205,456
down €205,456 (-62.0%), from €331,163 to €125,707
- Tax, wage and social debts +€46,867
up €46,867 (+609%), from €7,699 to €54,565
of which Taxes: +€46,866
- Debts after one year -€39,889
down €39,889 (-10.9%), from €365,023 to €325,134
- Taxes +€4,161
up €4,161 (+10.4%), from €39,927 to €44,087
- Depreciation +€3,657
up €3,657 (+8.8%), from €41,399 to €45,056
- Gross operating margin -€3,147
down €3,147 (-1.4%), from €225,088 to €221,941
- Financial income +€2,270
up €2,270 (+363%), from €626 to €2,895
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 | €774,771 | €829,444 | +€54,673 | +7.1% |
| Fixed assets | 21/28 | €634,599 | €619,532 | -€15,067 | -2.4% |
| Tangible fixed assets | 22/27 | €634,599 | €619,532 | -€15,067 | -2.4% |
| Land and buildings | 22 | €567,425 | €570,244 | +€2,818 | +0.5% |
| Plant, machinery and equipment | 23 | €3,430 | €2,742 | -€688 | -20.1% |
| Furniture and vehicles | 24 | €63,743 | €46,546 | -€17,197 | -27.0% |
| Current assets | 29/58 | €140,172 | €209,912 | +€69,740 | +49.8% |
| Amounts receivable within one year | 40/41 | €6,498 | €959 | -€5,539 | -85.2% |
| Other amounts receivable | 41 | €6,498 | €959 | -€5,539 | -85.2% |
| Current investments | 50/53 | €113,000 | €127,418 | +€14,418 | +12.8% |
| Cash at bank and in hand | 54/58 | €19,672 | €80,371 | +€60,699 | +309% |
| Deferred charges and accrued income | 490/1 | €1,002 | €1,164 | +€162 | +16.2% |
| Total equity and liabilities | 10/49 | €774,771 | €829,444 | +€54,673 | +7.1% |
| Equity | 10/15 | €336,163 | €130,707 | -€205,456 | -61.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €331,163 | €125,707 | -€205,456 | -62.0% |
| Distributable reserves | 133 | €331,163 | €125,707 | -€205,456 | -62.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €438,607 | €698,737 | +€260,129 | +59.3% |
| Amounts payable after more than one year | 17 | €365,023 | €325,134 | -€39,889 | -10.9% |
| Financial debts | 170/4 | €365,023 | €325,134 | -€39,889 | -10.9% |
| Amounts payable within one year | 42/48 | €73,584 | €372,811 | +€299,227 | +407% |
| Current portion of amounts payable after more than one year | 42 | €39,117 | €39,889 | +€773 | +2.0% |
| Trade debts | 44 | €3,239 | €3,414 | +€175 | +5.4% |
| Suppliers | 440/4 | €3,239 | €3,414 | +€175 | +5.4% |
| Taxes, remuneration and social security | 45 | €7,699 | €54,565 | +€46,867 | +609% |
| Taxes | 450/3 | €7,699 | €54,565 | +€46,866 | +609% |
| Remuneration and social security | 454/9 | - | €0 | +€0 | |
| Other amounts payable | 47/48 | €23,529 | €274,942 | +€251,413 | +1,069% |
| Accrued charges and deferred income | 492/3 | - | €792 | +€792 | |
| Non-recurring operating income | 76A | €11,750 | €0 | -€11,750 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,399 | €45,056 | +€3,657 | +8.8% |
| Other operating charges | 640/8 | €1,993 | €1,864 | -€129 | -6.5% |
| Gross operating margin | 9900 | €225,088 | €221,941 | -€3,147 | -1.4% |
| Operating profit (loss) | 9901 | €181,696 | €175,021 | -€6,675 | -3.7% |
| Financial income | 75/76B | €626 | €2,895 | +€2,270 | +363% |
| Recurring financial income | 75 | €626 | €2,895 | +€2,270 | +363% |
| Financial charges | 65/66B | €6,687 | €8,122 | +€1,435 | +21.5% |
| Recurring financial charges | 65 | €6,687 | €8,122 | +€1,435 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €175,635 | €169,794 | -€5,840 | -3.3% |
| Income taxes | 67/77 | €39,927 | €44,087 | +€4,161 | +10.4% |
| Profit (loss) for the period | 9904 | €135,708 | €125,707 | -€10,001 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €135,708 | €125,707 | -€10,001 | -7.4% |
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 18 October 2026 via checked.be.