BOGAERTS: 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.
BOGAERTS
Largest movements
- Deferred charges and accrued income +€45,993
up €45,993 (+376.3%), from €12,223 to €58,215
- Tangible fixed assets -€39,960
down €39,960 (-26.6%), from €150,204 to €110,244
of which Furniture and vehicles: -€29,452
- Cash -€32,506
down €32,506 (-16.3%), from €200,000 to €167,494
mainly Contributions, distributions and other (-€100,000) and Trade debts (-€84,741)
- Receivables within one year +€10,105
up €10,105 (+5.7%), from €176,175 to €186,280
of which Trade receivables: +€28,574
- Other debts +€92,995
up €92,995 (+1918.7%), from €4,847 to €97,842
- Trade debts -€84,741
down €84,741 (-74.7%), from €113,475 to €28,734
- Reserves -€31,589
down €31,589 (-10.1%), from €313,190 to €281,601
- Debts after one year +€13,279
up €13,279 (+28.7%), from €46,310 to €59,589
- Gross operating margin +€22,487
up €22,487 (+14.6%), from €153,660 to €176,147
- Depreciation +€13,292
up €13,292 (+49.8%), from €26,668 to €39,960
- Staff costs +€9,627
up €9,627 (+44.3%), from €21,748 to €31,376
- Financial charges +€5,031
up €5,031 (+66.5%), from €7,565 to €12,597
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 | €539,561 | €522,988 | -€16,573 | -3.1% |
| Fixed assets | 21/28 | €150,204 | €110,244 | -€39,960 | -26.6% |
| Tangible fixed assets | 22/27 | €150,204 | €110,244 | -€39,960 | -26.6% |
| Land and buildings | 22 | €6,743 | €5,480 | -€1,263 | -18.7% |
| Plant, machinery and equipment | 23 | €43,873 | €35,497 | -€8,375 | -19.1% |
| Furniture and vehicles | 24 | €97,544 | €68,092 | -€29,452 | -30.2% |
| Other tangible fixed assets | 26 | €2,044 | €1,175 | -€870 | -42.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €389,357 | €412,744 | +€23,387 | +6.0% |
| Stocks and contracts in progress | 3 | €960 | €755 | -€205 | -21.4% |
| Stocks | 30/36 | €960 | €755 | -€205 | -21.4% |
| Amounts receivable within one year | 40/41 | €176,175 | €186,280 | +€10,105 | +5.7% |
| Trade receivables | 40 | €71,090 | €99,664 | +€28,574 | +40.2% |
| Other amounts receivable | 41 | €105,085 | €86,616 | -€18,469 | -17.6% |
| Cash at bank and in hand | 54/58 | €200,000 | €167,494 | -€32,506 | -16.3% |
| Deferred charges and accrued income | 490/1 | €12,223 | €58,215 | +€45,993 | +376.3% |
| Total equity and liabilities | 10/49 | €539,561 | €522,988 | -€16,573 | -3.1% |
| Equity | 10/15 | €313,190 | €281,601 | -€31,589 | -10.1% |
| Reserves | 13 | €313,190 | €281,601 | -€31,589 | -10.1% |
| Distributable reserves | 133 | €313,190 | €281,601 | -€31,589 | -10.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €226,371 | €241,387 | +€15,017 | +6.6% |
| Amounts payable after more than one year | 17 | €46,310 | €59,589 | +€13,279 | +28.7% |
| Financial debts | 170/4 | €46,310 | €59,589 | +€13,279 | +28.7% |
| Amounts payable within one year | 42/48 | €174,350 | €176,999 | +€2,649 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €47,096 | €44,637 | -€2,459 | -5.2% |
| Trade debts | 44 | €113,475 | €28,734 | -€84,741 | -74.7% |
| Suppliers | 440/4 | €113,475 | €28,734 | -€84,741 | -74.7% |
| Taxes, remuneration and social security | 45 | €8,932 | €5,786 | -€3,146 | -35.2% |
| Taxes | 450/3 | €6,900 | €5,088 | -€1,812 | -26.3% |
| Remuneration and social security | 454/9 | €2,032 | €697 | -€1,334 | -65.7% |
| Other amounts payable | 47/48 | €4,847 | €97,842 | +€92,995 | +1918.7% |
| Accrued charges and deferred income | 492/3 | €5,711 | €4,800 | -€911 | -16.0% |
| Non-recurring operating income | 76A | - | €1,050 | +€1,050 | |
| Remuneration, social security and pensions | 62 | €21,748 | €31,376 | +€9,627 | +44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,668 | €39,960 | +€13,292 | +49.8% |
| Other operating charges | 640/8 | €1,250 | €866 | -€384 | -30.7% |
| Non-recurring operating charges | 66A | €635 | €0 | -€635 | -100.0% |
| Gross operating margin | 9900 | €153,660 | €176,147 | +€22,487 | +14.6% |
| Operating profit (loss) | 9901 | €103,358 | €103,946 | +€587 | +0.6% |
| Financial income | 75/76B | €4,353 | €4,897 | +€544 | +12.5% |
| Recurring financial income | 75 | €4,353 | €4,897 | +€544 | +12.5% |
| Financial charges | 65/66B | €7,565 | €12,597 | +€5,031 | +66.5% |
| Recurring financial charges | 65 | €7,565 | €12,597 | +€5,031 | +66.5% |
| Profit (loss) for the period before taxes | 9903 | €100,146 | €96,246 | -€3,900 | -3.9% |
| Income taxes | 67/77 | €27,595 | €27,835 | +€241 | +0.9% |
| Profit (loss) for the period | 9904 | €72,551 | €68,411 | -€4,140 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €72,551 | €68,411 | -€4,140 | -5.7% |
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 8 October 2026 via checked.be.