BOGAERT GERTJAN: what changed
BOGAERT GERTJAN
Largest movements
- Tangible fixed assets +€420,389
up €420,389 (+1,753%), from €23,979 to €444,368
of which Land and buildings: +€432,617
- Cash -€97,190
down €97,190 (-36.1%), from €269,595 to €172,405
mainly Investment in fixed assets (net) (-€502,685) and Receivables within one year (-€42,165)
- Receivables within one year +€42,165
up €42,165 (+140%), from €30,158 to €72,323
of which Trade receivables: +€31,561
- Debts after one year +€304,477
up €304,477 (+6,157%), from €4,945 to €309,422
- Reserves +€32,890
up €32,890 (+12.4%), from €265,508 to €298,397
- Trade debts +€17,042
up €17,042 (+499%), from €3,413 to €20,455
- Current portion of long-term debt +€7,861
up €7,861 (+102%), from €7,692 to €15,553
- Depreciation +€65,292
up €65,292 (+384%), from €17,014 to €82,307
- Gross operating margin +€29,864
up €29,864 (+26.4%), from €112,975 to €142,839
- Taxes -€15,335
down €15,335 (-49.0%), from €31,302 to €15,967
- Financial charges +€9,718
up €9,718 (+507%), from €1,916 to €11,634
- Financial income -€1,682
down €1,682 (-44.7%), from €3,763 to €2,082
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €328,964 | €696,777 | +€367,812 | +112% |
| Fixed assets | 21/28 | €24,012 | €444,390 | +€420,378 | +1,751% |
| Intangible fixed assets | 21 | €33 | €22 | -€11 | -33.6% |
| Tangible fixed assets | 22/27 | €23,979 | €444,368 | +€420,389 | +1,753% |
| Land and buildings | 22 | - | €432,617 | +€432,617 | |
| Plant, machinery and equipment | 23 | - | €1,427 | +€1,427 | |
| Furniture and vehicles | 24 | €11,561 | €6,459 | -€5,102 | -44.1% |
| Leasing and similar rights | 25 | €12,418 | €3,866 | -€8,552 | -68.9% |
| Current assets | 29/58 | €304,952 | €252,387 | -€52,566 | -17.2% |
| Stocks and contracts in progress | 3 | €2,105 | €6,246 | +€4,141 | +197% |
| Stocks | 30/36 | €2,105 | €6,246 | +€4,141 | +197% |
| Amounts receivable within one year | 40/41 | €30,158 | €72,323 | +€42,165 | +140% |
| Trade receivables | 40 | €27,066 | €58,626 | +€31,561 | +117% |
| Other amounts receivable | 41 | €3,092 | €13,696 | +€10,604 | +343% |
| Cash at bank and in hand | 54/58 | €269,595 | €172,405 | -€97,190 | -36.1% |
| Deferred charges and accrued income | 490/1 | €3,094 | €1,414 | -€1,680 | -54.3% |
| Total equity and liabilities | 10/49 | €328,964 | €696,777 | +€367,812 | +112% |
| Equity | 10/15 | €266,508 | €299,397 | +€32,890 | +12.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €265,508 | €298,397 | +€32,890 | +12.4% |
| Distributable reserves | 133 | €265,508 | €298,397 | +€32,890 | +12.4% |
| Amounts payable | 17/49 | €62,456 | €397,379 | +€334,923 | +536% |
| Amounts payable after more than one year | 17 | €4,945 | €309,422 | +€304,477 | +6,157% |
| Financial debts | 170/4 | €4,945 | €309,422 | +€304,477 | +6,157% |
| Amounts payable within one year | 42/48 | €57,511 | €87,957 | +€30,446 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €7,692 | €15,553 | +€7,861 | +102% |
| Trade debts | 44 | €3,413 | €20,455 | +€17,042 | +499% |
| Suppliers | 440/4 | €3,413 | €20,455 | +€17,042 | +499% |
| Taxes, remuneration and social security | 45 | €17,686 | €16,886 | -€801 | -4.5% |
| Taxes | 450/3 | €17,686 | €16,886 | -€801 | -4.5% |
| Other amounts payable | 47/48 | €28,721 | €35,064 | +€6,343 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,014 | €82,307 | +€65,292 | +384% |
| Other operating charges | 640/8 | €1,215 | €2,123 | +€908 | +74.7% |
| Gross operating margin | 9900 | €112,975 | €142,839 | +€29,864 | +26.4% |
| Operating profit (loss) | 9901 | €94,745 | €58,409 | -€36,336 | -38.4% |
| Financial income | 75/76B | €3,763 | €2,082 | -€1,682 | -44.7% |
| Recurring financial income | 75 | €3,763 | €2,082 | -€1,682 | -44.7% |
| Financial charges | 65/66B | €1,916 | €11,634 | +€9,718 | +507% |
| Recurring financial charges | 65 | €1,916 | €11,634 | +€9,718 | +507% |
| Profit (loss) for the period before taxes | 9903 | €96,593 | €48,856 | -€47,737 | -49.4% |
| Income taxes | 67/77 | €31,302 | €15,967 | -€15,335 | -49.0% |
| Profit (loss) for the period | 9904 | €65,291 | €32,890 | -€32,402 | -49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,291 | €32,890 | -€32,402 | -49.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.