BOGAERTS: 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.
What changed
BOGAERTS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€958,508
2024 · €711,661+€246,847
Equity
€24.0m
2024 · €23.1m+€958,508
Cash
€727,867
2024 · €386,425+€341,442
Balance sheet total
€39.1m
2024 · €38.6m+€506,156
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€1.2m
down €1.2m (-9.1%), from €12.7m to €11.5m
- Reserves +€958,508
up €958,508 (+7.9%), from €12.2m to €13.1m
of which Distributable reserves: +€616,508
- Other debts +€458,312
up €458,312 (+75.8%), from €604,266 to €1.1m
Income statement
- Other operating income +€1.1m
up €1.1m (+61.8%), from €1.7m to €2.8m
- Turnover -€553,179
down €553,179 (-21.3%), from €2.6m to €2.0m
- Taxes +€125,918
up €125,918 (+64.7%), from €194,589 to €320,507
- Other operating charges +€75,105
up €75,105 (+122%), from €61,462 to €136,567
- Services and other goods +€69,992
up €69,992 (+6.4%), from €1.1m to €1.2m
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.
Result 2024
€711,661
Turnover
-€553,179
Other operating income
+€1.1m
Services and other goods
-€69,992
Staff costs
+€3,695
Depreciation
-€50,255
Other operating charges
-€75,105
Other operating items
+€17,649
Financial income
+€12,287
Financial charges
+€10,355
Taxes
-€125,918
Result 2025
€958,508
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.0m
Investment
-€2.5m
Financing
-€1.2m
Cash 2024
€386,425
From operations (derived)
+€4.0m
Net result for the year
+€958,508
Depreciation
+€2.2m
Receivables within one year
+€128,168
Deferred charges and accrued income
+€11,879
Provisions
-€2,250
Trade debts
+€218,123
Tax, wage and social debts
-€22,185
Other debts
+€458,312
Accrued charges and deferred income
+€61,473
Investment (derived)
-€2.5m
Investment in fixed assets (net)
-€2.5m
Financing
-€1.2m
Debts after one year
-€1.2m
Current portion of long-term debt
+€20,781
Short-term financial debts
-€26,348
Cash 2025
€727,867
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,611,921 | €39,118,077 | +€506,156 | +1.3% |
| Fixed assets | 21/28 | €37,165,936 | €37,470,697 | +€304,761 | +0.8% |
| Tangible fixed assets | 22/27 | €25,580,915 | €25,885,676 | +€304,761 | +1.2% |
| Land and buildings | 22 | €22,394,499 | €22,627,773 | +€233,274 | +1.0% |
| Plant, machinery and equipment | 23 | €2,180,597 | €2,324,525 | +€143,928 | +6.6% |
| Furniture and vehicles | 24 | €217,360 | €172,986 | -€44,373 | -20.4% |
| Leasing and similar rights | 25 | €788,459 | €760,392 | -€28,068 | -3.6% |
| Financial fixed assets | 28 | €11,585,021 | €11,585,021 | = | 0.0% |
| Affiliated companies | 280/1 | €11,577,001 | €11,577,001 | = | 0.0% |
| Participating interests | 280 | €11,577,001 | €11,577,001 | = | 0.0% |
| Other financial fixed assets | 284/8 | €8,020 | €8,020 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €8,020 | €8,020 | = | 0.0% |
| Current assets | 29/58 | €1,445,985 | €1,647,380 | +€201,395 | +13.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,030,919 | €902,751 | -€128,168 | -12.4% |
| Trade receivables | 40 | €509,005 | €196,896 | -€312,109 | -61.3% |
| Other amounts receivable | 41 | €521,915 | €705,856 | +€183,941 | +35.2% |
| Cash at bank and in hand | 54/58 | €386,425 | €727,867 | +€341,442 | +88.4% |
| Deferred charges and accrued income | 490/1 | €28,641 | €16,762 | -€11,879 | -41.5% |
| Total equity and liabilities | 10/49 | €38,611,921 | €39,118,077 | +€506,156 | +1.3% |
| Equity | 10/15 | €23,072,235 | €24,030,743 | +€958,508 | +4.2% |
| Contributions | 10/11 | €10,897,630 | €10,897,630 | = | 0.0% |
| Capital | 10 | €10,897,630 | €10,897,630 | = | 0.0% |
| Issued capital | 100 | €10,897,630 | €10,897,630 | = | 0.0% |
| Reserves | 13 | €12,174,605 | €13,133,113 | +€958,508 | +7.9% |
