Bogaert-Vogels: 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.
Bogaert-Vogels
Largest movements
- Tangible fixed assets -€23,490
down €23,490 (-4.8%), from €486,606 to €463,116
of which Land and buildings: -€21,060
- Other debts +€57,093
up €57,093 (+44.7%), from €127,848 to €184,941
- Reserves -€43,382
down €43,382 (-76.4%), from €56,782 to €13,401
- Debts after one year -€35,258
down €35,258 (-13.4%), from €262,338 to €227,080
- Gross operating margin +€848
up €848 (+1.9%), from €44,366 to €45,214
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 | €489,861 | €467,787 | -€22,074 | -4.5% |
| Fixed assets | 21/28 | €486,606 | €463,116 | -€23,490 | -4.8% |
| Tangible fixed assets | 22/27 | €486,606 | €463,116 | -€23,490 | -4.8% |
| Land and buildings | 22 | €478,657 | €457,597 | -€21,060 | -4.4% |
| Furniture and vehicles | 24 | €7,949 | €5,519 | -€2,430 | -30.6% |
| Current assets | 29/58 | €3,255 | €4,671 | +€1,416 | +43.5% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,860 | €3,431 | +€1,570 | +84.4% |
| Deferred charges and accrued income | 490/1 | €1,395 | €1,241 | -€154 | -11.1% |
| Total equity and liabilities | 10/49 | €489,861 | €467,787 | -€22,074 | -4.5% |
| Equity | 10/15 | €62,982 | €19,601 | -€43,382 | -68.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €56,782 | €13,401 | -€43,382 | -76.4% |
| Distributable reserves | 133 | €56,782 | €13,401 | -€43,382 | -76.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €426,879 | €448,186 | +€21,308 | +5.0% |
| Amounts payable after more than one year | 17 | €262,338 | €227,080 | -€35,258 | -13.4% |
| Financial debts | 170/4 | €262,338 | €227,080 | -€35,258 | -13.4% |
| Amounts payable within one year | 42/48 | €164,540 | €221,106 | +€56,566 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €34,836 | €35,258 | +€423 | +1.2% |
| Financial debts | 43 | €1,337 | €0 | -€1,337 | -100% |
| Credit institutions | 430/8 | €1,337 | €0 | -€1,337 | -100% |
| Trade debts | 44 | €387 | €440 | +€53 | +13.6% |
| Suppliers | 440/4 | €387 | €440 | +€53 | +13.6% |
| Taxes, remuneration and social security | 45 | €132 | €467 | +€335 | +253% |
| Taxes | 450/3 | €132 | €467 | +€335 | +253% |
| Other amounts payable | 47/48 | €127,848 | €184,941 | +€57,093 | +44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,502 | €23,490 | -€12 | 0.0% |
| Other operating charges | 640/8 | €387 | €69 | -€319 | -82.3% |
| Gross operating margin | 9900 | €44,366 | €45,214 | +€848 | +1.9% |
| Operating profit (loss) | 9901 | €20,477 | €21,656 | +€1,179 | +5.8% |
| Financial charges | 65/66B | €4,138 | €3,788 | -€350 | -8.5% |
| Recurring financial charges | 65 | €4,138 | €3,788 | -€350 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €16,339 | €17,868 | +€1,529 | +9.4% |
| Income taxes | 67/77 | €4,132 | €4,467 | +€335 | +8.1% |
| Profit (loss) for the period | 9904 | €12,206 | €13,401 | +€1,194 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,206 | €13,401 | +€1,194 | +9.8% |
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 24 October 2026 via checked.be.