Bogaerts Projects: 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 Projects
Largest movements
- Tangible fixed assets +€518,749
up €518,749 (+1268.2%), from €40,905 to €559,654
of which Land and buildings: +€540,050
- Receivables within one year +€60,026
up €60,026 (+665.6%), from €9,018 to €69,043
of which Trade receivables: +€34,538
- Deferred charges and accrued income +€29,247
new in 2025: €29,247
- Debts after one year +€573,884
new in 2025: €573,884
- Profit (loss) carried forward +€29,247
up €29,247, from -€18,786 to €10,462
- Short-term financial debts +€23,318
up €23,318 (+172.3%), from €13,532 to €36,850
- Current portion of long-term debt +€18,241
new in 2025: €18,241
- Other debts -€12,824
no longer reported in 2025 (was €12,824)
- Gross operating margin +€59,470
up €59,470 (+90.1%), from €66,038 to €125,508
- Depreciation +€7,650
up €7,650 (+22.6%), from €33,815 to €41,465
- Other operating charges +€7,085
up €7,085 (+331.9%), from €2,135 to €9,219
- Financial charges -€6,801
down €6,801 (-13.0%), from €52,377 to €45,576
- Staff costs -€5,980
no longer reported in 2025 (was €5,980)
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 | €93,946 | €707,955 | +€614,009 | +653.6% |
| Fixed assets | 21/28 | €40,905 | €559,654 | +€518,749 | +1268.2% |
| Tangible fixed assets | 22/27 | €40,905 | €559,654 | +€518,749 | +1268.2% |
| Land and buildings | 22 | - | €540,050 | +€540,050 | |
| Plant, machinery and equipment | 23 | €9,453 | €19,604 | +€10,150 | +107.4% |
| Furniture and vehicles | 24 | €31,452 | - | -€31,452 | |
| Current assets | 29/58 | €53,041 | €148,302 | +€95,260 | +179.6% |
| Stocks and contracts in progress | 3 | €40,000 | €40,000 | = | 0.0% |
| Stocks | 30/36 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,018 | €69,043 | +€60,026 | +665.6% |
| Trade receivables | 40 | €8,618 | €43,156 | +€34,538 | +400.8% |
| Other amounts receivable | 41 | €400 | €25,887 | +€25,488 | +6379.9% |
| Cash at bank and in hand | 54/58 | €4,023 | €10,011 | +€5,987 | +148.8% |
| Deferred charges and accrued income | 490/1 | - | €29,247 | +€29,247 | |
| Total equity and liabilities | 10/49 | €93,946 | €707,955 | +€614,009 | +653.6% |
| Equity | 10/15 | €49,422 | €78,669 | +€29,247 | +59.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €55,808 | €55,808 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €53,948 | €53,948 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,786 | €10,462 | +€29,247 | |
| Amounts payable | 17/49 | €44,525 | €629,286 | +€584,762 | +1313.3% |
| Amounts payable after more than one year | 17 | - | €573,884 | +€573,884 | |
| Financial debts | 170/4 | - | €573,884 | +€573,884 | |
| Amounts payable within one year | 42/48 | €32,046 | €55,403 | +€23,357 | +72.9% |
| Current portion of amounts payable after more than one year | 42 | - | €18,241 | +€18,241 | |
| Financial debts | 43 | €13,532 | €36,850 | +€23,318 | +172.3% |
| Credit institutions | 430/8 | €13,532 | €36,850 | +€23,318 | +172.3% |
| Trade debts | 44 | €5,690 | €311 | -€5,379 | -94.5% |
| Suppliers | 440/4 | €5,690 | €311 | -€5,379 | -94.5% |
| Other amounts payable | 47/48 | €12,824 | - | -€12,824 | |
| Accrued charges and deferred income | 492/3 | €12,479 | - | -€12,479 | |
| Remuneration, social security and pensions | 62 | €5,980 | - | -€5,980 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,815 | €41,465 | +€7,650 | +22.6% |
| Other operating charges | 640/8 | €2,135 | €9,219 | +€7,085 | +331.9% |
| Gross operating margin | 9900 | €66,038 | €125,508 | +€59,470 | +90.1% |
| Operating profit (loss) | 9901 | €24,108 | €74,823 | +€50,715 | +210.4% |
| Financial charges | 65/66B | €52,377 | €45,576 | -€6,801 | -13.0% |
| Recurring financial charges | 65 | €52,377 | €45,576 | -€6,801 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€28,268 | €29,247 | +€57,516 | |
| Profit (loss) for the period | 9904 | -€28,268 | €29,247 | +€57,516 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,268 | €29,247 | +€57,516 |
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 6 October 2026 via checked.be.