Bogaert: 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.
Bogaert
Largest movements
- Cash +€19,230
up €19,230 (+31.6%), from €60,899 to €80,129
mainly Net result for the year (+€9,049) and Depreciation (+€8,450)
- Tangible fixed assets -€5,741
down €5,741 (-15.6%), from €36,828 to €31,087
- Reserves +€9,049
up €9,049 (+11.5%), from €79,022 to €88,071
of which Distributable reserves: +€9,049
- Other debts +€3,646
up €3,646 (+72.7%), from €5,016 to €8,662
- Staff costs -€12,121
down €12,121 (-82.0%), from €14,790 to €2,669
- Gross operating margin -€11,530
down €11,530 (-31.9%), from €36,164 to €24,633
- Depreciation +€4,981
up €4,981 (+143.6%), from €3,469 to €8,450
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 | €99,039 | €111,839 | +€12,801 | +12.9% |
| Fixed assets | 21/28 | €37,198 | €31,087 | -€6,111 | -16.4% |
| Tangible fixed assets | 22/27 | €36,828 | €31,087 | -€5,741 | -15.6% |
| Furniture and vehicles | 24 | €36,828 | €31,087 | -€5,741 | -15.6% |
| Financial fixed assets | 28 | €370 | - | -€370 | |
| Current assets | 29/58 | €61,841 | €80,752 | +€18,911 | +30.6% |
| Amounts receivable within one year | 40/41 | €5 | €4 | -€1 | -26.0% |
| Other amounts receivable | 41 | €5 | €4 | -€1 | -26.0% |
| Cash at bank and in hand | 54/58 | €60,899 | €80,129 | +€19,230 | +31.6% |
| Deferred charges and accrued income | 490/1 | €937 | €620 | -€317 | -33.8% |
| Total equity and liabilities | 10/49 | €99,039 | €111,839 | +€12,801 | +12.9% |
| Equity | 10/15 | €85,319 | €94,368 | +€9,049 | +10.6% |
| Contributions | 10/11 | €6,297 | €6,297 | = | 0.0% |
| Reserves | 13 | €79,022 | €88,071 | +€9,049 | +11.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €77,163 | €86,211 | +€9,049 | +11.7% |
| Amounts payable | 17/49 | €13,719 | €17,471 | +€3,752 | +27.3% |
| Amounts payable within one year | 42/48 | €13,719 | €17,471 | +€3,752 | +27.3% |
| Trade debts | 44 | €1,371 | €1,010 | -€361 | -26.3% |
| Suppliers | 440/4 | €1,371 | €1,010 | -€361 | -26.3% |
| Taxes, remuneration and social security | 45 | €7,333 | €7,799 | +€467 | +6.4% |
| Taxes | 450/3 | €4,826 | €7,597 | +€2,771 | +57.4% |
| Remuneration and social security | 454/9 | €2,507 | €202 | -€2,304 | -91.9% |
| Other amounts payable | 47/48 | €5,016 | €8,662 | +€3,646 | +72.7% |
| Non-recurring operating income | 76A | €7,868 | - | -€7,868 | |
| Remuneration, social security and pensions | 62 | €14,790 | €2,669 | -€12,121 | -82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,469 | €8,450 | +€4,981 | +143.6% |
| Other operating charges | 640/8 | €584 | €570 | -€14 | -2.4% |
| Non-recurring operating charges | 66A | €4,895 | - | -€4,895 | |
| Gross operating margin | 9900 | €36,164 | €24,633 | -€11,530 | -31.9% |
| Operating profit (loss) | 9901 | €12,425 | €12,944 | +€519 | +4.2% |
| Financial income | 75/76B | €14 | - | -€14 | |
| Recurring financial income | 75 | €14 | - | -€14 | |
| Financial charges | 65/66B | €97 | €110 | +€13 | +13.2% |
| Recurring financial charges | 65 | €97 | €110 | +€13 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €12,342 | €12,834 | +€493 | +4.0% |
| Income taxes | 67/77 | €3,490 | €3,786 | +€296 | +8.5% |
| Profit (loss) for the period | 9904 | €8,852 | €9,049 | +€197 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,852 | €9,049 | +€197 | +2.2% |
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 4 October 2026 via checked.be.