BOGAERTS RAF: 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 RAF
Largest movements
- Receivables within one year +€274,227
up €274,227 (+43.1%), from €636,248 to €910,476
of which Other amounts receivable: +€255,963
- Tangible fixed assets -€34,060
down €34,060 (-4.0%), from €861,183 to €827,123
of which Land and buildings: -€30,800
- Short-term financial debts +€800,000
new in 2025: €800,000
- Other debts -€429,025
down €429,025 (-98.6%), from €434,945 to €5,921
- Debts after one year -€82,563
down €82,563 (-11.4%), from €721,640 to €639,077
of which Financial debts: -€82,563
- Current portion of long-term debt -€81,225
down €81,225 (-86.8%), from €93,579 to €12,354
- Profit (loss) carried forward +€58,681
up €58,681 (+28.1%), from -€209,100 to -€150,419
- Financial charges -€281,014
down €281,014 (-92.4%), from €304,168 to €23,153
of which Non-recurring financial charges: -€261,247
- Gross operating margin -€15,279
down €15,279 (-10.7%), from €142,514 to €127,234
- Financial income +€2,034
up €2,034 (+14.3%), from €14,210 to €16,244
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 | €1,502,796 | €1,738,361 | +€235,566 | +15.7% |
| Fixed assets | 21/28 | €861,183 | €827,123 | -€34,060 | -4.0% |
| Tangible fixed assets | 22/27 | €861,183 | €827,123 | -€34,060 | -4.0% |
| Land and buildings | 22 | €852,293 | €821,493 | -€30,800 | -3.6% |
| Plant, machinery and equipment | 23 | €1,725 | €1,035 | -€689 | -40.0% |
| Furniture and vehicles | 24 | €195 | €5 | -€189 | -97.3% |
| Other tangible fixed assets | 26 | €6,970 | €4,589 | -€2,381 | -34.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €641,613 | €911,239 | +€269,626 | +42.0% |
| Amounts receivable within one year | 40/41 | €636,248 | €910,476 | +€274,227 | +43.1% |
| Trade receivables | 40 | €51,653 | €69,918 | +€18,264 | +35.4% |
| Other amounts receivable | 41 | €584,595 | €840,558 | +€255,963 | +43.8% |
| Cash at bank and in hand | 54/58 | €3,185 | €316 | -€2,869 | -90.1% |
| Deferred charges and accrued income | 490/1 | €2,180 | €447 | -€1,733 | -79.5% |
| Total equity and liabilities | 10/49 | €1,502,796 | €1,738,361 | +€235,566 | +15.7% |
| Equity | 10/15 | €128,673 | €183,797 | +€55,124 | +42.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €319,173 | €315,616 | -€3,557 | -1.1% |
| Tax-exempt reserves | 132 | €78,828 | €75,270 | -€3,557 | -4.5% |
| Distributable reserves | 133 | €240,345 | €240,345 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,100 | -€150,419 | +€58,681 | +28.1% |
| Provisions and deferred taxes | 16 | €31,139 | €29,307 | -€1,832 | -5.9% |
| Deferred taxes | 168 | €31,139 | €29,307 | -€1,832 | -5.9% |
| Amounts payable | 17/49 | €1,342,984 | €1,525,257 | +€182,273 | +13.6% |
| Amounts payable after more than one year | 17 | €721,640 | €639,077 | -€82,563 | -11.4% |
| Financial debts | 170/4 | €681,095 | €598,532 | -€82,563 | -12.1% |
| Other amounts payable | 178/9 | €40,545 | €40,545 | = | 0.0% |
| Amounts payable within one year | 42/48 | €621,344 | €885,918 | +€264,574 | +42.6% |
| Current portion of amounts payable after more than one year | 42 | €93,579 | €12,354 | -€81,225 | -86.8% |
| Financial debts | 43 | - | €800,000 | +€800,000 | |
| Credit institutions | 430/8 | - | €800,000 | +€800,000 | |
| Trade debts | 44 | €37,539 | €26,104 | -€11,436 | -30.5% |
| Suppliers | 440/4 | €37,539 | €26,104 | -€11,436 | -30.5% |
| Taxes, remuneration and social security | 45 | €55,280 | €41,539 | -€13,741 | -24.9% |
| Taxes | 450/3 | €55,280 | €41,539 | -€13,741 | -24.9% |
| Other amounts payable | 47/48 | €434,945 | €5,921 | -€429,025 | -98.6% |
| Accrued charges and deferred income | 492/3 | €0 | €262 | +€262 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,652 | €1,563 | -€1,089 | -41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,477 | €34,060 | -€418 | -1.2% |
| Other operating charges | 640/8 | €13,774 | €15,018 | +€1,245 | +9.0% |
| Non-recurring operating charges | 66A | €280 | €0 | -€280 | -100.0% |
| Gross operating margin | 9900 | €142,514 | €127,234 | -€15,279 | -10.7% |
| Operating profit (loss) | 9901 | €91,330 | €76,593 | -€14,737 | -16.1% |
| Financial income | 75/76B | €14,210 | €16,244 | +€2,034 | +14.3% |
| Recurring financial income | 75 | €14,210 | €16,244 | +€2,034 | +14.3% |
| Financial charges | 65/66B | €304,168 | €23,153 | -€281,014 | -92.4% |
| Recurring financial charges | 65 | €42,921 | €23,153 | -€19,768 | -46.1% |
| Non-recurring financial charges | 66B | €261,247 | €0 | -€261,247 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€198,627 | €69,684 | +€268,311 | |
| Transfer from deferred taxes | 780 | €1,832 | €1,832 | = | 0.0% |
| Income taxes | 67/77 | €15,862 | €16,392 | +€530 | +3.3% |
| Profit (loss) for the period | 9904 | -€212,657 | €55,124 | +€267,781 | |
| Transfer from tax-exempt reserves | 789 | €3,557 | €3,557 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€209,100 | €58,681 | +€267,781 |
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 12 October 2026 via checked.be.