BOFO: 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.
BOFO
Largest movements
- Receivables within one year -€15,875
down €15,875 (-41.4%), from €38,369 to €22,494
of which Trade receivables: -€15,751
- Tangible fixed assets -€8,821
down €8,821 (-2.3%), from €390,229 to €381,407
of which Land and buildings: -€21,608
- Cash -€7,115
down €7,115 (-58.6%), from €12,139 to €5,023
mainly Debts after one year (-€37,843) and Investment in fixed assets (net) (-€29,925)
- Debts after one year -€37,843
down €37,843 (-25.5%), from €148,216 to €110,373
- Profit (loss) carried forward -€21,403
down €21,403 (-25.2%), from -€85,042 to -€106,445
- Trade debts +€17,333
up €17,333 (+55.8%), from €31,041 to €48,375
- Other debts +€7,562
up €7,562 (+2.7%), from €285,189 to €292,751
- Advances received +€7,068
new in 2025: €7,068
- Staff costs +€14,469
up €14,469 (+29.5%), from €49,018 to €63,487
- Gross operating margin -€11,259
down €11,259 (-11.3%), from €99,682 to €88,423
- Depreciation +€4,269
up €4,269 (+12.4%), from €34,477 to €38,746
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 | €448,385 | €416,834 | -€31,551 | -7.0% |
| Fixed assets | 21/28 | €390,229 | €381,407 | -€8,821 | -2.3% |
| Tangible fixed assets | 22/27 | €390,229 | €381,407 | -€8,821 | -2.3% |
| Land and buildings | 22 | €282,479 | €260,871 | -€21,608 | -7.6% |
| Furniture and vehicles | 24 | €107,750 | €120,536 | +€12,786 | +11.9% |
| Current assets | 29/58 | €58,156 | €35,427 | -€22,730 | -39.1% |
| Stocks and contracts in progress | 3 | €7,363 | €6,326 | -€1,036 | -14.1% |
| Stocks | 30/36 | €7,363 | €6,326 | -€1,036 | -14.1% |
| Amounts receivable within one year | 40/41 | €38,369 | €22,494 | -€15,875 | -41.4% |
| Trade receivables | 40 | €38,245 | €22,494 | -€15,751 | -41.2% |
| Other amounts receivable | 41 | €124 | €0 | -€124 | -100.0% |
| Cash at bank and in hand | 54/58 | €12,139 | €5,023 | -€7,115 | -58.6% |
| Deferred charges and accrued income | 490/1 | €286 | €1,583 | +€1,296 | +452.8% |
| Total equity and liabilities | 10/49 | €448,385 | €416,834 | -€31,551 | -7.0% |
| Equity | 10/15 | -€75,042 | -€96,445 | -€21,403 | -28.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,042 | -€106,445 | -€21,403 | -25.2% |
| Amounts payable | 17/49 | €523,427 | €513,279 | -€10,148 | -1.9% |
| Amounts payable after more than one year | 17 | €148,216 | €110,373 | -€37,843 | -25.5% |
| Financial debts | 170/4 | €148,216 | €110,373 | -€37,843 | -25.5% |
| Amounts payable within one year | 42/48 | €375,210 | €402,906 | +€27,696 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €37,909 | €39,040 | +€1,130 | +3.0% |
| Trade debts | 44 | €31,041 | €48,375 | +€17,333 | +55.8% |
| Suppliers | 440/4 | €31,041 | €48,375 | +€17,333 | +55.8% |
| Advances received on contracts in progress | 46 | - | €7,068 | +€7,068 | |
| Taxes, remuneration and social security | 45 | €21,071 | €15,672 | -€5,399 | -25.6% |
| Taxes | 450/3 | €12,141 | €8,808 | -€3,333 | -27.5% |
| Remuneration and social security | 454/9 | €8,930 | €6,865 | -€2,065 | -23.1% |
| Other amounts payable | 47/48 | €285,189 | €292,751 | +€7,562 | +2.7% |
| Remuneration, social security and pensions | 62 | €49,018 | €63,487 | +€14,469 | +29.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,477 | €38,746 | +€4,269 | +12.4% |
| Other operating charges | 640/8 | €2,698 | €2,938 | +€240 | +8.9% |
| Gross operating margin | 9900 | €99,682 | €88,423 | -€11,259 | -11.3% |
| Operating profit (loss) | 9901 | €13,489 | -€16,748 | -€30,237 | |
| Financial income | 75/76B | €152 | €256 | +€104 | +68.5% |
| Recurring financial income | 75 | €152 | €256 | +€104 | +68.5% |
| Financial charges | 65/66B | €4,901 | €4,852 | -€49 | -1.0% |
| Recurring financial charges | 65 | €4,901 | €4,852 | -€49 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €8,739 | -€21,345 | -€30,084 | |
| Income taxes | 67/77 | - | €59 | +€59 | |
| Profit (loss) for the period | 9904 | €8,739 | -€21,403 | -€30,143 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,739 | -€21,403 | -€30,143 |
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 12 October 2026 via checked.be.