BOGAERTS STEFAN: what changed
BOGAERTS STEFAN
Largest movements
- Deferred charges and accrued income +€129,321
new in 2025: €129,321
- Receivables within one year -€109,145
down €109,145 (-63.4%), from €172,234 to €63,090
of which Trade receivables: -€129,334
- Cash +€73,108
up €73,108 (+31.2%), from €234,039 to €307,146
mainly Receivables within one year (+€109,145) and Net result for the year (+€104,587)
- Tangible fixed assets -€11,695
down €11,695 (-22.0%), from €53,166 to €41,471
of which Plant, machinery and equipment: -€11,043
- Reserves +€100,000
up €100,000 (+27.2%), from €367,779 to €467,779
of which Distributable reserves: +€100,000
- Trade debts -€68,619
no longer reported in 2025 (was €68,619)
- Other debts +€45,620
up €45,620 (+6,396%), from €713 to €46,334
- Gross operating margin +€71,202
up €71,202 (+94.4%), from €75,396 to €146,598
- Write-downs -€14,258
down €14,258 (-94.7%), from €15,056 to €799
- Taxes +€10,000
up €10,000 (+100%), from €10,000 to €20,000
- Depreciation +€7,057
up €7,057 (+49.7%), from €14,209 to €21,266
- Financial charges -€5,088
down €5,088 (-98.0%), from €5,191 to €103
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €549,439 | €631,028 | +€81,589 | +14.8% |
| Fixed assets | 21/28 | €53,166 | €41,471 | -€11,695 | -22.0% |
| Tangible fixed assets | 22/27 | €53,166 | €41,471 | -€11,695 | -22.0% |
| Land and buildings | 22 | €12,003 | €9,002 | -€3,001 | -25.0% |
| Plant, machinery and equipment | 23 | €40,172 | €29,129 | -€11,043 | -27.5% |
| Furniture and vehicles | 24 | €991 | €3,340 | +€2,349 | +237% |
| Current assets | 29/58 | €496,273 | €589,557 | +€93,284 | +18.8% |
| Amounts receivable after more than one year | 29 | €90,000 | €90,000 | = | 0.0% |
| Other amounts receivable | 291 | €90,000 | €90,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €172,234 | €63,090 | -€109,145 | -63.4% |
| Trade receivables | 40 | €129,334 | - | -€129,334 | |
| Other amounts receivable | 41 | €42,900 | €63,090 | +€20,190 | +47.1% |
| Cash at bank and in hand | 54/58 | €234,039 | €307,146 | +€73,108 | +31.2% |
| Deferred charges and accrued income | 490/1 | - | €129,321 | +€129,321 | |
| Total equity and liabilities | 10/49 | €549,439 | €631,028 | +€81,589 | +14.8% |
| Equity | 10/15 | €462,607 | €567,195 | +€104,587 | +22.6% |
| Contributions | 10/11 | €18,848 | €18,848 | = | 0.0% |
| Capital | 10 | €18,848 | €18,848 | = | 0.0% |
| Issued capital | 100 | €18,848 | €18,848 | = | 0.0% |
| Reserves | 13 | €367,779 | €467,779 | +€100,000 | +27.2% |
| Non-distributable reserves | 130/1 | €99,025 | €99,025 | = | 0.0% |
| Legal reserve | 130 | €9,025 | €9,025 | = | 0.0% |
| Other | 1319 | €90,000 | €90,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,250 | €45,250 | = | 0.0% |
| Distributable reserves | 133 | €223,505 | €323,505 | +€100,000 | +44.7% |
| Profit (loss) carried forward | 14 | €75,980 | €80,567 | +€4,587 | +6.0% |
| Provisions and deferred taxes | 16 | €17,500 | €17,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €17,500 | €17,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €17,500 | €17,500 | = | 0.0% |
| Amounts payable | 17/49 | €69,332 | €46,334 | -€22,998 | -33.2% |
| Amounts payable within one year | 42/48 | €69,332 | €46,334 | -€22,998 | -33.2% |
| Trade debts | 44 | €68,619 | - | -€68,619 | |
| Suppliers | 440/4 | €68,619 | - | -€68,619 | |
| Other amounts payable | 47/48 | €713 | €46,334 | +€45,620 | +6,396% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,209 | €21,266 | +€7,057 | +49.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,056 | €799 | -€14,258 | -94.7% |
| Other operating charges | 640/8 | €778 | - | -€778 | |
| Gross operating margin | 9900 | €75,396 | €146,598 | +€71,202 | +94.4% |
| Operating profit (loss) | 9901 | €45,353 | €124,533 | +€79,181 | +175% |
| Financial income | 75/76B | €3,314 | €157 | -€3,157 | -95.3% |
| Recurring financial income | 75 | €3,314 | €157 | -€3,157 | -95.3% |
| Financial charges | 65/66B | €5,191 | €103 | -€5,088 | -98.0% |
| Recurring financial charges | 65 | €5,191 | €103 | -€5,088 | -98.0% |
| Profit (loss) for the period before taxes | 9903 | €43,475 | €124,587 | +€81,112 | +187% |
| Income taxes | 67/77 | €10,000 | €20,000 | +€10,000 | +100% |
| Profit (loss) for the period | 9904 | €33,475 | €104,587 | +€71,112 | +212% |
| Profit (loss) for the period to be appropriated | 9905 | €33,475 | €104,587 | +€71,112 | +212% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.