BOGAD: 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.
BOGAD
Largest movements
- Cash +€126,497
up €126,497 (+464.3%), from €27,247 to €153,744
mainly Accrued charges and deferred income (+€196,464) and Net result for the year (+€52,346)
- Receivables within one year +€92,701
up €92,701 (+147.5%), from €62,844 to €155,545
of which Trade receivables: +€82,666
- Accrued charges and deferred income +€196,464
new in 2025: €196,464
- Profit (loss) carried forward +€52,346
up €52,346 (+219.0%), from €23,901 to €76,247
- Trade debts -€15,439
down €15,439 (-90.1%), from €17,135 to €1,696
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Tax, wage and social debts +€5,957
up €5,957 (+26.2%), from €22,714 to €28,671
- Gross operating margin +€24,906
up €24,906 (+41.7%), from €59,664 to €84,570
- Depreciation -€19,993
down €19,993 (-63.7%), from €31,393 to €11,400
- Other operating charges -€7,321
down €7,321 (-88.1%), from €8,311 to €990
- Taxes +€6,556
up €6,556 (+62.1%), from €10,557 to €17,113
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 | €103,836 | €320,172 | +€216,336 | +208.3% |
| Fixed assets | 21/28 | €10,950 | €9,838 | -€1,112 | -10.2% |
| Tangible fixed assets | 22/27 | €10,950 | €9,838 | -€1,112 | -10.2% |
| Plant, machinery and equipment | 23 | €1,036 | €2,514 | +€1,479 | +142.7% |
| Furniture and vehicles | 24 | €9,914 | €7,323 | -€2,591 | -26.1% |
| Current assets | 29/58 | €92,886 | €310,334 | +€217,448 | +234.1% |
| Amounts receivable within one year | 40/41 | €62,844 | €155,545 | +€92,701 | +147.5% |
| Trade receivables | 40 | €59,763 | €142,430 | +€82,666 | +138.3% |
| Other amounts receivable | 41 | €3,080 | €13,115 | +€10,034 | +325.7% |
| Cash at bank and in hand | 54/58 | €27,247 | €153,744 | +€126,497 | +464.3% |
| Deferred charges and accrued income | 490/1 | €2,795 | €1,046 | -€1,749 | -62.6% |
| Total equity and liabilities | 10/49 | €103,836 | €320,172 | +€216,336 | +208.3% |
| Equity | 10/15 | €35,401 | €87,747 | +€52,346 | +147.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,901 | €76,247 | +€52,346 | +219.0% |
| Amounts payable | 17/49 | €68,434 | €232,425 | +€163,991 | +239.6% |
| Amounts payable after more than one year | 17 | €5,594 | - | -€5,594 | |
| Financial debts | 170/4 | €5,594 | - | -€5,594 | |
| Amounts payable within one year | 42/48 | €62,840 | €35,961 | -€26,880 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €7,992 | €5,594 | -€2,398 | -30.0% |
| Trade debts | 44 | €17,135 | €1,696 | -€15,439 | -90.1% |
| Suppliers | 440/4 | €17,135 | €1,696 | -€15,439 | -90.1% |
| Taxes, remuneration and social security | 45 | €22,714 | €28,671 | +€5,957 | +26.2% |
| Taxes | 450/3 | €22,714 | €28,671 | +€5,957 | +26.2% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Accrued charges and deferred income | 492/3 | - | €196,464 | +€196,464 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,393 | €11,400 | -€19,993 | -63.7% |
| Other operating charges | 640/8 | €8,311 | €990 | -€7,321 | -88.1% |
| Gross operating margin | 9900 | €59,664 | €84,570 | +€24,906 | +41.7% |
| Operating profit (loss) | 9901 | €19,960 | €72,180 | +€52,219 | +261.6% |
| Financial charges | 65/66B | €2,381 | €2,721 | +€340 | +14.3% |
| Recurring financial charges | 65 | €2,381 | €2,721 | +€340 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €17,579 | €69,459 | +€51,880 | +295.1% |
| Income taxes | 67/77 | €10,557 | €17,113 | +€6,556 | +62.1% |
| Profit (loss) for the period | 9904 | €7,022 | €52,346 | +€45,324 | +645.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,022 | €52,346 | +€45,324 | +645.5% |
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 3 October 2026 via checked.be.