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.
BOGAERTS
Largest movements
- Receivables within one year -€20,905
down €20,905 (-33.6%), from €62,161 to €41,255
of which Other amounts receivable: -€23,508
- Stocks and contracts -€15,490
down €15,490 (-30.6%), from €50,559 to €35,069
- Tangible fixed assets -€7,382
down €7,382 (-34.7%), from €21,283 to €13,901
of which Furniture and vehicles: -€10,493
- Cash +€6,520
up €6,520 (+98.6%), from €6,613 to €13,132
mainly Receivables within one year (+€20,905) and Stocks and contracts (+€15,490)
- Tax, wage and social debts -€18,296
down €18,296 (-98.1%), from €18,643 to €346
of which Taxes: -€11,447
- Trade debts -€10,850
down €10,850 (-42.0%), from €25,814 to €14,964
- Debts after one year -€7,624
no longer reported in 2025 (was €7,624)
- Profit (loss) carried forward +€3,995
up €3,995 (+14.9%), from €26,884 to €30,879
- Current portion of long-term debt -€3,590
down €3,590 (-32.0%), from €11,214 to €7,624
- Gross operating margin +€41,580
up €41,580 (+65.4%), from €63,626 to €105,206
- Staff costs +€6,767
up €6,767 (+8.6%), from €78,276 to €85,043
- Other operating charges -€1,675
down €1,675 (-48.5%), from €3,455 to €1,780
- Financial income -€1,173
down €1,173 (-40.3%), from €2,909 to €1,737
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 | €143,208 | €105,900 | -€37,308 | -26.1% |
| Fixed assets | 21/28 | €21,283 | €13,901 | -€7,382 | -34.7% |
| Tangible fixed assets | 22/27 | €21,283 | €13,901 | -€7,382 | -34.7% |
| Plant, machinery and equipment | 23 | - | €3,110 | +€3,110 | |
| Furniture and vehicles | 24 | €21,283 | €10,791 | -€10,493 | -49.3% |
| Current assets | 29/58 | €121,925 | €91,999 | -€29,926 | -24.5% |
| Stocks and contracts in progress | 3 | €50,559 | €35,069 | -€15,490 | -30.6% |
| Stocks | 30/36 | €50,559 | €35,069 | -€15,490 | -30.6% |
| Amounts receivable within one year | 40/41 | €62,161 | €41,255 | -€20,905 | -33.6% |
| Trade receivables | 40 | €2,069 | €4,671 | +€2,602 | +126% |
| Other amounts receivable | 41 | €60,092 | €36,584 | -€23,508 | -39.1% |
| Cash at bank and in hand | 54/58 | €6,613 | €13,132 | +€6,520 | +98.6% |
| Deferred charges and accrued income | 490/1 | €2,592 | €2,543 | -€50 | -1.9% |
| Total equity and liabilities | 10/49 | €143,208 | €105,900 | -€37,308 | -26.1% |
| Equity | 10/15 | €78,971 | €82,966 | +€3,995 | +5.1% |
| Contributions | 10/11 | €48,140 | €48,140 | = | 0.0% |
| Reserves | 13 | €3,947 | €3,947 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,087 | €2,087 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,884 | €30,879 | +€3,995 | +14.9% |
| Amounts payable | 17/49 | €64,237 | €22,934 | -€41,302 | -64.3% |
| Amounts payable after more than one year | 17 | €7,624 | - | -€7,624 | |
| Financial debts | 170/4 | €7,624 | - | -€7,624 | |
| Amounts payable within one year | 42/48 | €55,670 | €22,934 | -€32,736 | -58.8% |
| Current portion of amounts payable after more than one year | 42 | €11,214 | €7,624 | -€3,590 | -32.0% |
| Trade debts | 44 | €25,814 | €14,964 | -€10,850 | -42.0% |
| Suppliers | 440/4 | €25,814 | €14,964 | -€10,850 | -42.0% |
| Taxes, remuneration and social security | 45 | €18,643 | €346 | -€18,296 | -98.1% |
| Taxes | 450/3 | €11,793 | €346 | -€11,447 | -97.1% |
| Remuneration and social security | 454/9 | €6,850 | - | -€6,850 | |
| Accrued charges and deferred income | 492/3 | €943 | - | -€943 | |
| Remuneration, social security and pensions | 62 | €78,276 | €85,043 | +€6,767 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,869 | €14,290 | +€421 | +3.0% |
| Other operating charges | 640/8 | €3,455 | €1,780 | -€1,675 | -48.5% |
| Gross operating margin | 9900 | €63,626 | €105,206 | +€41,580 | +65.4% |
| Operating profit (loss) | 9901 | -€31,973 | €4,093 | +€36,067 | |
| Financial income | 75/76B | €2,909 | €1,737 | -€1,173 | -40.3% |
| Recurring financial income | 75 | €2,909 | €1,737 | -€1,173 | -40.3% |
| Financial charges | 65/66B | €1,390 | €1,814 | +€424 | +30.5% |
| Recurring financial charges | 65 | €1,390 | €1,814 | +€424 | +30.5% |
| Profit (loss) for the period before taxes | 9903 | -€30,454 | €4,016 | +€34,470 | |
| Income taxes | 67/77 | €267 | €21 | -€246 | -92.0% |
| Profit (loss) for the period | 9904 | -€30,721 | €3,995 | +€34,716 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,721 | €3,995 | +€34,716 |
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 16 October 2026 via checked.be.