| Non-distributable reserves | 130/1 | €570,000 | €603,000 | +€33,000 | +5.8% |
| Legal reserve | 130 | €570,000 | €603,000 | +€33,000 | +5.8% |
| Tax-exempt reserves | 132 | €751,258 | €1,060,258 | +€309,000 | +41.1% |
| Distributable reserves | 133 | €10,853,347 | €11,469,855 | +€616,508 | +5.7% |
| Provisions and deferred taxes | 16 | €4,836 | €2,586 | -€2,250 | -46.5% |
| Deferred taxes | 168 | €4,836 | €2,586 | -€2,250 | -46.5% |
| Amounts payable | 17/49 | €15,534,850 | €15,084,749 | -€450,102 | -2.9% |
| Amounts payable after more than one year | 17 | €12,709,728 | €11,549,470 | -€1.2m | -9.1% |
| Financial debts | 170/4 | €12,709,728 | €11,549,470 | -€1.2m | -9.1% |
| Leasing and similar obligations | 172 | €348,341 | €311,722 | -€36,619 | -10.5% |
| Credit institutions | 173 | €12,361,387 | €11,237,748 | -€1.1m | -9.1% |
| Amounts payable within one year | 42/48 | €2,786,201 | €3,434,885 | +€648,684 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €1,564,978 | €1,585,759 | +€20,781 | +1.3% |
| Financial debts | 43 | €43,148 | €16,801 | -€26,348 | -61.1% |
| Credit institutions | 430/8 | €43,148 | €16,801 | -€26,348 | -61.1% |
| Trade debts | 44 | €498,912 | €717,036 | +€218,123 | +43.7% |
| Suppliers | 440/4 | €498,912 | €717,036 | +€218,123 | +43.7% |
| Taxes, remuneration and social security | 45 | €74,897 | €52,712 | -€22,185 | -29.6% |
| Taxes | 450/3 | €68,097 | €46,146 | -€21,951 | -32.2% |
| Remuneration and social security | 454/9 | €6,800 | €6,566 | -€234 | -3.4% |
| Other amounts payable | 47/48 | €604,266 | €1,062,577 | +€458,312 | +75.8% |
| Accrued charges and deferred income | 492/3 | €38,921 | €100,394 | +€61,473 | +158% |
| Operating income | 70/76A | €4,334,120 | €4,875,900 | +€541,780 | +12.5% |
| Turnover | 70 | €2,591,287 | €2,038,108 | -€553,179 | -21.3% |
| Other operating income | 74 | €1,742,833 | €2,820,142 | +€1.1m | +61.8% |
| Non-recurring operating income | 76A | €0 | €17,650 | +€17,650 | |
| Operating charges | 60/66A | €3,269,311 | €3,460,968 | +€191,657 | +5.9% |
| Services and other goods | 61 | €1,092,295 | €1,162,286 | +€69,992 | +6.4% |
| Remuneration, social security and pensions | 62 | €9,071 | €5,376 | -€3,695 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,106,482 | €2,156,737 | +€50,255 | +2.4% |
| Other operating charges | 640/8 | €61,462 | €136,567 | +€75,105 | +122% |
| Non-recurring operating charges | 66A | - | €1 | +€1 | |
| Operating profit (loss) | 9901 | €1,064,809 | €1,414,932 | +€350,123 | +32.9% |
| Financial income | 75/76B | €1,025 | €13,312 | +€12,287 | +1,199% |
| Recurring financial income | 75 | €1,025 | €13,312 | +€12,287 | +1,199% |
| Income from current assets | 751 | €1,002 | €13,290 | +€12,289 | +1,227% |
| Other financial income | 752/9 | €23 | €21 | -€2 | -7.2% |
| Financial charges | 65/66B | €161,834 | €151,479 | -€10,355 | -6.4% |
| Recurring financial charges | 65 | €161,834 | €151,479 | -€10,355 | -6.4% |
| Debt charges | 650 | €160,520 | €150,398 | -€10,122 | -6.3% |
| Other financial charges | 652/9 | €1,314 | €1,081 | -€233 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €904,000 | €1,276,765 | +€372,765 | +41.2% |
| Transfer from deferred taxes | 780 | €2,250 | €2,250 | = | 0.0% |
| Income taxes | 67/77 | €194,589 | €320,507 | +€125,918 | +64.7% |
| Taxes | 670/3 | €194,589 | €320,507 | +€125,918 | +64.7% |
| Profit (loss) for the period | 9904 | €711,661 | €958,508 | +€246,847 | +34.7% |
| Transfer from tax-exempt reserves | 789 | €6,750 | €6,750 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €315,750 | €315,750 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €402,661 | €649,508 | +€246,847 | +61.3% |
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.